Henderson Land jumps on expected compensation for land transfer

Henderson Land Development Co

03/06/2024 03:54

** Shares of Henderson Land Development Co Ltd  0012.HK 
jump 4.9% to HK$25.50, on course for the biggest one-day pct
gain since December 2022, if trend holds
    ** Stock is the second biggest pct gainer on Hang Seng
Property Index  .HSNP  
    ** Henderson Land says it expects to receive HK$3.9 bln
($498.7 mln) cash compensation from sale of 3.5 mln square feet
of its land reserves in Hung Shui Kiu or Ha Tsuen New
Development Area back to the government
    ** Henderson Land also says it will receive HK$1.86 bln from
the government after the government resumed ownership of certain
land lots which the co owned in Fanling North and Kwu Tung North
New Development Areas in April
    ** Co says it expects to recognise a gain of HK$3.1 bln 
attributable to the group's underlying profit before taxation
for the year ending in December 2024
    ** Hang Seng sub-index tracking property firms  .HSNP 
surges 2.8% and Hang Seng Index  .HSI  rises 2.6%
    ** Stock up 5.6% YTD  


($1 = 7.8205 Hong Kong dollars)

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