Hang Lung Properties Explained

Hang Lung Properties 恒隆地產
Type:	Public company
Foundation:	1960
Location City:	28/F, Standard Chartered Bank Building, Central, Hong Kong
Key People:	Ronnie Chan (Chairman)
Area Served:	Hong Kong Mainland China
Industry:	Real estate, Car park
Parent:	Hang Lung Group

Hang Lung Properties, formerly Amoy Properties and currently subsidiary of Hang Lung Group, is a property developer in Hong Kong. It is a member of Hang Seng Index Constituent Stocks (blue chip) and is headquartered in the Standard Chartered Bank Building in Central, Hong Kong.^[1]

History

Hang Lung Properties Limited was incorporated in 1949 and was taken over by Hang Lung Group Limited in 1980. It became the property investment arm of Hang Lung Group Limited after the group re-organisation in 1987. The company is led by Ronnie Chan.

In November 2010, the company said it was aiming to raise up to HK$10.1 billion through a share placement to finance expansion on the mainland.^[2]

Properties

The company's main properties include Standard Chartered Bank Building, Baskerville House, Hang Lung Centre in Causeway Bay, Kornhill Plaza, Grand Centre in Tsim Sha Tsui, as well as One and Two Grand Tower, Hollywood Plaza (Hong Kong), and the Park-In Commercial Centre in Mong Kok.^[3]

On 1 January 1991, Ronnie Chan took over as the group's chairman. He saw the opportunity to invest in mainland China market due to its economic growth, and thus the company began to venture into the mainland market under Chan's leadership. Its first step into the mainland came in 1992 with two landmark properties in Shanghai, Plaza 66 and Grand Gateway 66. Following the success of these projects, the company continued to expand into others parts of mainland China such as Wuxi, Shenyang, Jinan, Tianjin, Dalian, Kunming and Wuhan.^[4]

Hang Lung Properties in September 2020 bought the real estate assets in Hong Kong of the United States government.^[5]

Management Board

The board has eleven members, with five executive directors and six non-executive directors to ensure sufficient independence.^[6]

• Chairman: Ronnie Chan
• CEO: Weber Wai Pak Lo
• CFO: Hau Cheong Ho
• Executive Director: Adriel Wenbwo Chan

Non-executive directors:

• Ronald Joseph Arculli
• Philip Nan Lok Chen
• Dominic Chiu Fai Ho
• Nelson Wai Leung Yuen
• Andrew Ka Ching Chan
• Prof. Hsin Kang Chang
• Anita Yuen Mei Fung

Notes and References

1. Web site: Hang Lung Properties Ltd (0101.HK). Reuters. 25 March 2013.
2. Web site: Hang Lung set to seek $10.12b . The Standard . 16 November 2010 . dead . https://web.archive.org/web/20101111003308/http://www.thestandard.com.hk/news_detail.asp?we_cat=2&art_id=104611&sid=30183847&con_type=1&d_str=20101105&fc=8 . 11 November 2010 .
3. Web site: hang lung properties ltd (101:Hong Kong). https://web.archive.org/web/20130617114523/http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=101:HK . dead . 17 June 2013 . Bloomberg BusinessWeek . 4 April 2013.
4. Web site: Corporate Profile . Hang Lung Group Limited . https://web.archive.org/web/20150310042627/http://www.hanglung.com/en/hang-lung-group/about-us/corporate-profile.aspx . 2015-03-10 . dead . 17 July 2018.
5. News: Hang Lung picks up US government's Hong Kong assets for HK$2.56 billion, a 20 per cent discount to market valuation . . 2021-12-30.
6. Web site: Board of Directors. Hang Lung Properties Limited . 17 July 2018.