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Company type | Public | ||||||||||
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ISIN | HK0016000132 | ||||||||||
Industry | Real estate | ||||||||||
Predecessor | Sun Hung Kai Enterprises | ||||||||||
Founded |
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Founder | |||||||||||
Headquarters | Sun Hung Kai Centre, , | ||||||||||
Key people | Raymond Kwok, Chairman and Managing Director | ||||||||||
Products | Property development, property investment, property management, hotels, telecommunications, information technology and infrastructure | ||||||||||
Revenue | HK$85.26 billion (2021) | ||||||||||
HK$36.67 billion (2021) | |||||||||||
HK$27.44 billion (2021) | |||||||||||
Total assets | HK$796.42 billion (2021) | ||||||||||
Total equity | HK$599.63 billion (2021) | ||||||||||
Number of employees | About 38,000 | ||||||||||
Chinese name | |||||||||||
Traditional Chinese | 新鴻基地產發展有限公司 | ||||||||||
Simplified Chinese | 新鸿基地产发展有限公司 | ||||||||||
Literal meaning | Sun Hung Kai real estate development limited company | ||||||||||
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short name | |||||||||||
Traditional Chinese | 新鴻基地產 | ||||||||||
Simplified Chinese | 新鸿基地产 | ||||||||||
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Website | www |
Sun Hung Kai Properties Limited (SHKP) is a listed corporation and one of the largest property developers in Hong Kong. The company's businesses include property sales,property rental,telecommunications (SmarTone,SUNeVision),hotel operation,transport and logistics,and others. The company is controlled by the Kwok family trust,largely the Kwok brothers. [3]
The predecessor of the group,Sun Hung Kai Enterprises Co.,Ltd. (Chinese :新鴻基企業有限公司),was founded in 1963 by Kwok Tak-seng,together with Fung King-hey and Lee Shau Kee. [2] [4] [5] The current legal entity of the holding company of the group,Sun Hung Kai Properties Limited,was incorporated on 14 July 1972 and was listed on the Hong Kong stock exchange on 23 August 1972. [1]
In 1973,SHKP acquired Hong Yip Service Company Limited. [6] [ non-primary source needed ] In 1977,SHKP moved its head office to Connaught Centre,Central (now known as Jardine House).
In 1978,SHKP established Kai Shing Management Services Limited,a property manager.
In 1978,SHKP put on sale the first multi-block residential estate,Tsuen Wan Centre (first phase). Also in 1978,SHKP became one of the 33 constituent stocks listed on the Hang Seng Index.
In 1979,SHKP established Sun Hung Kai Properties Insurance Limited,which was a provider of general insurance. [7] [ non-primary source needed ]
In 1981,SHKP acquired an interest in Kowloon Motor Bus,a public transport provider. The corporation moved its headquarters to Sun Hung Kai Centre,on an area of newly reclaimed land in Wan Chai,in 1982.
In 1991,SHKP acquired Wilson Parking.
In 1992,SHKP finished the construction of Central Plaza in Wan Chai,the tallest building in Asia at the time of completion. In the same year the company diversified into mobile telephony with the establishment of SmarTone,now one of Hong Kong's dominant mobile providers. [8] This subsidiary was listed in Hong Kong in 1996. [9]
In 1993,SHKP acquired World Trade Centre,Causeway Bay. [10] From the mid-1990s the company undertook property development related to the new airport railway,including sites at the Airport Express Hong Kong Station.
In 1998,Route 3 (Country Park Section) opened. [11]
In 1999,Shanghai Central Plaza commercial building was completed. [12]
In 2000,SHKP won tender for Kowloon Station Development Packages 5,6 &7 –now the International Commerce Centre (ICC) complex. [6] The complex was finished in 2010. The main building became the tallest building in Hong Kong at the time of completion.
On 17 March 2000,SUNeVision Holdings Limited,a subsidiary of SHKP,was listed on the Growth Enterprise Market of the Stock Exchange of Hong Kong.
In 2001,SHKP established the residential leasing division Signature Homes.
In 2002,SHKP set up SHKP –Kwok's Foundation. The foundation has actively supported charitable projects,focusing on education and training projects.
In 2003,the first phases of YOHO Town in Yuen Long went on sale. [13] The same year,the company signed a land-use transfer agreement with Shanghai Lujiazui Finance and Trade Zone Development Company for Shanghai IFC project. [14]
In 2005,SHKP opened APM,Hong Kong's first late-night retail centre. [15]
In 2005,SHKP acquired Seiyu (Sha Tin) Company Limited.
In 2009,Ma Wan Park Noah's Ark opened,the first Christian theme park in Hong Kong. [16]
In 2013,SHKP acquired a commercial site with 7.6 million square feet of gross floor area in the Shanghai Xujiahui district. [17]
In 2015,SHKP became Title and Charity Sponsor of the first Hong Kong Cyclothon.
In 2016,SHKP donated land in Yuen Long to Hong Kong Sheng Kung Hui for the construction of an integrated service centre. [18]
In 2019,SHKP won the tender for the commercial site atop the West Kowloon High-Speed Rail Terminus. SHKP's bid of more than HK$42 billion won the 60,000 square metre site,which could be used for office,shopping and hotel developments. [19] [20] The Kwok family invested HK$9.4 billion (US$1.2 billion) for a 25% stake in the office towers. [21]
In 2012,SHKP Executive Director Thomas Chan was arrested by the Independent Commission Against Corruption (ICAC) on 19 March,along with eight people linked to the company on 29 March. Co-Chairmen Thomas Kwok and Raymond Kwok and five others were arrested by the ICAC as part of an extensive corruption probe. Rafael Hui,former Chief Secretary,was also taken in for questioning. They were later released on bail. The probe caused a 15 per cent fall in the company's share price. [22]
In December 2014,the jury convicted Thomas Kwok and Rafael Hui of HK$ 8,500,000 bribery,and Hui was convicted of four more charges relating to misconduct in public office. The jury acquitted Raymond Kwok of all charges. [23] [24]
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 second-tallest building,the International Finance Centre. The MTR Corporation was a partner in the venture. [25] Sun Hung Kai Properties,owns 47.5 per cent of the development,Henderson Land Development,whose chairman Lee Shau Kee sits on the SHKP board, [26] took a 32.5 per cent stake in the project. SHKP also built the International Commerce Centre,the tallest building in Hong Kong.
In 2005,the developer was criticised for the lack of transparency in its public sale of residential properties to speculators and end-users. [27] 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 (498 m2) penthouse. Sweeteners 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 denied the allegations. [28]
On 18 February 2008,SHKP announced that Walter Kwok,chairman and chief executive,would take a "temporary leave of absence for personal reasons with immediate effect". Walter Kwok announced that he would take a "personal holiday",handing over his duties to his two younger brothers. [29]
The Standard reported that the elder Kwok was removed from his position by his mother,who is the controlling shareholder of the company,to protect the family interests. The journal revealed that Walter's mistress of 4 years has been wielding increasing power in the business,and causing friction with his brothers. [30]
The day after SHKP's announcement,its stock price declined against the general market. Corporate communications issued a second statement insisting that the business would not be affected and that Walter would resume his functions after his leave of 2 to 3 months. Walter's mistress,named by the press as Ida Tong Kam-Hing (唐錦馨),had apparently introduced property transactions valued at HK$4 billion to the Group or to the Kwoks' private investment vehicles. Company spokesmen stated that no person named Ida Tong was employed by the Group. [31] [32]
On 29 February,tycoon and fellow board member Lee Shau Kee confirmed that Mrs. Kwok forced the leave of absence upon Walter over Ida Tong during the last board meeting.
On 16 May 2008,Walter filed a writ with the High Court which claimed that Walter reached an agreement with his mother and two brothers in February that he would return to his duties if certain conditions were met. Walter alleged that his two brothers violated the agreement by attempting to remove him despite having fulfilled the predefined criteria,including procuring at least two medical opinions showing he is fit to return. Walter secured a last-minute injunction to delay the vote,to allow more time for discussions. [33] On the sidelines of the dispute to remove Walter as chairman and CEO,Walter and his brothers claim the other(s) made major management decisions unwisely and without consultation. [34] [35]
SHKP was publicly listed in 1972 and is one of the largest property companies in Hong Kong. It develops residential and commercial projects for sale and investment. It employs more than 38,000 people and its services include land acquisition,architecture,construction,engineering and property management. It achieved a revenue of HK$85,302 million in the financial year 2018/19,with a profit attributable to shareholders of HK$44,912 million. The majority of its revenues and operating profit were derived from property sales and rental.
As of 30 June 2019,the Group had a land bank in Hong Kong of 58.0 million square feet in terms of attributable gross floor area,consisting of 32.9 million square feet of completed investment properties and 25.1 million square feet of properties under development.
As of 30 June 2019,the Group held a land bank of 65.4 million square feet in terms of attributable gross floor area on the mainland,including 50.6 million square feet of properties under development and 14.8 million square feet of completed properties.
The Group has always attained the highest credit ratings among Hong Kong developers. Moody's gave the Group an A1 rating and Standard &Poor's gave the Group an A+ rating. [36]
The International Commerce Centre (ICC) in West Kowloon is the tallest building in Hong Kong, standing at 490m with 118 storeys. The development was also chosen as one of the world's top 125 most important works of architecture by Architectural Record in commemoration of the magazine's 125th anniversary. [37]
The tower opened in 2011. While most of the building is leased out as office spaces – ICC provides 2.5 million square feet of office space – the building also houses the Sky100 Hong Kong Observation Deck on the 100th floor as well as restaurants on the 101st floor, with the former providing a 360-degree view over the Victoria Harbour at 393 metres above the sea level. The Ritz-Carlton hotel occupies the building's 102nd to 118th floor. The world's highest swimming pool is located on the top floor as part of the hotel. [38]
The building also has LED lights on its facades for a light show, which has set a Guinness World Record for the "largest light and sound show on a single building". The show occurs twice a night, and can be viewed along both sides of the Victoria Harbour. [39]
The SHKP Vertical Run for Charity has been an annual event hosted by SHKP at ICC since 2012. [40]
The International Finance Centre is an integrated commercial development, which includes the currently second tallest building in Hong Kong, only next to ICC. [41] Situated above the Hong Kong MTR station, the project was developed and owned by IFC Development, a consortium with SHKP as one of the members. The IFC project was completed in September 2006, providing a gross floor area of over 4 million square feet in total. It consists of two office towers – One IFC and Two IFC – the Four Seasons Hotel Hong Kong, and the IFC mall. [42] Notable occupants of the development include the Hong Kong Monetary Authority, which purchased 14 floors in Two IFC in 2001.
The ifc mall in the IFC development has 4 floors of luxury retail shops and restaurants. It is also where Hong Kong's first Apple retail store is located.
Millennium City is a multi-tower development project built along the Kwun Tong Road. By 2016, Phases 1–3, 5 and 6 have been completed.
Millennium City 1, the first to be completed and the largest of the Millennium City cluster, comprises a twin pair of 30-storey towers. The two towers combined provide a total of 1,230,000 square feet of commercial space. [43]
New Town Plaza is an SHKP development located in Sha Tin, Hong Kong. The development project was completed in three phases (Phase 1: 9-storey shopping mall; Phase 2: Royal Park Hotel; Phase 3: private housing and a 3-storey shopping mall). New Town Plaza was the largest development of its kind in New Territories at its time of completion in the 1980s. [44]
Royal Park Hotel is connected to the metro station and New Town Plaza mall via a covered walkway and is close to local attractions such as Che Kung Temple, Sha Tin Racecourse and the Hong Kong Heritage Museum. Royal Park Hotel hosted Olympians competing in equestrian programmes during the Beijing 2008 Summer Olympic Games. [45]
Opened in March 2005, apm is one of the largest shopping malls targeted at a younger generation of consumers. [46] The name APM is an amalgamation of AM and PM, reflecting how the shops in the mall operate with extended hours, allowing consumers to shop even at hours when most others shops are closed. APM has a lot of retail shops, restaurants and entertainment options, most of the open at least until midnight. [47]
In tune with the theme of being young and trendy, APM houses retail brands that are typically tailored for a younger audience. A cinema, game zone and a karaoke bar are some of the other amenities that visitors can find in the mall. [48]
SHKP announced that it will lease three plots of land to non-governmental organizations for 8 years for a nominal sum of HK$1. The donation will yield around 2,000 social housing units for low-income families waiting for public housing. The company will team up with the Hong Kong Sheng Kung Hui Welfare Council for the biggest project called United Court. When completed in 2022, United Court would provide homes for 1,600 families and ultimately benefit 5,000 families. [49] [50]
The company also has complimentary operations in the following property-related fields:
It was once reported in a local newspaper that the company and Cheung Kong (Holdings) are together increasingly dominant in the development of new private homes, accounting for 70% of the market in 2010, up from around half of that in 2003. This concentration, with much of the rest of the market occupied by other very large firms, is attributed to the government's policy of auctioning land inexpensively large blocks, squeezing out small and mid-sized firms, according to the Consumer Council. [51]
Nevertheless, clarification was later made in the letters to editors column in the same newspaper that Sun Hung Kai Properties' overall share of primary residential sales in terms of attributable value from January to July 2010 has been approximately 20% – a figure that has been largely stable over the last few years. [52]
The subsidiary of SHKP, Sanfield (Management) Limited is the major construction project management company for the corporation's real estate development. [53] Established in 1974, [54] the company headquarter is located at Sun Hung Kai Centre. The company mainly provides construction service to SHKP to build private residential buildings, commercial office towers and comprehensive development. [55] In 2020, it had about 3000 employees.
Sanfield provides a wide range of related services to SHKP and third parties, including landscaping, provision of electrical- and fire-prevention systems as well as leasing of construction plant and machinery. Through an associate and its wholly-owned subsidiaries, the company also supplies ready-mix concrete and precast concrete components to SHKP and external parties. [56] [57] The company is also an accredited corporation for provide construction safety training and engineering training by Hong Kong Labour Department and The Hong Kong Institution of Engineers. [58] [59]
Its major projects include:
Hong Yip Service Company Limited and Kai Shing Management Services Limited are two of the main property management firms own by SHKP based in Hong Kong. [68]
Central Plaza is a 78-storey, 374 m (1,227 ft) skyscraper completed in August 1992 at 18 Harbour Road, in Wan Chai on Hong Kong Island in Hong Kong. It is the third tallest tower in the city after 2 International Finance Centre in Central and the ICC in West Kowloon. It was the tallest building in Asia from 1992 to 1996, until the Shun Hing Square was built in Shenzhen, a neighbouring city. Central Plaza surpassed the Bank of China Tower as the tallest building in Hong Kong until the completion of 2 IFC.
The International Finance Centre is a skyscraper and integrated commercial development on the waterfront of Hong Kong's Central District.
The International Commerce Centre is a 108-storey, 484 m (1,588 ft) supertall skyscraper in West Kowloon, Hong Kong, resting atop the Elements mall and near two MTR Stations. It is the world's 13th tallest building by height, 10th tallest by number of floors, and Hong Kong's tallest, as well as the only building in the city with over 100 storeys. The official height is 484 m (1,588 ft), which includes the 6 m (20 ft) tall parapets on the roof. It was the world's 4th tallest building and 3rd in Asia when completed in 2010.
Walter Kwok Ping-sheungJP was a Hong Kong real estate developer. He was the eldest son of Kwok Tak-seng, founder of Sun Hung Kai Properties, and his wife Kwong Siu-hing. Following their father's death in 1990, he and his brothers Thomas and Raymond inherited Sun Hung Kai Properties.
Thomas Kwok Ping-kwong is a Hong Kong billionaire, and the former joint chairman and managing director of Sun Hung Kai Properties, the largest property developer in Hong Kong. He received a five-year prison sentence for bribery in 2014.
apm is a large shopping mall in Kwun Tong, Hong Kong, which opened in July 2005. It is located within Millennium City 5, a commercial property developed by Sun Hung Kai Properties. Together with Millennium Cities 1, 2, 3, and 6, they are a group of commercial properties situated along Kwun Tong Road. apm is located next to the Kwun Tong station, with ten storeys and a total retail area of 600,000 square feet (56,000 m2). Underground hourly parking is also available.
Kwun Tong is one of the 18 districts of Hong Kong. It is located in Kowloon, and is the easternmost and southernmost district in Kowloon. It had a population of 648,541 in 2016. The district has the second highest population in Hong Kong, after Sha Tin District, while the income is below average. Kwun Tong District borders Sai Kung District to the east, Wong Tai Sin District to the north, and Kowloon City District to the west. To the south is Victoria Harbour, and the Eastern District directly across on Hong Kong Island.
The Cullinan is a luxury private housing estate located in the Union Square, West Kowloon, Hong Kong.
Henderson Land Development Co. Ltd. is a listed property developer in Hong Kong and a constituent of the Hang Seng Index. The company's principal activities are property development and investment, project management, construction, hotel operation, department store operation, finance, investment holding and infrastructure. It is the third largest Hong Kong real estate developer by market capitalisation. The company is controlled by Lee Shau Kee, who owns approximately 70.17% of the share capital as of June 2015.
The Union Square is a mixed-use commercial and residential real estate project in Hong Kong, located on the West Kowloon reclamation in Tsim Sha Tsui, Kowloon. The area covers 13.54 hectares, while the site has a gross floor area of 1,090,026 square metres (11,732,940 sq ft), approximately the size of the Canary Wharf development in London. The complex contained some of the tallest buildings in Hong Kong, which includes the tallest commercial building in Hong Kong, the 118-storey International Commerce Centre and the loftiest residential tower in Hong Kong, The Cullinan, which rises 270-metre (890 ft) high.
Millennium City is a group of skyscrapers in Kwun Tong, Hong Kong built along the southern side of Kwun Tong Road near Ngau Tau Kok station and developed by Sun Hung Kai Properties.
Kwok Tak-seng OBE was a Hong Kong businessman. He was the founder of Sun Hung Kai Properties, one of the major property developers in Hong Kong.
Sun Hung Kai & Co. Limited (SEHK: 86 is an alternative investment company headquartered in Hong Kong. Since its establishment in 1969, the Group has owned and operated market-leading platforms in Financial Services. The Group invests across public markets, alternatives and real assets and has an established track record of generating long-term risk adjusted returns for its shareholders. Most recently, it has extended its strategy to incubate, accelerate and support emerging asset managers in the Asian region. It is also the major shareholder of a leading Consumer Finance firm, United Asia Finance Limited. The Group currently holds about HK$48.8 billion in total assets as at 31 December 2021.
The International Commerce Centre is a 108-story, 484 m (1,588 ft) supertall skyscraper in Tsim Sha Tsui, Hong Kong. On top of shopping mall Elements, near West Kowloon Cultural District, and the south side of the ICC faces Victoria Harbour, directly opposite Hong Kong's 2nd tallest building, Two ifc.
Royal Plaza Hotel is a hotel located on Prince Edward Road West, Mong Kok, Kowloon, Hong Kong that opened in 1997.
The following is a non-exhaustive list of private housing estates in Sha Tin District, Hong Kong.
Since the British colonialisation in 1841 after the First Opium War, Hong Kong has grown from a stony outcrop on the southern coast of China to a territory whose property prices are among the highest in the world. The territory has a land mass of 1,111 km2 (429 sq mi). According to government figures as at 2018, most of the land in Hong Kong is woodland, shrubland and grassland – much of which designated as country parks such as Lion Rock, Plover Cove Country Park and Sai Kung East Country Park, and only approximately 25% of the land mass out of the total territory is classed as "built-up". Most of the 7.3 million people in Hong Kong inhabit an area measuring 78 km2 (30 sq mi). Excluding rural settlement housing, which represents 7% of the city's total domestic households, the remainder of the population is effectively squeezed into an area of 42 km2 (16 sq mi). Property developers play a direct role in housing in Hong Kong, including the hoarding of approximately 1,000 hectares of agricultural land which could otherwise be used for housing.
Mikiki is a shopping centre in San Po Kong, Kowloon, Hong Kong. It is owned by Sun Hung Kai Properties. Mikiki is directly connected to The Latitude, a private housing estate that was also developed by Sun Hung Kai Properties. Mikiki does not have a Chinese name, and its English name is based on the Japanese word for "knowledge". Mikiki covers an area of 200,000 square feet and has been opened to the general public since July 2011. Its official opening date was on 30 October that year. The mall is managed by Sun Hung Kai Properties and Hong Yip Service Co Ltd.
Geoffrey Kwok is a Hong Kong billionaire, and a director of Empire Group. He is the eldest son of Walter Kwok, who founded the Empire Group. His grandfather Kwok Tak-seng founded Sun Hung Kai Properties, which Walter Kwok and his brothers inherited, Asia's largest real estate developers.
The Kwok Tak-seng Family refers to a wealthy family based in Hong Kong, primarily known for being the controlling family of Sun Hung Kai Properties (SHKP), a company founded by Kwok Tak-seng. They have long been the richest family in Hong Kong and among the richest in Asia.
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