Summary by Moomoo AI
Hysan Development Limited (Stock Code: 00014) announced its unaudited interim results for the six months ended 30 June 2024. Revenue increased by 5.1% compared to the same period last year, reaching HK$169.3 million, while underlying profit slightly decreased by 0.7% to HK$101.9 million. The revenue of the company's retail business increased by 10.8%, indicating the initial success of the optimization strategy of Lee Gardens and the expectation of more international top brands opening in the next 12 months. The occupancy rate of office business remained stable, but the overall Grade-A office market in Hong Kong faced rental pressure. 70% of the office space in Lee Gardens Shanghai has been leased, and the Garlic Lane project is expected to be completed in the second half of 2026, providing advanced sustainable design and commercial facilities. The Group maintains an interim dividend of HK$0.27 per share. Hysan Development stated that it will continue to leverage its wisdom and flexibility, focus on dealing with complex market situations, and maintain an optimistic outlook for future development.
