Swire Pacific News
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Hong Kong home prices, the highest among major global cities, are close to peaking after more than doubling since early 2009, said John Swire & Sons Ltd. Chairman James Hughes-Hallett.
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Swire Properties Ltd., the Hong Kong commercial landlord with tenants including JPMorgan Chase & Co., posted a 59 percent gain in adjusted full-year underlying profit on higher rental income from its offices and shopping malls as well as apartment sales in the city.
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Swire Pacific Ltd. said it’s in talks to sell a “significant” property after Sing Tao Daily reported the Hong Kong office and retail landlord may divest one of its shopping malls for HK$22 billion ($2.83 billion).
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Swire Pacific Ltd. shares fell after its property unit started trading on the Hong Kong stock exchange at a deeper discount to underlying assets than rival developers.
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Swire Pacific Ltd., the Hong Kong company with businesses ranging from soft drinks to airlines, said the city’s stock exchange has approved a plan to spin off its property unit.
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Swire Pacific Ltd.’s first dollar- denominated bonds in more than two years rose in Asian trading after investors offered to buy more than ten times the notes on offer.
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Swire Pacific Ltd. hired BOC International Holdings Ltd., Goldman Sachs Group Inc., HSBC Holdings Plc, and Morgan Stanley to help list its property unit in December, two people with knowledge of the matter said.
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The following companies may have significant price changes in Hong Kong trading. Stock symbols are in parentheses. Share prices are as of the last close.
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Swire Pacific Ltd. agreed to sell the Festival Walk shopping center for HK$18.8 billion ($2.4 billion) to a unit of Singapore’s Temasek Holdings Pte in the biggest property transaction ever for the Hong Kong landlord.
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Swire Pacific Ltd ., the Hong Kong office landlord which controls Cathay Pacific Airways Ltd., said 2010 underlying profit rose 91 percent on gains from the sale of assets and record earnings by the city’s biggest airline.
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