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Reassessments eat into bottom lines as rents drop in weakening economy

Hong Kong’s skyline, with the International Finance Centre tower at center, developed by Henderson Land Development. (Photo by Ken Kobayashi) KENJI KAWASE, Nikkei Asia chief business news correspondentSeptember 5, 2024 21:19 JST | Hong Kong

HONG KONG — Major Hong Kong developers are grappling with sinking property values, as the darkening economic outlook in the city and mainland China depresses market sentiment.

Sun Hung Kai Properties, one of the top four developers in the city, announced on Thursday evening that its net profit for the full year ended in June was 19.04 billion Hong Kong dollars ($2.44 billion), down 20% year on year.

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