Lippo Ltd, which is developing a resort in South Korea, recorded a sharp rise in profit attributable to shareholders of approximately HK$552.2 million for the year ended 31 March, 2015, compared to a profit of HK$112.2 million for the year before.
The profit for the year was mainly attributable to the gain on disposal of subsidiaries and share of profit from joint ventures, the company said.
“[A]rising mainly from revaluation gain on investment properties and recognition of profit from pre-sale upon completion of a property development project of a principal joint venture of the Group.”
The group, together with other joint venture partners that include Caesars Entertainment Corporation, plans to design, develop, construct and own an integrated resort located in Incheon, Korea which will include gaming facilities, hotels and serviced apartments.
In December 2014, the consortium entered into an agreement to buy approximately 89,171 square metres of land for its Phase 1 and Phase 2 projects.The integrated resort is proposed to be located on the Phase 1 land, with Phase 2 land reserved for the Midan City – complete with residential properties, shopping malls, hospital, schools, hotels – in the Incheon Free Economic Zone.