Company write-up FIG Real Estate abc Equity – Hong Kong Global Research Swire Properties Not Rated Second largest Hong Kong commercial exposure Index Hang Seng Index Offering the second largest HK commercial exposure with a RIC 1972.HK long operational history, proactive asset management and decentralised focus Landbank dominated by HK (by region) and office assets (by type), accounting for 86% and 61% of total value, respectively Exposed to HK economic conditions and execution risks in China 18 January 2012 We do not rate nor are we commenting on the investment merits of the company’s securities. Perveen Wong* Analyst Overview. Swire Properties has more than 40 years of operational history in HK with a The Hongkong and Shanghai Banking demonstrated historical ability to create value through transformational projects such as Corporation Limited +852 2996 6571 Taikoo Shing, Pacific Place and Island East. It has been active in asset enhancement, and
[email protected] is generally regarded as a premium asset manager. Swire Properties also focuses on Derek Kwong* organically growing its HK investment property portfolio, which has increased by an Analyst above-peer 56% in size over 2000-10, raising the critical mass of its decentralised office The Hongkong and Shanghai Banking Corporation Limited hubs in Admiralty and Island East. It is the second largest commercial landlord in HK by +852 2996 6629 landbank size and rental income.
[email protected] Stanley Cheung* HK-focused landbank with China in the pipeline. Swire Properties had 33m sq ft of Associate attributable landbank as of September 2011, of which 19m sq ft was completed The Hongkong and Shanghai Banking Corporation Limited investment properties.