SINGAPORE (Nov 13): Alarming news that a Christmas tree was set on fire at Festival Walk caused unit price in Mapletree North Asia Commercial Trust to fall. Festival Walk contributed $104.9 million or 61.7% to MNACT’s net property income of $169.8 million in 1HFY2020 the six months to Sept 30. On Nov 13, MNACT’s manager announced that the mall has been closed for operations since 2 pm on Nov 12 amid city-wide disruptions and the manager will update on developments. Since Nov 7, MNACT’s unit price is down 8%.
Sister real estate investment trust Mapletree Logistics Trust’s Hong Kong properties contributed 23.4% to 2QFY2020 (three months to Sept 30) gross revenue of $127.5 million. Logistics properties are not very visible.
However, Bloomberg carried a news item that nine OCBC Wing Hang branches were closed on the morning of Nov 13 because of traffic disruptions. OCBC Wing Hang contributes 9% to Oversea-Chinese Banking Corp’s operating profit for the nine months to Sept 30.
SCMP has reported that several banks have had their ATMs vandalised and some have closed branches in recent weeks, including Bank of China (Hong Kong).
DBS Group Holdings has meaningful operations in Hong Kong, with DBS Hong Kong contributing some 20% to net profit. Hongkong Land’s Hong Kong properties including some of the choicest Grade A office buildings contribute 56% to its operating profit.
Elsewhere, Wing Tai Holdings owns 34.3% in Hong Kong-listed Wing Tai Properties which contributes meaningfully to the locally listed developer’s bottomline. For FY2019 (Wing Tai Holdings has a June year end), Wing Tai Properties contributed around $33.7 million to profit before tax.
Other less well-known names have also significant presence in Hong Kong. Azeus Systems Holdings provides information technology products and services. CDW Holding manufactures and supplies precision components.
