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Ho Bee Land issues profit warning, citing need to book fair value loss on London investments

The Edge Singapore
·1-min read

According to CBRE, UK commercial property capital values decreased by 13.3% as a whole in 2022

Ho Bee Land warns that it will report a net loss for 1HFY2023 ended June, as it is booking a fair value loss on its portfolio of investment properties in London.

"The fair value loss on the London portfolio is non-cash in nature and arose mainly due to higher capitalisation rates," the company says on July 14.

The most recent significant property bought by Ho Bee in London was the 675-feet tall The Scalpel, in Feb 2022.

Ho Bee paid $1.3 billion for the freehold property at the junction of Lime Street and Leadenhall Street

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It owns other properties such as Ropemaker Place, 1 St Martin's Le Grand and 67 Lombard Place.

According to CBRE, UK commercial property capital values decreased by 13.3% as a whole in 2022.

Ho Bee expects to report on or before Aug 10.

Ho Bee Land shares ended July 14 at $2.01, down 0.99% for the day and down 16.25% year to date.

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