The property developer Hongkong Land has reported a 4 percent rise in profit to a record US$1.076 billion for last year. However they warned that the coronavirus outbreak will dent results this year.

“The group’s results in 2020 will be impacted by the COVID-19 outbreak, with the performance of development properties in the Chinese mainland and the group’s retail properties expected to be most affected,” said chairman Ben Keswick. “The extent of the impact will be dependent on the duration and geographic extent of the outbreak. Stable contributions are expected from the group’s other businesses, although there are expected to be higher financing costs,” he said.