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Henderson Land

12/01/2023

The Hong Kong property developer could suffer a double setback this year: a) weakening home sales in the region and b) higher financing costs. Consensus expectations that an increase in new-home completions will translate into meaningful earnings growth look likely to disappoint. Sell-through rates of smaller units may remain weak, and rate hikes are problematic for investment demand in its new Kai Tak development. For 2023, revenue growth is expected to be in the region of 12%.

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