Hongkong Land's share buybacks are not the panacea investors are seeking
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SINGAPORE-listed property player Hongkong Land is repurchasing up to US$500 million worth of its shares, following an announcement in early September of the corporate action.
The company, in its statement to the Singapore Exchange, said the move is in line with its long-standing capital allocation practice, which is to prioritise investment in new assets to drive long-term growth and shareholder value; continued payment of steady and increasing payout of dividends; and investment in existing assets on an opportunistic basis, including through share buybacks.
The corporate action demonstrates the difficulties faced by this member of the Jardine stable of companies.
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