Stock Code: 12
ANNUAL REPORT 2019 Corporate Profile
Founded in 1976 by Dr The Honourable Lee Shau Kee, GBM, Henderson Land Development Company Limited is a leading property group with a focus on Hong Kong and mainland China. Its core businesses comprise property development and property investment. In addition, it has direct equity interests in a listed subsidiary, Henderson Investment Limited, and three listed associates, The Hong Kong and China Gas Company Limited (which in turn has equity stakes in a listed subsidiary, Towngas China Company Limited), Hong Kong Ferry (Holdings) Company Limited and Miramar Hotel and Investment Company, Limited.
Henderson Land has been listed in Hong Kong since 1981 where it is one of the largest property groups. As at 31 December 2019, Henderson Land had a market capitalisation of HK$185 billion and the combined market capitalisation of the Company, its listed subsidiary and its associates was about HK$474 billion.
The Company is vertically integrated, with project management, construction, property management, and financial services supporting its core businesses. In all aspects of its operations, Henderson Land strives to add value for its shareholders, customers and the community through its commitment to excellence in product quality and service delivery as well as a continuous focus on sustainability and the environment. Contents
Inside front Corporate Profile 2 Land Bank – Hong Kong and Mainland China 4 Awards & Accolades 6 Group Structure 7 Highlights of 2019 Final Results 10 Chairmen’s Statement Review of Operations Business in Hong Kong 44 Progress of Major Development Projects 54 Major Completed Investment Properties Business in Mainland China 60 Progress of Major Development Projects 73 Major Completed Investment Properties 74 Business Model and Strategic Direction 76 Financial Review 90 Five Year Financial Summary 92 Sustainability and CSR 94 Corporate Governance Report 111 Report of the Directors 127 Biographical Details of Directors and Senior Management 137 Financial Statements 138 Report of the Independent Auditor 261 Corporate Information 264 Notice of Annual General Meeting 268 Financial Calendar
FORWARD-LOOKING STATEMENTS This annual report contains certain statements that are forward looking or which use certain forward-looking terminologies. These forward-looking statements are based on the current beliefs, assumptions and expectations of the Board of Directors of the Company regarding the industry and markets in which it operates. These forward-looking statements are subject to risks, uncertainties and other factors beyond the Company’s control which may cause actual results or performance to differ materially from those expressed or implied in such forward-looking statements. Land Bank – Hong Kong and Mainland China
Heilongjiang
Hong Kong