While the hospitality sector in Hong Kong, Macau, and mainland China is gradually recovering, external factors such as geopolitical tensions and rising operational costs are hindering a full rebound, Shun Tak noted.
In a regulatory filing, Shun Tak Holdings Limited remarked that “throughout the first half of 2024, the occupancy rate improved slightly to 63%.”
The firm attributed its losses to ongoing challenges stemming from the Covid-19 pandemic, which have continued to impact its operations since 2022.
In terms of property performance, Shun Tak capitalized on the relaxation of property curbs in Hong Kong and Macau, selling 65 units in its Nova Grand project in Taipa, which has seen a 92% sales rate as of June 30. The company’s property segment reported a profit increase of 62.8% to HKD363 million, showcasing resilience in a challenging market.
Nadia Shaw
