Sun Hung Kai

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Sun Hung Kai Properties Ltd.
新鴻基地產
Type Public
Founded 1969
Headquarters Sun Hung Kai Centre,
30 Harbour Road, Wanchai,
Hong Kong, PRC
Key people Walter Kwok, Chairman & CEO
Thomas Kwok, Raymond Kwok
Industry Property
Products Real estate, Investment, Hotels,
Telecoms, Utilities
Revenue HKD 25,598 million (2006)
Operating income HKD 12,374 million (2006)
Employees 27,000
Parent n/a
Subsidiaries SmarTone-Vodafone (55.12%), SUNeVision Holdings (84.8%)
Website http://www.shkp.com.hk
Associates Kowloon Motor Bus Company (33.2%)
.

Sun Hung Kai Properties Ltd. (新鴻基) (SEHK: 0086) is a listed corporation based in Hong Kong. The company is controlled by the 3 Kwok brothers, whose father, Kwok Tak Seng, founded the company. Collectively, they speak for 43.4% of the equity as at June 30, 2006.[1]

Contents

Established in 1969, it was one of many non-British owned companies that overtook the British trading companies or 'hongs' that dominated the financial order in Hong Kong prior to 1997.[citation needed] The company was listed on the Hong Kong Stock Exchange in 1983. [2]

The company's main operation is in the investment of properties, through its flagship, Sun Hung Kai Properties (SEHK: 0016, listed in 1972).[3] Sun Hung Kai Properties ("SHKP") is now one of the largest property companies in Asia [2], and the largest real-estate developer in Hong Kong by market capitalisation. It specializes in residential and commercial projects for sale and investment. It employs 27,000 people. [4]

SHKP turned over HK$ 25.6 billion in 2006, with an operating profit of HK$ 12.3 billion. The majority (65%) of its revenues and operating profit (88%) was derived from property sales and rental.[5]

It has been, and continues to be involved in a number of high-profile projects in Hong Kong. In 1996, SHKP was the lead developer which had bid the sum of HK$5.5 billion to acquire the rights to develop Hong Kong's tallest building, the International Finance Centre. The MTR Corporation was a partner in the venture.[6] Sun Hung Kai, owns 47.5 per cent of the development, Henderson Land Development, whose chairman Lee Shau Kee sits on the SHKP board,[5] took a 32.5 per cent stake in the project. SHK is also building the International Commerce Centre, the tallest building in Hong Kong upon its completion.

The company also has other operations through its many sub-companies.

  • Financial Services - Sun Hung Kai Finance Co. Limited
  • Property development and management - Wah Cheong Development Co. Limited and Central Associated Investments Limited, Tian An Development Company Limited
  • Mortgage deals
  • Insurance brokerage and consulting - Sun Hung Kai Insurance Co. Ltd, Lippo Capital Limited
  • Securities - Sun Hung Kai Securities Limited, Hong Kong and Kowloon Commercial Limited, SHK China Fund
  • Commodities Trading - Sun Hung Kai-ACLI Commodities Limited
  • Greater China operations - Sun Hung Kai (China) Limited
  • Shun Loong Holdings Limited
  • Telecommunications - Smartone-Vodafone

In 2005, the developer was criticised for the lack of transparency in its public sale of residential properties to speculators and end-users.[7] The company was accused of the practice of "internal sales" of uncompleted units, the absence of sale price-lists, and also for hyping sales for flats in its The Arch development in West Kowloon by announcing inflated prices (per square metre) achieved. A buyer apparently paid HK$168 million, or HK$31,300 per square foot, for a 5,360 square foot penthouse. Sweetners were allegedly given (discounts given to the same purchaser on other units bought), but were excluded from the calculation. This allowed SHK to raise prices of the next batch of 500 units by 5-10 percent. But SHKP has flatly denied the allegations groundless. [7]

  • Grand Prix for "Best Overall Investor Relations at a Hong Kong Company - Large Cap" - IR Magazine [8]
  • "Best Company for Corporate Governance - Asia and Hong Kong" - Asiamoney magazine
  • "Best Property Company, Most Accessible Senior Management and Most Useful, Informative Web Site in Asia"; "Best Company, Most Convincing, Coherent Strategy and Most Transparent Accounts in Hong Kong" - Euromoney magazine
  • Ranked "No.1 Property Developer" in both Asia and Hong Kong - Real Estate Awards, Euromoney magazine
  • "Best Corporate Governance Award", 2006 - Corporate Governance Asia magazine.
  • "Asia's Best Property Company" - FinanceAsia magazine

  • "Best Company in Hong Kong" - Euromoney magazine.
  • "No.1 Property Developer in both Asia and Hong Kong" - Euromoney magazine [9]
  • Gold medal for "Best overall 2003/04 annual report" in the "Real Estate Development / Service" and "Printing & Publishing" categories, Properties International ARC Awards [10]
  • "Asia's Best Property Company" - FinanceAsia magazine

  • Dubbed "Hong Kong's Best Managed Company since 1991" - Asiamoney magazine.
  • "Hong Kong's Best Managed Property Company" - Euromoney magazine.
  • "Best Managed Company" in both Asia and Hong Kong, and "Hong Kong's No.1 for Corporate Governance" - Asiamoney magazine.
  • "Best IR by a Hong Kong Company" - IR Magazine.
  • "Asia's Best Property Company"; "Best Hong Kong Company for Corporate Governance in the FA100 index" - FinanceAsia.
  • Gold medal for "Best overall 2002/03 Annual Report", residential properties category, International ARC Awards. [11]

  • "Best Property Company in Asia" - Euromoney magazine [12]
  • "Hong Kong's Best Property Developer for corporate governance" - Euromoney magazine.
  • "Asia's Best Property Company" - FinanceAsia magazine.
  • "Best among Hong Kong property companies (2001/02 annual report)" - CFO Asia magazine.

  1. ^ Annual Report 2006. Sun Hung Kai Properties (2007). Retrieved on 2007-04-10.
  2. ^ a b History. Sun Hung Kai & Co. Limited. Retrieved on 2007-07-08.
  3. ^ Milestones 1972 - 1980. Sun Hung Kai Properties. Retrieved on 2007-04-10.
  4. ^ Corporate Profiles. Sun Hung Kai Properties (2007). Retrieved on 2007-07-09.
  5. ^ a b Annual Report 2006. Sun Hung Kai Properties (2007). Retrieved on 2007-04-10.
  6. ^ Bloomberg. "Tenanting tallest tower looks likely to be a tall order", Hong Kong Standard, June 18, 2003. Retrieved on 2007-03-23. 
  7. ^ a b Lau, Eli. "Flats frenzy puts system in spotlight", Hong Kong Standard, May 19, 2005. Retrieved on 2007-04-10. 
  8. ^ http://irmagazinehongkong.com/site/2436/default.aspx
  9. ^ http://www.euromoney.com/article.asp?PositionID=search&ArticleID=1000474
  10. ^ http://www.mercommawards.com/ARC%20pages/Winner%20pages/2005/overall.htm
  11. ^ http://www.mercommawards.com/ARC%20pages/Winner%20pages/2004/overall.htm
  12. ^ http://www.euromoney.com/article.asp?PositionID=search&ArticleID=1002039

v • d • e
Flag of Hong Kong Hang Seng Index companies of Hong Kong

Finance:  HSBC Holdings · Hang Seng Bank · Bank of East Asia · HKEx · China Construction Bank · Industrial and Commercial Bank of China · Ping An Insurance · BOC (Hong Kong) Holdings · China Life Insurance Company · Bank of Communications · Bank of China ·

Utilities:  CLP Holdings · Hong Kong and China Gas · Hong Kong Electric ·

Property:  Cheung Kong · Henderson Land Development · Sun Hung Kai Properties · Sino Land · Hang Lung Properties · China Overseas ·

Commercial & Industrial:  Wharf Holdings · PCCW · Hutchison Whampoa · New World Development · Swire Pacific · MTR Corporation · China Merchants Holdings · CITIC Pacific · China Resources Enterprise · Cathay Pacific Airways · Esprit Holdings · Sinopec · Li & Fung · Yue Yuen Industrial · China Unicom · CNOOC · Petrochina · China Shenhua · China Netcom Group Corporation (Hong Kong) · China Mobile (Hong Kong) · Cheung Kong Infrastructure Holdings · COSCO Pacific · Foxconn International Holdings ·
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