From war chest to growth: Hongkong Land eyes new investments after US$3.6 billion capital recycling
The group is ‘very positive’ on the Singapore market, and looks to expand its presence through the new private fund or development opportunities
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[SINGAPORE] Hongkong Land is preparing to ramp up new investments after recycling US$3.6 billion of capital as the property group moves to boost earnings and shareholder returns.
Speaking to The Business Times, Hongkong Land chief financial officer Craig Beattie said that having recycled 90 per cent of its US$4 billion target and cut net debt by 30 per cent, the group now has ample balance-sheet headroom for new investments.
In September last year, it sold its Singapore and Malaysian property arm MCL Land for S$738.7 million in cash. Most of the proceeds went to building a “war chest for future endeavours”, such as growing its ultra-premium integrated commercial projects in Hong Kong, Shanghai, Singapore and other Asian gateway cities.
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