DOCSLIB.ORG

Stabilising Harbour City Lowers the Risk Enterprise Value (HK$ Mn) 209,702 Number of Shares (Mn) 3,033 ■ Slower Reversion Rate in 2017 As Expected

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Stabilising Harbour City Lowers the Risk Enterprise Value (HK$ Mn) 209,702 Number of Shares (Mn) 3,033 ■ Slower Reversion Rate in 2017 As Expected 10 March 2017 Asia Pacific/Hong Kong Equity Research Conglomerates Wharf Holdings (0004.HK / 4 HK) Rating NEUTRAL Price (09-Mar-17, HK$) 62.25 INCREASE TARGET PRICE Target price (HK$) (from 56.10) 65.00 Upside/downside (%) 4.4 Mkt cap (HK$/US$ mn) 188,781 / 24,304 Stabilising Harbour City lowers the risk Enterprise value (HK$ mn) 209,702 Number of shares (mn) 3,033 ■ Slower reversion rate in 2017 as expected. Wharf achieved high single-digit Free float (%) 40.0 retail rental reversion rate and 14%/8% for HC/TS offices in 2016. For 2017, 52-wk price range (HK$) 63.00-39.25 ADTO-6M (US$ mn) 31.7 management is guiding for a single-digit rental reversion rate for retail and flat to Target price is for 12 months. low single-digit for offices. Occupancy cost somewhat stabilised in 2H16 but Research Analysts remained at high levels at 22% (HC) and 26% (TS). As retail sales stay sluggish Susanna Leung and office supply rises, we believe rents are still under pressure. 852 2101 6590 [email protected] ■ Harbour City stabilising. Decline in retail sales at HC and TS narrowed sharply from -14.7%/-15.7% YoY in 1H16 to -6.4%/-6.3% YoY in 3Q and -3.8%/-7.0% YoY in 4Q, with HC outperforming the market in 2H16 despite the high base. In January, retail sales of HC was +1% and -2.8% YoY for TS, though management was cautious about February due to the timing of CNY. ■ Strategic review on IP. It has just commenced a study to consider the possibility of listing some of the Group's IP assets under a separate entity by way of distribution in specie to shareholders. This could be a positive catalyst over time, though near-term impact may be more muted, given: (1) no details regarding the structure and assets; (2) no pre-set timetable and it is possible that the spin-off will not proceed; (3) appetite for interest rate sensitive asset class and slowing HK rental growth; and (4) the study currently does not involve Wheelock, hence, group reorganisation is unlikely at this stage. ■ Maintain NEUTRAL. Weaker organic rental growth should be compensated by new IP completions, while earnings in FY17-18E should still be supported by robust DP sales in the last two years. We raise FY17/18E EPS by 5.4%/0.3% and TP to HK$65 from HK$56.10 on higher China project ASP, diminishing downside risk for HC retail rent, and proactiveness to unlock asset values. Potential newsflow should give some momentum to the stock, but we believe it is facing slowing organic growth in the medium term, given weaker rental growth, depleting China DP landbank and a lack of reinvestment opportunities. Share price performance Financial and valuation metrics Year 12/16A 12/17E 12/18E 12/19E Revenue (HK$ mn) 46,627.0 35,713.2 34,785.3 29,898.7 EBITDA (HK$ mn) 18,742.4 19,823.4 20,606.5 19,216.0 EBIT (HK$ mn) 17,065.0 18,146.0 18,929.1 17,538.6 Net attributable profit (HK$ mn) 13,754.0 15,100.2 14,638.8 15,039.9 EPS (CS adj.) (HK$) 4.54 4.98 4.83 4.96 Change from previous EPS (%) n.a. 5.4 0.3 - Consensus EPS (HK$) n.a. 4.46 4.65 EPS growth (%) 25.4 9.8 (3.1) 2.7 The price relative chart measures performance against the P/E (x) 13.7 12.5 12.9 12.5 HANG SENG INDEX which closed at 23,501.56 on Dividend yield (%) 3.5 3.3 3.4 3.4 09/03/17. On 09/03/17 the spot exchange rate was EV/EBITDA (x) 11.3 9.9 9.2 9.7 HK$7.77/US$1 ROE (%) 4.4 4.6 4.4 4.6 Performance 1M 3M 12M Net debt/equity (%) 7.3 2.4 0.4 Net Cash Absolute (%) 7.5 11.8 43.1 NAV per share (HK$) - 104.00 - - Relative (%) 6.8 8.5 25.6 Disc./(prem.) to NAV (%) - 40.1 - - Source: Company data, Thomson Reuters, Credit Suisse estimates DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. 10 March 2017 Focus tables and charts Figure 1: Retail business contributes to 69% rental income in Hong Kong (HK$mn) 1H14 2H14 FY14 1H15 2H15 FY15 1H16 2H16 FY16 2H16 - YoY FY16 - YoY Retail rental 3,962 4,108 8,070 4,246 4,249 8,495 4,465 4,425 8,890 4.1% 4.6% HC 2,797 2,877 5,674 2,993 2,956 5,949 3,108 3,099 6,207 4.8% 4.3% TS 909 974 1,883 990 1,027 2,017 1087 1,050 2,137 2.2% 5.9% PH 256 257 513 263 266 529 270 276 546 3.8% 3.2% Office rental 1,351 1,431 2,782 1,474 1,513 2,987 1,556 1,582 3,138 4.6% 5.1% HC 1,027 1,094 2,121 1,145 1,172 2,317 1,208 1,229 2,437 4.9% 5.2% TS 324 337 661 329 341 670 348 353 701 3.5% 4.6% HK rental 5,560 5,853 11,413 6,053 6,112 12,165 6,447 6,492 12,939 6.2% 6.4% Retail as % of HK rental 71.3 70.2 70.7 70.1 69.5 69.8 69.3 68.2 68.7 -1.4pp -1.1pp Source: Company data, Credit Suisse Figure 2: Harbour City retail sales trend Figure 3: Times Square retail sales trend (HK$bn) (HK$bn) 40 12 35.0 10.5 33.9 35 9.4 30.8 30.7 10 9.3 9.1 27.7 9.1 30 9.6 2.8 27.2 9.8 8.1 9.2 8.1 8 7.3 2.7 2.9 2.4 25 2.7 7.8 20.3 8.3 2.2 8.6 2.5 20 8.1 6 2.2 7.0 2.0 7.5 2.3 2.2 2.2 6.4 6.6 1.9 15 6.9 1.8 7.7 4 2.4 4.9 7.5 7.0 2.0 2.1 10 6.7 6.3 2.0 2.0 1.9 5.9 1.5 4.2 2 5 9.1 2.8 7.4 8.5 8.6 7.0 2.1 2.4 2.3 2.6 2.1 4.8 6.1 1.8 0 0 2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Source: Company data, Credit Suisse Source: Company data, Credit Suisse Figure 4: Occupancy cost (all-in) remained uncomfortable Figure 5: Occupancy cost comparison 30 Occupancy cost Hysan Langham Wharf 2014 15% 17.5% 16-18% 25 1H15 19-20% 19% 19-21% 20 FY15 21-22% 19% 19-22% 15 1H16 23-24% 20% 23-28% 10 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Harbour City Times Square FY16 23% 20% 22-26% Source: Company data, Credit Suisse Source: Company data, Credit Suisse estimates Figure 6: Wharf underperformed peers and the market Retail sales % YoY Harbour City Times Square PP Mall Citygate Cityplaza Lee Garden hub Hysan Place Lee Theatre Langham Mall HK overall FY16 (9.9) (11.0) (12.8) (8.0) (3.7) (7.0) (2.0) (5.0) (4.9) (8.1) 1H16 (14.7) (15.7) (17.0) (13.0) (4.1) (low-teens) (Mid-single digit) (Mid-single digit) (6.4) (10.5) 2015 (12.1) (12.8) (11.8) (10.0) (3.9) (10.0) (7.0) 5.0 1.8 (3.7) 1H15 (7.1) (9.6) (12.7) (5.3) 0.7 (single-digit) (1-2) 10.0 2.9 (1.6) Source: Company data, Credit Suisse Wharf Holdings (0004.HK / 4 HK) 2 10 March 2017 Figure 7: Wharf's FY16 results snapshot (HK$ mn) FY16 FY15 %YoY Turnover 46,627 40,875 14.1 Property investment 12,541 11,759 6.7 Hong Kong 11,288 10,516 7.3 China 1,253 1,243 0.8 Property development 3,650 2,241 62.9 Hong Kong 387 (25) n/a China 3,263 2,266 44.0 Hotels 289 278 4.0 TMT 59 112 (47.3) Pay TV and internet (313) (246) 27.2 Telecommunications 372 362 2.8 Others - (4) n/a Logistics 719 689 4.4 Container terminals 710 676 5.0 Other logistics 9 13 (30.8) Investment and others 455 464 (1.9) Corporate expenses (648) (690) (6.1) Total EBIT 17,065 14,853 14.9 Other net income/(charge) (528) 547 n/a Net finance credit/(cost) (1,598) (1,474) 8.4 Operating profit 14,939 13,926 7.3 Associates and JCEs 2,906 1,392 108.8 Property development 2,651 1,091 143.0 Terminals 255 301 (15.3) Pre-tax profit 17,845 15,318 16.5 Tax (4,084) (3,341) 22.2 Minority interests (7) (1,008) (99.3) Core underlying profit 13,754 10,969 25.4 Exceptionals 6,780 (1,176) (676.5) Underlying profit 20,534 9,793 109.7 Net revaluation gain 906 6,231 (85.5) Reported net profit 21,440 16,024 33.8 DPS (HK$) 2.15 1.90 13.2 Core payout ratio (%/ppt) 47 53 (5.1) Gearing (%/ppt) 7.5 15.3 (7.8) Source: Company data, Credit Suisse estimates Wharf’s FY16 core profit increased by 25% YoY to HK$13.8 bn, 3% ahead of our estimate of HK$13.3 bn and 7% above market consensus of HK$12.9 bn.
Load more

Recommended publications
  • E WHARF (HOLDINGS) LIMITED ANNUAL REPORT 2014 in Building for Tomorrow, Wharf Has Achieved a Few “Firsts” in the Past Decades
    Stock Code: 4 ANNUAL REPORT 2014 e Wharfe Limited (Holdings) THE WHARF (HOLDINGS) LIMITED ANNUAL REPORT 2014 www.wharfholdings.com In Building for Tomorrow, Wharf has achieved a few “firsts” in the past decades. That include the first all-weather mall in Hong Kong (Ocean Terminal), the first and only mall with retail sales exceeding 7% of Hong Kong retail sales (Harbour City), the first 17-storey vertical mall in Hong Kong (Times Square) and the first 40-storey industrial building in Hong Kong (CABLE TV Tower). Wharf has also been Building for Tomorrow in other sectors. That includes building and operating of the first cruise terminal in Hong Kong (Ocean Terminal), the first container terminal in Hong Kong (Modern Terminals), the first cross-harbour tunnel in Hong Kong (Hunghom Tunnel), the first electronic toll collection system in Hong Kong (Autopass), the first multi-channel Pay TV service in Hong Kong (CABLE TV), the first 24-hour news channel in Cantonese and the first 24-hour entertainment news channel in Cantonese in the world (i-CABLE News and i-CABLE Entertainment). Corporate Profile Backed by a long standing mission of “Building for Tomorrow” and a distinguished track record, the Group has produced consistent and quality growth over the years. Wharf is among the top local blue chip stocks that are most actively traded and widely held. Through years of value creation and new investment, the Group’s investment properties (“IP”) portfolio has grown to a book value of HK$302 billion as at the end of 2014. It represented 73% of the Group’s underlying core profit.
    [Show full text]
  • Hong Kong Guide Hong Kong Guide Hong Kong Guide
    HONG KONG GUIDE HONG KONG GUIDE HONG KONG GUIDE Hong Kong is one of the most important finan- Essential Information Money 4 cial and business centers in the world. At the same time, administratively it belongs to the Communication 5 People's Republic of China. It is a busy me- tropolis, a maze of skyscrapers, narrow streets, Holidays 6 department stores and neon signs and a pop- ulation of more than 7 million, making it one Transportation 7 of the most densely populated areas in the world. On the other hand, more than 40% of Food 11 its area is protected as country parks and na- ture reserves where rough coasts, untouched Events During The Year 12 beaches and deep woods still exist. Things to do 13 Hong Kong is a bridge between east and west – it’s a city where cars drive on the left, where DOs and DO NOTs 14 British colonial cuisine is embedded in the very fabric of the city, and every sign is in English, Activities 19 too. But at the same time, the street life is distinctively Chinese, with its herbal tea shops, . snake soup restaurants, and stalls with dried Chinese medicines. You will encounter rem- nants of the “old Hong Kong” with its shabby Emergency Contacts diners and run-down residential districts situ- ated right next to glitzy clubs and huge depart- General emergency number: 999 ment stores. Police hotline: +852 2527 7177 Hong Kong is a fascinating place that will take Weather hotline (Hong Kong Observatory): hold of your heart at your first visit.
    [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 / District Building Name Probable Case(s) Islands Hong Kong Skycity Marriott Hotel 5482 Islands Hong Kong Skycity Marriott Hotel 5483 Yau Tsim Mong Block 2, The Long Beach 5484 Kwun Tong Dorsett Kwun Tong, Hong Kong 5486 Wan Chai Victoria Heights, 43A Stubbs Road 5487 Islands Tower 3, The Visionary 5488 Sha Tin Yue Chak House, Yue Tin Court 5492 Islands Hong Kong Skycity Marriott Hotel 5496 Tuen Mun King On House, Shan King Estate 5497 Tuen Mun King On House, Shan King Estate 5498 Kowloon City Sik Man House, Ho Man Tin Estate 5499 Wan Chai 168 Tung Lo Wan Road 5500 Sha Tin Block F, Garden Rivera 5501 Sai Kung Clear Water Bay Apartments 5502 Southern Red Hill Park 5503 Sai Kung Po Lam Estate, Po Tai House 5504 Sha Tin Block F, Garden Rivera 5505 Islands Ying Yat House, Yat Tung Estate 5506 Kwun Tong Block 17, Laguna City 5507 Crowne Plaza Hong Kong Kowloon East Sai Kung 5509 Hotel Eastern Tower 2, Pacific Palisades 5510 Kowloon City Billion Court 5511 Yau Tsim Mong Lee Man Building 5512 Central & Western Tai Fat Building 5513 Wan Chai Malibu Garden 5514 Sai Kung Alto Residences 5515 Wan Chai Chee On Building 5516 Sai Kung Block 2, Hillview Court 5517 Tsuen Wan Hoi Pa San Tsuen 5518 Central & Western Flourish Court 5520 1 Related Confirmed / District Building Name Probable Case(s) Wong Tai Sin Fu Tung House, Tung Tau Estate 5521 Yau Tsim Mong Tai Chuen Building, Cosmopolitan Estates 5523 Yau Tsim Mong Yan Hong Building 5524 Sha Tin Block 5, Royal Ascot 5525 Sha Tin Yiu Ping House, Yiu On Estate 5526 Sha Tin Block 5, Royal Ascot 5529 Wan Chai Block E, Beverly Hill 5530 Yau Tsim Mong Tower 1, The Harbourside 5531 Yuen Long Wah Choi House, Tin Wah Estate 5532 Yau Tsim Mong Lee Man Building 5533 Yau Tsim Mong Paradise Square 5534 Kowloon City Tower 3, K.
    [Show full text]
  • Retail Leasing Savills Research
    Hong Kong – April 2019 MARKET IN MINUTES Retail Leasing Savills Research Savills team Please contact us for further information RETAIL Nick Bradstreet Managing Director Head of Leasing +852 2842 4255 [email protected] Barrie Chan Deputy Senior Director +852 2842 4527 Retail market limps into 2019 [email protected] Despite a less than impressive January and February, some sectors continue to RESEARCH do well including cosmetics and pharmaceuticals. Simon Smith Senior Director • Retail sales over January and February recorded their fi rst • Experiential retail is catching on fast as the most Asia Pacifi c decline since February 2017, falling by 1.6%. creative brands off er customers a more rounded in-store +852 2842 4573 environment. [email protected] • The retail leasing market itself posted a subdued Kathy Lee performance and shopping mall rents rose modestly driven • Some retailers are beginning to understand the aging Director mostly by Harbour City, while street shop rents fl atlined. demographic better which is more segmented than Retail Consultancy previously as the “soon-to-be-old” (55-64 yrs) can be +852 2842 4591 • We expect 2019 to see stable rents in the absence of any distinguished from the “elderly” (65-79 yrs) by their [email protected] major stimulus which would be necessary for robust growth. interests, incomes and activity levels. Savills plc Savills is a leading global real estate service provider listed on • New road and rail infrastructure linking Hong Kong more the London Stock Exchange. The closely with the mainland has resulted in more visitors, company established in 1855, has “ Causes of disruption in the a rich heritage with unrivalled but both have so far underperformed passenger volume growth.
    [Show full text]
  • Hong Kong Stopover
    HONG KONG STOPOVER Why not break up your trip to Europe or America with an exciting Hong Kong stopover? Experience a taste of Asia’s World City in just 48 or 72 hours... Fast Facts Must do’s in Hong Kong Geography - situated on the south-eastern coast Attractions of China. Hong Kong is comprised of Hong Kong • The Big Buddha Island, Kowloon, New Territories and over 260 • Star Ferry outlying islands. • HK Disneyland • Street Markets Currency - Hong Kong dollars (HK$) • The Peak Electricity - 220V/50Hz UK plug Day Tours • Big Bus Tours Visas - Australian and New Zealand passport • Hong Kong Island Tour holders DO NOT require a visa for stays up to 90 • Victoria Harbour Cruise days in Hong Kong • Hong Kong Foodie Tours Language - Cantonese, Mandarin, English Dining • Dim sum • Chinese BBQ Transport • Fusion • Fine dining Airport Express Link • Local snacks One of the world’s leading Airport railway systems, offers you a swift and inexpensive trip Shopping between Hong Kong International Airport (HKIA) Shopping areas and either Kowloon (22 mins) or Hong Kong • Hong Kong Island - Station (24 mins) Central, Causeway Bay • Kowloon - Tsim Sha Tsui, Single ticket cost - HK$100 (Kowloon) or HK$110 Nathan Road (HK Island) Malls & Department stores Return ticket cost - HK$185 (Kowloon) or HK$205 • Hong Kong Island - IFC Mall, Times (HK Island) Square • Kowloon - Harbour City Octopus Card • Lantau Island - Citygate Outlets This is an electronic fare card accepted on most public transport, most fast food chains and stores. Street Markets Can be purchased at any MTR station, Airport • Hong Kong Island - Stanley Express and Ferry Customer Service.
    [Show full text]
  • Hong Kong Monthly
    Research September 2012 Hong Kong Monthly REVIEW AND COMMENTARY ON HONG KONG'S PROPERTY MARKET Knight Frank 萊坊 Office Luxury brand expansion fuels office demand Residential New policies to have little immediate impact Retail Hysan Place boosts retail market in Causeway Bay1 September 2012 Hong Kong Monthly M arket 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 Economic Latest 2012 Period 2010 2011 indicator reading forecast GDP growth Q2 2012 +1.1%# +6.8% +5.0% +3.8% Inflation rate Jul 2012 +1.6% +2.4% +5.3% +3.4% Three months to Unemployment 3.2%# 4.4% 3.4% 3.4% Jul 2012 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 = 100 230 190 300 210 170 250 190 150 170 200 150 130 130 110 150 110 90 90 100 70 70 50 50 50 2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 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 2 2 Monthly review The local property market was robust last month.
    [Show full text]
  • 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.
    [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 / District Building Name Probable Case(s) Wan Chai Block C, Fontana Garden 5868 Yau Tsim Mong Cam Key Mansion, 495 Shanghai Street 5869 Kowloon City Crystal Mansion 5870 Central & Western Best Western Plus Hotel Hong Kong 5871 Central & Western Tower 1, Kong Chian Tower 5872 Wan Chai 11 Broom Road 5873 Kwai Tsing Wah Shun Court 5874 Kowloon City Sunderland Estate 5875 Islands Headland Hotel 5877 Eastern Block A, Yen Lok Building 5879 Sha Tin Hin Kwai House, Hin Keng Estate 5880 Tai Po Po Sam Pai Village 5881 Sha Tin Mei Chi House, Mei Tin Estate 5882 Tsuen Wan Block 2, Waterside Plaza 5882 Sha Tin Jubilee Court, Jubilee Garden 5883 Kwun Tong Lee Ming House, Shun Lee Estate 5884 Southern Tower 9, Bel-Air On The Peak 5885 Central & Western Block 3, Garden Terrace 5886 Sai Kung Tower 5, The Mediterranean 5887 Sai Kung Tower 5, The Mediterranean 5888 Kowloon City Block 1, Kiu Wang Mansion 5889 Islands Heung Yat House, Yat Tung Estate 5890 Sha Tin Cypress House, Kwong Yuen Estate 5891 Kwai Tsing Block 6, Mayfair Gardens 5892 Eastern Tower 1, Harbour Glory 5893 Sai Kung Kap Pin Long 5894 Wan Chai Hawthorn Garden 5895 Tai Po Villa Castell 5896 Kwun Tong Ping Shun House, Ping Tin Estate 5897 Sai Kung Tak Fu House, Hau Tak Estate 5898 Kwai Tsing Ying Kwai House, Kwai Chung Estate 5899 1 Related Confirmed /
    [Show full text]
  • When Is the Best Time to Go to Hong Kong?
    Page 1 of 98 Chris’ Copyrights @ 2011 When Is The Best Time To Go To Hong Kong? Winter Season (December - March) is the most relaxing and comfortable time to go to Hong Kong but besides the weather, there's little else to do since the "Sale Season" occurs during Summer. There are some sales during Christmas & Chinese New Year but 90% of the clothes are for winter. Hong Kong can get very foggy during winter, as such, visit to the Peak is a hit-or-miss affair. A foggy bird's eye view of HK isn't really nice. Summer Season (May - October) is similar to Manila's weather, very hot but moving around in Hong Kong can get extra uncomfortable because of the high humidity which gives the "sticky" feeling. Hong Kong's rainy season also falls on their summer, July & August has the highest rainfall count and the typhoons also arrive in these months. The Sale / Shopping Festival is from the start of July to the start of September. If the sky is clear, the view from the Peak is great. Avoid going to Hong Kong when there are large-scale exhibitions or ongoing tournaments like the Hong Kong Sevens Rugby Tournament because hotel prices will be significantly higher. CUSTOMS & DUTY FREE ALLOWANCES & RESTRICTIONS • Currency - No restrictions • Tobacco - 19 cigarettes or 1 cigar or 25 grams of other manufactured tobacco • Liquor - 1 bottle of wine or spirits • Perfume - 60ml of perfume & 250 ml of eau de toilette • Cameras - No restrictions • Film - Reasonable for personal use • Gifts - Reasonable amount • Agricultural Items - Refer to consulate Note: • If arriving from Macau, duty-free imports for Macau residents are limited to half the above cigarette, cigar & tobacco allowance • Aircraft crew & passengers in direct transit via Hong Kong are limited to 20 cigarettes or 57 grams of pipe tobacco.
    [Show full text]
  • Hong Kong Airport to Kowloon Ferry Terminal
    Hong Kong Airport To Kowloon Ferry Terminal Cuffed Jean-Luc shoal, his gombos overmultiplies grubbed post-free. Metaphoric Waylan never conjure so inadequately or busk any Euphemia reposedly. Unsightly and calefacient Zalman cabbages almost little, though Wallis bespake his rouble abnegate. Fastpass ticket issuing machine will cost to airport offers different vessel was Is enough tickets once i reload them! Hong Kong Cruise Port Guide CruisePortWikicom. Notify klook is very easy reach of air china or causeway bay area. To stay especially the Royal Plaza Hotel Hotel Address 193 Prince Edward Road West Kowloon Hong Kong. Always so your Disneyland tickets in advance to an authorized third adult ticket broker Get over Today has like best prices on Disneyland tickets If guest want to investigate more margin just Disneyland their Disneyland Universal Studios Hollywood bundle is gift great option. Shenzhen to passengers should i test if you have wifi on a variety of travel between shenzhen, closest to view from macau via major mtr. Its money do during this information we have been deleted. TurboJet provides ferry services between Hong Kong and Macao that take. Abbey travel coaches WINE online. It for 3 people the fares will be wet for with first bustrammetroferry the price. Taxi on lantau link toll plaza, choi hung hom to hong kong airport kowloon station and go the fastpass ticket at the annoying transfer. The fast of Hong Kong International Airport at Chek Lap Kok was completed. Victoria Harbour World News. Transport from Hong Kong Airport You can discriminate from Hong Kong Airport to the city center by terminal train bus or taxi.
    [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 / District Building Name Probable Case(s) Islands Hong Kong SkyCity Marriott Hotel 11101 North Block 6, Belair Monte 11105 Kowloon City iclub Ma Tau Wai Hotel 11106 Central & Western Lan Kwai Fong Hotel@ Kau U Fong 11107 Wan Chai Best Western Hotel Causeway Bay 11108 Kowloon City Metropark Hotel Kowloon 11109 Kwun Tong IW Hotel 11110 Kwai Tsing Dorsett Tsuen Wan Hong Kong 11111 Eastern Ramada Hong Kong Grand View 11112 Kowloon City iclub Ma Tau Wai Hotel 11113 North Block 1, Dawning Views 11114 Islands Block 1, Coastal Skyline 11115 Central & Western Lan Kwai Fong Hotel@ Kau U Fong 11116 Central & Western Sing Fai Building 11118 Eastern Hoi Sing Mansion, Taikoo Shing 11120 Eastern Hoi Sing Mansion, Taikoo Shing 11121 Sai Kung Tak On House, Hau Tak Estate 11123 Sham Shui Po 15 Fuk Wing Street 11124 Kowloon City iclub Ma Tau Wai Hotel 11125 Yau Tsim Mong Dorsett Mongkok, Hong Kong 11127 Kwai Tsing Block 1, Regency Park 11128 Central & Western True Light Building 11129 Islands Hong Kong SkyCity Marriott Hotel 11130 Central & Western Yukon Court 11131 Central & Western Bishop Lei International House 11132 Central & Western 40 Conduit Road 11132 Sham Shui Po 15 Fuk Wing Street 11133 Central & Western May Tower I 11134 Kwai Tsing Yat King House, Lai King Estate 11135 Central & Western Yip Cheong Building,
    [Show full text]
  • Stores in Hong Kong
    Stores in Hong Kong Hong Kong, HKSAR, 2020 TASTING SPAIN STORES 193 Stores Contact: 193間分店 39609300 https://www.facebook.com/759StoreHK/759StoreHK [email protected] www.759store.com/ https://bit.ly/2DYAGZ3 Shop 1090, 1/F Elements, Kowloon Station Contact: Hong Kong 21968066 / 25390455 香港九龍站圓方地下1090號舖 Shop 203, 2/F Stanley Plaza, Ma Hang Estate, https://www.facebook.com/3hreesixtyhk/3hreesixtyhk 23 and 33 Carmel Road, Stanley, Hong Kong www.3hreesixtyhk.com 香港香港島赤柱赤柱廣場2樓201-203號 https://bit.ly/30SVRoh [email protected] Upon request Contact: 需提前預定 21267140 https://www.facebook.com/pages/category/Retail-Company/Anecoop-Asia-1665655433481131/Anecoop Asia [email protected] www.anecoop.com Three stores Contact: 3 間分店 2885 0331 https://www.facebook.com/apita.hongkongapita.hongkong www.apitaunyeshop.com.hk/ https://bit.ly/2XQBxSD 1 TASTING SPAIN STORES 41-47 Man Tai Street , Whampoa Estate , Contact: Hung Hom , Kowloon, Hong Kong 3160 8398 / 3160 8399 香港紅磡黃埔新村民泰街41-47號地下 https://www.facebook.com/b8shkb8shk Shop G7 , G/F., E Plaza Legend Tower, 7 Shing Yip Street , Kwun Tong , Kowloon, www.b8s.com.hk Hong Kong 香港觀塘成業街7號東廣場G7鋪 https://bit.ly/30W8MWJ [email protected] Four counters: Contact: City'Super - IFC Mall / 國際金融中心商場 97915384 City'Super - Times Square /時代廣場 City'Super - Harbour City / 海港城 https://www.facebook.com/BELLOTABELLOTA.HKBELLOTABELLOTA.HK City'Super - New Town Plaza / 新城市廣場 http://hk.bellota-bellota.com/ [email protected] https://bit.ly/2POeSln Online shopping Contact: 網上店鋪 63828318 https://www.facebook.com/bienjamonhkBienJamon
    [Show full text]