More land banking ahead post KLN disposal
■ Kerry Prop’s core profit jumped 114% yoy in 1H21, driven by property sales
delivery in HK and China as well as solid retail rental growth in China.
■ New launches in HK and existing launches in China will drive its property
sales in 2H21F to meet its FY21 sales target of HK$13.5bn.
■ We expect it to be more active in replenishing land in FY22F after its partial
disposal of KLN is completed. Reiterate Add on attractive valuations.