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Bond Market News
Sun Hung Kai Properties’ Outlook Revised to Positive
October 5, 2026
Sun Hung Kai Properties Limited’s outlook has been revised to Positive from Stable by Fitch, while reaffirming its long-Term Issuer Default Rating (IDR) at A. The positive outlook reflects expectations of continued growth in Sun Hung Kai’s rental income as newly completed investment properties ramp up and Hong Kong’s office market recovers. Fitch expects rental revenue to grow at a low-to-mid single-digit rate during the FY2027-2029 period, supported by new assets in Hong Kong and Shanghai, including the IGC project scheduled for completion in 2027. Existing investment properties are also expected to benefit from improving demand for prime office space, particularly in Central, while retail performance remains stable. Fitch expects Sun Hung Kai to maintain a conservative financial profile. Recurring EBITDA net leverage improved significantly to 2.8x in FY2026 from 3.9x in FY2025, despite the prolonged property downturn. Fitch nevertheless expects property-development margins to remain below historical levels, stabilising at around 10-15%.
Its 3.75% 2029s traded stable at 96.9, yielding 5.2%.
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