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Stephen Ng: HK Residential Mkt Outlook Promising, Middle East Situation Delays New Shipping Line Arrangements
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Stephen Ng, Chairman of WHARF HOLDINGS (00004.HK), expressed optimism about the Hong Kong residential market during the earnings conference. Ng stressed that WHARF HOLDINGS has no urgency to sell properties as it is under no debt pressure. Meanwhile, revenue from Hong Kong properties has increased since last year despite the weakness in China's property market. As Hong Kong property projects invested in several years ago are starting to yield returns, he expects they can increase revenue sources and push up profits, offsetting the impact of the soft Chinese market. Regarding port operations, Ng acknowledged that the Middle East situation certainly affects Hong Kong. He also revealed that WHARF HOLDINGS had signed some new shipping lines to Hong Kong to boost cargo volume before the situation in Iran worsened. However, the deteriorated situation forced many shipping companies to adopt a conservative approach and temporarily delay new arrangements. AAStocks Financial News |
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