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Hongkong Land's China Q1 contracted sales up YOY

Hongkong Land Holdings Ltd. logged US$300 million of attributable interest in contracted sales in mainland China in the first three months of 2018, higher compared to the US$287 million recorded in the year-ago period.

In its trading statement for the quarter ended March 31, the London-, Singapore- and Bermuda-listed developer also updated on its portfolios in Singapore and Hong Kong.

In Singapore, the company's Lake Grande residential development was sold out during the quarter and sales at its Margaret Ville project are expected to begin soon. Office portfolio vacancy rate was recorded at 0.4% as at March 31, up from the 0.3% registered at year-end 2017.

Also in the reporting period, first-quarter vacancy at its offices in Hong Kong's Central district declined to 0.9% from 1.4% for the quarter ended Dec. 31, 2017. Its retail portfolio in the area, meanwhile, saw slight negative rental reversions but remains fully occupied.

As at March 31, Hongkong Land's net debt was "modestly higher" than 2017-end's roughly US$2.55 billion, attributed to payments made for previously committed land purchases.

Subsequent to the quarter, the company completed its Sol Acres development in Singapore in April.