https://www.scmp.com/rss/119871/feed Wheelock and Co is a Hong Kong-based company that is primarily involved in property investment, property development, property management and agency, and investment holding. It is also involved in the distribution and retail businesses, including Lane Crawford, Joyce and City'Super, with operations in Hong Kong, the British Virgin Islands, the People's Republic of China and Singapore. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com SCMP Reporters SCMP Reporters When the Australian-Chinese activist Tse Tsan-tai and the British journalist Alfred Cunningham published the first print run of the South China Morning Post in November 1903, Hong Kong was already a bustling entrepot teeming with a vibrant business community that served foreign merchants in their commercial activities. At least a dozen of those companies that preceded the birth year of the Post remain to this day. AS Watson, 1828 The company traces its roots to 1828 as the Canton Dispensary and... https://www.scmp.com/business/companies/article/3240188/watson-hsbc-and-star-ferry-many-hong-kongs-oldest-businesses-predated-post?utm_source=rss_feed https://www.scmp.com/business/companies/article/3240188/watson-hsbc-and-star-ferry-many-hong-kongs-oldest-businesses-predated-post?utm_source=rss_feed Wed, 08 Nov 2023 00:15:13 +0000 The second batch of flats to go on sale at Wheelock Properties’ latest residential project at Hong Kong’s former Kai Tak airport got off to a brisk start, with buyers snapping up about a quarter of the 112 units within an hour of the launch. Wheelock said it sold 30 units at Monaco Marine, netting HK$400 million (US$51 million) soon after sales opened at 6:30pm on Thursday. The flats had received 3,600 applications from prospective buyers, local media reported. The sales “reflect keen market... https://www.scmp.com/business/article/3175891/wheelocks-monaco-marine-project-kai-tak-proves-popular-hongkongers-second?utm_source=rss_feed https://www.scmp.com/business/article/3175891/wheelocks-monaco-marine-project-kai-tak-proves-popular-hongkongers-second?utm_source=rss_feed Thu, 28 Apr 2022 23:30:18 +0000 Hong Kong developers are launching hundreds of flats at knock-down prices in a bid to make up for lost time as the city begins to emerge from months of strict social-distancing measures that have made house sales all-but impossible. Sino Land priced the first batch of 168 units at its Grand Mayfair I project above Kam Sheung Road MTR station at an average price of HK$17,608 per square foot after factoring in a discount of up to 16 per cent. The price, unveiled on Wednesday, is about 12 per cent... https://www.scmp.com/business/article/3174948/sino-land-wheelock-unleash-cheaper-flats-boost-sales-hong-kong-emerges?utm_source=rss_feed https://www.scmp.com/business/article/3174948/sino-land-wheelock-unleash-cheaper-flats-boost-sales-hong-kong-emerges?utm_source=rss_feed Thu, 21 Apr 2022 00:30:28 +0000 The first large new residential project to be launched in Hong Kong since a ferocious fifth wave of coronavirus struck has been priced more than 10 per cent lower than a development that went on sale in the same area last summer. It comes as developers prepare to unleash thousands of flats in the coming months that will test market demand amid a flagging economy and rising unemployment. Wheelock Properties priced the first batch of 112 units at Monaco Marine in Kai Tak, the site of the city’s... https://www.scmp.com/business/article/3174280/wheelock-prices-flats-kai-tak-12-cent-cheaper-hong-kongs-developers-get?utm_source=rss_feed https://www.scmp.com/business/article/3174280/wheelock-prices-flats-kai-tak-12-cent-cheaper-hong-kongs-developers-get?utm_source=rss_feed Thu, 14 Apr 2022 10:30:28 +0000 Hong Kong developer Wheelock Properties expects to shrug off headwinds and remains optimistic about the city’s home prices recovering 5 per cent this year if Covid-19 eases. “When the pandemic fades, I believe home prices may recover gradually from the bottom, because buying power is accumulating in the market,” Ricky Wong, the developer’s managing director, told the Post on Thursday. He attributed the recent correction in home prices to homeowners in a rush to sell, and expected prices to... https://www.scmp.com/business/article/3170871/pandemic-temporary-hong-kong-developer-wheelock-says-remains-optimistic?utm_source=rss_feed https://www.scmp.com/business/article/3170871/pandemic-temporary-hong-kong-developer-wheelock-says-remains-optimistic?utm_source=rss_feed Fri, 18 Mar 2022 00:30:15 +0000 Hong Kong’s property buyers stayed home over the weekend, handing Wheelock Properties the first sales slump in more than 12 months as a fresh outbreak of the coronavirus disease sent the market into an early recess three days before the Lunar New Year begins. Wheelock failed to find any buyer for the 96 apartments on offer at its Koko Hills project in Kwun Tong as of 7:30pm, sales agents said. The flats, leftovers from July 2020, were priced at HK$21,491 (US$2,758) per square foot on average... https://www.scmp.com/business/article/3165256/wheelock-fails-find-buyers-koko-hills-latest-coronavirus-outbreak-kept?utm_source=rss_feed https://www.scmp.com/business/article/3165256/wheelock-fails-find-buyers-koko-hills-latest-coronavirus-outbreak-kept?utm_source=rss_feed Sat, 29 Jan 2022 12:55:51 +0000 Hong Kong’s homebuyers flocked into the property market to snap up flats in Tin Shui Wai and at the city’s former airport runway in Kai Tak ahead of an expected increase in demand after the reopening of the border with mainland China. Wheelock Properties sold 341 of the first batch of 342 flats at the Monaco One project in Kai Tak as of 9pm, agents said. The flats had received 6,153 registrations of interest, translating to 18 bids for every available unit, according to the developer. Meanwhile,... https://www.scmp.com/business/article/3155976/hong-kong-homebuyers-snap-flats-projects-citys-former-airport-runway-and?utm_source=rss_feed https://www.scmp.com/business/article/3155976/hong-kong-homebuyers-snap-flats-projects-citys-former-airport-runway-and?utm_source=rss_feed Sat, 13 Nov 2021 13:23:37 +0000 Hong Kong’s weekend home sales were mixed, with buyers piling in after new launches and the smallest flats that require less upfront payments, giving their collective cold shoulder to unsold projects left over from last year. Centralcon Properties sold 160 flats, or 47 per cent of the 338 flats earmarked in its second round of sales at The Arles in Sha Tin as of 8:30pm, extending last weekend’s success which found buyers for 82 per cent of the 536 apartments on offer. Wheelock Properties was... https://www.scmp.com/business/article/3153446/hong-kongs-buyers-shrug-aside-leftover-projects-their-rush-small-cheaper?utm_source=rss_feed https://www.scmp.com/business/article/3153446/hong-kongs-buyers-shrug-aside-leftover-projects-their-rush-small-cheaper?utm_source=rss_feed Sat, 23 Oct 2021 10:31:57 +0000 The price of car parking spaces at the Lohas Park residential enclave in Hong Kong’s Tseung Kwan O district has risen to a record high, as a chronic shortage in the area forced vehicle owners to bid up prices. Wheelock Properties, the developer of the Malibu apartments, released the final 87 parking bays in the project at a price range of between HK$2.2 million and up to HK$2.46 million (US$316,396) each, an increase of as much as 23 per cent from two years ago. Applications to bid for the... https://www.scmp.com/business/article/3153198/parking-space-price-hong-kongs-lohas-park-soars-23-cent-record-wheelock?utm_source=rss_feed https://www.scmp.com/business/article/3153198/parking-space-price-hong-kongs-lohas-park-soars-23-cent-record-wheelock?utm_source=rss_feed Fri, 22 Oct 2021 00:30:17 +0000 Wharf Holdings, one of Hong Kong’s biggest builders of luxury homes and shopping centres, improved its first-half financial results, as strong sales of ultra-expensive residences and investment gains bolstered its bottom line. The company’s underlying interim net loss narrowed by 53.5 per cent to HK$526 million (US$67.58 million) from HK$1.13 billion loss in the first half of 2020, after an impairment charge of HK$3.65 billion, Wharf said in a filing to the Hong Kong stock exchange. Including... https://www.scmp.com/business/article/3144536/wharfs-first-half-results-improve-helped-resurgent-sales-luxury-homes-hong?utm_source=rss_feed https://www.scmp.com/business/article/3144536/wharfs-first-half-results-improve-helped-resurgent-sales-luxury-homes-hong?utm_source=rss_feed Tue, 10 Aug 2021 10:30:10 +0000 My daughter in Vancouver, Canada recently sent me a message about a parking space at Mount Nicholson, a luxury residential development on The Peak, when it made local headlines. The spot sold for HK$10 million (US$1.3 million), a pricier sum than a starter flat in Hong Kong. According to more than 40 parking spaces sold by the same developer, the prices reflected some of the highest ever recorded to date. How could a mere 2.5 by 5 meters parking space command such lofty price levels? The answer... https://www.scmp.com/business/article/3143438/will-record-setting-prices-car-parking-spaces-peak-drive-other-owners-mark?utm_source=rss_feed https://www.scmp.com/business/article/3143438/will-record-setting-prices-car-parking-spaces-peak-drive-other-owners-mark?utm_source=rss_feed Tue, 03 Aug 2021 04:00:13 +0000 A residential site in one of the least developed areas of Hong Kong was sold for higher than market expectations to Wheelock Properties on Wednesday. Wheelock won the parcel in Kwu Tung in the northern New Territories for HK$4.19 billion (US$540 million), some 7.4 per cent more than the top end of market expectations. Surveyors had estimated the plot could fetch HK$3.3 billion to HK$3.9 billion, or HK$6,500 to HK$8,000 per square foot. Located next to a plot won by Sun Hung Kai Properties in... https://www.scmp.com/business/article/3142918/wheelock-properties-wins-kwu-tung-residential-land-tender-us540-million?utm_source=rss_feed https://www.scmp.com/business/article/3142918/wheelock-properties-wins-kwu-tung-residential-land-tender-us540-million?utm_source=rss_feed Wed, 28 Jul 2021 23:30:22 +0000 Government board members were absent from meetings related to the discussion and decision to bid for a prime site in Central, the MTR Corp said to allay public concerns about conflict of interest. The rail operator and property developer, in which the Hong Kong government holds a 75 per cent stake, issued a statement in response to media queries over potential conflict of interest after it said it had taken part in the government land tender for the New Central Harbourfront Commercial Site 3.... https://www.scmp.com/business/article/3138093/mtr-corp-says-central-harbourfront-site-bid-did-not-involve-government?utm_source=rss_feed https://www.scmp.com/business/article/3138093/mtr-corp-says-central-harbourfront-site-bid-did-not-involve-government?utm_source=rss_feed Sun, 20 Jun 2021 22:30:00 +0000 A large commercial plot in Causeway Bay, the first to be offered by the government in the area in 24 years, attracted six bids on Friday. Bids for the 286,140 sq ft site on Caroline Hill Road have been placed by a partnership between Hysan Development, the largest landlord in Causeway Bay and Chinachem Group, while Sino Land is bidding as part of a consortium that includes Lifestyle International Holdings, Kerry Properties and CC Land Holdings. Offers have also come from Sun Hung Kai Properties... https://www.scmp.com/business/companies/article/3132685/ck-asset-wheelock-sun-hung-kai-properties-among-six-bidders?utm_source=rss_feed https://www.scmp.com/business/companies/article/3132685/ck-asset-wheelock-sun-hung-kai-properties-among-six-bidders?utm_source=rss_feed Fri, 07 May 2021 10:53:39 +0000 Wheelock Properties, one of Hong Kong’s largest developers, has won the right to build apartments at the Wong Chuk Hang subway station, beating five competitors to one of the last remaining plots of land around the city’s mass transport network. The company’s subsidiary Modern Expert Limited won the right to build on the land parcel measuring 46,800 square metres (503,750 square feet) atop the station on the South Island Line, according to a statement by MTR Corporation, which operates the... https://www.scmp.com/business/companies/article/3129918/wheelock-outbids-five-rivals-last-residential-land-plot-hong?utm_source=rss_feed https://www.scmp.com/business/companies/article/3129918/wheelock-outbids-five-rivals-last-residential-land-plot-hong?utm_source=rss_feed Fri, 16 Apr 2021 13:30:48 +0000 Hong Kong’s property buyers ignored warnings of a growing cluster of Covid-19 infections in the city to snap up new flats on offer at Cheung Sha Wan, as the roll-out of coronavirus vaccines and a resurgent stock market boosted confidence. Wheelock Properties and Sino Land sold 202 apartments, or 89 per cent of the 227 units on offer, at their Grand Victoria project as of 9pm, for a total haul of nearly HK$2.4 billion (US$309 million), sales agents said. The developers’ sales office at the... https://www.scmp.com/business/china-business/article/3125326/homebuyers-snap-wheelocks-grand-victoria-flats-ignoring?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3125326/homebuyers-snap-wheelocks-grand-victoria-flats-ignoring?utm_source=rss_feed Sat, 13 Mar 2021 08:58:56 +0000 Wharf REIC, which owns Hong Kong luxury shopping centres Times Square and Harbour City, has projected a cloudy outlook for 2021, saying that the Covid-19 pandemic might continue to drag on its retail and hotel operations this year. The company on Thursday reported a 23.6 per cent slide in 2020 net profit to HK$7.48 billion (US$963.8 million), along with a net investment properties revaluation deficit of HK$13.77 billion. “It is cloudy and rainy in 2021,” chairman and managing director Stephen Ng... https://www.scmp.com/business/companies/article/3124137/wharf-reic-owner-luxury-malls-times-square-and-harbour-city?utm_source=rss_feed https://www.scmp.com/business/companies/article/3124137/wharf-reic-owner-luxury-malls-times-square-and-harbour-city?utm_source=rss_feed Thu, 04 Mar 2021 23:30:24 +0000 Wharf (Holdings) is planning to lease out one of its properties in Hong Kong’s exclusive housing neighbourhood on The Peak by tender, which could fetch more than HK$1 million (US$129,000) in monthly rent based on indicative market rates. The 10,804 square feet house on 11 Plantation Road, one of the seven homes sharing the same address, requires potential tenants to lodge a HK$1 million deposit, according to the bidding terms. The tender closes at 6pm local time on Wednesday. While the asking... https://www.scmp.com/business/companies/article/3122883/wharf-seeks-tenants-hk1-million-house-peak-after-acquisition?utm_source=rss_feed https://www.scmp.com/business/companies/article/3122883/wharf-seeks-tenants-hk1-million-house-peak-after-acquisition?utm_source=rss_feed Wed, 24 Feb 2021 04:05:18 +0000 Hong Kong’s streak of sell-out weekends of residential property ended when two developers sold fewer than a third of the combined 212 flats on offer in two districts, as the city’s strictest social distancing measures to date dampened sentiments. MinMetals Land, the real estate subsidiary of one of China’s largest metallurgical producers, sold 60 of 161 apartments at its Montego Bay project in Yau Tong as of 5:30pm, sales agents said. In Yuen Long, Road King failed to find a single buyer for the... https://www.scmp.com/business/article/3112725/hong-kongs-strict-covid-19-social-distancing-rule-spoils-mood-homebuyers?utm_source=rss_feed https://www.scmp.com/business/article/3112725/hong-kongs-strict-covid-19-social-distancing-rule-spoils-mood-homebuyers?utm_source=rss_feed Sat, 05 Dec 2020 12:04:04 +0000 Move over, private equity: There are some new buyers in town, and they know their targets better than anyone. Billionaire owners from Japanese tycoon Masayoshi Son to French media magnate Patrick Drahi are looking at removing their crown jewels from the spotlight of public markets. The potential moves to take their firms private mean they won’t have to deal with volatile markets and increasingly vocal shareholders. Companies have already announced US$26 billion of transactions to be taken... https://www.scmp.com/business/companies/article/3101587/son-drahi-and-hong-kong-tycoons-line-take-unloved-companies?utm_source=rss_feed https://www.scmp.com/business/companies/article/3101587/son-drahi-and-hong-kong-tycoons-line-take-unloved-companies?utm_source=rss_feed Tue, 15 Sep 2020 08:00:15 +0000 Hong Kong’s property buyers shrugged aside a relapse of coronavirus infections to snap up new homes launched in two locations, giving legs to a tentative recovery in the city’s residential real estate market. Wheelock Properties sold 85 flats at the Koko Hills project in Lam Tin for a total haul of HK$1.02 billion at 6:30pm, or 53 per cent of the 160 units offered, even as the project’s average price of HK$19,995 per square foot was about 15 per cent higher than the most recent new launch in the... https://www.scmp.com/business/article/3092795/buyers-shrug-aside-covid-19-relapse-wheelocks-koko-hills-flats-lam-tin?utm_source=rss_feed https://www.scmp.com/business/article/3092795/buyers-shrug-aside-covid-19-relapse-wheelocks-koko-hills-flats-lam-tin?utm_source=rss_feed Sat, 11 Jul 2020 12:10:19 +0000 Wheelock Properties, pinning its hopes on the newly passed national security law to bring stability to Hong Kong and boost the housing market, has priced its upcoming residential project at a huge premium. The developer is expected to launch the first batch of 83 flats at Koko Hills in Kowloon East as early as next week, with prices starting at HK$19,264 (US$2,485) per square foot. It is likely to be the first project to go on sale after the new law was introduced on Tuesday. “We’re seeing an... https://www.scmp.com/business/article/3091613/koko-hills-wheelock-prices-kowloon-east-project-premium-bets-national?utm_source=rss_feed https://www.scmp.com/business/article/3091613/koko-hills-wheelock-prices-kowloon-east-project-premium-bets-national?utm_source=rss_feed Thu, 02 Jul 2020 22:45:10 +0000 Wheelock and Company, Hong Kong’s fourth-largest developer by market value, will bring the curtains down on its 57-year presence on the Hong Kong stock exchange this week, after shareholders agreed to a privatisation plan amid a stock slump. More than 99 per cent of Wheelock’s shareholders consented to the plan at a meeting on Tuesday, the company said in an exchange filing. The stock will trade for the last time on June 18, it added. Wheelock’s HK$126 billion (US$16 billion) proposal is one of... https://www.scmp.com/business/companies/article/3089328/wheelock-ends-57-year-history-public-company-shareholders?utm_source=rss_feed https://www.scmp.com/business/companies/article/3089328/wheelock-ends-57-year-history-public-company-shareholders?utm_source=rss_feed Tue, 16 Jun 2020 15:20:08 +0000 China Evergrande’s poor run of sales at its Emerald Bay residential project in Tuen Mun continued on Sunday, as property buyers become increasingly picky in an uncertain economic climate. It was the second of three sales to flop over the weekend, after buyers shunned Wheelock & Co’s Ocean Marini development. The mainland developer managed to sell only five out of 338 flats, or 1.5 per cent, on offer in Emerald Bay phase two, which comprises 1,960 flats and 22 villas in total, the project’s sales... https://www.scmp.com/business/markets/article/3087931/fourth-time-unlucky-china-evergrande-hong-kong-investors-shun?utm_source=rss_feed https://www.scmp.com/business/markets/article/3087931/fourth-time-unlucky-china-evergrande-hong-kong-investors-shun?utm_source=rss_feed Sun, 07 Jun 2020 12:39:03 +0000 Hong Kong’s real estate buyers turned out in droves for the third consecutive weekend, as they shrugged aside the Trump administration’s threat to strip the city of its special trade status amid escalating US-China tension. Sales results were mixed at two developments in different parts of the city. Sun Hung Kai Properties (SHKP), the city’s largest developer by market capitalisation, extended last weekend’s sell-out streak and sold 200 of the 209 flats offered in the third batch of Phase II of... https://www.scmp.com/business/china-business/article/3087862/hong-kong-homebuyers-show-third-weekend-sale-row-shrugging?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3087862/hong-kong-homebuyers-show-third-weekend-sale-row-shrugging?utm_source=rss_feed Sat, 06 Jun 2020 09:50:35 +0000 When Spencer Fung first unveiled his US$150 million, three-year plan in 2017 to remake the 111-year-old trading company founded by his great-grandfather into a trailblazer in the digital era of online shopping and smart retailing, he was in charge of a HK$30 billion (US$3.9 billion) giant that had made its fortune as the broker between the two largest economies on earth. Since then, a trade war has sullied ties between the United States and China, tearing asunder the intricate global network of... https://www.scmp.com/business/companies/article/3087681/hong-kongs-tycoons-catch-privatisation-bug-they-pick-assets-rock?utm_source=rss_feed https://www.scmp.com/business/companies/article/3087681/hong-kongs-tycoons-catch-privatisation-bug-they-pick-assets-rock?utm_source=rss_feed Fri, 05 Jun 2020 21:30:09 +0000 Hong Kong’s property sales flopped for the fourth straight weekend, as homebuyers turned their backs on unsold projects to wait for better discounts, amid a real estate slump in the city’s worst economic contraction in decades. Wheelock Properties sold 13 flats, or 13 per cent of the 101 units on offer at its Grand Marini project in Lohas Park as of 6:45pm, sales agents said. The same project was 90 per cent sold two months earlier, with 18 potential buyers vying for every available unit... https://www.scmp.com/business/article/3084725/hong-kongs-homebuyers-shun-property-sales-fourth-weekend-row-they-await?utm_source=rss_feed https://www.scmp.com/business/article/3084725/hong-kongs-homebuyers-shun-property-sales-fourth-weekend-row-they-await?utm_source=rss_feed Sat, 16 May 2020 13:13:09 +0000 The slumping equity market has prompted some Hong Kong developers and their majority owners to step in and shore up support for investors, while increasing their stakes at the same time. At least three companies – New World Development, Wheelock and Co, and a joint venture owned by the father-son duo of Li Ka-shing and Victor Li Tzar-kuoi – have been actively involved in buying shares on the slide. They swooped in on nearly HK$1.5 billion (US$193.5 million) worth of stock last month after prices... https://www.scmp.com/business/investor-relations/article/3078336/hong-kong-developers-buy-us1935-million-worth-own?utm_source=rss_feed https://www.scmp.com/business/investor-relations/article/3078336/hong-kong-developers-buy-us1935-million-worth-own?utm_source=rss_feed Sun, 05 Apr 2020 05:00:18 +0000 Wheelock Properties’ second batch of flat sales in Hong Kong’s Tseung Kwan O district ran into the city’s biggest daily increase in confirmed coronavirus infections, a deterioration that kept an estimated 20 per cent of registered buyers at home. The developer sold 82 flats, or 80 per cent, of the 102 units on offer at its Ocean Marini project as of 9pm, according to sales agents, failing to repeat last weekend’s sell-out launch. Separately, two flats each at the Marini and Grand Marini projects... https://www.scmp.com/business/article/3076278/wheelocks-ocean-marini-flat-sales-run-out-steam-second-round-hong-kong?utm_source=rss_feed https://www.scmp.com/business/article/3076278/wheelocks-ocean-marini-flat-sales-run-out-steam-second-round-hong-kong?utm_source=rss_feed Sat, 21 Mar 2020 10:24:21 +0000 Hong Kong’s homebuyers snapped up the city’s first fresh property launch in two months, attracted by discounts and expectations of lower interest rates, even as the ongoing coronavirus outbreak continued to weigh on business and retail sentiments. Wheelock Properties said it sold 187 of the 208 flats, or 90 per cent of the units on offer at the Ocean Marini project in Tseung Kwan O as of 9pm on Saturday, for a sales haul of HK$1.59 billion (US$204 million). The flats were mostly two and... https://www.scmp.com/business/article/3075207/hong-kong-homebuyers-snap-first-new-property-project-two-months-lured?utm_source=rss_feed https://www.scmp.com/business/article/3075207/hong-kong-homebuyers-snap-first-new-property-project-two-months-lured?utm_source=rss_feed Sat, 14 Mar 2020 06:33:57 +0000 Wharf Hotels said it closed the Prince Hotel for renovations, making use of the business lull created by months of anti-government protests and the coronavirus outbreak for refurbishments, amid market talk that its parent Wheelock was planning a privatisation. The hotel, located in the Habour City commercial complex in Kowloon, will undergo 15 months of renovations until the third quarter of 2021, the first in a trio of Wharf’s properties in the Canton Road vicinity of Tsim Sha Tsui – the other... https://www.scmp.com/business/companies/article/3052125/wharf-close-prince-hotel-tsim-sha-tsui-renovations-amid?utm_source=rss_feed https://www.scmp.com/business/companies/article/3052125/wharf-close-prince-hotel-tsim-sha-tsui-renovations-amid?utm_source=rss_feed Mon, 24 Feb 2020 10:45:14 +0000 JPMorgan Chase is going bullish on some of Hong Kong’s biggest developers because a correction in home prices is likely to be fleeting and a HK$40 billion (US$5.1 billion) build-up in liquidity over the past 12 months could help shore up market sentiment after the first quarter this year. The US bank recommends an overweight on shares of CK Asset, Henderson Land and New World Development, while keeping a neutral stance on other property stocks on its coverage, analysts led by Cusson Leung said... https://www.scmp.com/business/article/3045412/jpmorgan-bullish-some-hong-kong-developers-hk40-billion-liquidity-build?utm_source=rss_feed https://www.scmp.com/business/article/3045412/jpmorgan-bullish-some-hong-kong-developers-hk40-billion-liquidity-build?utm_source=rss_feed Thu, 09 Jan 2020 12:30:09 +0000 Hong Kong developers have urged the government to consider a temporary suspension of the proposed vacancy tax, as they fear it would intensify the slowdown in the property market already reeling from the US-China trade war and social turmoil. “The introduction of the vacancy tax at the moment certainly will add fuel to the fire,” the Real Estate Developers Association of Hong Kong (Reda) said on Friday. “The Hong Kong government forecast shows that the city’s economy is undergoing adjustment. If... https://www.scmp.com/business/article/3027144/hong-kong-builders-urge-government-defer-roll-out-vacancy-tax-they-fear-it?utm_source=rss_feed https://www.scmp.com/business/article/3027144/hong-kong-builders-urge-government-defer-roll-out-vacancy-tax-they-fear-it?utm_source=rss_feed Fri, 13 Sep 2019 08:24:19 +0000 Hong Kong developer Wheelock Properties has sparked fears of a faster-than-expected correction in the world’s most expensive property market by pricing a new project in Tseung Kwan O 8 per cent below properties sold in the area just two months ago. It has priced a first batch of 130 flats at the 674-unit Marini development, in Lohas Park, at an average of HK$14,997 (US$1,912.9) per square foot, after a 21.5 per cent discount. “The social unrest in the past two months has had a significant impact... https://www.scmp.com/business/article/3023977/hong-kong-developer-wheelock-cuts-price-new-project-sparks-fears-faster?utm_source=rss_feed https://www.scmp.com/business/article/3023977/hong-kong-developer-wheelock-cuts-price-new-project-sparks-fears-faster?utm_source=rss_feed Thu, 22 Aug 2019 22:30:08 +0000 Mainland property developers that arrived late to Hong Kong are discovering not everything always ends well when it comes to risk taking in the world’s least affordable market for home ownership. Chinese developer Jiayuan International Group appears on track for a slim profit or even a loss in its first residential property investment in the city. The developer gave discounts of up to 37.6 per cent at T-Plus, a residential development in Tuen Mun featuring “micro homes”. Hong Kong... https://www.scmp.com/property/hong-kong-china/article/3019049/developer-some-hong-kongs-smallest-abodes-may-have-sold?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/3019049/developer-some-hong-kongs-smallest-abodes-may-have-sold?utm_source=rss_feed Wed, 17 Jul 2019 16:00:14 +0000 Hong Kong developers, taking advantage of the calm that has returned to the city, on Thursday launched projects at prices that undercut rivals by up to 20 per cent, hoping to attract buyers who have adopted a cautious approach. Wing Tai Properties said it would sell flats at OMA OMA in Tuen Mun at an average price of HK$12,463 per square foot, some 20 per cent lower than Sun Hung Kai Properties’ Mount Regency phase two, which is also in the same area. The city’s largest developer is putting 130... https://www.scmp.com/business/article/3015427/hong-kong-developers-hope-put-recent-setbacks-behind-them-they-launch?utm_source=rss_feed https://www.scmp.com/business/article/3015427/hong-kong-developers-hope-put-recent-setbacks-behind-them-they-launch?utm_source=rss_feed Fri, 21 Jun 2019 00:00:14 +0000 Property sales were disappointing on Sunday in Hong Kong’s biggest offering since early May, as buyers stayed away amid huge protests in the city against a proposed extradition bill, and ongoing concerns over the US-China trade war. Not only is Hong Kong sitting in the middle of a worsening US-China trade war, but also its own political turmoil as protesters took to the streets on Sunday for a third time in a week against a proposed extradition law that would allow suspects to be sent to... https://www.scmp.com/business/article/3014719/protest-against-controversial-extradition-bill-casts-shadow-hong-kongs?utm_source=rss_feed https://www.scmp.com/business/article/3014719/protest-against-controversial-extradition-bill-casts-shadow-hong-kongs?utm_source=rss_feed Sun, 16 Jun 2019 11:39:07 +0000 The Hong Kong unit of China’s most valuable property developer said it is putting 251 flats up for sale this Sunday, in a defiant launch against downbeat sentiments amid a worsening US-China trade war and the city’s biggest street protests in two decades. Vanke Property (Hong Kong) will sell 251 units of its Grand Le Pont apartments in Tuen Mun this Sunday in the latest phase of its launch, with prices in the fourth catalogue starting from HK$4.66 million for a 353-square foot unit to HK$9.3... https://www.scmp.com/business/article/3014179/vanke-sell-251-flats-tuen-mun-sunday-defying-downbeat-mood-amid-trade-war?utm_source=rss_feed https://www.scmp.com/business/article/3014179/vanke-sell-251-flats-tuen-mun-sunday-defying-downbeat-mood-amid-trade-war?utm_source=rss_feed Wed, 12 Jun 2019 07:38:40 +0000 Wheelock and Co, which invests in property, hotels and logistics, set a conservative sales target of about HK$10 billion (US$1.27 billion) for this year after the group reported a modest gain in core profit for last year. Underlying profit, excluding revaluation gains on investment properties, amounted to HK$13.2 billion (US$1.69 billion) for the year to December 31, up 9 per cent from 2017. “We will increase our sales volume … Most developers including us will maintain a low level of unsold... https://www.scmp.com/business/article/3001404/wheelock-sets-conservative-sales-target-hk10-billion-after-reporting-9?utm_source=rss_feed https://www.scmp.com/business/article/3001404/wheelock-sets-conservative-sales-target-hk10-billion-after-reporting-9?utm_source=rss_feed Tue, 12 Mar 2019 14:05:30 +0000 What a difference six months makes. A plot of prime waterfront land in Hong Kong has sold at a price 18 per cent lower than a comparable tender in the same area. A consortium of four major local developers won the auction for the first residential site on the runway of the former airport at Kai Tak for HK$8.33 billion (US$1.06 billion). Voyage Mile, a unit of Wheelock Properties, New World Development, Henderson Land Development and Empire Development Hong Kong won the bid, the Lands Department... https://www.scmp.com/business/article/2172148/hong-kong-builders-pay-us1-billion-first-plot-runway-old-kai-tak-airport?utm_source=rss_feed https://www.scmp.com/business/article/2172148/hong-kong-builders-pay-us1-billion-first-plot-runway-old-kai-tak-airport?utm_source=rss_feed Wed, 07 Nov 2018 10:00:45 +0000 Chinachem Group won a big land parcel in one of Hong Kong’s upmarket suburbs after surveyors cut their valuation by 10 per cent, another sign of softening property prices in the world’s most expensive home market. The site next to the Ho Man Tin subway station – with a gross floor area of 639,382 square feet (59,400 square metres), or the size of nine football fields – is estimated at HK$12.8 billion (US$1.63 billion), 10 per cent less than an earlier valuation, after the government scrapped a... https://www.scmp.com/property/hong-kong-china/article/2169705/surveyors-cut-ho-man-tin-land-valuation-10-cent-another?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2169705/surveyors-cut-ho-man-tin-land-valuation-10-cent-another?utm_source=rss_feed Mon, 22 Oct 2018 11:45:30 +0000 Hong Kong property developer Wheelock and Co expects headwinds in the second half as a sluggish stock market, rising interest rates and uncertainties from the US-China trade war bite, after it reported record sales of properties in the first six months. The company rode a boom in the city’s property market in the first half of the year, with 2,021 residential units sold or pre-sold, translating into sales revenue of a record HK$23.4 billion (US$3 billion), more than double the figure in the same... https://www.scmp.com/business/companies/article/2159711/hong-kong-developer-wheelock-sees-cloudy-second-half-rate-rise?utm_source=rss_feed https://www.scmp.com/business/companies/article/2159711/hong-kong-developer-wheelock-sees-cloudy-second-half-rate-rise?utm_source=rss_feed Tue, 14 Aug 2018 13:01:19 +0000 Hong Kong retail chain City’super, an operator of high-end supermarkets, plans to expand into China’s prosperous Yangtze River Delta outside Shanghai, banking on mainlanders’ increasing affluence and growing penchant for premium food products. President Thomas Woo said mainland Chinese shoppers appeared to be more free-spending on some products such as imported liquor than their Hong Kong counterparts, which boosted the retailer’s confidence to open more stores. “We felt that the potential on... https://www.scmp.com/business/companies/article/2155447/hong-kong-high-end-supermarket-operator-citysuper-eyes-more?utm_source=rss_feed https://www.scmp.com/business/companies/article/2155447/hong-kong-high-end-supermarket-operator-citysuper-eyes-more?utm_source=rss_feed Mon, 16 Jul 2018 09:30:43 +0000 When people talk about Lohas Park, the first question that pops into their minds is: Does it still smell bad there? The reason: proximity to the southeast New Territories landfill in Tseung Kwan O, which although stopped receiving refuse two years ago, still takes in construction waste.    But Lohas Park’s image, about an hour by MTR to Central, seems to have changed over the past two weeks as buyers snapped up flats in a mass residential development within hours of its launch. In just four... https://www.scmp.com/property/hong-kong-china/article/2138040/how-lohas-park-evolved-former-landfill-site-much-sought?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2138040/how-lohas-park-evolved-former-landfill-site-much-sought?utm_source=rss_feed Wed, 21 Mar 2018 00:02:43 +0000 Wheelock & Co., which last week kicked off Hong Kong’s first large-scale sale of residential property this year, is poised to extend the success of its campaign for the second week running. A third batch of the developer’s Malibu apartment complex at Lohas Park in Tseung Kwan O, totalling 160 units, sold out on Friday for a total HK$1.37 billion (US$174.7 billion), or an average price of HK$15,827 per square foot after discounts, 7 per cent higher than two earlier batches a week earlier. Another... https://www.scmp.com/business/article/2137641/hong-kongs-first-home-offer-2018-poised-sell-out-buyers-snap-wheelocks?utm_source=rss_feed https://www.scmp.com/business/article/2137641/hong-kongs-first-home-offer-2018-poised-sell-out-buyers-snap-wheelocks?utm_source=rss_feed Sat, 17 Mar 2018 08:00:30 +0000 Wheelock and Co, which pulled in HK$6.4 billion (US$816 million) in property sales over the weekend, said on the Monday that it is interested in HNA Group’s last residential site in Kai Tak should the debt-laden Chinese conglomerate put it up for sale. The company bought a similar site in Kai Tak for HK$6.36 billion from HNA last week. “If HNA considers [selling] the fourth piece of land to certain buyers, I am sure that we will go through with it,” said Douglas Woo, chairman and managing... https://www.scmp.com/property/hong-kong-china/article/2136905/wheelock-eyes-hnas-last-kai-tak-plot-even-it-posts-15pc?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2136905/wheelock-eyes-hnas-last-kai-tak-plot-even-it-posts-15pc?utm_source=rss_feed Mon, 12 Mar 2018 14:35:03 +0000 Hong Kong’s housing market is showing no sign of slowing, as a throngs of prospective buyers vied to get their hands on the biggest weekend launch of newly built flats this year, before the city’s mortgage payments rise in tandem with higher interest rates. All 250 apartment units at Wheelock & Co’s Malibu complex at Lohas Park, were sold on Sunday, the second day of the sale, adding to the 500 that were sold on Saturday, according to the company. Property agents said that the average price per... https://www.scmp.com/business/article/2136639/hong-kongs-biggest-housing-sale-starts-roar-thousands-vie-wheelocks-lohas?utm_source=rss_feed https://www.scmp.com/business/article/2136639/hong-kongs-biggest-housing-sale-starts-roar-thousands-vie-wheelocks-lohas?utm_source=rss_feed Sat, 10 Mar 2018 06:30:40 +0000 Buying among directors rebounded sharply while selling surged for a second week, based on filings on the Hong Kong stock exchange from August 29 to September 2. A total of 28 companies recorded 133 purchases worth HK$109 million, compared with 19 firms with 71 disposals worth HK$637 million. The figures were sharply up from the previous week’s 19 companies, 86 purchases and HK$58 million on the buying side and nine firms, 30 disposals and HK$182 million on the selling side. Buy-back activity... https://www.scmp.com/business/money/markets-investing/article/2014564/hong-kong-directors-trades-take-spotlight-week?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/2014564/hong-kong-directors-trades-take-spotlight-week?utm_source=rss_feed Sun, 04 Sep 2016 09:53:22 +0000 Property and logistics conglomerate Wheelock & Co said core profit increased 31 per cent to HK$10.59 billion last year due to higher property development sales and resilient rental revenue. The result was mainly driven by property sales, and rental revenue growth at 52 per cent-owned subsidiary Wharf. On Wednesday, Wharf reported core profit rose 5 per cent to HK$10.96 billion last year thanks to growth in rental income and property sales. Douglas Woo, chairman of Wheelock & Co said the sales... https://www.scmp.com/property/hong-kong-china/article/1922869/wheelock-co-2015-profit-rises-31pc-hk106b?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/1922869/wheelock-co-2015-profit-rises-31pc-hk106b?utm_source=rss_feed Thu, 10 Mar 2016 05:47:40 +0000 Property and logistics conglomerate Wheelock & Co reported core earnings rose 3.59 per cent to HK$8.1 billion last year due to steady growth in rental revenues. In a company statement filing with the stock exchange on Tuesday, the firm said the solid financial results last year mainly due to “continuous rental revenue growth, which was partly offset by lower development property profit, decrease in profit contribution from associates and lower investment disposal profit as compared to 2013.” Net... https://www.scmp.com/business/companies/article/1740063/hong-kongs-wheelock-co-says-core-earnings-359-cent-hk81-billion?utm_source=rss_feed https://www.scmp.com/business/companies/article/1740063/hong-kongs-wheelock-co-says-core-earnings-359-cent-hk81-billion?utm_source=rss_feed Tue, 17 Mar 2015 07:30:45 +0000