Hong Kong's property group Wharf loses most in two weeks on dour H1 outlook

Wharf Holdings

29/07/2024 04:03

** Shares of Hong Kong-based Wharf (Holdings) Ltd  0004.HK 
slip 1.6% to HK$24.25, their biggest intraday pct fall since
July 15
    ** The retail and office property investor says it may
report net loss of HK$2.5-HK$2.8 bln ($320.22-$358.65 mln) for
the six-month period ended June based on revaluation of its
investment properties, versus a HK$696 mln profit last year 
    ** Says its overall financial position remains healthy
    ** Co's Wharf Real Estate Investment Co Ltd  1997.HK  falls
2.3% to HK$19, its lowest since debut in November 2017
    ** Shares of Wharf Real Estate down after co says it may
report not less than HK$900 mln loss for first half of 2024,
versus a HK$1.81 bln profit in a year-earlier period
    ** "Retail sales recovery in Hong Kong stalled very soon
after the re-opening of borders in the first quarter of 2023.
Deterioration followed in 2024," says Wharf Real Estate
Investment 
    ** Hang Seng sub-index, which tracks property firms  .HSNP ,
climbs 1% and Hang Seng Index  .HSI  gains 1.1%

    ($1 = 7.8071 Hong Kong dollars)

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