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Hkex Stock Code: 0020.HK) The Wharf (Holdings) Limited Established 1886 Wheelock Square Shanghai DecemberThe Wharf 2011 (Holdings) Limited 1 Wharf Corporate Profile Established in 1886 with a distinguished history of “Building for Tomorrow” Primary focus is in Properties which represented 91% of business assets as at 30.6.11 Strategic differentiation is manifested in the success of Harbour City and Times Square, which represented 64% of operating profit for 1H11 Growth - target to have 50% of Group’s business assets in Mainland China in medium term; 39% at 30.6.11; landbank at 12.4M s.m., with next milestone at 15M s.m. The Wharf (Holdings) Limited 2 Wharf Corporate Structure Wheelock and Company Limited (HKEx Stock Code: 0020.HK) The Wharf (Holdings) Limited (HKEx Stock Code: 0004.HK) Hong Kong China Non Property Properties Properties Businesses* * Include Modern Terminals, HK Air Cargo Terminals, Marco Polo Hotels, & Communication, Media and Entertainment (CME) The Wharf (Holdings) Limited 3 Corporate Business Structure Mr. Peter Woo, GBS, JP Chairman Mr. Stephen Ng Deputy Chairman & MD HK & China IP HK DP China DP Non Property Mr Douglas Woo Mr Andrew Chow Chairman Ms. Doreen Lee Vice Chairman & MD Mr. Stephen Ng Senior MD Mr TY Ng Chairman Mr. Ricky Wong Vice Chairman & MD Senior MD Wharf Wharf China Development Development Limited Limited Wharf China Estates Limited The Wharf (Holdings) Limited 4 China – Phases of economic development Experimentation Special economic zones in coastal cities as China’s nationwide infrastructure (1978 - 1992) support was inadequate Execution & Growth In 1992, Shanghai economy was opened & other cities swiftly followed (1992 - today) Economic growth supported by infrastructure buildup to link up the country The Future High-speed rail grid will ‘shrink’ the country (today + 20 years) Dynamic urbanization expected, with domestic demand as key growth engine Disposable Income Per Capita RMB’B China GDP (1992-2010) YoY Growth RMB of Urban Households (1996-2010) YoY Growth 45,000 16% 25,000 16% GDP Disposable Incomer per Capita 40,000 YoY Growth 14% YoY Growth 14% 35,000 20,000 12% 12% 30,000 10% 10% 15,000 25,000 8% 8% 20,000 10,000 6% 6% 15,000 4% 4% 10,000 5,000 5,000 2% 2% 0 0% 0 0% 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 The Wharf (Holdings) Limited 5 China – Rail grid will change life High speed rail will reduce travelling time between major Chinese cities by 60% to create the one-day living sphere … … Beijing Wuhan Shanghai Chengdu Guangzhou Source: CB Richard Ellis The Wharf (Holdings) Limited 6 China – Expand with metropolitan zones The nine city clusters account for 52% of population & 74% of GDP* “There will be 8 mega cities by 2025 as compared with 2 in 2005, housing 41% of China’s higher income class living. Overall, China is heading towards a dispersed urbanization pattern with midsized and small cities. These cities, together with megacities, will drive future growth.” McKinsey research 2009 * Source: CB Richard Ellis The Wharf (Holdings) Limited 7 Hong Kong – A unique position A unique city driven by China’s growth and its own characters ...... China HK Economic Partnership continues HK companies has facilitated China’s economic growth since 1978, initially along the Southern Coastal Provinces before moving to inland Provinces HK is the servicing & financing platform for China Foreign direct investments into China. Chinese companies expanding abroad, tourism, and offshore RMB centre Other special characters 4 cornerstones - zero import tax, wide merchandize selectivity, genuine & authenticity and confidentiality A free port, low & simple taxation regime; no inherent tax and no sales tax Any overhang of political risks from the 1997 sovereignty change have disappeared The Wharf (Holdings) Limited 8 Hong Kong – Favorable China’s policy The 12th Five-Year Plan (2011-2015) offer ample opportunities for HK companies… Key theme is to change the economic development model for China: Moving up the value chain; reducing reliance on low cost manufacturing Stimulating domestic demand as a key driver for GDP growth Expanding contribution of the service sector by 4%-points Continuing urbanization Dedicated a chapter in supporting Hong Kong: CEPA continues (Closer Economic Partnership Arrangement) Leverage Hong Kong's servicing platforms to facilitate China's economic growth Develop Hong Kong as the offshore RMB centre and an international asset management centre The Wharf (Holdings) Limited 9 Hong Kong Properties The HK investment portfolio represents 8.3% HK’s retail sales …. With a combined value of HK$119B at 30.6.11, Harbour City and Times Square represented 47% of the business assets of the Group, and generated 64% of operating profit In 1H11, retail sales at Harbour City and Times Square Ms Doreen Lee accounted for an unmatched 8.3% share of HK’s total retail Senior MD sales, up from 7.9% in 1H10 The Wharf (Holdings) Limited 10 Hong Kong Properties – Harbour City Building for Tomorrow… from a wharf godown to a shopping mall... Early 80’s Now The Wharf (Holdings) Limited 11 Hong Kong Properties – Harbour City A record performance…… Property Value (excl. Hotels) Attributable 1H11 1H10 % FY10 at 30.6.11: HK$87.1B GFA (s.f.) (HK$M) (HK$M) Change (HK$M) Retail 1,948,000 1,723 1,437 +20% 2,928 Office 4,435,000 787 774 +2% 1,553 Serviced Apartments 670,000 145 132 +10% 275 Hotel and Club 1,364,000 531 488 +9% 1,056 Total: 8,417,000 3,186 2,831 +13% 5,812 The Wharf (Holdings) Limited 12 Hong Kong Properties – Harbour City Harbour City generated 6.2% of HK retail sales, envy of others…… Largest mall in town, representing 75% of retail area of Canton Road Retail generated 54% of HC’s revenue in 1H11 from only 23% of HC’s area Retail sales: +35% for 10/2011 YTD, outperformed HK market by 10% points Continues to provide a captivating “shoppertainment” experience to shoppers through a finely calibrated trade mix and innovative marketing campaigns The Wharf (Holdings) Limited 13 Hong Kong Properties – Harbour City Strong performance from other components…… Office Serviced Apartments Occupancy and spot rent trended up Occupancy at 30.6.11: 94% strongly during 1H11 Favorable rental growth Occupancy at 30.6.11: 95% Lease renewal retention rate: 73% The Wharf (Holdings) Limited 14 Hong Kong Properties – Times Square Building for Tomorrow… from a tram depot to a shopping mall... Late 80’s Now The Wharf (Holdings) Limited 15 Hong Kong Properties – Times Square A record performance…… Property Value at Attributable GFA 1H11 1H10 % FY10 30.6.11: HK$32B (s.f.) (HK$M) (HK$M) Change (HK$M) Retail 936,000 587 512 +15% 1,076 Office 1,033,000 228 226 +1% 457 Total: 1,969,000 815 738 +10% 1,533 The Wharf (Holdings) Limited 16 Hong Kong Properties – Times Square Times Square is the most successful vertical shopping mall in HK…... Retail Office Full occupancy Occupancy at 30.6.11: 96%, strong Retail generated 72% of TS’s growth in spot rents in 1H11 revenue in 1H11 while represents Lease renewal retention rate: 28% only 48% of area as some tenants moved to fringe Tenant mix on the atrium floors locations fine-tuned to uplift the shopping Vacated space rapidly absorbed by ambiance new tenants, including relocation from Central / Wanchai The Wharf (Holdings) Limited 17 Other Hong Kong Properties Victoria Peak is the most sought after residential address in HK The Peak Portfolio (400,000 s.f.): Existing developments – 1H11 occupancy: 90%+, strong rental growth Mt Nicholson - master layout plan & GBP approved No. 1 Plantation Road, Mountain Court, Chelsea Court and 77 Mr Douglas Woo Peak Road all have redevelopment potential VC & MD Other developments: One Mid-town, Kowloon Godown, Yau Tong Godown, Yau Tong projects, Wharf T&T Square, are at different development stages Mr Ricky Wong MD The Wharf (Holdings) Limited 18 Other Hong Kong Properties – Mt Nicholson Mt Nicholson services the top 1-2% of most affluent in Asia… A unique, rare and high quality development Private half-mile access road offers ultimate privacy Rare low density site on HK Island Ultimate top social status & recognition World class designers and architects Buyer types – Upgraders and Villa as status symbol (HK & China), Pied-a-terre (SE Asia & China) Project details 50:50 JV with Nan Fung; attributable GFA: 162,000 s.f.; completion: Q4 2014 The Wharf (Holdings) Limited 19 China Properties – Building for tomorrow Wharf China has expanded to 5 regions,13 cities, 40+ projects… Others: Dalian Tianjin Wuhan Changsha China East: Changzhou Wuxi Suzhou Shanghai Hangzhou China West: Ningbo Chengdu Chongqing Foshan …with a team of over 1000 professionals. The Wharf (Holdings) Limited 20 China Properties – Building for Tomorrow PRC assets reached 39% of Group assets at 6/2011... ... Acquired sites in 1H11 in Changsha, Hangzhou, Suzhou & Foshan (attributable GFA: 2M s.m.) for RMB13B China Land bank: +17% to 12.4M s.m. at 6/2011, spanning across 13 Portfolio cities; on track to next milestone of 15M s.m. The RMB required for o/s land payments has been fully covered Continue to develop local execution knowhow Contracted sales to 10/2011: RMB11.2B, 750,000 s.m. were sold Development Net order book increased to RMB18.1B for 1.2M s.m. Properties 2011 completion target: 550,000 s.m. (1H11: 160,000 s.m.) Wheelock Square completed in 2010 is leasing well Investment Completed IPs were valued at HK$13B at 6/2011 Properties Development progress of 5 IFCs as planned The Wharf (Holdings) Limited 21 China Properties – Landbank China landbank on course for the 15M s.m.
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