Bulletin: Sun Hung Kai Properties Ltd. First-Half Results Are In Line With Our Expectations; Ratings Unaffected

HONG KONG (S&P Global Ratings) March 2, 2017--S&P Global Ratings said today that its ratings and outlook on Sun Hung Kai Properties Ltd. (SHKP: A+/Stable/--; cnAAA/--) are not affected by the company's strong results in the first half of fiscal 2017 (year ending June 30, 2017). The results are generally in line with our expectations. SHKP reported resilient contracted sales of Hong Kong dollar (HK$) 22.8 billion, for the six months ending Dec. 31, 2016. The figure rises to HK$25.8 billion when including units contracted for sale in the first two months of 2017. Altogether, that's 78% of the company's target for the full fiscal 2017. The strong performance was mainly attributable to strong sales responses from the Grand YOHO

...HONG KONG (S&P Global Ratings) March 2, 2017--S&P Global Ratings said today that its ratings and outlook on Sun Hung Kai Properties Ltd. (SHKP: A+/Stable/--; cnAAA/--) are not affected by the company's strong results in the first half of fiscal 2017 (year ending June 30, 2017). The results are generally in line with our expectations. SHKP reported resilient contracted sales of Hong Kong dollar (HK$) 22.8 billion, for the six months ending Dec. 31, 2016. The figure rises to HK$25.8 billion when including units contracted for sale in the first two months of 2017. Altogether, that's 78% of the company's target for the full fiscal 2017. The strong performance was mainly attributable to strong sales responses from the Grand YOHO and Park YOHO projects in Yuen Long; Lime Gala in Shau Kei Wan; and Ocean Wings in Tseung Kwan O South. The company has a strong pipeline of about 5,000 units ready to be launched in the coming twelve months. We believe SHKP has no immediate need to increase its land...

Bulletin