From Breakingviews: Vodafone keeps its dividend and the latest changes to Hong Kong’s commercial property district
BRANSON’S PICKLE. Bearded billionaire Richard Branson may raid his piggy bank. The Brit’s Virgin Group said on Monday it could sell up to 25 million shares in space tourism venture Virgin Galactic to support its portfolio of earthbound travel companies. Assuming a 5% discount to Monday’s closing price, a sale would raise $460 million – handy, if not game-changing, for struggling airline Virgin Atlantic, which also wants UK government help.
VODAFONE PAYS OUT. The $40 billion mobile phone giant is bucking the prevailing FTSE 100 trend of cash-saving dividend cuts. Admittedly, boss Nick Read got his shareholder shocker in a year early, slashing the payout by 40% in May 2019 ahead of an expected 5G investment splurge. But after falling more than 20% this year, Vodafone shares now yield 7%, against a 4.2% index average. That suggests they are either too low or that Read’s payout bar is too high.
TALKING SHOP. The world’s priciest commercial property district is slowly changing. Hong Kong’s recession, exacerbated by Covid-19, has forced multinational and mainland Chinese companies to move to smaller locations or further-flung neighbourhoods. The prime office vacancy rate in prestigious Central hit 4.4% in March, its highest in six years, according to property firm JLL. Rents in the area are now forecast to fall as much as 30% this year.
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