By South China Morning Post | Created at 2026-08-13 04:43:58 | Updated at 2026-08-13 05:46:50
1 hour ago
Causeway Bay’s top landlord posts HK$1.11 billion in earnings as Lee Garden Eight project on schedule for completion this quarter
Published: 12:43pm, 13 Aug 2026
Hysan Development, the largest commercial landlord in Hong Kong’s Causeway Bay shopping district, posted an underlying profit of HK$1.11 billion (US$140.19 million) for the first half of 2026, an increase of 7.4 per cent from a year earlier, driven by a realised gain from the sale of residential units at its Bamboo Grove project.
Revenue for the six months ended June 30 was largely flat at HK$1.73 billion, a year-on-year drop of 0.1 per cent, according to the company’s filing with the Hong Kong stock exchange on Thursday.
“The progress achieved during the first half of the year underscores the enduring relevance of our community business model,” chairwoman Irene Lee Yun-lien said in the earnings statement.
Lee said the group’s multi-year rejuvenation of the Lee Gardens precinct had moved into a “large-scale harvest phase”, pointing to renovated and expanded flagship stores from luxury brands as evidence the strategy was paying off.
By segment, retail revenue rose 1.4 per cent, office revenue grew 0.5 per cent and residential sales declined 15.3 per cent during the period, the last of which reflected fewer units available for lease after the disposal of two blocks at Bamboo Grove, a residential complex in Hong Kong’s Mid-Levels.
The board declared a first interim dividend of 27 HK cents per share, unchanged from the amount paid a year earlier.
