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Finance

Hang Lung Properties Ltd.

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

Hang Lung Properties Ltd. is an investment holding company, which engages in property investment for rental income, property development for sales and leasing, car park management, and property management through its subsidiaries. It operates through the Property Leasing and Property Sales segments. The Property Leasing segment includes property leasing operation in investment properties, such as retail, office, residential, serviced apartments and carparks in mainland China and Hong Kong. The Property Sales segment includes development and sale of the Group's trading properties in Hong Kong. The company was founded on December 19, 1949 and is headquartered in Hong Kong.

Financial Highlights

Dec 2020 HKDUSD
Revenue8,999M1,160.26M
Gross Profit6,507M838.96M
Operating income5,976M770.50M
Income before tax-775M-99.92M
Net income-2,571M-331.48M
EBITDA6,024M776.68M
Diluted EPS-0.57-0.07
Dividends Per Share0.760.09
Total Assets211,316M27,253.04M
Total liabilities63,128M8,141.50M
Total equity138,295M17,835.65M
Operating cash flow2,261M291.51M
Currency in HKDCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 13,853M 11,748M 9,407M 8,857M 8,999M
Gross Profit 9,713M 8,459M 6,821M 6,492M 6,507M
Operating income 7,995M 6,677M 5,115M 5,853M 5,976M
Income before tax 7,917M 9,902M 9,921M 14,800M -775M
Net income 6,195M 8,124M 8,078M 6,172M -2,571M
EBITDA 9,159M 7,922M 6,229M 5,949M 6,024M
Diluted EPS 1.38 1.81 1.80 1.37 -0.57
Dividends Per Share 0.75 0.75 0.75 0.76 0.76
Total Assets 174,907M 183,586M 186,453M 199,980M 211,316M
Total liabilities 42,762M 41,341M 42,859M 52,168M 63,128M
Total equity 126,565M 136,158M 137,561M 138,669M 138,295M
Operating cash flow 6,341M 7,968M 4,974M 4,132M 2,261M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 1,784.61M 1,507.54M 1,200.24M 1,130.41M 1,160.26M
Gross Profit 1,251.27M 1,085.48M 870.29M 828.56M 838.96M
Operating income 1,029.95M 856.81M 652.62M 747.01M 770.50M
Income before tax 1,019.90M 1,270.65M 1,265.83M 1,888.91M -99.92M
Net income 798.07M 1,042.49M 1,030.67M 787.72M -331.48M
EBITDA 1,179.90M 1,016.57M 794.76M 759.26M 776.68M
Diluted EPS 0.17 0.23 0.22 0.17 -0.07
Dividends Per Share 0.09 0.09 0.09 0.09 0.09
Total Assets 22,559.47M 23,484.57M 23,814.62M 25,665.44M 27,253.04M
Total liabilities 5,515.43M 5,288.39M 5,474.14M 6,695.24M 8,141.50M
Total equity 16,324.33M 17,417.52M 17,569.91M 17,796.78M 17,835.65M
Operating cash flow 816.88M 1,022.48M 634.63M 527.36M 291.51M

Valuation Measures

Dec 2020
PER--
ROA-1.25%
ROE-1.85%
Operating margin66.40%
Profit margin-28.56%

Key executives

  • Chief Executive Officer & Executive Director: Pak Lo Wai
  • Director-Leasing & Management: Peck Lim Chhoa
  • Executive Director: Ka Ngok Chan
  • Director-Central Marketing: Wing Sze Chan
  • Group Financial Controller & Director: Wai Man Mak

Shareholders

  • Hang Lung Group Ltd. (58.8%)
  • APG Asset Management NV (3.7%)
  • The Vanguard Group, Inc. (1.2%)
  • Walter Scott & Partners Ltd. (1.1%)
  • Schroder Investment Management Ltd. (1.0%)
  • BlackRock Fund Advisors (0.8%)
  • BlackRock Asset Management North Asia Ltd. (0.8%)
  • CHAN TAN CHING FEN (0.6%)
  • Schroder Investment Management (Hong Kong) Ltd. (0.4%)
  • BlackRock Advisors (UK) Ltd. (0.4%)

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

Related Companies

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  • Hubei Hang Lung Property Development Co., Ltd.
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  • Tianjin Hang Lung Properties Ltd.
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Competitors

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