Hang Lung Properties Ltd.
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Company Background
Hang Lung Properties is a major Hong Kong real estate developer. It operates a number of upscale shopping malls in mainland China.
After its founding in 1960, the company grew rapidly by building large condominiums along subway lines in Hong Kong. In the Causeway Bay commercial district on Hong Kong Island, the company operates such shopping malls as Fashion Walk and Hang Lung Center, where H&M and other global fashion houses have their flagship stores.
Hang Lung entered mainland China in the early 1990s. In Shanghai's Nanjing Xi Lu shopping district, it opened Plaza 66, a 66-story office building and mall complex that houses the flagship stores of such luxury brands as Louis Vuitton and Chanel. Plaza 66 is said to be one of the most successful commercial complexes in China. Hang Lung has opened similar facilities in the cities of Tianjin, Wuxi and Shenyang.
The company's chairman, Ronnie Chan Chi-chung, is the son of the founder. He earned an MBA at the University of Southern California and has many contacts in the U.S. After becoming chairman in 1991, he began actively investing in the mainland Chinese market.
Chan is known for his straight-talking manner and is often invited to speak at international conferences. He is also known for his philanthropy, making generous donations to Harvard University and other educational institutions through a foundation established by his family.
Business Summary
Financial Highlights
| Dec 2019 | HKD | USD |
| Revenue | 8,857M | 1,130.41M |
| Gross Profit | 6,492M | 828.56M |
| Operating income | 5,853M | 747.01M |
| Income before tax | 14,800M | 1,888.91M |
| Net income | 6,172M | 787.72M |
| EBITDA | 5,949M | 759.26M |
| Diluted EPS | 1.37 | 0.17 |
| Dividends Per Share | 0.76 | 0.09 |
| Total Assets | 199,980M | 25,665.44M |
| Total liabilities | 52,168M | 6,695.24M |
| Total equity | 138,669M | 17,796.78M |
| Operating cash flow | 4,132M | 527.36M |
| Currency in HKD | Currency in USD |
Historical Data
| Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | |
| Revenue | 10,067M | 13,853M | 11,748M | 9,407M | 8,857M |
| Gross Profit | 7,667M | 9,713M | 8,459M | 6,821M | 6,492M |
| Operating income | 5,971M | 7,995M | 6,677M | 5,115M | 5,853M |
| Income before tax | 6,587M | 7,917M | 9,902M | 9,921M | 14,800M |
| Net income | 5,092M | 6,195M | 8,124M | 8,078M | 6,172M |
| EBITDA | 7,063M | 9,159M | 7,922M | 6,229M | 5,949M |
| Diluted EPS | 1.13 | 1.38 | 1.81 | 1.80 | 1.37 |
| Dividends Per Share | 0.75 | 0.75 | 0.75 | 0.75 | 0.76 |
| Total Assets | 184,018M | 174,907M | 183,586M | 186,453M | 199,980M |
| Total liabilities | 49,126M | 42,762M | 41,341M | 42,859M | 52,168M |
| Total equity | 128,989M | 126,565M | 136,158M | 137,561M | 138,669M |
| Operating cash flow | 5,148M | 6,341M | 7,968M | 4,974M | 4,132M |
| Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | |
| Revenue | 1,298.53M | 1,784.61M | 1,507.54M | 1,200.24M | 1,130.41M |
| Gross Profit | 988.96M | 1,251.27M | 1,085.48M | 870.29M | 828.56M |
| Operating income | 770.19M | 1,029.95M | 856.81M | 652.62M | 747.01M |
| Income before tax | 849.65M | 1,019.90M | 1,270.65M | 1,265.83M | 1,888.91M |
| Net income | 656.81M | 798.07M | 1,042.49M | 1,030.67M | 787.72M |
| EBITDA | 911.05M | 1,179.90M | 1,016.57M | 794.76M | 759.26M |
| Diluted EPS | 0.14 | 0.17 | 0.23 | 0.22 | 0.17 |
| Dividends Per Share | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 |
| Total Assets | 23,743.79M | 22,559.47M | 23,484.57M | 23,814.62M | 25,665.44M |
| Total liabilities | 6,338.71M | 5,515.43M | 5,288.39M | 5,474.14M | 6,695.24M |
| Total equity | 16,643.41M | 16,324.33M | 17,417.52M | 17,569.91M | 17,796.78M |
| Operating cash flow | 664.03M | 816.88M | 1,022.48M | 634.63M | 527.36M |
Valuation Measures
| Dec 2019 | |
| PER | 12.46 |
| ROA | 3.19% |
| ROE | 4.46% |
| Operating margin | 66.08% |
| Profit margin | 69.68% |
Key executives
- Chief Executive Officer & Executive Director: Lo Wai-pak
- Chief Financial Officer & Executive Director: Hau Cheong Ho
- Director-Leasing & Management: Peck Lim Chhoa
- Executive Director: Ka Ngok Chan
- Head-Corporate Audit: Tin-For Tsang
Shareholders
- Hang Lung Group Ltd. (58.8%)
- APG Asset Management NV (2.5%)
- The Vanguard Group, Inc. (1.5%)
- First Eagle Investment Management LLC (1.2%)
- Schroder Investment Management Ltd. (1.1%)
- Walter Scott & Partners Ltd. (1.0%)
- BlackRock Fund Advisors (0.8%)
- Massachusetts Financial Services Co. (0.6%)
- CHAN TAN CHING FEN (0.6%)
- Schroder Investment Management (Hong Kong) Ltd. (0.6%)
Contact Details
- Website:http://www.hanglung.com
- Address: 28th Floor, Standard Chartered Bank, 4 Des Voeux Road Central, Hong Kong, Hong Kong
- Phone: +852.2879.0111
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Last Updated on 29 Sep, 2020
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