DOCSLIB.ORG

Annual Report 2019

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2019 ANNUAL REPORT 2019 Kerry Properties Limited (“KPL”) is a world-class property company with significant investments in asia. the Company is known for its property development activities in mainland China and Hong Kong. In both markets, KPL focuses on investing in premium quality property developments in prime locations. The Company has developed a successful business model for doing this over many years and has considerable experience as a developer and manager of quality properties. We act on principles of fairness and integrity, and we value the many relationships we have developed over our long history with staff, suppliers, partners, government agencies, and other key stakeholders. CORPORATE INFORMATION & KEY DATES BOARD OF DIRECTORS REGISTERED OFFICE Executive Directors Victoria Place, 5th Floor Mr Wong Siu Kong, Chairman 31 Victoria Street Mr Kuok Khoon Hua, Vice Chairman and Hamilton HM 10, Bermuda Chief Executive Officer HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS Mr Bryan Pallop Gaw 25/F, Kerry Centre, 683 King’s Road Mr Wong Chi Kong, Louis Quarry Bay, Hong Kong Independent Non-executive Directors PRINCIPAL SHARE REGISTRAR AND Mr Ku Moon Lun TRANSFER OFFICE Ms Wong Yu Pok, Marina, JP MUFG Fund Services (Bermuda) Limited Mr Chang Tso Tung, Stephen 4th Floor North, Cedar House 41 Cedar Avenue AUDIT AND CORPORATE GOVERNANCE Hamilton HM 12, Bermuda COMMITTEE HONG KONG BRANCH SHARE REGISTRAR AND Ms Wong Yu Pok, Marina, JP, Chairman TRANSFER OFFICE Mr Ku Moon Lun Tricor Abacus Limited Mr Chang Tso Tung, Stephen Level 54, Hopewell Centre, 183 Queen’s Road East Hong Kong REMUNERATION COMMITTEE Ms Wong Yu Pok, Marina, JP, Chairman CORPORATE COMMUNICATION DEPARTMENT Mr Wong Siu Kong Kerry Properties Limited Mr Kuok Khoon Hua 25/F, Kerry Centre, 683 King’s Road Mr Ku Moon Lun Quarry Bay, Hong Kong Telephone: (852) 2967 2200 Mr Chang Tso Tung, Stephen Facsimile: (852) 2967 2900 Email: [email protected] NOMINATION COMMITTEE Mr Wong Siu Kong, Chairman INVESTOR RELATIONS DEPARTMENT Mr Kuok Khoon Hua Kerry Properties Limited Mr Ku Moon Lun 25/F, Kerry Centre, 683 King’s Road Ms Wong Yu Pok, Marina, JP Quarry Bay, Hong Kong Mr Chang Tso Tung, Stephen Telephone: (852) 2967 2200 Facsimile: (852) 2967 2900 FINANCE COMMITTEE Email: [email protected] Mr Wong Siu Kong WEBSITE Mr Wong Chi Kong, Louis www.kerryprops.com EXECUTIVE COMMITTEE STOCK CODES Mr Wong Siu Kong Stock Exchange of Hong Kong: 683 Mr Kuok Khoon Hua Bloomberg: 683 HK Mr Bryan Pallop Gaw Reuters: 683.HK Mr Wong Chi Kong, Louis KEY DATES COMPANY SECRETARY Annual General Meeting 20 May 2020 Ms Li Siu Ching, Liz Closure of Registers of Members AUDITOR 15 to 20 and 27 May 2020 PricewaterhouseCoopers Certified Public Accountants and Proposed Payment of Final Dividend Registered Public Interest Entity Auditor 5 June 2020 KERRY PROPERTIES LIMITED 2 CONTENTS 4 Financial Highlights 7 Chairman’s Statement 10 Management Discussion & Analysis 10 Overall Results 12 Review of Property Business 36 Financial Review 37 Particulars of Properties Held 48 Sustainable Development and CSR Activities 54 Awards and Citations 69 Corporate Governance Report 79 Audit and Corporate Governance Committee Report 81 Remuneration Committee Report 82 Nomination Committee Report 84 Risk Management and Internal Controls Report 87 Directors and Senior Management 91 Report of Directors 105 Independent Auditor’s Report 111 Consolidated Income Statement 112 Consolidated Statement of Comprehensive Income 113 Consolidated Statement of Financial Position 115 Consolidated Statement of Cash Flows 117 Consolidated Statement of Changes in Equity 119 Notes to the Financial Statements 216 Five-Year Financial Summary Scan and download this report: 3 ANNUAL REPORT 2019 FINANCIAL HIGHLIGHTS Two-year Overview FY 2019 FY 2018 % Change Revenue (HK$M) 18,025 21,433 -16% Gross profit (HK$M) 8,984 9,468 -5% Gross profit margin (%) 49.8 44.2 Operating profit (HK$M) 8,451 9,772 -14% Operating profit margin (%) 46.9 45.6 Profit attributable to shareholders (HK$M) – before fair value change of investment properties 5,396 3,345 +61% – after fair value change of investment properties 6,897 7,499 -8% Net profit margin (%) – before fair value change of investment properties 29.9 15.6 – after fair value change of investment properties 38.3 35.0 Earnings per share (HK$) – before fair value change of investment properties 3.71 2.30 +61% – after fair value change of investment properties 4.74 5.16 -8% Shareholders’ equity (HK$M) 101,705 97,541 +4% Net borrowings (HK$M) 27,286 18,727 +46% Net asset value per share (HK$) 69.83 67.03 +4% Share price as at 31 December (HK$) 24.75 26.75 Price earnings ratio# (times) – before fair value change of investment properties 6.7 11.6 – after fair value change of investment properties 5.2 5.2 Market capitalisation as at 31 December# (HK$M) 36,048 38,927 Dividend per share (HK$) 1.35 1.35 Dividend payout ratio (%) – before fair value change of investment properties 36.4 58.7 – after fair value change of investment properties 28.5 26.2 Dividend cover (times) – before fair value change of investment properties 2.7 1.7 – after fair value change of investment properties 3.5 3.8 Dividend yield# (%) 5.5 5.0 Return on shareholders’ equity (%) – before fair value change of investment properties 5.3 3.4 – after fair value change of investment properties 6.8 7.7 Gearing (%) 26.8 19.2 Interest cover (times) – before fair value change of investment properties 13.5 29.6 – after fair value change of investment properties 15.4 44.9 Current ratio (times) 1.5 1.5 Liquidity ratio (times) 0.7 0.7 Discount to net asset value# (%) (64.6) (60.1) # Based on share prices as at 31 December 2019 and 31 December 2018, respectively. Certain comparative figures have been restated to conform with the current year’s presentation. KERRY PROPERTIES LIMITED 4 Breakdown of Revenue Breakdown of Recurrent Income HK$ million HK$ million 6,958 36,000 35,548 7,000 6,864 34,000 6,459 32,000 6,000 5,787 30,000 28,000 5,308 26,000 5,000 24,000 22,000 21,433 70% 70% 4,000 72% 20,000 82% 18,025 70% 18,000 72% 16,000 3,000 14,000 12,991 68% 62% 12,000 10,393 2,000 10,000 56% 8,000 49% 30% 6,000 30% 1,000 28% 27% 30% 13% 22% 28% 4,000 37% 31% 2,000 11% 14% 13% 5% 10% 0 0 FY2015 FY2016 FY2017 FY2018 FY2019 FY2015 FY2016 FY2017 FY2018 FY2019 Proceeds from sales of properties Rental and others Rental and others Hotel revenue Hotel revenue Net profit Net profit Profit Attributable to Shareholders before fair after fair value change value change Recurrent of investment of investment HK$ million Revenue income % properties properties HK$ million HK$ million Weighting HK$ million HK$ million 10,00010000 9,242 FY2015 10,393 5,308 51% 3,481 5,530 8,0008000 7,499 6,897 6,537 FY2016 12,991 5,787 44% 3,671 6,537 6,0006000 5,530 FY2017 35,548 6,459 18% 6,651 9,242 4,0004000 2,0002000 FY2018 21,433 6,958 32% 3,345 7,499 0 FY2019 18,025 6,864 38% 5,396 6,897 FY2015 FY2016 FY2017 FY2018 FY2019 5 ANNUAL REPORT 2019 FINANCIAL HIGHLIGHTS Earnings per Share Earnings per Share (before fair value change of investment properties) (after fair value change of investment properties) HK$ HK$ 5.0 10 4.61 4.5 9 4.0 3.71 8 3.5 7 6.40 3.0 6 5.16 2.41 2.54 2.5 2.30 5 4.53 4.74 3.83 2.0 4 1.5 3 1.0 2 0.5 1 0.0 0 FY2015 FY2016 FY2017 FY2018 FY2019 FY2015 FY2016 FY2017 FY2018 FY2019 Gross Asset Value of Properties HK$131,212 million HK$121,794 million FY2019 FY2018 Mainland 50% Mainland 55% Hong Kong 47% Hong Kong 42% Others 3% Others 3% KERRY PROPERTIES LIMITED 6 CHAIRMAN’S STATEMENT Mr Wong Siu Kong Chairman Dear Shareholders, On behalf of the Board, I am delighted to present the annual results of the Group for the year ended 31 December 2019. The Group recorded a consolidated net profit attributable to shareholders for the year, before taking into account the effects of the increase in fair value of investment properties, of HK$5,396 million, an increase of 61% compared with the HK$3,345 million reported for 2018. Profit attributable to shareholders for the year, after taking into account the effects of the increase in fair value of investment properties, was HK$6,897 million (2018: HK$7,499 million). Earnings per share for the year were HK$4.74, down 8% compared with HK$5.16 per share as recorded in 2018. The Board has recommended the payment of a final dividend of HK$0.95 per share for the year. Together with the interim dividend of HK$0.40 per share, the total cash dividend for the year will amount to HK$1.35 per share (2018: HK$1.35 per share). Laying a Firm Foundation for the Future In 2019, global economic activity was adversely affected by escalating trade disagreements and geopolitical tensions. Taking these into account, the Chinese Central Government has introduced measures to steadily realign and improve the country’s industrial structure. China is also committed to enhancing productivity and the quality of growth in an orderly manner. These measures have helped deliver reasonably stable economic growth for the past year.
Load more

Recommended publications
  • Interim Report 2019 Corporate Information & Key Dates
    20201919 QUICK FACTS 53 countries & territories 46,000+ employees worldwide 70M ft² land & facilities 10,000+ self-owned operating vehicles CONTENTS 02 Corporate Information & Key Dates 03 Financial Highlights 05 Management Discussion and Analysis Results Overview 05 Business Review 06 Financial Review 12 Staff and Remuneration Policies 12 GLOBAL NETWORK 13 Corporate Governance and Other Information 25 Independent Auditor’s Review Report 27 Interim Financial Statements 54 Definitions CHINA FOCUS ASIA SPECIALIST 1 INTERIM REPORT 2019 CORPORATE INFORMATION & KEY DATES KERRY LOGISTICS NETWORK LIMITED COMPANY SECRETARY (Incorporated in the British Virgin Islands and continued Ms LEE Pui Nee into Bermuda as an exempted company with limited liability) AUDITOR PricewaterhouseCoopers BOARD OF DIRECTORS Executive Directors LEGAL ADVISER Mr KUOK Khoon Hua (Chairman) Davis Polk & Wardwell Mr MA Wing Kai William (Group Managing Director) Mr NG Kin Hang REGISTERED OFFICE Victoria Place, 5th Floor, 31 Victoria Street Non-executive Director Hamilton HM 10, Bermuda Ms TONG Shao Ming CORPORATE HEADQUARTERS AND Independent Non-executive Directors PRINCIPAL PLACE OF BUSINESS IN HONG KONG Ms KHOO Shulamite N K 16/F, Kerry Cargo Centre, 55 Wing Kei Road Ms WONG Yu Pok Marina Kwai Chung, New Territories, Hong Kong Mr YEO Philip Liat Kok Mr ZHANG Yi Kevin PRINCIPAL SHARE REGISTRAR AND TRANSFER AGENT AUDIT AND COMPLIANCE COMMITTEE Estera Management (Bermuda) Limited Ms WONG Yu Pok Marina (Chairman) Victoria Place, 5th Floor, 31 Victoria Street Ms TONG Shao Ming
    [Show full text]
  • Final Report
    Transport and Housing Bureau The Government of the Hong Kong SAR FINAL REPORT Consultancy Services for Providing Expert Advice on Rationalising the Utilization of Road Harbour Crossings In Association with September 2010 CONSULTANCY SERVICES FOR PROVIDING EXPERT ADVICE ON RATIONALISING THE UTILISATION OF ROAD HARBOUR CROSSINGS FINAL REPORT September 2010 WILBUR SMITH ASSOCIATES LIMITED CONSULTANCY SERVICES FOR PROVIDING EXPERT ADVICE ON RATIONALISING THE UTILISATION OF ROAD HARBOUR CROSSINGS FINAL REPORT TABLE OF CONTENTS Chapter Title Page 1 BACKGROUND AND INTRODUCTION .......................................................................... 1-1 1.1 Background .................................................................................................................... 1-1 1.2 Introduction .................................................................................................................... 1-1 1.3 Report Structure ............................................................................................................. 1-3 2 STUDY METHODOLOGY .................................................................................................. 2-1 2.1 Overview of methodology ............................................................................................. 2-1 2.2 7-stage Study Methodology ........................................................................................... 2-2 3 IDENTIFICATION OF EXISTING PROBLEMS ............................................................. 3-1 3.1 Existing Problems
    [Show full text]
  • 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.
    [Show full text]
  • Hong Kong Monthly
    Research June 2013 Hong Kong Monthly REVIEW AND COMMENTARY ON HONG KONG'S PROPERTY MARKET Office Leasing market driven by relocation and renewal Residential Secondary home sales find support Retail Retailers looking at more cost-effective locations1 June 2013 Hong Kong Monthly Market in brief The following table and figures present a selection of key trends in Hong Kong‟s economy and property markets. Table 1 Economic indicators and forecasts Latest 2013 Economic indicator Period 2011 2012 reading forecast GDP growth Q1 2013 +2.8% +4.9% +1.4% +3.0% Inflation rate Apr 2013 +4.0% +5.3% +4.1% +4.4% Feb 2013- Unemployment 3.5%# 3.4% 3.1% 3.2% Apr 2013 Prime lending rate Current 5.00–5.25% 5.0%* 5.0%* 5.0%* Source: EIU CountryData / Census & Statistics Department / Knight Frank # Provisional * HSBC prime lending rate Figure 1 Figure 2 Figure 3 Grade-A office prices and rents Luxury residential prices and rents Retail property prices and rents Jan 2007 = 100 Jan 2007 = 100 Jan 2007 = 100 250 190 350 230 170 300 210 190 150 250 170 130 150 200 130 110 150 110 90 90 100 70 70 50 50 50 2007 2008 2009 2010 2011 2012 2013 2007 2008 2009 2010 2011 2012 2013 2007 2008 2009 2010 2011 2012 2013 Price index Rental index Price index Rental index Price index Rental index Source: Knight Frank Source: Knight Frank Source: Rating and Valuation Department / Knight Frank Note: Provisional figures from Oct 2012 to Mar 2013 2 2 KnightFrank.com.hk Monthly review Property sales were quiet in May, due to the implementation of the Double Stamp Duty on all property sectors in February and the Residential Properties (First-hand Sales) Ordinance on the residential sector in April.
    [Show full text]
  • Property Management Revenue from Property Management for 2003 Increased by 11.0% Over 2002 to HK$94 Million
    032 Executive management’s report Property review This caused revenue from investment properties for the year of our properties further and establishing them as a to decline slightly by 1% over 2002 to HK$888 million. benchmark for the industry in Hong Kong. Our staff performed outstandingly during the period of SARS For Two IFC, the quality of the office building and its to ensure shoppers’safety and mitigate the effects of the management enabled MTR to attract tenants despite the outbreak on public confidence. We also supported tenants lingering cautious sentiment resulting from SARS, the war in through aggressive promotion campaigns, including an Iraq and the weak economy. Considerable effort was taken attractive rebate promotion. Within this context, we took full to explain to potential tenants, agents and the business advantage of the relaxation of travel restrictions on tourists community the merits of the building, which is ideally suited from Mainland China through proactive, tailor-made to the sophisticated needs of multi-national corporations. programmes, such as organising shopping tours, designed The decision by Swiss banking giant UBS to lease seven floors to bring high spending Mainland visitors to our shopping represented one of the largest and highest profile relocations centres. These programmes proved successful in boosting of an office tenant in Hong Kong in 2003. UBS joined a growing the business turnover of our tenants. list of leading institutions in the building, including the Hong The Total Quality Service Regime, our pioneering customer Kong Monetary Authority, reinforcing Two IFC’s position as the service enhancement programme, and our computerised building of choice for top-tier corporations.
    [Show full text]
  • CT Catalyst Air Purification Service Job Reference of Residence
    Homeasy Services Limited – CT Catalyst Air Purification Service Job Reference of Residence Apartments & Houses – HK Island (in alphabetical order) ** Different Phases with no other specific names will not be stated separately in the list. HK Island Central Central-Mid-Levels Aigburth Ewan Court Hong Lok Mansion Tavistock Branksome Grande Greenland Court Horizon Mansion The Mayfair Clovelly Court Grenville House Kennedy Park At Central Tregunter Dynasty Court Hillsborough Court Magazine Court Central / Sheung Wan / Admiralty 149 Hollywood Road (6 Levels) Goodview Court Ka Fung Building Bel Mount Garden Hollywood Terrace Lascar Court Evora Building Hongway Garden Rich View Terrace Causeway Bay / Wan Chai 15A Matheson Street Gold Jade Mansion No. 1 Star Street Sung Lan Mansion Cathay Lodge Greenway Terrave One Wanchai The Avenue Cleveland Mansion Hay Wah Building Pearl City Mansion The Zenith Convention Plaza Lok Moon Mansion Riviera Mansion Yue King Building Apartments Elizabeth House Monmouth Place Southorn Garden Gold Harbour Mansion Monticello Star Crest Happy Valley / East-Mid-Levels / Tai Hang 99 Wong Nai Chung Rd High Cliff Serenade Village Garden Beverly Hill Illumination Terrace Tai Hang Terrace Village Terrace Cavendish Heights Jardine's Lookout The Broadville Wah Fung Mansion Garden Mansion Celeste Court Malibu Garden The Legend Winfield Building Dragon Centre Nicholson Tower The Leighton Hill Wing On Lodge Flora Garden Richery Palace The Signature Wun Sha Tower Greenville Gardens Ronsdale Garden Tung Shan Terrace Hang Fung Building
    [Show full text]
  • COVERAGE LIST GEO Group, Inc
    UNITED STATES: REIT/REOC cont’d. UNITED STATES: REIT/REOC cont’d. UNITED STATES: NON-TRADED REITS cont’d. COVERAGE LIST GEO Group, Inc. GEO Sabra Health Care REIT, Inc. SBRA KBS Strategic Opportunity REIT, Inc. Getty Realty Corp. GTY Saul Centers, Inc. BFS Landmark Apartment Trust, Inc. Gladstone Commercial Corporation GOOD Select Income REIT SIR Lightstone Value Plus Real Estate Investment Trust II, Inc. Gladstone Land Corporation LAND Senior Housing Properties Trust SNH Lightstone Value Plus Real Estate Investment Trust III, Inc. WINTER 2015/2016 • DEVELOPED & EMERGING MARKETS Global Healthcare REIT, Inc. GBCS Seritage Growth Properties SRG Lightstone Value Plus Real Estate Investment Trust, Inc. Global Net Lease, Inc. GNL Silver Bay Realty Trust Corp. SBY Moody National REIT I, Inc. Government Properties Income Trust GOV Simon Property Group, Inc. SPG Moody National REIT II, Inc. EUROPE | AFRICA | ASIA-PACIFIC | MIDDLE EAST | SOUTH AMERICA | NORTH AMERICA Gramercy Property Trust Inc. GPT SL Green Realty Corp. SLG MVP REIT, Inc. Gyrodyne, LLC GYRO SoTHERLY Hotels Inc. SOHO NetREIT, Inc. HCP, Inc. HCP Sovran Self Storage, Inc. SSS NorthStar Healthcare Income, Inc. UNITED KINGDOM cont’d. Healthcare Realty Trust Incorporated HR Spirit Realty Capital, Inc. SRC O’Donnell Strategic Industrial REIT, Inc. EUROPE Healthcare Trust of America, Inc. HTA St. Joe Company JOE Phillips Edison Grocery Center REIT I, Inc. GREECE: Athens Stock Exchange (ATH) AFI Development Plc AFRB Hersha Hospitality Trust HT STAG Industrial, Inc. STAG Phillips Edison Grocery Center REIT II, Inc. AUSTRIA: Vienna Stock Exchange (WBO) Babis Vovos International Construction S.A. VOVOS Alpha Pyrenees Trust Limited ALPH Highwoods Properties, Inc.
    [Show full text]
  • Directors and Senior Management
    Directors and Senior Management Executive Directors Mr KUOK Khoon Chen, aged 55, Mr HO Shut Kan, aged 61, has been has been an Executive Director of the an Executive Director of the Company Company, the Chairman of the Board since 1998. Mr Ho is an executive and the chairman of the Remuneration director of Kerry Properties (H.K.) Committee of the Company since Limited, the principal Hong Kong 2008. He has been a senior executive property company of the Group, and of the Kuok Group since 1978. He is is responsible for the Group’s property currently the deputy chairman and developments and infrastructure managing director of Kerry Group investments. Mr Ho is also responsible Limited, the chairman and managing for overseeing the operation of the director of Kerry Holdings Limited project companies and the projects of and a director of a number of Kuok the Group in Shenzhen, Chengdu and Group companies. Both Kerry Group Nanchang. Mr Ho is a non-executive Limited and Kerry Holdings Limited director of Eagle Asset Management are the controlling shareholders of the (CP) Limited, the manager of Company. Mr Kuok is an executive Champion Real Estate Investment director of China World Trade Center Trust, which is listed in Hong Kong. Co., Ltd. which is listed on the Shanghai Stock Exchange. Mr Kuok holds a Bachelor’s degree in Economics Mr MA Wing Kai, William, aged from Monash University in Australia. 48, has been an Executive Director Mr Kuok is the brother-in-law of Mr of the Company since 2004. Mr Bryan Pallop Gaw whose biography is Ma is the deputy chairman and the set out in the section headed “Senior managing director of Kerry Logistics Management” of this annual report.
    [Show full text]
  • Investor Presentation
    FY 2020 ANNUAL RESULTS INVESTOR PRESENTATION 18 MARCH 2021 KEY SUMMARY Profit Attributable to Revenue Gross Profit Full Year Dividend Shareholders HK$14.5B HK$8.4B HK$5.4B HK$1.35/share -19% YoY -7% YoY -22% YoY Maintained YoY Margin 58% +8% YoY Payout ratio 46.4% Property Sales -24% YoY Property Sales -3% YoY Underlying Profit HK$4.2B -22% YoY Interim HK$0.40 Property Rental -2% YoY Property Rental -2% YoY Earnings per share HK$2.91 -22% YoY Hotel Operations -40% YoY Hotel Operations -49% YoY Land appreciation tax +182% YoY Final HK$0.95 Contracted Sales Cash & Bank Balance Gearing Book NAV ( Net Debt to NAV) HK$12.9B HK$17.0B 25.1% HK$75.44/share +45% YoY +39% YoY -6.4% vs. 30 Jun 2020 +8% YoY Surpassed HK$8B target by 61% -1.7% vs. 31 Dec 2019 Undrawn HK$16.1B +28% YoY HK HK$5.6B bank loan Mainland HK$7.3B facilities Note 1: Earnings per share based on underlying profit. Note 2: Net debt to total equity in FY 2020 is 22.1% ( FY 2019: 23.6% ) KERRY PROPERTIES LIMITED • FY 2020 ANNUAL RESULTS 2 FY 2020 RESULTS HIGHLIGHTS HONG KONG PROPERTY Key Properties Sales ✓ The Bloomsway, Mantin Heights, Mont Rouge Land Acquisition ✓ LOHAS Park Package Thirteen (October 2020) 2021 Major DP Launches ✓ 10 LaSalle, THE SOUTHSIDE Package Two, 3 Lung Kui Road MAINLAND PROPERTY ✓ Fuzhou Rivercity, Hangzhou Lake Grandeur, Qianhai Kerry Centre Phase 1, Key Properties Sales Shenyang Arcadia Height, Zhengzhou Arcadia Court Land Acquisition ✓ Shanghai Pudong Mixed-use Development Site (February 2021) ✓ Fuzhou Rivercity Apartments, Kunming Complex Development, Qianhai 2021 Major DP Launches Kerry Centre Ph 1, Qinhuangdao Habitat Ph 2, Shenyang Ph 3, Zhengzhou Arcadia Court New Phases KERRY PROPERTIES LIMITED • FY 2020 ANNUAL RESULTS 3 FY2020 RESULTS SNAPSHOT Overall Gross Margins Grew 8% YoY to 58% Higher margins on property sales, while maintaining IP margins • Strong Property Sales margins of 50% were driven by high-end luxury projects in Gross Profit Margin Performance Hong Kong and the Mainland.
    [Show full text]
  • List of Buildings with Confirmed / Probable Cases of COVID-19
    List of buildings with confirmed / probable cases of COVID-19 List of residential buildings in which confirmed / probable cases have resided (Note: The buildings will remain on the list for 14 days since the reported date) Related confirmed / probable District Building name case number Wan Chai St. Regis Hong Kong 230, 264 Eastern Hang Tsui Court, Tsui Ying House 238, 268 Yuen Long Yiu Foo House, Tin Yiu Estate 258, 259 Wan Chai Block A, Viking Villas 260 Central & Western Shun On Building, 2 Sands Street 261 Kowloon City Cheong Shing Court 262 Kwai Tsing Yam Heng House, Shek Yum Estate 263 Wan Chai Sakura Court 264 Central & Western Silvercrest, 24 Macdonnell Road 265 Southern Repulse Bay Garden 266 Central & Western SOHO 189 267 Eastern Block Q, Kornhill 269 Sham Shui Po Block 23, Phase 1, Mei Foo Sun Cheun 270 Island Tower 12, Caribbean Coast 271 Yau Tsim Mong Block 4, Prosperous Garden 272 Yau Tsim Mong Block B, Hoi Lam House, Hoi Fu Court 273 Kwun Tong Dorsett Kwun Tong 274 Wong Tai Sin Block 2, Kai Tak Garden 275 Wan Chai Hang Shun Mansions 276 Wan Chai 307 Jaffe Road 277 Wan Chai Tagus Residences 278 Islands Woodland Court, Parkvale Village 279 Central & Western Chi Residences 120 281 Central & Western 208 Hollywood Road 282 Southern L'Hoel Island South 283 Sha Tin Block 6, Bayshore Towers 284 1 Related confirmed / probable District Building name case number Yau Tsim Mong Tower 7, The Long Beach 285 Sai Kung Pak Kong Au Road 286 Tsuen Wan Indi Home 287 Kwai Tsing On Hoi House, Cheung On Estate 287 Eastern Block 6, Provident Centre
    [Show full text]
  • The Luxury Malling of Shanghai: Successes and Dissonances in the Chinese City
    1 1 Th e Luxury Malling of Shanghai Successes and Dissonances in the Chinese City A g n è s R o c a m o r a Introduction Th is chapter looks at the role of one particular type of urban formation in the redefi nition of Shanghai: the luxury shopping mall. In the 1990s and following China’s post-Cultural Revolution opening to the West as well as the party- state’s adoption of a socialist market economy, the city saw the emergence and rapid proliferation of luxury shopping malls. Multi- storey buildings hosting international brands such as Fendi, Chanel, Louis Vuitton or Coach are recurring sights, with Plaza 66, CITIC and Westgate Mall (known as the Golden Triangle of luxury malls) only a few among the still rising list of luxury shopping malls. Th ese malls are part of a wider phenomenon of urban redevelopment in Shanghai. Indeed throughout the 1990s the city experienced an unprecedented programme of urban renewal, economic restructuring and growth.1 Shanghai shift ed from a manufacturing economy to one focused on fi nance, real estate and the service sector.2 Th is urban and economic shift was refl ected in the restructuring of the spatial organization of the city, with skyscrapers, avenues and newly constructed roads central to its reshaping and globalizing.3 Informed by a series of visits to Shanghai in the course of 2014–16 4 and in dialogue with some of the extant literature on Shanghai and China, the chapter shows that to understand the presence of luxury malls in Shanghai one needs to look at the wider context of China’s embrace of both shopping malls and luxury, as well as at the city’s history as a cosmopolitan consumerist centre (fi rst section).
    [Show full text]
  • Particulars of Properties Held
    PARTICULARS OF PROPERTIES HELD Particulars of major properties held by the Group as at 31 December 2006 are as follows:– Group’s attributable interest Approximate Approximate gross floor no. of area carpark Property name Location Type % (square feet) spaces Lease term Mainland China Properties A. Held for investment 1. Beijing Kerry 1 Guang Hua Road Office 71.25 711,121 Medium lease Centre Chaoyang District Residential 277,330 Beijing Commercial 98,406 Carparks 190,806 430 1,277,663 2. Kerry Everbright 218 Tianmu Road West Commercial 64.35 286,122 Medium lease City Phase I Zhabei District Office 323,675 Shanghai Residential 6,333 Carparks 85,250 155 701,380 3. Shanghai Kerry 1515 Nanjing Road West Residential 74.25 142,355 Medium lease Centre Jingan District Office 308,584 Shanghai Commercial 103,971 Carparks 118,129 180 673,039 4. Shanghai Central 166 Lane 1038 Residential 100.00 287,101 Long lease Residences Huashan Road Carparks 54,982 154 Phase II Changning District – Tower 3 Shanghai 342,083 5. Shenzhen Kerry Renminnan Road Office 100.00 82,099 Medium lease Centre Lowu District Commercial 107,256 Shenzhen Carparks 88,319 193 Others 53,885 331,559 6. Beijing COFCO 8 Jianguomennei Avenue Office Tower A 15.00 49,649 Medium lease Plaza Dongcheng District Office Tower B 53,895 Beijing Commercial 86,592 Carparks and 3,892 25 others 194,028 7. Fuzhou Central 139 Gutian Road Commercial 100.00 63,986 – Long lease Residences Gu Lou District Fuzhou 8. Shanghai Trade 88-128 Siping Road Commercial 55.20 7,567 Medium lease Square Hongkou District Carparks 19,264 48 Shanghai 26,831 9.
    [Show full text]