It has been a busy week for C C Land. On Monday, the Hong Kong-listed group was revealed as the joint purchaser of Dalian Wanda’s £470m interest in Nine Elms Square, SW8, from St Modwen. Now it has released its six-month results to the end of June 2017. Here’s what we didn’t already know:
Listing golf club memberships as part of your company’s assets is a thing. C C Land spent HK$10.5m (£1.1m) on memberships over the six-month period, including the expense under its non-current assets.
Hong Kong development land acquisition has been too competitive to make any purchases. C C Land tried to build up a developmental land bank in Hong Kong by participating through several public tenders but was unsuccessful. It will continue to look for opportunities locally, in China and overseas.
The shift from property development to property investment has stifled sales revenue but boosted rental income. The strategic disposals of property development projects in mainland China in the second half of 2016 led to a substantial decline of property sales to HK$19.7m from the HK$594.6m of the corresponding period last year. Revenue for the first half of 2017 was HK$61.9m, down 92% from the same period in 2016. However, rental income totalled HK$94.2m, compared to nil for the same period last year.
C C Land received a rental top up amounting to HK$101.8m from British Land and Oxford Properties, the vendors of The Leadenhall Building, EC3. In addition to the skyscraper’s £40.2m annual rental income, C C Land believes it also represents potential for “long-term capital growth”.
The group believes its £1.15bn Cheesgrater acquisition will boost its chances of winning potential investments in other major global cosmopolitan cities. The acquisition “forms a solid base for the group’s property investment in the United Kingdom” and “affirms the group’s presence in the international property markets,” the results said.
It has been a busy week for C C Land. On Monday, the Hong Kong-listed group was revealed as the joint purchaser of Dalian Wanda’s £470m interest in Nine Elms Square, SW8, from St Modwen. Now it has released its six-month results to the end of June 2017. Here’s what we didn’t already know:
Listing golf club memberships as part of your company’s assets is a thing. C C Land spent HK$10.5m (£1.1m) on memberships over the six-month period, including the expense under its non-current assets.
Hong Kong development land acquisition has been too competitive to make any purchases. C C Land tried to build up a developmental land bank in Hong Kong by participating through several public tenders but was unsuccessful. It will continue to look for opportunities locally, in China and overseas.
The shift from property development to property investment has stifled sales revenue but boosted rental income. The strategic disposals of property development projects in mainland China in the second half of 2016 led to a substantial decline of property sales to HK$19.7m from the HK$594.6m of the corresponding period last year. Revenue for the first half of 2017 was HK$61.9m, down 92% from the same period in 2016. However, rental income totalled HK$94.2m, compared to nil for the same period last year.
C C Land received a rental top up amounting to HK$101.8m from British Land and Oxford Properties, the vendors of The Leadenhall Building, EC3. In addition to the skyscraper’s £40.2m annual rental income, C C Land believes it also represents potential for “long-term capital growth”.
The group believes its £1.15bn Cheesgrater acquisition will boost its chances of winning potential investments in other major global cosmopolitan cities. The acquisition “forms a solid base for the group’s property investment in the United Kingdom” and “affirms the group’s presence in the international property markets,” the results said.
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