FAIRMAN'S STATEMENT (CONTINUED)
The local property market became more active in the second half of 2014, rising both in price and transaction volume. This was mainly due to the relatively low interest rate for mortgage and the strong demand on small to medium size residential flats. The transactions in first hand residential units in 2014 rose to
approximately 16,000, a new high in seven years. Due to the escalation in property price, the Hong Kong Monetary Authority introduced in February 2015 new counter cyclical measures, reducing the maximum mortgage loan-to-value ratio to 60% for all self-use residential units below HK$7 million. In the year under review, the Group had followed the market trend and slightly increased the selling prices of the properties held for sale, without jeopardizing the pace of the sale. The Group would pay attention to suitable tender or auction opportunities of Government lands to replenish the landbank in the future.
The proceeds from the sale of the remaining units in Green Code and METRO6 will be the major source of income of the Group in 2015. The Group would continue to look out for suitable
investments to enhance the return for shareholders.
ACKNOWLEDGEMENT
On behalf of the shareholders and the Board, I would like to take
this opportunity to express appreciation to all our staff for their dedication and hard work during the year.
Lam Ko Yin, Colin
Chairman
Hong Kong, 18 March 2015
Green Code
12 Hong Kong Ferry (Holdings) Company Limited Annual Report 2014
Harbour Cruise - Bauhinia
METRO6
No comments yet.
Private notes are available after approval.