Hkr International Limited 香 港 興 業 國 際 集 團 有 限

Total Page:16

File Type:pdf, Size:1020Kb

Load more

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

HKR INTERNATIONAL LIMITED

*香 港 興 業 國 際 集 團 有 限 公 司*

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 00480)

INTERIM RESULTS ANNOUNCEMENT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2010

The board of directors (the “Board” or the “Directors”) of HKR International Limited (the “Company”) is pleased to announce the results of the Company and its subsidiaries (the “Group”) for the six months ended 30 September 2010 (the “Period”).

INTERIM RESULTS

The Group’s unaudited consolidated profit attributable to shareholders of the Company for the Period was HK$711.0 million, compared with HK$657.9 million for the corresponding period last year. Earnings per share were HK52.66 cents, compared with HK48.72 cents for the corresponding period last year.

INTERIM DIVIDEND

The Board has declared the payment of an interim dividend of HK7 cents per share for the Period to its shareholders whose names will appear on the registers of members of the Company on 13 December 2010. The interim dividend will be paid on 22 December 2010. An interim dividend of HK6 cents per share was paid by the Company to its shareholders for the corresponding period last year.

CLOSURE OF REGISTERS OF MEMBERS

The main and branch registers of members of the Company will be closed from Friday, 10 December 2010 to Monday, 13 December 2010, both days inclusive, during the period no transfer of shares will be registered. In order to qualify for the declared interim dividend, all transfers of shares accompanied by the relevant share certificates must be lodged with the Company’s Hong Kong share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Hong Kong for registration not later than 4:30 p.m. on Thursday, 9 December 2010.

– 1 –

CONDENSED CONSOLIDATED INCOME STATEMENT
For the six months ended
30 September

NOTES

2010

HK$’M

2009

HK$’M

(unaudited)

(unaudited)
Turnover

3

868.0

945.8
Cost of sales

(589.2)

(666.6)
Gross profit Other operating income

278.8 149.3

279.2
99.4
Administrative expenses Change in fair value of investment properties
Realised gains on disposals Unrealised gains
Finance costs Share of results of associates Share of results of jointly controlled entities

(188.7)

(172.4)

1.0
549.7 (20.3)
93.1

419.0 301.8 (41.8)
49.6

4

48.9

(7.5)
Profit before taxation Taxation

5 6

911.8
(120.8)

927.3
(242.0)

Profit for the period

791.0

685.3
Attributable to:
Owners of the Company Non-controlling interests

711.0
80.0

657.9
27.4

791.0

685.3
Earnings per share
Basic (HK cents)

8

52.66 52.35

48.72

  • 46.98
  • Diluted (HK cents)

– 2 –

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended
30 September
2010

HK$’M

2009

HK$’M

(unaudited)

(unaudited)
Profit for the period

791.0

685.3
Other comprehensive income:
Exchange differences arising from translation of foreign operations
Exchange difference arising from net investment in jointly controlled entities

134.4
91.9

126.2
4.1
Available-for-sale financial assets:
Fair value changes during the period Reclassified to profit or loss upon disposal Deferred tax arising on fair value change

(13.9)
(9.2) (0.3)

48.0
(22.3)
(0.7)

Other comprehensive income for the period (net of tax) Total comprehensive income for the period

202.9 993.9

155.3 840.6
Total comprehensive income attributable to:
Owners of the Company

910.2
83.7

808.9

  • 31.7
  • Non-controlling interests

993.9

840.6
– 3 –

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 September
2010

31 March
2010

NOTES

HK$’M

HK$’M

(audited and restated)

(unaudited)

Non-current assets Investment properties

6,665.2 2,434.5
35.2
401.2
5,736.6
58.1 65.8
134.7
4.1

5,298.6 2,410.8
34.4
Property, plant and equipment Prepaid lease payments

  • Interests in associates
  • 356.9

4,918.5
52.4
Interests in jointly controlled entities Held-to-maturity investments Available-for-sale financial assets Other assets
79.2 53.2

  • Deferred tax assets
  • 3.2

15,535.4

13,207.2
Current assets Inventories

149.6
22.2 88.2

134.7
30.6 92.2
Properties held for sale Trade receivables

9

Deposits, prepayments and other financial assets Properties held for/under development for sale Amounts due from associates Amount due from a jointly controlled entity Taxation recoverable

224.2
2,238.6
192.8
27.5

287.3
1,735.1
211.5
18.2

3.3

1.7
Held-to-maturity investments Available-for-sale financial assets Financial assets at fair value through profit or loss Pledged bank deposits

89.0

135.5
9.2
128.6
59.3


0.2
59.4

Bank balances and cash

2,105.1

2,055.4

5,200.1

4,899.3
Current liabilities Trade payables, provision and accrued charges Deposits received and other financial liabilities Amounts due to associates

10

885.0 723.6
20.2 41.7
383.1
1.3

933.4 694.5
10.0

  • Taxation payable
  • 43.6

Bank loans due within one year Other liabilities due within one year Convertible bonds – liability component
159.3
4.7
830.5


2,054.9 3,145.2

2,676.0

  • 2,223.3
  • Net current assets

Total assets less current liabilities

18,680.6

15,430.5
– 4 –

30 September
2010

31 March
2010

HK$’M

HK$’M

(audited and restated)

(unaudited)

Non-current liabilities
Bank loans due after one year Other liabilities due after one year Deferred tax liabilities

3,622.8
997.8 478.4

1,411.3
886.4 383.1

5,099.0

2,680.8

13,581.6

12,749.7
Capital and reserves
Share capital Reserves

337.5
12,045.5

337.5
11,297.3

Equity attributable to owners of the Company Non-controlling interests

12,383.0
1,198.6

11,634.8
1,114.9

13,581.6

12,749.7
– 5 –

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  • 1.
  • BASIS OF PREPARATION

The condensed consolidated financial statements have been prepared in accordance with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and with Hong Kong Accounting Standard (“HKAS”) 34 “Interim Financial Reporting” issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”).

  • 2.
  • PRINCIPAL ACCOUNTING POLICIES

The condensed consolidated financial statements have been prepared on the historical cost basis, except for certain properties and financial instruments, which are measured at fair values.

Except as described below, the accounting policies used in the interim financial information are consistent with those followed in the preparation of the consolidated financial statements of the Group for the year ended 31 March 2010, included in the annual report of the Group for the year ended 31 March 2010.

In the current interim period, the Group has applied, for the first time, a number of new and revised standards, amendments and interpretations (“new and revised HKFRSs”) issued by the HKICPA which are effective for the financial year beginning on 1 April 2010.

The adoption of these new and revised HKFRSs has resulted in the following changes and impact on the results and financial position for the current and prior accounting periods. The adoption of the other new and revised HKFRSs had no material effect on how the results and financial position for the current and prior accounting periods have been prepared and presented.

Amendment to HKAS 17 “Leases”

As part of Improvements to Hong Kong Financial Reporting Standards (“HKFRSs”) issued in 2009, HKAS 17 “Leases” has been amended in relation to the classification of leasehold land. Before the amendment to HKAS 17, the Group was required to classify leasehold land as operating leases and to present leasehold land as prepaid lease payments in the condensed consolidated statement of financial position. The amendment to HKAS 17 has removed such a requirement. The amendment requires that the classification of leasehold land should be based on the general principles set out in HKAS 17, that is, whether or not substantially all the risks and rewards incidental to ownership of a leased asset have been transferred to the lessee.

In accordance with the transitional provisions set out in the amendment to HKAS 17, the Group reassessed the classification of unexpired leasehold land as at 1 April 2010 based on information that existed at the inception of the leases. Leasehold land that qualifies for finance lease classification has been reclassified from prepaid lease payments to property, plant, and equipment retrospectively. This resulted in a reclassification of prepaid lease payments with a previous carrying amount of HK$109.1 million at 1 April 2009 to property, plant and equipment that are measured at cost model.

– 6 –

The effect of changes in accounting policy of HKAS 17 on the financial positions of the Group as at 31 March 2010 and 1 April 2009 is as follows:

As at
31 March 2010
(originally stated)

HK$’M

As at
31 March 2010

  • (restated)
  • Adjustment

  • HK$’M
  • HK$’M

Property, plant and equipment Prepaid lease payments

2,345.7
99.5
65.1
(65.1)
2,410.8
34.4

Total effects on net assets

  • 2,445.2
  • 2,445.2

As at
1 April 2009
(originally stated)

HK$’M

As at
1 April 2009

  • (restated)
  • Adjustment

  • HK$’M
  • HK$’M

Property, plant and equipment Prepaid lease payments
2,488.5
143.1
109.1
(109.1)
2,597.6
34.0

  • Total effects on net assets
  • 2,631.6
  • 2,631.6

HKFRS 3 (Revised) “Business combinations” and HKAS 27 (Revised) “Consolidated and separate financial statements”

The Group applies HKFRS 3 (Revised) “Business combinations” prospectively to business combinations for which the acquisition date is on or after 1 April 2010. The requirements in HKAS 27 (Revised) “Consolidated and separate financial statements” in relation to accounting for changes in ownership interests in a subsidiary after control is obtained and for loss of control of a subsidiary are also applied prospectively by the Group on or after 1 April 2010.

As there was no transaction during the current interim period in which HKFRS 3 (Revised) and HKAS 27 (Revised) are applicable, the application of HKFRS 3 (Revised), HKAS 27 (Revised) and the consequential amendments to other HKFRSs had no effect on the condensed consolidated financial statements of the Group for the current or prior accounting periods.

Results of the Group in future periods may be affected by future transactions for which HKFRS 3 (Revised), HKAS 27 (Revised) and the consequential amendments to the other HKFRSs are applicable.

The Group has not early applied those new, revised and amended standards or interpretations that have been issued but are not yet effective.

HKFRS 9 “Financial instruments”

HKFRS 9 “Financial instruments” introduces new requirements for the classification and measurement of financial assets and will be effective from 1 January 2013, with earlier application permitted. The standard requires all recognised financial assets that are within the scope of HKAS 39 “Financial instruments: Recognition and measurement” to be measured at either amortised cost or fair value. Specifically, debt investments that (i) are held within a business model whose objective is to collect the contractual cash flows and (ii) have contractual cash flows that are solely payments of principal and interest on the principal outstanding are generally measured at amortised cost. All other debt investments and equity investments are measured at fair value. The application of HKFRS 9 might affect the classification and measurement of the Group’s financial assets.

The directors of the Company anticipate that the application of the other new, revised and amended standards or interpretations will have no material impact on the results and the financial position of the Group.

– 7 –

  • 3.
  • SEGMENT INFORMATION

The Group is currently organised into seven operating divisions: property development, property investment, services provided (club operation, provision of professional property management and transportation services to the residents of Discovery Bay), hotel operation, healthcare (provision of medical and dental care services, comprising cancer centres, dental clinics, diabetic and cardiovascular centres and multi-specialty outpatient centres), manufacturing (manufacturing and sales of bathroom products) and securities investment. The following is an analysis of the Group’s revenue and results by operating segments for the period under review:

Property development

HK$’M

Property investment

HK$’M

Services provided

HK$’M

Hotel operation

HK$’M

Securities investment

HK$’M

  • Healthcare Manufacturing
  • Total

  • HK$’M
  • HK$’M
  • HK$’M

Six months ended
30 September 2010

TURNOVER Segment revenue – sales to external customers derived by the Group and associates Excluding turnover of associates Excluding sale proceeds of investment properties located in the People’s Republic of China (“PRC”)

421.8 (385.1)
225.4 (42.1)
190.6

144.0

217.9

110.2

9.2

1,319.1
(427.2)

––
(14.7)

––
––
––
––

  • (14.7)

(9.2)

Excluding sale proceeds of securities investment

(9.2)

Consolidated turnover, as reported

  • 36.7
  • 168.6
  • 190.6
  • 144.0
  • 217.9
  • 110.2
  • 868.0

RESULTS Segment results – total result of the Group, associates and jointly controlled entities (note 1) Excluding segment results of associates and jointly controlled entities not shared by the Group

  • 178.0
  • 218.0

2.8
30.8

(8.8)

(10.3)

(7.4)

12.2

412.5

  • (113.5)
  • (110.7)

Segment results attributable to the Group

  • 64.5
  • 220.8
  • 30.8
  • (8.8)
  • (10.3)
  • (7.4)
  • 12.2
  • 301.8

Unallocated corporate expenses Finance costs and corporate level exchange difference

(35.4) (17.5)

Net unrealised gains on fair value change of investment properties

(note 2)

456.7

Net unrealised gain on fair value change of investment properties attributable to the Group’s interest in a jointly controlled entity and associates

85.4

Profit for the period Non-controlling shareholders’ share of profit for the period

791.0 (80.0)

Profit for the period attributable to the owners of the Company

711.0

– 8 –

Property development

HK$’M

Property investment

HK$’M

Services provided

HK$’M

Hotel operation

HK$’M

Securities investment

HK$’M

  • Healthcare Manufacturing
  • Total

  • HK$’M
  • HK$’M
  • HK$’M

Six months ended
30 September 2009

TURNOVER Segment revenue – sales to external customers derived by the Group and associates Excluding turnover of associates Excluding sale proceeds of investment properties located in the PRC
872.6 (714.6)
1,324.1
(42.2)
185.9

121.2

261.1 (59.0)
117.1

38.5

2,920.5
(815.8)

––
(1,120.4)

––
––
––
––

  • (1,120.4)

(38.5)
Excluding sale proceeds of

  • securities investment
  • (38.5)

  • Consolidated turnover, as reported
  • 158.0
  • 161.5
  • 185.9
  • 121.2
  • 202.1
  • 117.1
  • 945.8

RESULTS Segment results – total result of the Group, associates and jointly controlled entities (note 3) Excluding segment result of associates and jointly controlled entities not shared by the Group
133.3 (65.5)
373.5
7.5
11.4

(11.7)

(12.1)

12.7

53.9

561.0 (58.0)
Segment results attributable to

  • the Group
  • 67.8
  • 381.0
  • 11.4
  • (11.7)
  • (12.1)
  • 12.7
  • 53.9
  • 503.0

Unallocated corporate expenses Finance costs and corporate level exchange difference
(16.9) (39.5)
Net unrealised gains on fair value change of investment properties

Recommended publications
  • Directors Report

    Directors Report

    ໎ԑผంй࣊ Directors’ Report ໎ԑผ΃ਹᔑеᙴ࿀ϭɀཌྷཌྷɍαɍ˂ɍɊ The directors submit to shareholders their annual report and the ᙔʔ̇˞Ɏ଻ audited financial statements of the Company and its subsidiariesڃȹˀ˅α۹c̯ʔ̇ʥԯ hereinafter collectively referred to as the “Group”) for the year) ٲඑ྆ɾ൪αంйʥ຤ᄗ࣏ল৻ం̯ီ .ʀ̯ʔٖ̇׭e ended 31 March 2003 ˚߬พ৻ Principal Activities ᙔ The principal activity of the Company is investment holding andڃʔ̇ɾ˚߬พ৻ݯҙ༅ઁٖcԯ˚̯߬ the activities of its principal subsidiaries, associates and jointly כʔ̇dᐲᏪʔ̇ʥ΋Ꮺʔ̇ɾ˚߬พ৻༗ .ഽ42e controlled entities are set out in note 42 to financial statementsڃٲল৻ం ʗඖ༅ࢿ Segment Information ഽ4e Details of segment information are set out in note 4 to the financialڃٲল৻ంכ໯ୀʗඖ༅ࢿ༗ statements. พᐜ Results එ྆࿀˅ɀཌྷཌྷɍαɍ˂ɍɊȹˀ˅α۹ Details of the results of the Group for the year ended 31 March̯ ʥτ 2003 are set out in the consolidated income statement on pageٲ଱55ࠒɾ၃΋νऩכɾพᐜ໯ੱc༗ .ഽʑe 55 and the accompanying notes to the financial statementsڃٲᗐɾল৻ం ᘪɺݢೕ࿀ϭɀཌྷཌྷɍαɍ The Directors of the Company have resolved not to recommendۺʔ̇໎ԑผ̯ .ɍɊȹˀ˅α۹ɾ̱౨ٖࢠe the payment of a final dividend for the year ended 31 March 2003˂ ʄαল৻ล߬ Five-year Financial Summary ʄ࠯ল৻α۹ɾพᐜʥ༅ଐ߲ඦ A summary of the results and assets and liabilities of the Groupٶඑ྆௖̯ .଱145ࠒe for the past five financial years is set out on page 145כɾล߬༗ พdᄥָʥஉௐ Investment Properties and Property, Plant and Equipmentذพၤذҙ༅ พdᄥָʥஉ Details of changes during the year in the investment propertiesذพၤذඑ྆ʥ̯ʔ̇ҙ༅̯ ল৻ం and property, plant and equipment of the Group and of theכα۹ʑɾᛰ৽໯ੱcʗП༗̯כௐ ഽ15ʥ16e Company are set out in notes 15 and 16 to the financialڃٲ statements respectively.
  • Antonio Corsaro Chef De Cuisine, La Scala at the Sukhothai Shanghai

    Antonio Corsaro Chef De Cuisine, La Scala at the Sukhothai Shanghai

    Antonio Corsaro Chef de Cuisine, La Scala at The Sukhothai Shanghai Exceptional culinary delights are intrinsic part of a hotel experience. In the two years since its opening, The Sukhothai Shanghai has established itself as one of Shanghai’s lifestyle landmarks and a must-visit culinary destination. A stylish highlight of the hotel is the casual upscale Italian restaurant, La Scala. As the new chef de cuisine of the hotel’s signature, award-winning restaurant, Chef Antonio Corsaro leads the culinary team to take La Scala’s epicurean offerings to new heights, crafting memorable gourmet experience for guests and discerning gastronomes alike. With over 17 years of experience honing his skills at some of Europe’s most elite establishments, including various Michelin-starred restaurants by Alain Ducasse, Chef Corsaro is known for his culinary finesse and uncompromising commitment to seasonality and freshness. The Italy native upholds the virtues of Italian food – simplicity with an emphasis on quality ingredients, which continues to underscore La Scala’s food philosophy. Originally from Naples, Italy, Chef Corsaro’s discovered a lifelong culinary passion from his mom's home cooking and his travels across the continent. Fascinated by the richness of food cultures in his own country and abroad, Antonio embarked on a journey to create his career success. He began his career in Unico, a one-star Michelin restaurant in Milan as chef de partie, working alongside celebrity chef Fabio Baldassarre, before moving to Tuscany to join L’Andana, a one-star Michelin restaurant under DUCASSE Paris. His relentless pursuit of culinary excellence has taken him to multiple DUCASSE Paris’ restaurants in Paris and London from 2013 to 2018.
  • HKR International Ltd Version 1 | Bloomberg: 480 HK Equity | Reuters: 0480.HK Refer to Important Disclosures at the End of This Report

    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.
  • Green Footprint

    Green Footprint

    ESG REPORT 2018/2019 Green Footprint ACROSS THE REGION CONTENTS THAILAND 04 Message from Management 05 About the Report 06 About HKRI 07 Our Sustainability Approach 10 Memberships and Awards 12 Cherishing Our Environment MAINLAND CHINA 22 Respecting Our People 32 Caring for Our Community 42 Managing Our Value Chain 48 Performance Data Summary 52 HKEX ESG Reporting Guide Content Index HONG KONG MESSAGE FROM MANAGEMENT ABOUT THE REPORT Reporting Scope and Standard This Report is produced by HKRI to communicate the Group’s sustainability management As part of the community, approach and performance in four key areas: environment, human capital, community and value chain. The Report covers the period from 1 April 2018 to 31 March 2019. HKRI holds diversified we are prepared to shoulder business interests across Hong Kong, mainland China and Asia. This year, to further enhance our transparency and reflect our geographic footprint, we have expanded the reporting scope our responsibilities to to include operations in Thailand in addition to the businesses, joint ventures and subsidiaries operated by HKRI in Hong Kong and mainland China. Operations listed in the diagram below protect our home and create constitute the scope of the Report: a better living environment for everyone. Property Discovery Bay: Developmenta City Management & 2018 was another fruitful year for the region. An exemplary demonstration people to build a talent pool for future Operations of Transportationd HKR International Limited (“HKRI” of this pioneering spirit is HKRI Taikoo business development. Meanwhile, or the “Company”). We shared the Hui, which was constructed using we maintain comprehensive training the Group joy of 40 years of achievement with revolutionary and innovative green programmes to ensure that our current different stakeholders and celebrated building designs and garnered the LEED® staff members are properly equipped to the completion of our flagship project Certifications and China Green Building adapt to changing trends.
  • Real Estate and Construction-210204-EN

    Real Estate and Construction-210204-EN

    Real Estate and Construction Beijing Guangzhou Hong Kong Shanghai Shenzhen 27/F, North Tower 17/F, International Finance 26/F, One Exchange Square 24/F, HKRI Centre Two, 17/F, Tower One, Kerry Plaza Beijing Kerry Centre Place, 8 Huaxia Road, 8 Connaught Place, Central HKRI Taikoo Hui 1 Zhong Xin Si Road 1 Guanghua Road Zhujiang New Town Hong Kong 288 Shi Men Yi Road Futian District Chaoyang District Guangzhou 510623, China Shanghai 200041, China Shenzhen 518048, China Beijing 100020, China Tel: +86 10 5769 5600 Tel: +86 20 3225 3888 Tel: +852 3976 8888 Tel: +86 21 2208 1166 Tel: +86 755 8159 3999 Fax:+86 10 5769 5788 Fax:+86 20 3225 3899 Fax:+852 2110 4285 Fax:+86 21 5298 5599 Fax:+86 755 8159 3900 www.fangdalaw.com Real Estate and Construction 01 Real Estate and Construction Practice Fangda’s Real Estate and Construction Practice Team excels at providing one-stop and full-scale services to leading real estate market players, including real estate developers, real estate private equity sponsors, institutional investors, financial institutions and other corporations and individuals in complicated domestic and cross-border real estate transactions. Our lawyers are frequently appointed as arbitrators in real estate and construction-related disputes. Our strength in this area includes a combination of understanding the traditions of the Chinese market and practice and our abundant experience in serving international clients, complemented by services for non-contentious and contentious cases. We are one of the few firms based in China that can provide integrated real estate and construction related legal services, and present practical advice based on our knowledge and experience in the local market.
  • Istoxx® Developed and Emerging Markets Ex Usa Pk Vn Real Estate

    Istoxx® Developed and Emerging Markets Ex Usa Pk Vn Real Estate

    ISTOXX® DEVELOPED AND EMERGING MARKETS EX USA PK VN REAL ESTATE Components1 Company Supersector Country Weight (%) Vonovia SE Real Estate Germany 3.58 Goodman Group Real Estate Australia 2.31 Mitsubishi Estate Co. Ltd. Real Estate Japan 2.14 Mitsui Fudosan Co. Ltd. Real Estate Japan 2.06 Sun Hung Kai Properties Ltd. Real Estate Hong Kong 2.00 Link Real Estate Investment Tr Real Estate Hong Kong 1.79 DEUTSCHE WOHNEN Real Estate Germany 1.71 Sumitomo Realty & Development Real Estate Japan 1.50 SEGRO Real Estate Great Britain 1.44 CK Asset Holdings Ltd Real Estate Hong Kong 1.33 China Resources Land Ltd. Real Estate China 1.14 SM Prime Holdings Inc Real Estate Philippines 1.11 LEG IMMOBILIEN Real Estate Germany 1.06 SCENTRE GROUP Real Estate Australia 1.04 UNIBAIL-RODAMCO-WESTFIELD Real Estate France 1.04 AROUNDTOWN (FRA) Real Estate Germany 0.85 China Overseas Land & Investme Real Estate China 0.84 WHARF REIC Real Estate Hong Kong 0.78 Mirvac Group Real Estate Australia 0.78 DEXUS Real Estate Australia 0.77 Nippon Building Fund Inc. Real Estate Japan 0.77 Stockland Real Estate Australia 0.75 Japan Real Estate Investment C Real Estate Japan 0.73 SWISS PRIME SITE Real Estate Switzerland 0.73 CAPTIALAND INT COMM TRUST Real Estate Singapore 0.71 GECINA Real Estate France 0.70 Ayala Land Inc Real Estate Philippines 0.69 Ascendas Real Estate Investmen Real Estate Singapore 0.68 New World Development Co. Ltd. Real Estate Hong Kong 0.66 CANADIAN APARTMENT PROP REIT Real Estate Canada 0.66 NIPPON PROLOGIS REIT Real Estate Japan 0.63 NOMURA REIT.MASTER FUND Real Estate Japan 0.62 CapitaLand Ltd.
  • Annual Report

    Annual Report

    Contents Delivering Value 2 Ten-Year Financial Summary 4 Chairman’s Statement 6 Financial Highlights 9 Management Discussion and Analysis Review of Operations 10 Financial Review 38 Credit Analysis 46 Corporate Governance Corporate Governance 53 Directors and Offi cers 66 Directors’ Report 68 Sustainable Development 75 Auditor’s Report and Accounts Independent Auditor’s Report 83 Consolidated Profi t and Loss Account 84 Consolidated Balance Sheet 85 Company Balance Sheet 86 Consolidated Cash Flow Statement 87 Consolidated Statement of Changes in Equity 88 Notes to the Accounts 89 Principal Accounting Policies 141 Principal Subsidiary, Jointly Controlled and Associated Companies and Investments 151 Supplementary Information Cathay Pacifi c Airways Limited – Abridged Financial Statements 160 Schedule of Principal Group Properties 163 Group Structure Chart 174 Glossary 176 Financial Calendar and Information for Investors 177 2007 Annual Report 1 Delivering Value Swire Pacifi c is one of the leading companies in Hong Kong with fi ve operating divisions: Property, Aviation, Beverages, Marine Services and Trading & Industrial. The Group’s operations are predominantly in Greater China where the name Swire or 太古 has been established for over 130 years. Swire Pacifi c is deeply committed to Hong Kong where our subsidiaries, jointly controlled and associated companies employ over 43,000 staff. Globally we employ over 70,000 staff. We are committed to ensuring that our The Group’s total net assets employed Excluding the impact of the sale affairs are conducted with high ethical increased by HK$32.2 billion during of the Group’s interest in Shekou standards which is a key component 2007 to HK$159.2 billion at the year- Container Terminals during the year, of our long-term success.
  • Discloseable Transaction

    Discloseable Transaction

    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. HKR INTERNATIONAL LIMITED 香港興業國際集團有限公司* (Incorporated in the Cayman Islands with limited liability) (Stock code: 00480) DISCLOSEABLE TRANSACTION ACQUISITION OF INVESTMENT INTERESTS IN A REAL PROPERTY IN JAPAN The Board is pleased to announce that on 28 March 2013, the Investors, two indirect wholly-owned subsidiaries of the Company, have indirectly acquired the investment interests in the Property as the underlying entrusted asset from the Vendor for the Consideration of JPY3,472,850,000 (approximately HK$286.3 million). The Acquisition is expected to be completed on the Closing Date. Since one of the applicable percentage ratios under Rule 14.07 of the Listing Rules in respect of the Acquisition exceeds 5% but all applicable percentage ratios are less than 25%, the Acquisition constitutes a discloseable transaction for the Company under Rule 14.06 of the Listing Rules. INTRODUCTION The Board is pleased to announce that on 28 March 2013, the Investors, two indirect wholly- owned subsidiaries of the Company, have indirectly acquired the investment interests in the Property as the underlying entrusted asset from the Vendor for the Consideration of JPY3,472,850,000 (approximately HK$286.3 million). The Acquisition is expected to be completed on the Closing Date. ACQUISITION OF INVESTMENT INTERESTS IN A REAL PROPERTY IN JAPAN On 28 March 2013, the Investors have indirectly acquired the investment interests in the Property as the underlying entrusted asset from the Vendor through a sale and purchase agreement of the trust beneficiary interest in the Property entered into between the Operator as the purchaser and the Vendor on the same date.
  • Operations Review

    Operations Review

    Hong Kong operations review Operations Review Hong Kong Beautifully landscaped and featured, Siena in Discovery Bay is designed with Southern European style Discovery Bay The improving economy has continued to fuel the sentiments of property end- users and investors who look for high-quality homes and high-return investment potential. The sales re-launch of Siena Two in mid-2004 received keen response from the market both in terms of prices and volume. Of the 250 units marketed, over 95 per cent of the units have been sold with the high-rise units achieving an average selling price of around $3,400 per square foot (G.F.A.), whilst the low- rise units achieved an average selling price of $4,100 per square foot (G.F.A.). Club Siena - 14 - HKR International Limited Annual Report 2004/2005 Construction work of Phase 13, providing over 500 high-rise units, is well in progress with completion targeted towards late 2005. Phase 13 will represent a continuation of the Southern European style of Siena with luxury design elements especially incorporated Phase 13, Discovery Bay to meet the surging demand for high-end property units with secluded living environment. As application for the pre-sale consent for the project has been submitted to the respective authority, plans have also been drawn up to release the project to the market in the third quarter of 2005. With the aim of maximising the potential of Discovery Bay and tapping the anticipated increase of tourists and visitors following the opening of Hong Kong Disneyland on Lantau Island, development of an innovative complex with retail, hotel, entertainment and recreational facilities at Yi Pak Bay has been planned.
  • Annual Report A

    Annual Report A

    Annual Report We are a leading developer, owner and operator of mixed-use, principally commercial properties in Hong Kong and Mainland China, 2015 with a record of creating long-term value by transforming urban areas. Our business comprises three main elements: Property Property Hotel Investment Trading Investment Annual Report 2015 Stock Code: 1972 Brickell City Centre www.swireproperties.com Miami C M Y K SPAR 2015 Cover_Eng_A C M Y K Varnish SPAR 2015 Cover_Eng_A 14.5mm Annual Report We are a leading developer, owner and operator of mixed-use, principally commercial properties in Hong Kong and Mainland China, 2015 with a record of creating long-term value by transforming urban areas. Our business comprises three main elements: Property Property Hotel Investment Trading Investment Annual Report 2015 Stock Code: 1972 Brickell City Centre www.swireproperties.com Miami C M Y K SPAR 2015 Cover_Eng_A C M Y K Varnish SPAR 2015 Cover_Eng_A 14.5mm 2015 Highlights Swire Properties and Sino-Ocean Land announced the grand opening of their joint-venture retail complex Sino-Ocean Taikoo Li Chengdu April – Chengdu details on page 29 Cityplaza unveiled its new brand image, “LIVE HAPPY”, and launched its month-long rebranding campaign June – Hong Kong details on page 24 Signing of a framework agreement with a subsidiary of Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. to jointly develop the Shanghai Qiantan project July – Shanghai details on page 8 Opening of Swire Hotel’s third hotel from The House Collective brand, The Temple House,
  • Hong Kong / SONGQUAN DENG 123RF.COM

    Hong Kong / SONGQUAN DENG 123RF.COM

    8 | The Japan Times | Monday, July 2, 2018 (Sponsored content) A special feature produced by: Synergy Media Specialists Hong Kong / SONGQUAN DENG 123RF.COM www.synergymediaspecialists.com The best is yet to come Jones Day: Delivering responsive and dedicated client service ith the Stock Ex- “One firm worldwide” ap- A message from Mrs. Carrie Lam, GBM, GBS change of Hong proach gives clients seam- Kong Ltd.’s recent less access to substantial Chief Executive of the Hong Kong Special Administrative Region Wgreen light to list new econ- legal resources. omy enterprises (including Nearly half of the Fortune s Hong Kong cel- Hong Kong, with nearly Kong” campaign. pre-revenue biotech com- 500, Fortune Global 500 and ebrates the 21st an- half of them using Hong Our strong people-to-peo- panies and those with dual Financial Times Global 500 niversary of the es- Kong as their regional ple bond is reflected in the or weighted voting struc- consistently come to Jones Atablishment of the Hong headquarters or regional large number of Hong Kong tures), Hong Kong is widely Day for advice. In 2018, Kong Special Administra- office. We remain the No. people visiting Japan, at a expected to take center the firm ranked number tive Region of the People’s 1 destination for Japanese record breaking 2.23 mil- stage as a global initial pub- one in the Client Service Republic of China, I am food exports. With a strong lion in 2017 and a further lic offering destination. A-Team report published delighted that our bilateral economy and plentiful op- year-on-year increase of “The new regime in Hong by BTI Consulting Group relations with Japan con- portunities arising from the 4 percent in the first two Kong favors innovation and and, in the process, became tinue to grow from strength Guangdong-Hong Kong- months of 2018.
  • Board of Directors and Senior Management

    Board of Directors and Senior Management

    Board of Directors and Senior Management BOARD OF DIRECTORS Other major Arculli Fong & Ng – senior partner offices Hang Lung Properties Limited – non-executive director HKR International Limited – non-executive director Hongkong Electric Holdings Limited – non-executive director Hutchison Harbour Ring Limited – non-executive director Shanghai Century Acquisition Corporation (listed on the American Stock Exchange) – non-executive director Sino Hotels (Holdings) Limited – non-executive director Sino Land Company Limited – non-executive director SCMP Group Limited – non-executive director Tsim Sha Tsui Properties Limited – non-executive director ARCULLI, Ronald Joseph GBS, JP Past offices The Hong Kong Jockey Club – chairman (2002-2006) Hong Kong Equestrian Federation – president (1991-2006) Independent Non-executive Chairman Arculli and Associates – senior partner (2000-2005) Aged 68 Woo Kwan Lee & Lo – partner (retired in 2000) AIA Capital Corp (Holdings) Limited – non-executive director (1984-2004) Director since 26 April 2006 Sun Hung Kai Securities Limited – executive director (1974-1975) and Term of office: 26 April 2006 to non-executive director (1988-1996) 2008 AGM SHK Unit Trust Managers Limited – non-executive director (1988-1996) Memberships in HKEx’s committees: Public service Executive Council of the HKSAR – non-official member Chairman of Executive Committee, Health and Medical Development Advisory Committee – vice-chairman Nomination Committee and The Hong Kong Mortgage Corporation Limited – non-executive director Risk Management