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Hysan Development Company Limited • Annual Report 2001 1 a Distinctive Neighbourhood in Causeway Bay –
ANNUAL REPORT 2001 INVESTING FOR THE FUTURE: CONTENTS FUNDAMENTALS STRENGTHENED 4 Highlights 2001 Inspired by the classic chambered nautilus, the logo of our flagship Lee Gardens reflects 5 Chairman’s Statement the notion of strong foundations. The vitality of the spiralling design symbolises our vision 16 Operating and Financial Review to move forward to a dynamic future. A spirit not only true for the Lee Gardens, 22 Principal Investment Properties but also for our entire portfolio. A distinctive neighbourhood in Causeway Bay – 24 Report of the Valuer to work, shop and enjoy. 25 Schedule of Principal Properties 26 Our People 28 Directors, Officers and Advisers 34 Corporate Governance 40 Directors’ Report 44 Auditors’ Report 45 Consolidated Income Statement 46 Consolidated Balance Sheet 48 Balance Sheet 49 Consolidated Statement of Recognised Gains and Losses 50 Consolidated Cash Flow Statement 52 Notes to the Financial Statements 84 Five-Year Financial Summary 86 Notice of Annual General Meeting Inside back cover Shareholder Information With origins of some 450 million years, the spirally coiled, chambered nautilus has fascinated naturalists, mathematicians and physicists for years. Back cover Lee Gardens shopping centre Mission Hysan Development is committed to building and owning quality buildings, and being the occupier’s partner of choice in the provision of real estate accommodation and services, thereby delivering attractive and sustainable returns to shareholders. Year 2001 has been challenging, but rewarding for the Company strategically. -
HKR International Ltd Version 1 | Bloomberg: 480 HK Equity | Reuters: 0480.HK Refer to Important Disclosures at the End of This Report
China / Hong Kong Company Guide HKR International Ltd Version 1 | Bloomberg: 480 HK Equity | Reuters: 0480.HK Refer to important disclosures at the end of this report DBS Group Research . Equity 4 Jun 2020 BUY(Initiating Coverage) Rediscovering a hidden gem. Last Traded Price ( 2 Jun 2020):HK$3.12(HSI : 23,996) • HKRI Taikoo Hui in Shanghai is a crown jewel, supporting its Price Target 12-mth:HK$4.09 (31.1% upside) long-term share price appreciation • Low-cost land reserve in Discovery Bay, a well-regarded Analyst residential community, provides good investment returns Jeff YAU CFA,+852 36684180, [email protected] • The stock is undervalued, trading at 82% discount to our assessed current NAV Price Relative • Initiating coverage with BUY rating and TP of HK$4.09 HK$ Relative Index 3.7 209 Initiating coverage with BUY rating and target price of HK$4.09. HKR 3.5 189 International is trading at 82% discount to our appraised current 3.3 169 3.1 149 NAV, slightly wider than those for other small-to-mid cap property 2.9 129 developers. The stock is undervalued in view of its asset quality and 2.7 109 financial strength. The realisation of the value of its upmarket 2.5 89 Dec-19 Mar-20 residential developments in Hong Kong should provide upside on HKR International Ltd (LHS) Relative HSI (RHS) stock. Steadily growing contributions from HKRI Taikoo Hui in Forecasts and Valuation Shanghai and CDW Building in Hong Kong should underpin its long- FY Mar (HK$ m) 2019A 2020F 2021F 2022F term share price appreciation. -
1193Rd Minutes
Minutes of 1193rd Meeting of the Town Planning Board held on 17.1.2019 Present Permanent Secretary for Development Chairperson (Planning and Lands) Ms Bernadette H.H. Linn Professor S.C. Wong Vice-chairperson Mr Lincoln L.H. Huang Mr Sunny L.K. Ho Dr F.C. Chan Mr David Y.T. Lui Dr Frankie W.C. Yeung Mr Peter K.T. Yuen Mr Philip S.L. Kan Dr Lawrence W.C. Poon Mr Wilson Y.W. Fung Dr C.H. Hau Mr Alex T.H. Lai Professor T.S. Liu Ms Sandy H.Y. Wong Mr Franklin Yu - 2 - Mr Daniel K.S. Lau Ms Lilian S.K. Law Mr K.W. Leung Professor John C.Y. Ng Chief Traffic Engineer (Hong Kong) Transport Department Mr Eddie S.K. Leung Chief Engineer (Works) Home Affairs Department Mr Martin W.C. Kwan Deputy Director of Environmental Protection (1) Environmental Protection Department Mr. Elvis W.K. Au Assistant Director (Regional 1) Lands Department Mr. Simon S.W. Wang Director of Planning Mr Raymond K.W. Lee Deputy Director of Planning/District Secretary Ms Jacinta K.C. Woo Absent with Apologies Mr H.W. Cheung Mr Ivan C.S. Fu Mr Stephen H.B. Yau Mr K.K. Cheung Mr Thomas O.S. Ho Dr Lawrence K.C. Li Mr Stephen L.H. Liu Miss Winnie W.M. Ng Mr Stanley T.S. Choi - 3 - Mr L.T. Kwok Dr Jeanne C.Y. Ng Professor Jonathan W.C. Wong Mr Ricky W.Y. Yu In Attendance Assistant Director of Planning/Board Ms Fiona S.Y. -
Asian Godfathers Jadi Buku Laris.” —BANGKOK POST
pustaka-indo.blogspot.com “Studwell menyajikan banyak informasi tentang proyek bisnis para godfather, juga kehidupan seks mereka. … Perkara seks ini membuat Asian Godfathers jadi buku laris.” —BANGKOK POST “Para godfather… benar-benar seperti parasit. Mereka memperoleh monopoli akses yang menguntungkan melalui guanxi beserta kroni-kroni politiknya.” —JOHN D. VAN FLEET, SHANGHAI “Reportase yang utuh dengan kepekaan sejarah menyangkut orang-orang hebat di balik perekonomian Asia.” —JEFF ANDREW, PENGAMAT ASIA pustaka-indo.blogspot.com ASIAN GODFATHERS Menguak Tabir Perselingkuhan Pengusaha dan Penguasa Joe Studwell mencerdaskan, mencerahkan pustaka-indo.blogspot.com Diterjemahkan dari ASIAN GODFATHERS Money and Power in Hong Kong and South-east Asia Hak cipta © Joe Studwell, 2007 Hak terjemahan Indonesia pada penerbit All rights reserved Penerjemah: Yanto Musthofa Editor: Julie Indahrini Desain sampul: Iksaka Banu Tata letak: Dadang Kusmana Cetakan 1, November 2015 Diterbitkan oleh PT Pustaka Alvabet Anggota IKAPI Ciputat Mas Plaza Blok B/AD Jl. Ir. H. Juanda No. 5A, Ciputat Tangerang Selatan 15412 - Indonesia Telp. +62 21 7494032, Faks. +62 21 74704875 Email: [email protected] www.alvabet.co.id Perpustakaan Nasional RI. Data Katalog dalam Terbitan (KDT) Studwell, Joe Asian Godfathers: Menguak Tabir Perselingkuhan Pengusaha dan Penguasa/Joe Studwell; Penerjemah: Yanto Musthofa; Editor: Julie Indahrini Cet. 1 — Jakarta: PT Pustaka Alvabet, November 2015 432 hlm. 15 x 23 cm ISBN 978-602-9193-76-3 1. Sosial/Politik I. Judul. pustaka-indo.blogspot.com -
“Relationship Between Trading at Ask Price and the End-Of-Day Effect in Hong Kong Stock Exchange”
“Relationship between Trading at Ask Price and the End-of-Day Effect in Hong Kong Stock Exchange” AUTHORS Alex W.H. Chan Alex W.H. Chan (2005). Relationship between Trading at Ask Price and the End- ARTICLE INFO of-Day Effect in Hong Kong Stock Exchange. Investment Management and Financial Innovations, 2(4) RELEASED ON Monday, 05 December 2005 JOURNAL "Investment Management and Financial Innovations" FOUNDER LLC “Consulting Publishing Company “Business Perspectives” NUMBER OF REFERENCES NUMBER OF FIGURES NUMBER OF TABLES 0 0 0 © The author(s) 2021. This publication is an open access article. businessperspectives.org 124 Investment Management and Financial Innovations, 4/2005 Relationship between Trading at Ask Price and the End-of- Day Effect in Hong Kong Stock Exchange Alex W.H. Chan1 Abstract This paper presents an empirical study on the intraday trading behavior of Hang Seng In- dex constituent stocks in Hong Kong Stock Exchange. We use LOGIT model to analyze the prob- ability of a trade occurring at the ask price and investigate its relationship with the end-of-day ef- fect. We find some systematic patterns of trading at ask price over different trading time intervals. This systematic pattern of trading at ask price can explain around one-third of the abnormal return from the end-of-day effect. JEL classification: G10, G12, G15 Key words: Intraday Return, Trade at Ask, End-of-Day Effect. 1. Introduction Many empirical investigations on the U.S. stock market document systematic patterns for the intraday stock price generating process (e.g. Wood, McInish and Ord (1985), Harris (1986) and Jain and Joh (1988)) and systematic intraday trading behavior of investors. -
Ready for Take-Off
Construction & real estate / Hong Kong 11 January 2012 Hysan Development Target price: HK$35.20 Up/downside: +35.1% 14 HK | HYSNY US Share price (9 Jan): HK$26.05 Initiation: ready for take-off • Hysan has one of the best pure retail portfolios in Asia and its potential is just starting to emerge • We believe the company is poised for a take-off in earnings and dividend growth, which could last for several years • It offers both growth and defensive appeal; coverage initiated with a Buy rating How do we justify our view? over 3x more than Hysan’s current Risks. We see the main risk as a share price, in three years’ time. We decline in Mainland visitors to Hong apply a 40% discount to our end- Kong. In addition, we believe good 2012E NAV to derive our six-month execution is required to bring out the target price of HK$35.2, implying 35% full potential of Hysan’s portfolio. Jonas Kan, CFA upside potential. (852) 2848 4439 Share price performance [email protected] Catalysts. The opening of Hysan (HK$) (%) Yannis Kuo Place, scheduled in mid-2012, is a 44 110 (852) 2773 8735 38 100 [email protected] strong potential catalyst, and also one whose significance we believe extends 32 90 Alex Ye beyond driving net-profit growth of 26 80 (852) 2848 4471 21.8% for 2012E and 23% YoY for 20 70 [email protected] Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 2013E. We think Hysan’s retail and Hysan Development (LHS) Relative to HSI (RHS) office portfolio and also Causeway Bay Investment case. -
2019 Annual Report
FINANCIAL HIGHLIGHTS 2019 2018 Change Earnings & Dividends# Per Share Earnings per Share # Performance nd Dividends per Share Celebrating its 52 3.5 Loss per share HK$(0.67 ) HK$(0.45 ) 48% 3 Dividends per share year of operation, Television 2.5 - Interim HK$0.30 HK$0.30 2 - Final HK$0.20 HK$0.70 HK$0.50 HK$1.00 Broadcasts Limited is the 1.5 HK$ 1 HK$’mil HK$’mil leading terrestrial TV broadcaster 0.5 Revenue from external customers - Hong Kong TV broadcasting 2,190 2,923 -25% Since0 2016, TVB has headquartered in Hong Kong. TVB - myTV SUPER 442 402 10% -0.5 - Big Big Channel business 129 87 47% been-1 transformed from - Programme a licensing and 2015 2016 2017 2018 2019 is also one of the largest distribution 740 870 -15% YEAR # excluding special dividend - Overseas pay TV and traditional media to a TVB Anywhere 144 140 3% commercial Chinese programme - Other activities 4 55 -92% major digital player, 3,649 4,477 2019 Revenue from External Customers by producers in the world with an Operating Segment Segment profit/(loss)* % relating to 2018 are shown in brackets operating over-the-top - Hong Kong TV broadcasting (304 ) 194 N/A annual production output of over - myTV SUPER 40 16 154% Hong Kong TV broadcastingservices - Big Big Channel business 44 (19 ) N/A 60% (65%) myTV SUPER - Programme licensing and 22,000 hours of dramas and distribution 412 414 -1% Programmeand TVB Anywhere - Overseas, pay TV and licensing and TVB Anywhere (10 ) (16 ) -37% variety programmes, in addition distribution - Other activities (4 ) (17 ) -74% 20%social (19%) media platform - CorporateBig support# (152 ) (150 ) 1% to documentaries and news Other activities 26 422 -94% 1% (2%) Big Channel and e-commerceTotal expensesΔ 3,698 4,062 -9% reports, and an archive library of Overseas pay TV myTV SUPER Big Big andplatform TVB Anywhere 12% (9%) Big ChannelBig Shop Loss attributable. -
26Th October 1999
The Court of Final Appeal has ruled that planning restrictions contained in Outline Zoning Plans may be challenged on constitutional grounds as well as administrative law grounds. In this edition we review the judgment and its likely effect on future deliberations of the Town Planning Board. The Editors CONTENTS PLANNING REGISTRAIONS MAY BE CONSTRITUTIONALLY REVIEWED FEATURE: Page Background PLANNING Wan Chai (“WC”) and Causeway Bay (“CB”) are major commercial areas where Hysan Development REGISTRAIONS MAY BE Company Limited (“Hysan”) owns a number of prominent sites. CONSTRITUTIONALLY Several years ago, the Town Planning Board (“Board”) reviewed 8 town planning restrictions applying REVIEWED .......................... 1 to new development within CB and WC, culminating in the gazetting of a Draft Outline Zone Plans (“DOZP”) for each area: CB on 17 September 2010 and WC on 24 September 2010. TOWN PLANNING.………… 4 During the period of public consultation, Hysan delivered written submissions opposing many of the WEST KOWLOON height and other restrictions mandated by the CB-DOZP and WC-DOZP. Hysan also made oral representations at the only public meetings of the Board on 11 March 2011 and 26 April 2011 CULTURAL DISTRICT respectively. (WKCD)…...………………… 5 The Board rejected all of Hysan’s submissions, other than in relation to one restriction in the CB-DOZP. HONG KONG BRIEFING..... 6 Consequently, Hysan (and other related companies) applied for judicial review of the Board’s decisions. Hysan’s judicial review application ADVISORY COUNCIL ON THE ENVIRONMENT Hysan (and others) applied for judicial review of the decisions to implement the DOZPs. On 14 (ACE)………………………… 7 September 2012 Reyes J. -
Yale University
Yale University From the SelectedWorks of Alec Stone Sweet 2020 The eN cessity of Balancing: Hong Kong's Flawed Approach to Proportionality - And Why it Mattters.pdf Alec Stone Sweet Available at: https://works.bepress.com/alec_stone_sweet/69/ HONG KONG LAW JOURNAL VOLUME 50 ■ PART 2 ■ 2020 The Necessity of Balancing: Hong Kong’s Flawed Approach to Proportionality, and Why It Matters r Alec Stone Sweet HKLJ-50(2)-9_Stone Sweet on Hysan.indd 1 10/9/20 7:22 PM The Necessity of Balancing: Hong Kong’s Flawed Approach to Proportionality, and Why It Matters r Alec Stone Sweet* Virtually all of the world’s most powerful high courts recognise the proportionality principle — as enforced through a distinctive sequence of subtests — to be an overarching criterion of constitutional legality. In Hysan Development Co Ltd v Town Planning Board, the Court of Final Appeal added a fourth and final “balancing phase” to what had been a truncated version of the proportionality framework. This article analyses Hysan and its effects from two perspectives. First, compared to the standard model of proportionality analysis, Hysan places deference to legislative and executive authority at its core, thereby transforming rights doctrine into a form of reasonableness review. Indeed, it creates an approach more akin to Wednesbury unreasonableness than proportionality. Second, the foreign case law invoked by the Court of Final Appeal does not actually support the Hysan framework. Unless corrected, judicial fidelity to Hysan will chronically reproduce three pathologies: analytical incompleteness; doctrinal instability; and judicial abdication. 1. Introduction The proportionality principle, as enforced through a distinctive, sequence of interrelated tests, is arguably the world’s most successful legal transplant. -
View Annual Report
IN A CLEAR DIRECTION 2002ANNUAL REPORT Mission Hysan Development is committed to building and owning quality buildings, and being the occupier’s partner of choice in the provision of real estate accommodation and services, thereby delivering attractive and sustainable returns to shareholders. Contents 1 Highlights 2002 2 Chairman’s Statement 4 Operating and Financial Review 11 Case Studies 18 Social Responsibility 19 Human Resources 20 Principal Investment Properties 22 Report of the Valuer 23 Schedule of Principal Properties 24 Directors, Officers and Advisers 30 Corporate Governance 38 Audit Committee Report 39 Directors’ Report 42 Auditors’ Report 43 Consolidated Income Statement 44 Consolidated Balance Sheet 46 Balance Sheet 47 Consolidated Statement of Changes in Equity 48 Consolidated Cash Flow Statement 50 Notes to the Financial Statements 78 Five-Year Financial Summary Inside back cover Shareholder Information ANNUAL REPORT 2002 1 Highlights 2002 Year 2002 remained a difficult one for the Hong Kong economy generally. We regard it of paramount importance that we keep a clear focus amidst the challenging environment and continue to invest in areas that will enhance our asset value and underlying competitiveness. ■ Achieved strong occupancy: office: 95%, retail: 96% ■ Strong balance sheet with maturity profile further strengthened ■ Asset enhancement programme: re-launch of Bamboo Grove residential property well-received; works on Caroline Centre retail podium commenced Year ended 31 December 2002 2001 Change HK$’000 HK$’000 % Operating -
Report of the Insider Dealing Tribunal of Hong Kong
REPORT OF THE INSIDER DEALING TRIBUNAL OF HONG KONG On whether insider dealing took place In relation to the listed securities of CHINESE ESTATES HOLDINGS LIMITED Between November 19-21 1996 (both days inclusive) and on other related questions TABLE OF CONTENTS Page Notice signed by Financial Secretary under (i) section 16(2) of the Securities (Insider Dealing) Ordinance CHAPTER ONE INTRODUCTION 1 a. A brief historical perspective 1 b. The interest of the Securities and Futures 7 Commission c. The constitution of the Tribunal 14 d. Legal representation 16 e. The sending out of ‘Salmon’ letters 16 f. The Preliminary Hearing 17 g. Witnesses called during the inquiry 21 h. The length of the inquiry 22 CHAPTER TWO THE LAW 24 PART ONE: GENERAL LEGAL PRINCIPLES 24 a. The standard of proof 24 b. Consideration of factual evidence 32 c. The drawing of inferences 33 d. Good character 33 e. Demeanour 34 PART TWO: A CONSIDERATION OF THE 34 ORDINANCE a. The securities must be those of a ‘listed 35 Page corporation’ b. The person dealing in the securities must be 35 ‘connected’ to the corporation c. The ‘connected’ person must ‘deal in’ the 35 securities (or their derivatives) or else counsel and procure another person to deal in them. d. At the time of ‘dealing’ the ‘connected’ person 36 must be in possession of information which he knows to be ‘relevant information’ PART THREE: RELEVANT INFORMATION 36 a. Not generally known to those persons who are 37 accustomed or would be likely to deal in the securities of the company … b. -
Hysan Development (0014.HK): FY18 Results in Line with Expectations; Look for Stable Retail and Positive Office Operations Going
22 February 2019 | 1:36AM HKT Hysan Development (0014.HK): FY18 results in line with expectations; Look for stable retail and positive office operations going ahead Result highlight Justin Kwok, CFA +852-2978-0481 | [email protected] n FY18 recurring underlying profit was up 8% yoy to HK$2,536mn (excl. impact Goldman Sachs (Asia) L.L.C. from the one-off early surrender compensation income in 2017), amid Colin Yao +852-2978-1474 | [email protected] -0.1%/+5.7% yoy on retail/residential rental revenue, while recurring underlying Goldman Sachs (Asia) L.L.C. profit for office was up 24.2% amid the commencement of operations of Lee Garden Three (LG3). n NPI grew by 8.6% yoy to HK$3,367 mn on the back of added contributions from LG3, while NPI margins compressed by 0.8 pp yoy to 86.6% due to the ramp-up/leasing costs of LG3, inline with our forecasts. n BVPS was up 6.3% yoy to HK$71.12 on the back of positive reversions while cap rates were largely unchanged. n DPS up 5.1% yoy to HK$1.44, with a payout ratio to underlying EPS of about 59%, delivering a 3.4% yield to the last close of HK$41.75. Key takeaways from analyst briefing: n HK retail portfolio o After a 22% negative retail rental reversions in 2017, Hysan’s portfolio saw more stable performance in 2018 with largely neutral level of reversions, and its occupancy-cost-ratio (OCR) kept steady at around mid-teen level.