Hongkong Land reported lower profit in Q1

But the Group's Central portfolio delivered a strong performance.

Hongkong Land's profits dipped lower in Q1 than last year due to a reduced contribution from its Development Properties sector, the group said in a bourse filing.

The Group's interim management statement attributed the fewer planned sales completions in China to the profit decrease.

However, its Investment Properties sector contributed marginally higher in Q1 than last year, with an improved performance from its retail segment.

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Meanwhile, the Group's Central office portfolio continued to deliver positive performance despite competitive market conditions, with physical vacancies increasing to 6.3% at the end of March, compared to 4.9% at the end of last year.

Leasing activity has improved in recent months, as enquiries in Q1 increased, but headwinds in global financial markets dampened the climbing office demand from the financial service sector.