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Hang Lung expects 10% rental income
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HANG Lung Properties Ltd, a Hong Kong premium commercial real estate developer, expects its rental revenue to continue growing 10 percent annually in the coming years as it further expands its foothold on the Chinese mainland, the company said yesterday.
“Rental turnover of the company will exceed HK$7 billion (US$903 million) by the end of this year and we expect to maintain a double-digit growth rate over the coming years,” Chairman Ronnie Chan told a press conference that was held after the grand opening ceremony of Center 66 in Wuxi, Jiangsu Province.
“We will remain focused on developing high-end commercial real estate projects, particularly four- and five-star shopping malls, in major cities around the country, which will provide impetus to our future income and profit growth,” he said.
Hang Lung had earlier announced a medium-term target of HK$10 billion for the group’s annual rental turnover.
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