Landing loses HK$144 mln in H1

China real estate developer Landing International Development Ltd. saw its loss widen to HK$143.9 million (US$ 17.9 million) for the first half of this year from HK$129.7 million one year ago.
In a filing with Hong Kong Stock Exchange yesterday the developer said its revenues posted a year-on-year increase of 14.2 per cent to HK$109.2 million during the period, compared to HK$95.7 million one year ago.
Having acquired a casino in Hyatt Regency Jeju Hotel on Jeju Island in South Korea in June 2014, the Hong Kong-listed company said the performance of the Korean casino had notably improved during the six months after its re-opening following the suspension of operations since October 29 last year to January 18 this year for renovation.
‘Due to the change of customer focus and marketing strategy and the strengthened managerial and professional support after the re-branding and re-opening in January 2015, the performance of the Jeju Casino improved significantly during the period,’ the company wrote, indicating it shared the profit from the casino business of around HK$24.5 million.
The developer also claimed in the filing that the construction of its collaborative integrated resort project Myth-History Park on the Korean island with its partner, Singaporean casino operator Genting Singapore Plc, ‘has progressed in full swing’, expecting the project would be ‘well built and managed by a quality and experienced management team.’
According to the company’s filing, the facilities of the Jeju project are expected to open progressively from 2017, while the entire development is slated to be completed by 2019.