Hang Lung Properties Limited (stock code: 101), the operating arm of Hang Lung Group Limited (stock code: 10), is a leading Hong Kong company boasting an extensive real estate portfolio in Hong Kong, as well as building, owning and managing world-class commercial complexes in key cities on the Mainland since the 1990s. It is a constituent stock of Hong Kong's Hang Seng Index and the Hang Seng Corporate Sustainability Indices, and is one of the world's largest pure real estate listed companies by market value.
Firmly rooted in Hong Kong, Hang Lung Properties has progressively branched out into the Mainland, winning international acclaim for its exceptional quality of architectural design, services and sustainable features. Adhering to the highest levels of corporate governance, the Company is justly regarded as one of the best run companies in Hong Kong, consistently achieving high and sustainable returns for its shareholders.
The parent company of Hang Lung Properties, Hang Lung Group, was founded on September 13, 1960, by Mr. Chan Tseng-Hsi. The Company progressed rapidly to become one of the largest real estate developers in Hong Kong. It gained prominence in the following decades by developing some of the biggest residential complexes along the Mass Transit Railway. The Company experienced a lean period in the early 1980s when the Hong Kong market temporarily collapsed over the uncertainty concerning the territory's sovereignty. However thanks to prudent and sound management, Hang Lung weathered the storm, although, as the current Chairman would later point out, the Company had “gone to sleep” during this period. By and large, at that point in its evolution Hang Lung was operating almost exclusively within Hong Kong.
On January 1, 1991, Mr. Ronnie C. Chan took over as Chairman of the Company and foresaw the golden opportunities presented by the Mainland's dynamic economic growth. It was under his visionary leadership that the Company embarked upon its new direction by venturing into the Mainland market. With a judicious focus on commercial real estates and targeting “the best locations in major populated centers”, the Company took its first steps into the Mainland in Shanghai in 1992. In addition, in its home market, it was also during the 1990s that the Company took the opportunity to replenish its land bank and to acquire investment properties, thereby rebuilding its portfolio in Hong Kong to position itself better for future expansion.
The years of excelling in property development and management in Hong Kong laid a solid foundation upon which rose the Company's two landmark properties in Shanghai, Plaza 66 and Grand Gateway 66. The immense success of these projects can be gauged by the fact that they have generated the highest tax revenues of any commercial property, not just in Shanghai but throughout the Mainland. Furthermore, Plaza 66 has established itself as a household name across the nation for its unparalleled host of international retail brands and a reputation as the shopping destination of choice for high-end consumers.
The Company's success in Shanghai was the launch pad for its series of pioneering commercial complexes across the Mainland. It has blazed a trail into vibrant cities with a distinctive strategy of focusing on building world-class commercial complexes centered on shopping malls. This was achieved by acquiring large sites in prime urban areas, cooperating only with top architectural firms, incorporating the latest sustainable features, and providing superb management.
With its projects, all carrying the “66” brand, the Company has extended its unique footprint into the cities of Shenyang, Jinan, Wuxi, Tianjin, Dalian, Kunming and now to Wuhan, following the successful acquisition of a prime site in that city in February 2013. The past few years saw the opening of Palace 66 in Shenyang and Parc 66 in Jinan. Forum 66, another world-class investment property in Shenyang, also opened its doors in September 2012. Hang Lung has thus transformed itself from a dual-city entity into a multi-city operation and, with its business expanding in the coming years, the Company is set to develop into the most admired mega national commercial property enterprise in the market.
Hang Lung Properties has gained international recognition as a leading world-wide industry player. As a result of its successful entry into the Mainland, it has clearly outperformed its competitors, to the extent that sophisticated investors recognize Hang Lung Properties as Hong Kong's most resilient company. With its far-sighted leadership of Board of Directors, strong financial standing, highest standard of corporate governance practices as well as its superb and highly professional management, Hang Lung Properties is ideally positioned to take full advantage of the multiple opportunities that are offered in a fast changing and globalized economic environment. The Company is indeed entering what Chairman Ronnie Chan describes as its “Golden Era”.