Sun Hung Kai Pties (HKG:16)

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TOP CONTRIBUTORS

Sun Hung Kai Properties Limited (HKG: 0016) is an investment holding company principally engaged in the development of and investment in properties for sale and rent, hotel operation and telecommunications. Sun Hung Kai's segments include property development, property investment, hotel operation, telecommunications and other businesses. In Hong Kong its operations include property development, property investment, property related businesses, telecom and information technology, and transportation, infrastructure and logistics. Its Mainland China operations include property development and property investment. Its property related business includes hotels, property management, construction, financial services and insurance.

Business Segments

Hong Kong

Property Development - HK$12.5 billion or 37.6% of 2010 Revenue 12.6 million sq.ft. under development 26 million sq.ft. of agricultural land

Property Investment - HK$ 8 billion or 24.3% of 2010 Revenue 27.6 sq.ft. completed investment properties 4 million sq.ft. under development

Property Related Businesses - HK$1.4 billion or 4.2% of 2010 Revenue Hotels, Property Management, Construction, Financial Services, Insurance

Telecoms & Information Technology - HK$4 billion or 11.9% of 2010 Revenue SmarTone (65.6% Interest) SUNeVision (84.6% Interest)

Transportation, Infrastructure & Logistics - HK6.5 billion or 19.5% of 2010 Revenue Transport International (33.3% Interest) RoadShow (25.6% Interest) Wilson Group (100% Interest) Route 3 (CPS) (70% Interest) Air Transport & Logistics Business Port Business

Mainland China

Property Development - HK$110 million or 0.33% of 2010 Revenue 76.8 million sq.ft. under development

Property Investment - HK$726 million or 2.2% of 2010 Revenue 5.5 million sq.ft. completed investment property

Business Growth

Sun Hung Kai Properties’ profit in 2010, excluding the effect of fair value changes on investment properties, HK$13.9 billion, 12% increase from 2009. Profit in 2010 including the HK$14.97 billion revaluation surplus (obtained from the change in fair value of investment properties) amounted to approximately HK$28 billion. The significance of this revaluation surplus is underscored by the fact that a HK$2 billion deficit was reported in 2009.

Trends & Forces

Rising Hong Kong and Mainland China Property Values

Hong Kong housing prices have gained 55% over the 2 year period from May 2009 to 2011 on record-low mortgage rates and buyers from China. In January 2010, Hong Kong was ranked the world’s most expensive place to buy a home by London-based property broker Savills Plc in January. Such growth in the property market has generated substantial profits for Wharf, particularly through the revaluation of the fair value of assets its portfolio.

In November, the Hong Kong government increased property transaction taxes and pledged to boost land supply amid public protests that prices are unaffordable; however, these initiatives have done little to cool the Hong Kong property market.[1]

Growth in Consumption in Hong Kong Benefits Group's Retail Properties

Private consumption increased in 2010 by 7.6% and is expected to continue to grow due to a two-year low in the jobless rate of 3.4%. Additionally, the Hong Kong government will give a handout of HK$6,000 to each permanent resident in 2011, as stated by Financial Secretary Tsang said in March 2011. The money will encourage retail spending, benefiting businesses in Sun Hung Kai's retail properties such as YOHO Midtown as well as the group's newest shopping and entertainment attraction Mikki, which will have 205,000 square feet of space targeting young customers with a premium shopping experience. The group will also develop a million-square-foot shopping and entertainment hub at the heart of Yuen Long.[1]

Competition

Sun Hung Kai Properties' business is primarily focused on property investment and development; however, like many other major conglomerates in Hong Kong competitors such as Swire Pacific Ltd, Hutchison Whampoa (HKG:13), and Wharf_(HLDGS)_(HKG:4), the group operates in additional business segments in several other different industries such as logistics and telecom.

Conglomerates

Swire Pacific Ltd - a transnational corporation headquartered in London, England. It controls a range of wholly owned businesses that span areas such as property, aviation, beverages, marine services, and trading and industrial. The group's properties include Island East residential and retail, along with TaiKoo Place, the adjacent Cityplaza retail and office complex and EAST, a lifestyle business hotel, all located in Hong Kong.[2]

Hutchison Whampoa (HKG:13) - an industrial conglomerate with retail, property, energy, infrastructure, and telecommunication operations in 57 countries. Hutchison operates businesses and has investment interests throughout Europe, Asia, and the Americas.[3]

Wharf (HLDGS) (HKG:4) - a Hong Kong-based investment holding company. The business segments of the Company comprise of property investment; communications, media and entertainment (CME); logistics, and property development. The geographical segments of the Company are Hong Kong, China and Singapore. Its Harbour City and Times Square in Hong Kong properties together represent 46% of the company’s total assets.[4]

Property

Hopewell HLDGS (HKG:54) - a Hong Kong-based investment holding company. The Company, along with its subsidiaries is engaged in the fields of investment in infrastructure projects, property development and investment, property agency and management, hotel investment and management, restaurant operations and food catering.[5]

Telecommunications

PCCW (HKG:8) - a holding company engaged in the provision of local, mobile and international telecommunications services, Internet access services, interactive multimedia and pay-TV services, the sale and rental of telecommunications equipment, and the provision of computer, engineering and other technical services. It also engages in investments in, and development of, systems integration, network engineering, and technology related businesses, and investments in, and development of, infrastructure and properties in Hong Kong, China and elsewhere in the Asia Pacific and Middle East regions.[6]

City Telecom (H.K.) (HKG:1137) - a Hong Kong-based provider of residential and corporate fixed telecommunications network and international telecommunications services. The Company specializes in the residential mass market and small-to-medium corporate and enterprise market segments.[7]

Logistics (Modern Terminals)

Hongkong International Terminals Limited (HIT) - one of several key container port operators in the Port of Hong Kong owned by Hutchison Port Holdings, a subsidiary of Hutchison Whampoa (HKG:13) and the largest port operator in Hong Kong and the world.[8]

References

  1. 1.0 1.1 Bloomberg "Hong Kong Economy Expands Faster-Than-Forecast 7.2%, Adding to Bubble Risk" 5/13/11
  2. Google Finance "Swire Pacific" 5/25/11
  3. Google Finance "Hutchison Whampoa" 5/25/11
  4. Wharf Holdings 2010 Annual Report 5/25/11
  5. Google Finance "Hopewell Holdings" 5/25/11
  6. Google Finance "PCCW" 5/25/11
  7. Google Finance "City Telecom" 5/25/11
  8. Google Finance "Hutchison Whampoa" 5/25/11
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