Hang Lung Properties sinks to 24-year-low as H1 profit drops

Hang Lung Properties

30/07/2024 09:05

** Shares of property group Hang Lung Properties  0101.HK 
drop 15.2% to HK$5.42, their lowest since June 2000
    ** Stock last down 11.6%, on track for the biggest one-day
pct drop since October 1997
    ** Top pct loser on Hang Seng Index  .HSI  and on Hang Seng
sub-index tracking property firms  .HSNP , which down 2.9% and
1.4% respectively
    ** The property developer said its H1 underlying net profit 
fell 22% Y/Y to HK$1.74 bln ($222.77 mln) and net profit down
55.7% to HK$1.06 bln
    ** More than 62 million shares traded, compared to 30-day
avg of 13.3 million shares
    ** Controlling shareholder Hang Lung Group  0010.HK  falls
5.4% to HK$8.48, lowest since July 10
    ** Hang Lung Properties down 48% YTD

($1 = 7.8106 Hong Kong dollars)

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