Mall Owner Hang Lung Properties Saw Rental Income Rise 31% in Mainland China Last Year

The Hong Kong-based property group reported revenue of HK $10.32 billion ($1.34 billion) and operating profit of HK $7.37 billion ($958 million) last year, up 15 percent and 14 percent respectively. Its mainland China property rental income in 2021 outpaced that of Hong Kong, reaching HK $6.94 billion($902 million), up 31 percent year-on-year.

The the rental rates of Hang Lung’s two shopping malls in Shanghai reached 100 percent , with rental income of 1.78 billion yuan ($279.8 million) and 1.16 billion yuan ($182.34 million) respectively, up 25 percent and 18 percent year-on-year. Kunming’s mall saw the largest increase in rental income, up 47 percent to 269 million yuan ($42.28 million) Hang Lung’s new Heartland 66 mall in Wuhan, which opened in last March, saw sales reach 1 billion yuan ($157.19 million) by the end of the year.

In a post-earnings conference call with analysts, Ronnie Chan, Hang Lung group’s chairman, pointed out that Shanghai Plaza 66′s annual sales are already 2.7 times the sales of all the group’s retail properties in Hong Kong, and said Shanghai Gang Hui Plaza 66 is also likely to surpass the group’s total sales in Hong Kong in the next year or two.

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