Kong Xiangda, Managing Director of Far East Development (0035), said that Hong Kong has limited land supply and invests in the property market in Hong Kong. “There is no way to do it, but the rate of return is less than that of overseas real estate. The company will only invest in double-digit returns and will concentrate on resource development in the future. In overseas markets, the company is cautious about the Hong Kong market.
For Gao Yin Finance (0530) to pre-determine the Kai Tak Commercial Land King, Kong Xiangda believes that individual companies have decided not to have a real impact on the property market in Hong Kong, mainly affecting the atmosphere of the market.
Far East Development announced its annual results as of the end of March. The profit for the period was RMB 1.714 billion, up 9.38% year-on-year; the revenue increased by 17.3% year-on-year to RMB 6.842 billion. The basic earnings per share was 74 cents, with a final dividend of 18 cents per share.