Hongkong Land Jumps 2.55%; Hongkong Land Set to Benefit From Sale of Part of One Exchange Square
Hongkong Land stands to benefit from selling part of One Exchange Square in Hong Kong, CGS International analysts say in a research report.
Based on gross proceeds of HK$6.3 billion for the sale of nine floors of office space and two floors of retail space, the analysts estimate an average selling price of HK$42,800 a square foot.
That translates to a 3.1% rental yield for the company, according to their calculations.
About one-fifth of the sales proceeds will be used for share buyback, which is expected to be net asset value-accretive.
The brokerage raises the stock's target price to US$4.91 from US$4.82, with an unchanged hold rating.
Shares are last at US$4.68.
HongkongLand USD jumps 2.55% at 11:00 am, Apr 30th.
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