Hysan Development (00014) announced results for the year ended December 31, 2023. The group achieved sales during the period...
According to the Zhitong Finance App, Hysan Development (00014) announced the results for the year ended December 31, 2023. The group achieved a turnover of HK$3.21 billion during the period, a year-on-year decrease of 7.2%; loss attributable to shareholders of HK$872 million, a year-on-year narrowing of 24.63%; a basic loss of HK85 cents per share; and plans to pay a second interim dividend of HK81 cents per share.
According to the announcement, the turnover of the Group's office business portfolio fell 6.7% to HK$1,472 billion (2022: HK$1,578 billion), including rent of HK$5 million (2022: HK$11 million) based on turnover.
The Hong Kong office market remains weak due to uncertain global economy, high interest rates, geopolitical tension, and financial pressure on mainland companies. Furthermore, the economic recovery was slower than expected, further weakening the demand for Grade A office buildings. The vacancy rate for Grade A offices in Hong Kong reached 13% at the end of 2023. On the other hand, more and more landlords are willing to provide more flexible lease terms, higher rental concessions and brokerage fees, making the Hong Kong office market environment challenging. Looking ahead, the Hong Kong office market is expected to continue to face downward pressure due to a sharp increase in the supply of new projects in 2023 and 2024.