I have accumulated a bit more HK Land today at a share price of US$6.15 for 1,000 shares. This is an average up position from my last purchase back in April which I wrote here. Part of the fund came from my recent divestment from UOL which I will talk about in more detail in the next portfolio review. So I am just shifting capital here. The company recently reported their 1H results which surprisingly came above my expectations, albeit still weaker if compared year on year. I’d have expected a lot weaker sales from the residential segment, but they have surprised on the completion from China. My way of analyzing this company is to focus on the underlying and recurring earnings, which technically strips out the fair value gains and the residential earnings, and then further see what is left with it. It's a simpler method ......