King of Causeway Bay
Causeway Bay's biggest landlord saw its interim net profit soar to $2.56 billion on a revaluation gain of $2.8 billion. This compared with a restated interim profit of $304 million last year.
The huge revaluation gain surprised many analysts, who had expected it to be less than $1 billion.
Stripping out the revaluation gain, Hysan's underlying profit rose 19.9 per cent to $364 million.
Chairman Peter Lee Ting-chang was optimistic. 'The outlook for the investment property market remains positive on an improved economic environment,' he said.
Analysts tended to agree, saying that since rents in Central had increased so aggressively, it was natural that decentralised areas such as Causeway Bay and Quarry Bay would follow. And they have.
The renovation of Hysan's properties, such as the Lee Theatre Building, is expected to buoy its future rental revenue.
