Hongkong Land Jumps as New Strategy Expected to Boost Profit

Hongkong Land Holdings Ltd. shares surged after the biggest landlord in the city’s financial district unveiled a new strategy that it expects will spur profit and shareholder payouts.

The Singapore-listed company will focus on commercial property management and forgo residential development in a move that will eventually see it set up real estate investment trusts. It aims to expand its assets under management from $40 billion to $100 billion by 2035, much of which will be owned by third-party capital. It estimates that the new model will double profits and dividends, a statement showed late Tuesday.