A common misconception here is that Hang Lung was the first to enter the Mainland market and so bought land cheap, thus the good profit. HONG KONG, Jan. 4, 2021 /PRNewswire/ -- CLPS Incorporation (Nasdaq: CLPS) ("CLPS" or "the Company"), today released a letter to shareholders from the Chairman of … Because of the delay, a huge mall associated with the local government opened some 18 months ago. For example, at Plaza 66, Chanel, Celine, Tod’s and Escada have just completed their expansion plans, while Prada and Bottega Veneta are underway. The latest round of the anti-corruption and anti-opulence drive had added frost. With the exception of Parc 66, average unit rent went up in all our developments. Both are publicly listed companies in Hong Kong, dealing in real estate development, investment and management. However, our location is among the best in the city; the design is very beautiful, and our hardware is excellent. At the same time, we were expanding at a rate of one new city per year with a shortage of experienced staff. And since we revaluate those properties every six months, the value indicated on the account cannot be significantly more than half a year old. The same goes for the remaining units at The HarbourSide and elsewhere. Although the improvement in occupancy at Palace 66 has not been as fast as we had hoped, much of the vacant space has been leased, so occupancy will rise in the coming months. Philip and I did not for a moment underestimate the difficulties associated with such an exercise. In particular, retail sales, especially luxury products like those in our malls, were even harder hit. Since Philip had only just joined us, I had to personally step in to execute some of those key changes. In one meeting on … Mr. C.F. However, the government was determined not to release land for sale. Not only is he most experienced in his profession, he is also a dynamic thinker. We know that our business model is excellent and we have taken many correct decisions (such as land acquisitions and building designs) which will sooner or later bear fruit. A mall that has superb hardware but lacks adequate management will still perform acceptably, but it will not realize its potential. We know that opportunities are beckoning as municipal leaders from many corners of the country begin to stalk us. We won auction after auction at very reasonable land prices. Chair’s Letter To Shareholders. If approved by shareholders, total dividends per share for the year ended December 31, 2013 will be HK$0.75, an increase of 1.4% over the previous year. As to our share price, we saw a rerating in the 2000’s after a decade of doing the right things. In any event, at the beginning of the millennium, our Mainland strategy, then limited to one city, together with our Hong Kong maneuvers began to pay off. Retail sales generated per day were 15% better in the same period. CHAIRMAN'S LETTER TO SHAREHOLDERS. Common sense tells us that retail sales figures are as significant as the rents we received, for growth of the former is a prerequisite and will inevitably lead to that of the latter. At this speed, it will take 12-13 years to build out the 32 million square feet still under construction. is a distinguished engineer with an extraordinary breadth of knowledge of the world. This is a legacy of decades of sound strategy and hard work. The first of the two towers has a gross floor area of almost 90,000 square meters. When unsatisfied market demand far exceeds our financial capabilities, we should expand our balance sheet, for size matters. Every community will sooner or later find its steady-state level for a particular category of products in terms of the percentage of total sales that will take place through the Internet. Then consider our investment properties on the Mainland. Having spent much of his earlier career in the airline industry, Philip put it best: it was like we had to change the plane’s engine in mid-air! From management’s perspective, the order is the reverse. We are of the opinion, and many people will agree with us, that Hang Lung has some of the best hardware in the industry. Consider our timing. Before analyzing our performance, let us first take a look at the overall economy. I have written extensively about them and so will not repeat them here. With only 10 units and 153 car parks left at The HarbourSide, it is perhaps time to take stock of the events over the past decade or two. Since our time horizon is very long, we will always outperform almost all short-term stock traders. Eighteen months ago, I wrote that although the 2008/2009 financial crisis was much more severe, recovery of the present downturn in Chinese luxury goods sales may in fact take longer. Cheng, a distinguished engineer and civic leader, joined as Non-Executive Director in 1993. If it does, the resulting degradation of social moral values will undoubtedly haunt the economy. Unlike construction which can bring catastrophic and sudden troubles, inadequacies in the leasing team will sow seeds of problems that may take years to reverse. In this regard, it is fortuitous that Hang Lung has from the beginning insisted on charging all tenants a healthy base rent. Together with our uncannily strong financial position, it seems that few people are as well positioned as we are to take advantage of these humongous opportunities. Earnings per share rose similarly to HK$2.61. An area where management was somewhat pleasantly surprised was office leasing in Wuxi Center 66. They are there for customer experience and product familiarization, besides advertising value. First and foremost were the difficulties encountered at Shenyang Palace 66. All these efforts should enable us to realize the potential of the excellent strategy put in place by Philip’s predecessor. This indicates that there is much hidden value. Footfall numbers also vary from mall to mall. They ranked annual reports and selected top performers based on their creativity, cover design, chairman's letter, writing style, page design, photography and financial presentations. In fact Shenyang Palace 66 was completed over three years ago. In this not-too-bad economic state of affairs, high-end consumption is a weak link. If we exclude Shenyang Forum 66 and Wuxi Center 66, rent advanced by 5%. Interim Report. A corollary to increased online shopping is that some brands will no longer need to open as many stores as they otherwise would. Search the world's information, including webpages, images, videos and more. A shopping center with excellent hardware complemented by a strong team will ensure its top spot in the market. We are pleased to contribute to the improvement of corporate governance in the property sector. Underlying earnings per share rose likewise to HK$2.24. As for our sub-luxury shopping centers, there are usually no more than two direct competitors, but the market can absorb many. Unlike low unit cost products, the price for deluxe housing can be very elastic. So far around 50% of the space has been leased, and I expect that by the third quarter, the figure should be over 90%. H.K. This will help work off some of the excess inventory. In the newer malls of Wuxi Center 66 and Tianjin Riverside 66, occupancy is still rising as more shops commit. We started to acquire land outside of Shanghai in 2005 and completed products began to hit the market in 2010. Why then has our price retreated of late? Rents are slightly higher than those in Center 66. As we all know, it takes one to two leasing cycles for a property to mature. The perception existed probably because of three factors. At today’s somewhat weak market sentiment, they should still be worth perhaps HK$20 billion. This should be the result of management efforts rather than market improvement. Chairman, Hang Lung Properties. For reasons given above, I could understand why it did so in the years between 1998 and 2004, but to continue for another 6-7 years was inexplicable. Jinan Parc 66’s rental yield was between 7 and 8%, and Wuxi Center 66 over 9%. In fact the greatest progress in the coming year or two may well come from the laggard Palace 66, whose number still stands at about 5%. With this background in view, last February we bought an excellent plot of land in the biggest city in central China, Wuhan. For The HarbourSide, the margin achieved was 78% and for The Long Beach, 62%. The achievements include the award of Gold Winner in the Chairman's/ President's Letter section, Bronze … Indeed the process could be painful at times. land) in order to keep churning out products (apartments). Some have expressed concern that e-commerce will reduce the remaining shops to nothing more than an advertisement space where few sales actually take place. Read More > Vice Chair’s Notes. Among the four current director-level executives, I am the only one who has held the same position for more than 4.5 years. A number have retired, and more have been hired and will be hired. Chairman, Mr. Ronnie C. Chan, continues to pen his Chairman’s Letter to Shareholders to share his analysis of the Company’s business performance and outlook, and his views on macro issues. The process has in fact started four years ago and I look forward to seeing it bear fruit. Compared to the previous year, turnover rose 24% to HK$9,138 million. Consequently, retail e-commerce should not negatively impact us that much. It took some ten years for prices to return to our purchase level. Shops have reported an 18% drop in business. We took every opportunity to strengthen our financial position and waited for the big break. On the surface, our full-year results were quite acceptable. Hang Lung had prepared for the deal for four years. We accomplish this by insisting on the four competitive advantages mentioned in my previous reports for all of our malls, namely top location, adequate size, superior design and quality construction. For example, occupancy cost in Hong Kong for the same brand is in general considerably higher than that on the Mainland. Prof. Shing-Tung Yau Chairman, 2012 Hang Lung Mathematics Awards Scientific Committee. All these are the software of our business. For example, they may only have 30 strategically chosen locations around China rather than say 100 or more. Once built and sold, it is conceivable that the net after-tax profit therefrom can easily exceed HK$10 billion. Chairman’s Letter. The Board recommends a final dividend of HK$0.58 per share. Add to that the seven million square feet of Hong Kong investment properties (provided that we do not take up more or sell off any), we will have a portfolio of about 54 million square feet. The latter however, once built, can never be altered. At the same time, Hang Lung has through hard work over long years built a top-notch reputation backed by successful developments and a solid management team. Being dogmatic is unwise, just as it is imprudent to not have reasonable guidelines. As mentioned earlier, long tail or high-touch goods are much less affected. Yet challenges seemed never-ending. But as I had written two years ago, we should not be overly greedy, hence the parting of basically all the units. Copyright © 2015 Hang Lung Properties Limited. This has now come to pass. I firmly believe in this, and will challenge anyone who questions it. Four plots acquired later – two in Shenyang and one each in Jinan and Wuxi – have all had their shopping centers completed. After all, the former can always be installed, changed or improved. I enjoy looking into my expenses and to allocate my income into different categories and see my savings account grow! In the longer run, however, leasing is our bread and butter. Once we are all done and not counting any new projects yet to be undertaken, we will own close to 47 million square feet of China’s best commercial real estate. HONG KONG, Oct. 5, 2018 /PRNewswire/ -- Hang Lung is pleased to announce that the 2017 Annual Reports of Hang Lung Group and Hang Lung Properties have won three accolades at the 32 nd Annual International ARC Awards in the Property Development: Various & Multi-Use category. Joined the Bank since May 2018. That would be a clear signal to the investment community that we do not know how to beneficially deploy our cash. One phenomenon of Chinese e-commerce supports this assertion: namely, the less developed a city is, the more it is affected by it. Then there is a market perception that of all the Hong Kong real estate counters, Hang Lung is the purest Mainland play. In a letter to shareholders, chairman Ronnie Chan expressed his confidence and expectations about the Hangzhou project. Interim Report. Tough market conditions aside, a shortage of experienced hands in the past few years has been the source of our struggle. Many changes were introduced which led to what almost became a brand new company. The fact is that in each of our second-tier cities, our luxury malls usually have at most one direct competitor, and there is room for at least two such facilities. The unpaid portion comprises mainly construction. Why then did our share price remain stagnant for the past four years? In the interim, we will finish building our management team, especially on the leasing side. In our business, no software, irrespective of how good it is, will be effective unless the hardware is adequate. Perhaps they are used to our outperforming our peers. Consequently, they were perhaps psychologically less prepared than we were to buy land. HONG KONG, Dec. 28, 2020 /PRNewswire/ -- Hang Lung Properties is pleased to announce that its Annual Report for the financial year 2019 has won … They relate to term limit and age limit. Unlike the first three quarters of last year, residential sales volume, and in some cases even prices, have of late risen nicely. If nothing else, it takes time. Hopefully tenant sales will continue to rise and so will our rental turnover. In Hong Kong, we bought land at the bottom of the market and turned these projects into some of the most profitable the city has ever seen. Although not in a hurry to sell, at today’s price we shall be happy to part with them. By 2015, online retail volume is expected to account for over 10% of all consumer retail sales. Our tentative conclusion is as follows: There is no question that retail e-commerce – B2C+C2C – will take an increasingly larger share of the private consumption pie. My standard answer is: the day you see Hang Lung Properties buy back its own shares is the day when you should sell. Mr. C.F. We begin with technology, especially Internet technology, which enables us to provide services heretofore not possible. The full text is as follows: I look forward to his many contributions. Select from premium Hang Lung Chairman Ronnie Chan Interview … To the contrary! In the meantime, we are very busy constructing world-class commercial complexes for rent on the Mainland. Since opening our first mall outside of Shanghai in 2010, we have seen a 2.5 times increase in the past four years. It has now been renamed The Lloyd Greif Center for Entrepreneurial Studies. This demonstrates again that our timing, like that for our other acquisitions, was excellent. As landlords, we are protected by property leases, but the impact on our innocent tenants was immediate. E-commerce is fast becoming a way of life, not unlike telephones a century ago and smartphones almost a decade ago. Fortunately they ended, and ended in a peaceful way. It gives me pleasure to announce that Professor H.K. What we have witnessed in the past three months is that there is pent-up demand. We still have 708 units at The Long Beach which remain unsold. The reason is that Apple basically sells standardized products. Consider this: we are now a fast growing multi-location company. Consequently occupancy remained at 88% for both properties. I consider it my great fortune to be in this sector for the past twenty-some years to capture this once-in-a-lifetime opportunity. In a letter to shareholders, chairman Ronnie Chan expressed his confidence and expectations about the Hangzhou project. Certain types of goods are more vulnerable to online shopping than others. We are now working hard to build the best software — management — to match it. As I said earlier, the present downturn for luxury goods may take some time to recover, or to find its “new normal”. In the ensuing two decades, we underperformed because of over-conservatism which led to strategic mistakes and missed opportunities. But as is always my belief, as long as we do the right thing each step of the way, sooner or later the market will recognize us. Your management has been working on many programs in this regard and will gradually introduce them to our shopping centers. As a result, they will also step down from this Board. Suffice to say that with that facility being the first outside of Shanghai on the Mainland, shareholders rightfully question if our huge success in Shanghai can be duplicated elsewhere. In the same five-year period, the number of executives who received stock options has increased by 3.2 times. Full Report. Parc 66 is an interesting case: while results above indicate that it is still undergoing teething problems, the number of visitors is holding up. First, China has fallen out of favor for many institutional investors. This is why we recently instituted an in-house program that we call EST. As such, one should be careful not to generalize too much. Since factors affecting our luxury brand tenants are not primarily economic but political, it is hard to predict when we will reach a “new normal”. Hong Kong’s share will be reduced from today’s 32% to 13%. He lectures in many universities around the world including China. Chairman's speech on "ugc dinner cum presentation ceremony of. Ronnie Chan, chairman of Hang Lung Group and Hang Lung Properties, discusses his businesses in Hong Kong and mainland China's commercial real estate markets. Also worth mentioning is that we paid high prices for our two pieces of land in Shanghai. Our timing is consistently among the best. Only in the past few years when the new government reversed its policy did we release the bulk of the units onto the market. Anti-corruption and anti-opulence measures instituted by the new government and targeting officials are biting hard. Different companies have different strategies and there is no single correct answer. For the year ended December 31, 2014, turnover soared 86% to HK$17,030 million. Opportunity finally came in the form of the Asian Financial Crisis in 1997-2002, and we capitalized on it well. What are they valued on our books today? Frank H. Cruz President, Cruz & Associates. Overall, exports are steady and, in any event, growing faster than imports. Chan's latest chairman's letter at Hang Lung Properties, released in January, used more than 6,500 words splashed across more than 19 pages. This is quite unlike many of our competitors. Second, the ribbon denotes the software which ties the six pillars of hardware together. Since they invariably have occupied the best locations in top commercial cities, our ability to attract the reduced number of tenants is perhaps unmatched. Construction involves huge sums of money and many mistakes can have devastating financial and reputational consequences. When excluding all effects of revaluation gain, the underlying net profit attributable to shareholders fell 18% to HK$5,050 million. Our success in Hong Kong and Shanghai over the long years was certainly not built on luck, for luck by definition cannot be with us over a prolonged period of time. In the extreme case of the Apple stores mentioned above, it can be extraordinarily high. Comparing the second half of the year versus the first half, the rate of increase was respectively 20% and 7% for the two malls. Addendum to Chairman’s letter to Shareholders. It is just that many foreign experts have, in recent years, somehow written China off because of its slower growth. So much so that in first-tier cities, land auctions are again breaking records. As a result, it is safe to expect a rental prospect for the coming year to be similar to that of 2014. Results and Dividend; Business Review; Prospects; Addendum to Chairman’s letter to Shareholders; Management Discussion and Analysis. News. I am encouraged by what has been done and look forward to seeing better days ahead. As to the unleveraged gross rental return on investment cost, the two Shanghai properties achieved 44%. Cheung Shuen Lung Chairman Hong Kong, 25 January 2021 As at the date of this announcement, the board of directors of the Company comprises executive directors of Mr Cheung Shuen Lung (Chairman), Mr Shao Xing (President), Professor Xiao Jian Guo, Ms Zuo Jin, Mr Hu Bin and Ms Liao Hang… At that time, because of the old Hong Kong Kai Tak Airport, buildings were limited to 20 storeys on one side of the harbor, the Kowloon side. Once we started to buy land outside of Shanghai in 2005, we have begun to enlarge the team. This plays well into the mainstay of our business. Profile. In terms of tenant mix, the two mature Shanghai malls have experienced a phenomenon considerably different from the other centers. Believing that excess liquidity, which is a legacy of the 2008/2009 trauma, has been substantially worked off, Beijing is once again loosening credit, albeit cautiously.

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