On July 30, Hang Lung Group and Hang Lung Properties released their 2024 interim results and held a results conference. This is the first financial report since Chen Wenbo took office as chairman, facing "unprecedented challenges."
In January this year, Ronnie Chan announced his retirement and his son Amber Chan was appointed as chairman. From its establishment in 1960 to Amber Chan taking over, this Hong Kong real estate giant whatsapp number in australia has completed its third-generation inheritance.
When taking over the position of chairman, Chen Wenbo said that his father Chen Qizhuo's guidance and cultivation were very important to him, "giving me the confidence to steer the company at a special moment in this market and the world."
However, market pressure under complex circumstances exceeded Hang Lung Group's expectations.
At the opening of the earnings conference, Chen Wenbo admitted that "both the stock price and the performance are a bit challenging and a bit stressful." Hang Lung Group and Hang Lung Properties CEO Weber Lu also said that although Hang Lung Group had seen signs of economic slowdown as early as May last year, it did not consider that the downward trend would continue to this day.
This unexpected expectation was reflected in the performance report as a downward trend in multiple indicators.
During the reporting period, Hang Lung Group's total revenue was approximately HK$6.379 billion, a year-on-year increase of 15%, and net profit attributable to shareholders was approximately HK$888 million, a year-on-year decrease of 47.21%; Hang Lung Properties' total revenue was approximately HK$6.114 billion, a year-on-year increase of 17%, and net profit attributable to shareholders was approximately HK$1.061 billion, a year-on-year decrease of 55.68%.