WHARF FIRMS UP BALANCE SHEET AS HONG KONG HOME SALES CUSHION PROFIT SLUMP
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| Source | Latest linked headline | Age |
|---|---|---|
| News - South China Morning Post | WHARF FIRMS UP BALANCE SHEET AS HONG KONG HOME SALES CUSHION PROFIT SLUMP | 56 mins ago |
WHAT HAPPENED
Hong Kong developer Wharf (Holdings) announced its interim results for the first half of the year, showing a sharp rebound in Hong Kong‑based sales that helped offset weak performance in mainland China. The company has tightened its investment schedule while strengthening its cash position.
According to the South China Morning Post, revenue from Wharf’s Hong Kong development projects nearly tripled to HK$1.35 billion (US$172 million) from HK$475 million in the first half, and operating profit surged more than five‑fold to HK$166 million. These gains stem from the firm’s focus on the luxury‑home market in Hong Kong.
The results reflect Wharf’s strategy to rely on Hong Kong’s resilient high‑end housing sector as domestic Chinese demand continues to lag. By building up cash and scaling back other investments, the company aims to navigate an uncertain outlook.
- HK revenue from development properties up 2.8× to HK$1.35 billion
- Operating profit increased more than five‑fold to HK$166 million
- Company has pared investments and bolstered cash reserves
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