Kunpeng Project
Hang Lung Properties changed its leadership, Ronnie Chan did not give his son a last word, and now is the period of capital preservation and life preservation
*Source: buggews
Another property in Hong Kong, the third ancestor, also came to the front.
Hang Lung Group (00010.)HK) and Hang Lung (00101.).HK) announced on January 30 that Ronnie Chan had resigned and replaced him with his son, Chan Man-chick.
For the full year of 2022, Hang Lung Group's operating revenue was 1031.66 million yuan, a small increase over the same period last year; The Company's net profit attributable to the parent company was HK$437 million, down 1 percentage point from the same period last year. Hang Lung's revenue for the third quarter was 108HK$8.1 billion, down 1 percentage point from the same period last year; The company's net profit was 29HK$3.1 billion, down 2% from the same period last year.
Ronnie Chan left a solid foundation for Chan. Hang Lung's net gearing ratio at the end of 2023 was 286%, while its net gearing ratio is 319%, up from 28 at the end of 20221% is an increase.
In its FY2023 annual report, Hang Lung's senior management said that the company will usher in its busiest year in its history in mainland China, including Hangzhou, Wuxi, Kunming and other places, with a total area of about 365,000 square meters.
It is estimated that Hangzhou Hang Lung Tower will be completed in phases in 2024, which will generate about HK$6 billion in capital expenditure.
Ronnie Chan said in the earnings conference that he has no secrets to teach his children, and in recent years, the world has changed rapidly. He believes that the company's financial and risk management are on track and that there is no need to worry too much, as long as it avoids major capital expenditure mistakes.
Chen Wenbo is forty-one this year. He joined Hang Lung in 2010 and began to engage in the basic work of leasing and operation. Chen Wenbo was appointed Managing Director of the Company in 2016 and has been the Chairman of Hang Lung Group since 2020.
Chen Wenbo once revealed to the media that he had only been in Hang Lung for two years, and the people around him did not know that Ronnie Chan had a relationship with him, and he rode to work every day at that time.
Hang Lung Group is known for its in.
The first, second, and third major cities are known for their high-end shopping malls. Hang Lung Group did not enter Shanghai until the early 90s, when it invested in Hang Lung Plaza in Shanghai and Hui Hang Lung Plaza in Shanghai Port, introducing a large number of high-end products.
As the most modern shopping mall in Shanghai, Shanghai Hang Lung Plaza has an average efficiency that few people in China can match. So far, Hang Lung's two development plans in the Shanghai area still dominate the city.
But today, high-end shopping malls such as Shanghai IFC and Taikoo Li Qiantan have opened one after another, and high-end shopping malls can be found everywhere. Hang Lung Group has not developed land in Shanghai for more than 20 years, and this time, it has to face more and more competitors.
According to Yicai, Shanghai Hang Lung Plaza's sales volume in 2022 ranked 7th in China, second only to Beijing SKP, Nanjing's Deji Plaza, Beijing's China World Trade City, Shanghai's IFC, Shanghai's International Port and Wushang**.
In its 2022 results, Hang Lung Group did not disclose the sales of Shanghai Hang Lung Mall, saying only that it had increased by 24% compared to the same period last year, while announcing that the total rental of this project reached 17RMB 5.5 billion and maintained a 100% occupancy rate.
Chen Wenbo said: Leaving Shanghai is his new.
In the first- and second-tier cities, we have witnessed the experience of opening Hang Lung Tower in new first- and second-tier cities. He told the media that some of the projects in the northeast face the biggest challenges.
In addition, Hang Lung's development plans in the northeastern region will face serious challenges.
Chen Wenbo once modestly said in front of the public that the Hang Lung Building in Shenyang is performing very well, but some mainland real estate developers in Shenyang, such as China Resources Mixc, are performing very well.
Ronnie Chan also said in public that Hang Lung Plaza, located in the Imperial City of Shenyang, is on the west side of Middle Street, close to the subway station, next to Hang Lung, next to Hang Lung, and there are many other shopping malls near Hang Lung.
Therefore, he sighed that China's property market is "crazy", many people are fighting there, and crazy people are really scary in the crazy property market.
Hang Lung reported that the upscale shopping mall Shenyang Hang Lung Plaza achieved revenue of 96 million yuan in the first half of next year, down 1% from the same period last year, while rents at the end of the year reached 81%, down 6% from the same period last year.
In the second quarter, Hang Lung Plaza, located in the Imperial City of Shenyang, achieved 1Sales of 5.8 billion yuan were down 2% year-on-year, while at the end of the year, rents reached 90%, up 9% year-on-year.
At present, some Hong Kong property developers have increased their investment in the mainland market, hoping to bring more high-end retail products into the market, and domestic developers have begun to expand their own territory. The problem faced by Chan was how to maintain Hang Lung's competitive advantage.