Page 13 - Hang Lung Properties 2012 Annual Report

ኋ၍νϤdҢࡁʥঐҪ౥ዚึ̈ਯ ࠰ಥᅰ
ධϓᆞٙڢࣨːҳ༟ يุfஹΝʊໝϓٙ
ИσఊЗቖਯʿॡږϗɝᄣ ڗίlzdᐄุ
ᕘʿٰ؇ᏐЦॱлѩჃ௷̘ϋf
ɭϤ၇၇d຅᙮ٰ؇จࣘʕԫdޫΪҢࡁ
ɓٜ؆ˑ ೯ܙ dҴ๟Ԅዚ̈ਯ ي ุfϤ
̮d͉ɛಀ࿂ϣܸ̈d࿩ɨॡ༣يุଡ଼Υ
ٙӊ̒ϋܓࠠПხ ڭމ ςdอ ڐʹ׸ԑᗇ
ϤԊ ڢൈdቖਯϗूˢП൴࠽ ̈ϵʱʘɖ
ɤ̬f༈ഃਯ̈يุߒЦҢ ࠰ࡁ ಥॡ ږϗ
ɝϵʱʘɤɓdϞᗫʹ׸ϞпҢࡁ౤ʺ࿩
ɨҳ༟يุଡ଼Υ̻ٙѩሯඎf
͊ԸɓϋdϤᗳʹ׸ᐽʔึҁΌ৾˟͵ਗ਼
׼ᜑಯˇfҢࡁ͂ၑ ڗಂܵϞ˓ɪ༰Ꮄሯ
ٙҳ༟يุf
ਯ̈ईᆋᝄɓϵཧɞࡈఊЗ፽੻ᗙყлᆗ
ϵʱʘʬɤɧdёᑗ˂ɨɘࡈఊЗ މۆ ϵ
ʱʘɖɤɧdՇ٫ѩ௴ዝ̦อ৷fν͉ɛ
ʘࠑהۃdҢ ੬ڢࡁ ᆀจ׵޴߰ᄆࣸ˥̻
̈ਯһεఊЗdШவცࠅ̹رৣΥf
ʕ਷lzήཧਯุܵᚃहࢮdԨ׵ϋlzӊر
ฏɨf੅Լۜᐑື݊Ңࡁٙ੶ධdઓՉቖ
ਯᄣڗٙ׳ᇠ೻ܓჃ൴ɓছऊ൬ۜf
ኋ၍ᐑྤ˞ԳdШʥϞ˿ɛࣈኧʘஈfᑘ
ԷႭdಥි㛬ඤᄿఙ͟׵ˏආһ৷Ꮶϣٙ
ۜ೐dՉཧਯᕘ፽੻ᄣڗfɪऎٙ㛬ඤᄿ
ఙ׵̘ϋ࠯ʬࡈ˜ٙਠఙॡ ږϗɝසɪʺ
ϵʱʘɚdШΌϋۆܓ ɪʺϵʱʘ̬d͵
уɨ̒ϋٙॡږϗɝᄣ ߒڗ ϵʱʘʬfࡡ
Ϊʘɓdɗਠఙٙɧ࢕˴ࠅॡ˒ҁϓਠ⧕
ٙᓒ̂ʿᔕอʈ೻fԫྼɪdε࢕˰ޢ௟
ॴࣛༀۜ೐ᓒุ̂ਕdᗇ׼༈ਠఙ̂တಃ
ंၾݺɢf
Nevertheless we took advantage of opportunities to part with several
mature, non-core investment properties in Hong Kong. Together with
the sales of completed apartments and increase in rental income, we
produced turnover and net profit attributable to shareholders which were
much higher than those of a year ago.
None of these should be surprising to our shareholders, as we
have for some time been waiting for an auspicious moment to sell.
Moreover, I had repeatedly pointed out that semi-annual revaluations
of our rental portfolio were rather conservative. Latest transactions
have proven those words correct – we achieved a surplus of sales
proceeds over valuation of 74%. Buildings sold accounted for about
11% of our Hong Kong rents. These efforts have had the effect of
enhancing the average quality of our investment portfolio.
In the coming year, such activities will slow down considerably if
not altogether. We have all intentions to keep the better investment
properties in our fold in the long haul.
Sales of 108 apartments of The Long Beach achieved a profit margin
of 63% while that of 9 units of The HarbourSide was 73%. Both are
historic highs. As mentioned before, we are more than happy to sell
a lot more flats at similar price levels. The market however will have
to cooperate.
Mainland China’s retail business remained weak. As the year
progressed, it had gotten worse. Deceleration in sales growth of
luxury goods in which we are strong far exceeded that of general
consumer products.
Tough conditions notwithstanding, there are areas for optimism.
For example, retail sales at Grand Gateway 66 increased due to the
introduction of higher price point brands. For the first six months of
2012, rents at the Plaza 66 shopping center barely eked out a 2%
rise. However, the full-year number was up 4% implying that rental
growth for the second half was about 6%. The reopening of three
major tenants after shop refurbishment and enlargement was just one
reason. The fact that many top global fashion brands have expanded
their operations further confirms the vibrancy of that mall.
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