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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 2022 HKDUSD
Gross Profit7,259M927.01M
Operating income6,609M844.00M
Income before tax5,826M744.01M
Net income3,836M489.88M
Diluted EPS0.850.10
Dividends Per Share0.780.09
Total Assets212,688M27,250.39M
Total liabilities69,542M8,909.98M
Total equity133,381M17,089.28M
Operating cash flow----
Currency in HKDCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 9,407M 8,857M 8,999M 10,330M 10,353M
Gross Profit 6,821M 6,492M 6,507M 7,380M 7,259M
Operating income 5,115M 5,853M 5,976M 6,788M 6,609M
Income before tax 9,921M 14,800M -775M 6,880M 5,826M
Net income 8,078M 6,172M -2,571M 3,868M 3,836M
EBITDA 6,229M 5,949M 6,024M 6,849M 6,687M
Diluted EPS 1.80 1.37 -0.57 0.85 0.85
Dividends Per Share 0.75 0.76 0.76 0.78 0.78
Total Assets 186,453M 199,980M 211,316M 224,235M 212,688M
Total liabilities 42,859M 52,168M 63,128M 71,851M 69,542M
Total equity 137,561M 138,669M 138,295M 141,719M 133,381M
Operating cash flow 4,974M 4,132M 2,261M 1,437M --
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 1,200.24M 1,130.41M 1,160.26M 1,328.98M 1,322.13M
Gross Profit 870.29M 828.56M 838.96M 949.46M 927.01M
Operating income 652.62M 747.01M 770.50M 873.29M 844.00M
Income before tax 1,265.83M 1,888.91M -99.92M 885.13M 744.01M
Net income 1,030.67M 787.72M -331.48M 497.63M 489.88M
EBITDA 794.76M 759.26M 776.68M 881.14M 853.96M
Diluted EPS 0.22 0.17 -0.07 0.11 0.10
Dividends Per Share 0.09 0.09 0.09 0.10 0.09
Total Assets 23,814.62M 25,665.44M 27,253.04M 28,761.72M 27,250.39M
Total liabilities 5,474.14M 6,695.24M 8,141.50M 9,216.03M 8,909.98M
Total equity 17,569.91M 17,796.78M 17,835.65M 18,177.72M 17,089.28M
Operating cash flow 634.63M 527.36M 291.51M 184.87M --

Valuation Measures

Dec 2022
Operating margin63.83%
Profit margin37.05%

Key executives

  • Chief Executive Officer & Executive Director: Pak Lo Wai
  • Chief Financial Officer & Executive Director: Ka Kui Chiu
  • Deputy Director-Human Resources & Administration: Shun Ngar Poon
  • Director-Leasing & Management: Peck Lim Chhoa
  • Executive Director: Ka Ngok Chan


  • Hang Lung Group Ltd. (60.1%)
  • APG Asset Management NV (4.9%)
  • Schroder Investment Management Ltd. (1.5%)
  • The Vanguard Group, Inc. (1.2%)
  • Walter Scott & Partners Ltd. (1.0%)
  • BlackRock Fund Advisors (0.8%)
  • Schroder Investment Management (Hong Kong) Ltd. (0.6%)
  • State Street Global Advisors Asia Ltd. (0.4%)
  • Norges Bank Investment Management (0.4%)

Contact Details

  • Website:
  • 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 24 Mar, 2023

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