Listed developer Trans Tasman Properties booked value gains on its four new Hong Kong properties, only to see them wiped out by short-term currency shifts.
In declaring its final result for the December year, the developer showed how its four new Asian properties bought last year for $264.5 million were
now worth $256.2 million.
But they have increased in value in Hong Kong dollars.
Trans Tasman executive chairman Don Fletcher attributed the difference to the strengthening dollar since the purchases were made.
Fletcher said the gains in Hong Kong currency reinforced Trans Tasman's counter-cyclical real estate investment strategy and confirmed the belief that it was not the right time to buy real estate in Australia or NZ.
