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Strong rental income helped Hopewell Holdings (HKG:0054) profits grew 14 percent in the second half last year, thanks to higher rents generated by its investment portfolio and toll roads.

Net income excluding revaluation gains was HK$579 million, although revenue fell by 2.33 percent to HK$3.15 billion.

Managing director Thomas Wu Man-sun predicted stable rental growth despite the European debt crisis. “Spot rents at Hopewell Centre are between HK$40 and HK$50 per square foot per month. Our average right now, is less than HK$30 psf per month,” he said.

But the firm sold fewer residential flats in the six months to December 31, resulting in a loss before interest and tax of HK$8 million.

Investment in the Lee Tung Street project has been increased to HK$9 billion from the previous HK$5 billion. The 88,500-sq-ft project will provide about 1,300 units.

Presales are set to start next year, and construction is due for completion in 2015.

As for the second phase of Hopewell Centre in Wan Chai, the developer said it is continuing talks with the government on the land premium.

An interim dividend of 45 HK cents was proposed. Subsidiary Hopewell Highway Infrastructure (HKG:0737) said net profit for six month to December 31 rose 16 percent to HK$571 million, or HK$19.28 per share.

Shayne Heffernan

Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.

Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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