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Cheung Kong (Hldgs) 00001
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| Chairman |
LI Ka-shing |
| Issued Capital (Shares) |
2,316M |
| Par Value (HKD) |
0.500 |
| Market Capitalization (HKD) |
184,251M |
| Corporate Profile |
The principal activities of the Company are investment holding and project management. Its subsidiaries are active in the field of property development and investment hotel and serviced suite operation property and project management and investment in securities.
Business Review - For the year ended December 31 2010
Property Sales
Turnover of property sales for the year including share of property sales of jointly controlled entities was HK$29297 million (2009 ¡V HK$21513 million) an increase of HK$7784 million when compared with last year and comprised mainly the sale of residential units of three property projects completed in previous years ¡V La Mer of Caribbean Coast and Celestial Heights in Hong Kong and Seasons Villas in Shanghai and the sale of residential units of property projects completed during the year including Le Prestige Conduit 18 Festival City Phase 1 and Central Park Towers II in Hong Kong Marina Bay Residences in Singapore La Grande Ville Phase 1 (Zones A B and D) in Beijing The Greenwich Phase 1B in Xian Noble Hills Phase 1B in Changsha The Riverside Phase 3 in Guangzhou Le Parc Phase 2A in Chengdu Noble Hills Phases 1B and 1C in Chongqing Regency Park Phase 3 in Shenzhen and Regency Cove Phase 1B in Shanghai.
Contribution from property sales including share of results of jointly controlled entities was HK$8902 million (2009 ¡V HK$8396 million) an increase of HK$506 million when compared with last year. During the year property sales were active and measures were introduced by the government authorities both in Hong Kong and the Mainland to regulate the red-hot property markets and to facilitate its stability and long-term development.
Contribution from property sales for 2011 will mainly be derived from the sale of residential units of Le Prime Oceanaire Festival City Phase 2 Meridian Hill and Uptown in Hong Kong La Grande Ville Phase 1 (Zones E F and G) and The Greenwich Phase 1C in Beijing Regency Park Phase 2 in Changchun Regency Cove Phase 2 in Shanghai Century Place Phase 1 in Shenzhen Le Parc Phases 2B and 3 in Chengdu Tianjian Metropolitan Phase 2 in Tianjian and several other property projects scheduled for completion.
All units of Le Prime and Oceanaire had been presold after presales were launched in 2009 and 2010 respectively whereas sale/presale of units of Festival City Phase 2 and Meridian Hill in Hong Kong and various property projects on the Mainland are underway.
Property Rental
Turnover of the Group¡¦s property rental for the year was HK$1264 million (2009 ¡V HK$1155 million) an increase of HK$109 million when compared with last year mainly attributable to a full year rental contribution in the current year from 1881 Heritage which was completed in Hong Kong in the first half of 2009. The Group¡¦s existing investment properties comprise mainly retail shopping malls and commercial office properties in Hong Kong which accounted for approximately 40% and 48% respectively of the turnover of the Group¡¦s property rental for the year.
Contribution from the Group¡¦s property rental was HK$1131 million (2009 ¡V HK$1062 million) and contribution including share of results of jointly controlled entities was HK$1817 million (2009 ¡V HK$1739 million) an increase of HK$78 million when compared with last year. During the year business sentiment and consumer confidence continued to improve and the local commercial leasing market regained its strength with growing demand for quality commercial and retail spaces.
In December 2010 the Marina Bay Financial Centre Towers 1 and 2 and Marina Bay Link Mall (the ¡§Marina Bay Properties¡¨) which were completed in Singapore for rental during the year and of which the Group had a 16.7% interest were disposed of to Suntec Real Estate Investment Trust. Further to the fair value gain recognised before its completion in previous years the disposal of the Marina Bay Properties made a contribution of HK$2210 million to group profit for the year.
At the year end date the Group accounted for an increase in fair value of investment properties of HK$1737 million (2009 ¡V HK$3857 million) based on a professional valuation and shared an increase in fair value of investment properties of HK$4733 million (2009 ¡V HK$693 million) of jointly controlled entities largely attributable to the Group¡¦s share of an increase in fair value of the Beijing Oriental Plaza on the Mainland.
Hotels and Serviced Suites
Turnover of the Group¡¦s hotels and serviced suites for the year was HK$2037 million (2009 ¡V HK$1399 million) an increase of HK$638 million when compared with last year. The increase in turnover was mainly a result of the full operation of Harbour Grand Hong Kong and Harbour Plaza 8 Degrees in the current year both of which commenced to operate in Hong Kong during 2009.
Contribution from the Group¡¦s hotels and serviced suites was HK$617 million (2009 ¡V HK$360 million) and contribution including share of results of jointly controlled entities was HK$852 million (2009 ¡V HK$517 million) an increase of HK$335 million when compared with last year. Besides the increase in contribution from the Group¡¦s two new hotels in full operation occupancies and room rates of other hotels and serviced suites owned by the Group and jointly controlled entities also improved during the year as strong growth of the Mainland economy coupled with gradual recovery of the world economies boosted the demand for hotels and serviced suites in Hong Kong and the Mainland.
The Group¡¦s portfolio of hotels and serviced suites in Hong Kong and the Mainland is well positioned to achieve better results as the Mainland economy continues to grow and the world economies recover from the global financial crisis steadily.
Property and Project Management
Turnover of property and project management for the year was HK$265 million (2009 ¡V HK$226 million) of which income from property management was HK$159 million (2009 ¡V HK$158 million) an increase of HK$1 million when compared with last year and income from project related services was HK$106 million (2009 ¡V HK$68 million) an increase of HK$38 million when compared with last year.
Contribution from property management was HK$104 million (2009 ¡V HK$103 million) an increase of HK$1 million when compared with last year while project related services made a small contribution to group profit.
The Group is committed to providing high quality services to properties under our management. At the year end date the total floor area under the Group¡¦s property management was approximately 87 million square feet and this is expected to grow steadily following the gradual completion of the Group¡¦s property projects in the years ahead.
Major Associates
The Hutchison Whampoa Group a listed associate reported profit attributable to shareholders for the year ended 31st December 2010 of HK$20038 million (2009 (restated) ¡V HK$13631 million).
The CK Life Sciences Group another listed associate reported profit attributable to shareholders for the year ended 31st December 2010 of HK$208551000 (2009 ¡V HK$187098000).
Source: Cheung Kong (Hldgs) (00001) Annual Results Announcement |
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Copyright 1999-2001 SHK Financial Data Limited
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Last Updated: 5 Oct 2011
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