Page 12 - Hang Lung Group 2012 Annual Report

The Board recommends a final dividend of HK$0.60 per
share. Including the interim dividend already paid, total
dividends per share for the year ended December 31, 2012
would be HK$0.79. For the six-month period from July 1 to
December 31, 2011, we paid HK$0.38 per share.
BUSINESS REVIEW
Because of the inexcusable failure of the Hong Kong
government to sell land in 2005-2010, our residential market
is totally distorted. Coupled with the Asian Financial Crisis in
1997-2002, SARS of 2003 and its aftermath in 2004, our city
has had a deficit of land supply for about a decade. Equally
devastating as not selling land was the negligence to build up
a government land bank for longer term needs. Such a stock
is necessary to serve as a buffer when property prices become
too high. Prolonged years of under supply finally exploded in
the past two years. Even so, the then government did pitifully
little to address the issue.
໨ԫ҅ܔᙄ ೯ݼ͋ಂٰࢹӊٰಥ࿆ʬ
ԉfஹΝʊ ೯ݼٙʕಂٰࢹd࿚Ї
ɚཧɓɚϋɤɚ˜ɧɤɓ˚˟ϋܓٙ
ӊٰٰࢹᐼᕘމಥ࿆ɖԉɘ̀fɚཧ
ɓɓϋɖ˜ɓ˚Їɤɚ˜ɧɤɓ˚˟
ʬࡈ˜ಂlzdӊٰݼࢹᕘ މಥ࿆ɧԉ
ɞ̀f
ุਕΫᚥ
͟׵ಥִίɚཧཧʞϋЇɚཧɓཧϋ
ಂගӚϞርήdவࡈᗭᗘՉշٙ፹̰
˿࠰ಥИσ̹ఙҁΌ஗ҩϜf̋ɪɓ
ɘɘɖϋЇɚཧཧɚϋٙԭږݲፄΚ
ዚeɚཧཧɧϋٙӍɻʿՉ׵ɚཧཧ
̬ϋٙቱت d࠰ಥɺήԶᏐʔԑٙઋ
رʊܵᚃߒ ɤϋfৰəӚϞርή̮d
ಥִ̤ɓӨᗭ׌̰Ⴌ݊͊ϞڗމჃც
ܔࠅ ͭɺήᎷ௪fவࡈ Ꮇ௪݊̀඲
ٙd̙׵ᅽᄆཀ৷ࣛ೯౨ᶣᇠЪ͜f
ԶᏐʔԑٙਪᕚ຾εϋጐᏀܝd׵ཀ
̘Շϋ୞ɓ೯ʔ̙ϗܽfуԴνϤd
຅ִࣛ݁ٙ࿁ᏐБਗʥˇʘɦˇf
12 | 㛬ඤණྠϞࠢʮ̡ ɚཧɓɚϋϋజ HANG LUNG GROUP LIMITED ANNUAL REPORT 2012
໨ԫߧڗٰ؇Ռ CHAIRMAN’S LETTER TO SHAREHOLDERS