Property News · February 27, 2020

Worse to come for Hong Kong’s hotel, retail sectors, warns Sun Hung Kai Properties as profit takes a pounding from coronavirus, protests


Sun Hung Kai Properties, the biggest Hong Kong developer by value, warned of a bleak outlook for the hospitality and retail sectors after its hotel business took a pounding in the second half of last year.The company’s hotel operating profit plummeted by HK$595 million, or 75.1 per cent, to HK$197 million, with a significant drop in revenue per available room as social unrest led to a severe decline in visitor arrivals. Its other businesses, from retail to telecoms and logistics, were also hit…

Source : South China Morning Post
Read more…Worse to come for Hong Kong’s hotel, retail sectors, warns Sun Hung Kai Properties as profit takes a pounding from coronavirus, protests

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