Hongkong Land Holdings, the biggest landlord in Central, yesterday reported its first annual net loss since 2003 in the wake of slumping property markets in Hong Kong and Singapore.

Loss at the Singapore-listed real estate company was US$109m last year, compared with a US$2.84bn profit in 2007, mainly the result of property revaluation and a US$140m provision against the value of its residential projects in Singapore including the Grange, Mera Springs and the Esta.

Revenue rose 9.55 % to US$1.02bn from US$933.2m.

South China Morning Post