Hang Lung Properties falls most in over 15 years as profit slips, chair retires

Hang Lung Properties

30/01/2024 07:09

** Shares of Hang Lung Properties  0101.HK  fall 8.2% to
HK$9.07, on track for the biggest one-day pct drop since
November 2008, if losses hold
    ** Stock hits the lowest since Jan 23; biggest pct loser in
Hang Seng Property Index  .HSNP  and in Hang Seng Index  .HSI 
    ** Co says its underlying profit for 2023 slipped 1.5% YoY
to HK$4.14 bln ($529.83 mln), with revenue down 0.3% YoY to
HK$10.3 bln 
    ** It adds Ronnie Chan will retire from his position as the
chair with effect from April, and Vice Chair Adriel Chan will be
elected to be the chair
    ** "Moving into 2024, we remain vigilant as uncertainties
and challenges continue in the markets in which we operate"
-Ronnie Chan 
    ** Major shareholder Hang Lung Group  0010.HK  eases 1.9% 
    ** Hang Lung Properties stock down 16.4% YTD, Hang Lung
Group down 9.2% YTD 
    
($1 = 7.8138 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))