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Hongkong Land Holdings ( (GB:HKLD) ) has issued an announcement.
Hongkong Land Holdings Limited announced its decision to divest its MCL Land residential development business to Sunway Group for USD 579 million. This move aligns with Hongkong Land’s strategic vision to focus on ultra-premium integrated commercial properties in Asian gateway cities by recycling capital from the residential build-to-sell segment. The proceeds will be used to reduce net debt and expand the company’s share buyback program by an additional USD 150 million, further strengthening its financial position and enhancing shareholder value.
The most recent analyst rating on (GB:HKLD) stock is a Buy with a $7.20 price target. To see the full list of analyst forecasts on Hongkong Land Holdings stock, see the GB:HKLD Stock Forecast page.
More about Hongkong Land Holdings
Hongkong Land is a major listed property investment, management, and development group founded in 1889. It is a market leader in developing experience-led city centers, focusing on ultra-premium mixed-use real estate in Asian gateway cities such as Hong Kong, Singapore, and Shanghai. The company is known for its Grade A office, luxury retail, residential, and hospitality products, with properties that hold industry-leading green building certifications. Hongkong Land is part of the Jardine Matheson Group and has a primary listing on the London Stock Exchange.
Average Trading Volume: 6,491
Technical Sentiment Signal: Buy
Current Market Cap: $14.7B
For an in-depth examination of HKLD stock, go to TipRanks’ Overview page.