https://www.scmp.com/rss/34586/feed Originally known as The Hong Kong and Kowloon Wharf and Godown Company, Ltd, The Wharf Holdings Ltd was founded in 1886 and is used to run wharfage and dockside warehousing. Its operations now span property, hotels, transport and warehousing. It owns the iconic Star Ferry, two major flagship properties in the Harbour City and Times Square shopping centres in Hong Kong, i-CABLE, Cable TV, Wharf T&T, and Modern Terminals. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Aisyah Llewellyn Aisyah Llewellyn A chilling voice note from her husband was all the warning Indonesian housewife Shanty Shanaya received of his impending kidnapping in some of the world’s most treacherous waters. “I’m about to be attacked,” her 33-year-old husband, Captain Ashari Samadikun, said in the April 21 voice note threaded with fear as a group he assumed to be pirates approached. He was captaining the Palau-flagged MT Honour 25 tanker, which was carrying fuel from Oman to Somalia – a route once notorious for pirates who... https://www.scmp.com/week-asia/people/article/3352643/indonesian-captain-among-crew-held-somali-pirates-strike-again-horn-africa?utm_source=rss_feed https://www.scmp.com/week-asia/people/article/3352643/indonesian-captain-among-crew-held-somali-pirates-strike-again-horn-africa?utm_source=rss_feed Wed, 06 May 2026 11:49:19 +0000 Peggy Ye Peggy Ye Swire Properties reported stronger underlying earnings in 2025, as the Hong Kong developer stepped up asset disposals and expanded its mainland China retail portfolio, though weakness in the city’s office market dragged the company into a headline loss. Underlying profit rose 27 per cent to HK$8.62 billion (US$1.1 billion), driven largely by gains from the disposal of noncore assets including the Brickell City Centre retail mall in Miami and several properties in Hong Kong, according to the... https://www.scmp.com/business/article/3346391/hong-kong-developers-swire-and-wharf-report-profit-growth-amid-valuation-pressure?utm_source=rss_feed https://www.scmp.com/business/article/3346391/hong-kong-developers-swire-and-wharf-report-profit-growth-amid-valuation-pressure?utm_source=rss_feed Thu, 12 Mar 2026 12:30:11 +0000 Peggy Ye Peggy Ye Escalating tensions in the Middle East could redirect global wealth flows and support demand for Hong Kong property, as investors seek stable financial hubs amid rising geopolitical uncertainty, analysts say. The shift comes as global wealth migration increasingly reshapes luxury property markets from Sydney to Dubai and Hong Kong. Citigroup said in a report released on Monday that prolonged instability in the region could prompt capital and talent to move out of the Middle East. The report said... https://www.scmp.com/business/banking-finance/article/3346217/hong-kong-property-could-gain-middle-east-turmoil-reshapes-global-wealth-flows?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3346217/hong-kong-property-could-gain-middle-east-turmoil-reshapes-global-wealth-flows?utm_source=rss_feed Wed, 11 Mar 2026 09:00:08 +0000 Peggy Ye Peggy Ye Hong Kong’s fragile retail recovery is clouding the outlook for shopping mall rents, with Wharf Real Estate Investment Company (REIC) warning that rising geopolitical tensions could add further uncertainty even as visitor traffic improves. The landlord of Harbour City in Tsim Sha Tsui and Times Square in Causeway Bay said the retail market showed gradual improvement in 2025 as tourism picked up. “Volume increase, however, was not often accompanied by commensurate yield increase,” the company... https://www.scmp.com/business/companies/article/3346098/middle-east-tensions-add-uncertainty-hong-kong-retail-rents-wharf-reic-says?utm_source=rss_feed https://www.scmp.com/business/companies/article/3346098/middle-east-tensions-add-uncertainty-hong-kong-retail-rents-wharf-reic-says?utm_source=rss_feed Tue, 10 Mar 2026 10:05:40 +0000 Peggy Ye Peggy Ye A Hong Kong delegate to China’s National People’s Congress (NPC) bought a luxury residential project in the seaside enclave of Stanley for 44 per cent less than the seller paid six years ago, in the latest sign that deep discounts are drawing wealthy buyers back into the city’s high-end property market. Bunny Chan Chung-bun, also the chairman of the apparel firm Prospectful Holdings and a former district councillor, acquired Villa Mortini at 8 Stanley Beach Road for HK$310 million (US$39.8... https://www.scmp.com/business/article/3339184/hong-kong-politician-bunny-chan-bets-us40-million-luxury-market-stanley-purchase?utm_source=rss_feed https://www.scmp.com/business/article/3339184/hong-kong-politician-bunny-chan-bets-us40-million-luxury-market-stanley-purchase?utm_source=rss_feed Thu, 08 Jan 2026 09:45:09 +0000 Peggy Ye Peggy Ye Morgan Stanley upgraded Hong Kong’s property sector to “attractive”, noting that an all-round improvement in the city’s economy and a policy-driven recovery will continue to push prices higher this year. The US investment bank forecast home prices to rise around 10 per cent in 2026, with further gains expected in 2027, pointing out that the ongoing rebound marks the start of a new upcycle. “We expect all three sub-segments – Hong Kong residential prices, Central office rents and retail rents –... https://www.scmp.com/business/article/3338864/morgan-stanley-lifts-hong-kong-property-attractive-rebound-extend-2027?utm_source=rss_feed https://www.scmp.com/business/article/3338864/morgan-stanley-lifts-hong-kong-property-attractive-rebound-extend-2027?utm_source=rss_feed Tue, 06 Jan 2026 09:28:15 +0000 Peggy Ye Peggy Ye Hong Kong property developers are bringing new trophy homes to market, as Wharf Holdings kicked off a tender on Friday for three mansions at its ultra-luxury Plantation Road project on The Peak. The tender marked one of the most closely watched super-luxury home offerings in 2025, following a recent string of high-value transactions that pointed to renewed confidence in the market among affluent buyers. The three mansions, with saleable areas ranging from 5,629 to 6,122 square feet, include the... https://www.scmp.com/business/companies/article/3337885/hong-kong-developers-test-demand-ultra-luxury-homes-new-launch-peak?utm_source=rss_feed https://www.scmp.com/business/companies/article/3337885/hong-kong-developers-test-demand-ultra-luxury-homes-new-launch-peak?utm_source=rss_feed Sun, 28 Dec 2025 02:00:11 +0000 Cheryl Arcibal Cheryl Arcibal A nephew of the late Hong Kong shipping tycoon Y.K. Pao has bought a HK$75 million (US$9.6 million) luxury flat in Repulse Bay, continuing a trend among the city’s wealthy buyers who have been snapping up high-end homes in recent months. Crosspark Limited, an entity linked to Raymond Pao Lun-kwok, bought the 2,491 sq ft, four-bedroom flat in Grand Garden in the affluent Southern district on December 8, according to the Land Registry. The previous owner paid HK$80 million in 2018, the records... https://www.scmp.com/business/article/3336577/hong-kong-shipping-barons-nephew-buys-us96-million-flat-repulse-bay?utm_source=rss_feed https://www.scmp.com/business/article/3336577/hong-kong-shipping-barons-nephew-buys-us96-million-flat-repulse-bay?utm_source=rss_feed Tue, 16 Dec 2025 04:08:20 +0000 Enoch Yiu Enoch Yiu It was rare to see hundreds of regulators, financiers and executives of listed companies – including chairmen and CEOs – come together in Central on Sunday morning without striking deals. Instead, they were taking part in a charity run, raising HK$9.7 million (US$1.2 million). The top bosses of Hong Kong Exchanges and Clearing (HKEX), JPMorgan, DBS Hong Kong, Standard Chartered Bank, KPMG and Wharf (Holdings) were among those who had put on their running shoes to compete in relay races over 388... https://www.scmp.com/business/banking-finance/article/3333749/jpmorgan-dbs-standard-chartered-bosses-swap-deals-sneakers-hkex-charity-run?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3333749/jpmorgan-dbs-standard-chartered-bosses-swap-deals-sneakers-hkex-charity-run?utm_source=rss_feed Sun, 23 Nov 2025 04:30:08 +0000 SCMP SCMP This article was first published on November 10, 1990 By Jeremy Lau All-night tram trial stopped Hong Kong Tramways will discontinue its trial all-night service after tonight, a director of Wharf (Holdings) Limited, which owns the company, said on Friday (November 9, 1990). Mr lan Hamilton said the trials had been criticised by members of the Eastern and Wan Chai district boards as being too noisy ever since the scheme was introduced in August. The tram company had decided to abide by their... https://www.scmp.com/news/hong-kong/transport/article/3331896/hong-kong-discontinues-trial-all-night-tram-service-1990-scmp-archive?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3331896/hong-kong-discontinues-trial-all-night-tram-service-1990-scmp-archive?utm_source=rss_feed Mon, 10 Nov 2025 03:15:08 +0000 Matthew Cheng,Jeffie Lam Matthew Cheng,Jeffie Lam Hong Kong Olympic gold medallist Vivian Kong Man-wai, who is vying for the Legislative Council seat representing the travel industry, has highlighted her past efforts in promoting “racing tourism” when questioned by election authorities about her suitability for the sector. According to documents scrutinised by the Post on Thursday, the 31-year-old fencing star has received backing from some of the city’s business heavyweights, including Stephen Ng Tin-hoi, chairman and managing director of... https://www.scmp.com/news/hong-kong/politics/article/3331708/hong-kong-olympian-vivian-kong-cites-racing-tourism-work-legco-bid-scrutiny?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3331708/hong-kong-olympian-vivian-kong-cites-racing-tourism-work-legco-bid-scrutiny?utm_source=rss_feed Thu, 06 Nov 2025 03:13:50 +0000 Peggy Sito Peggy Sito Hong Kong developers rushed to put more than 200 residential units on the market for sale on Friday, as they took advantage of the market’s anticipation of the first interest rate cut of 2025, which may take place as soon as mid-September. Most of the flats were offered at two locations on the Kowloon peninsula. A consortium led by Sino Land put up 109 units of Villa Garda II in Tseung Kwan O at between HK$14,245 and HK$17,940 per sq ft after discounts. In Kai Tak on the seafront runway of the... https://www.scmp.com/business/companies/article/3321942/hong-kong-developers-put-more-200-flats-sale-amid-interest-rate-optimism?utm_source=rss_feed https://www.scmp.com/business/companies/article/3321942/hong-kong-developers-put-more-200-flats-sale-amid-interest-rate-optimism?utm_source=rss_feed Fri, 15 Aug 2025 04:30:15 +0000 Julie Zhang,Hannah Wang Julie Zhang,Hannah Wang Hong Kong developer Wharf (Holdings) swung to a profit in the first half, supported by lower borrowing costs and a recovery in the city’s luxury housing market that offset weaker demand in its mainland China operations. Profit attributable to equity shareholders came in at HK$535 million (US$68.2 million), reversing a HK$2.64 billion loss a year earlier, according to a filing to the Hong Kong stock exchange on Tuesday. Underlying net profit, a reflection of the company’s business operations... https://www.scmp.com/business/banking-finance/article/3321559/wharf-posts-first-half-profit-hong-kong-luxury-property-market-offsets-mainland-woes?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3321559/wharf-posts-first-half-profit-hong-kong-luxury-property-market-offsets-mainland-woes?utm_source=rss_feed Tue, 12 Aug 2025 07:33:57 +0000 Zhang Shidong Zhang Shidong Hong Kong stocks traded sideways on Wednesday as investors geared up for a slew of Chinese economic data and corporate results coming throughout the week. The Hang Seng Index rose less than 0.1 per cent to 24,910.63 at the close. The Hang Seng Tech Index added 0.2 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index rose at least 0.2 per cent. BYD Electronic International rallied 6.7 per cent to HK$37.80 and coal producer China Shenhua Energy added 3 per cent to... https://www.scmp.com/business/china-business/article/3320886/hong-kong-stocks-tread-water-traders-await-china-data-interim-results?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3320886/hong-kong-stocks-tread-water-traders-await-china-data-interim-results?utm_source=rss_feed Wed, 06 Aug 2025 02:20:41 +0000 Ng Kang-chung Ng Kang-chung Beijing’s top official overseeing Hong Kong affairs held a three-hour closed-door discussion with local tycoons and business leaders on the third day of his inspection trip to the city on Friday. Xia Baolong, director of the Hong Kong and Macau Affairs Office, also visited Ocean Park in the afternoon before taking a boat trip to Lamma Island. The exchanges on Friday morning, held at the government headquarters in Admiralty, marked the first time since last November that Xia had direct talks with... https://www.scmp.com/news/hong-kong/politics/article/3315278/xia-baolong-holds-closed-door-talks-hong-kong-business-leaders-during-visit?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3315278/xia-baolong-holds-closed-door-talks-hong-kong-business-leaders-during-visit?utm_source=rss_feed Fri, 20 Jun 2025 11:50:13 +0000 Salina Li Salina Li Homebuyers from mainland China continue to drive demand in Hong Kong’s luxury property market, while local investors offload units at discounted prices. A mainland buyer acquired a 6,071 sq ft detached unit in Pokfulam 138, a luxury project developed by Ryoden Development in Pok Fu Lam, for HK$300 million (US$38.5 million) last week, according to Land Registry records. The price translates to about HK$50,000 per square foot. The buyer, Qiu Jianlin, is the chairman of Zhejiang Hengyi Group, which... https://www.scmp.com/business/article/3310184/hong-kong-luxury-property-mainland-buyers-pounce-big-discounts-local-sellers?utm_source=rss_feed https://www.scmp.com/business/article/3310184/hong-kong-luxury-property-mainland-buyers-pounce-big-discounts-local-sellers?utm_source=rss_feed Tue, 13 May 2025 10:23:58 +0000 Salina Li Salina Li Wharf (Holdings) swung to a loss last year after the commercial property developer wrote down the value of its projects in mainland China amid the nation’s real estate slump. The company reported a loss of HK$3.22 billion (US$414 million), from a HK$945 million profit, after a write-down of as much as HK$5.99 billion from the revaluation of its investment properties. Its underlying net profit, a reflection of the company’s business operations after excluding revaluations, fell 21.5 per cent to... https://www.scmp.com/business/companies/article/3302251/wharf-swings-2024-loss-mainland-china-write-downs-add-sales-slump-office-glut?utm_source=rss_feed https://www.scmp.com/business/companies/article/3302251/wharf-swings-2024-loss-mainland-china-write-downs-add-sales-slump-office-glut?utm_source=rss_feed Thu, 13 Mar 2025 10:15:07 +0000 Cheryl Arcibal Cheryl Arcibal One in six Hongkongers is considering purchasing a home in the next five years and a third of those prospective buyers are entering the market for the first time, a survey by HSBC found. Given the city’s population, HSBC estimates the number of prospective homebuyers at 300,000 households. This means housing supply will fall short of expected demand, as the government aims to supply 132,000 private units and another 123,000 public units to the market over the next decade, according to HSBC. Of... https://www.scmp.com/business/article/3289749/one-6-hongkongers-are-eyeing-home-purchase-next-5-years-hsbc-survey?utm_source=rss_feed https://www.scmp.com/business/article/3289749/one-6-hongkongers-are-eyeing-home-purchase-next-5-years-hsbc-survey?utm_source=rss_feed Fri, 06 Dec 2024 11:02:55 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong developers intend to make nearly 18,000 new flats available to homebuyers as sentiment improves ahead of more interest rate cuts, according to the latest government data. On Monday, the Lands Department said that in the third quarter, it had approved presale consent for three projects – in Tai Po, Sai Kung and Ap Lei Chau – consisting of 213 units. The developers are Manhattan Realty, Chinachem Group and Tai Cheung Properties. The Manhattan Realty project, with 135 units in Tai Po, was... https://www.scmp.com/business/article/3281451/hong-kong-developers-make-nearly-18000-new-flats-available-homebuyers?utm_source=rss_feed https://www.scmp.com/business/article/3281451/hong-kong-developers-make-nearly-18000-new-flats-available-homebuyers?utm_source=rss_feed Tue, 08 Oct 2024 01:21:35 +0000 The way people travel has undergone dramatic change in recent years. In consideration of the evolving behaviour of guests, the Wharf Hotels hospitality group has unveiled its own transformation, with a rebranding of its Marco Polo Hotels that incorporates a series of new pillars: enrich, connect and responsible. The group, which has operated in mainland China, Hong Kong and the Philippines for more than five decades, expects the rebranding to align more closely with its values and deliver an... https://www.scmp.com/native/lifestyle/travel-leisure/topics/hotel-rebrand-redefines-hospitality/article/3280807/wharf-hotels-announces-comprehensive-rebranding-marco-polo-hotels?utm_source=rss_feed https://www.scmp.com/native/lifestyle/travel-leisure/topics/hotel-rebrand-redefines-hospitality/article/3280807/wharf-hotels-announces-comprehensive-rebranding-marco-polo-hotels?utm_source=rss_feed Thu, 03 Oct 2024 08:04:52 +0000 Cheryl Arcibal Cheryl Arcibal Sluggish property markets in Hong Kong and mainland China are pulling down the bottom lines of the city’s largest companies, with both Swire Pacific and Wharf (Holdings) reporting less than stellar first-half results. Swire Pacific reported a 7 per cent decline in first half profit to HK$3.91 billion (US$501 million), according to a filing with the Hong Kong stock exchange on Thursday. Meanwhile, Wharf said it swung to a loss of HK$2.63 billion in the first half from a profit of HK$696 million... https://www.scmp.com/business/article/3273717/swire-pacific-wharf-results-dragged-down-hong-kong-china-property-markets?utm_source=rss_feed https://www.scmp.com/business/article/3273717/swire-pacific-wharf-results-dragged-down-hong-kong-china-property-markets?utm_source=rss_feed Thu, 08 Aug 2024 08:28:14 +0000 Salina Li Salina Li Two of Hong Kong’s biggest property developers warned that they may report losses in the first six months of 2024, as dwindling foot traffic at their Harbour City and Times Square shopping centres underscored the sorry state of the city’s retail slump. The Wharf (Holdings) and Wharf Real Estate Investment Company (REIC) both expect “possible turnarounds” from profits to losses in their first-half results, the companies said in filings to the Hong Kong stock exchange on Monday. Wharf REIC may... https://www.scmp.com/business/companies/article/3272283/wharf-reic-warn-rare-losses-hongkongers-northbound-sojourns-add-retail-slump?utm_source=rss_feed https://www.scmp.com/business/companies/article/3272283/wharf-reic-warn-rare-losses-hongkongers-northbound-sojourns-add-retail-slump?utm_source=rss_feed Mon, 29 Jul 2024 06:48:12 +0000 Louis Vuitton is returning to Times Square, three years after the French luxury brand shut its store in the Causeway Bay shopping centre, a sign of a brighter outlook for Hong Kong’s luxury retail market. The company has reportedly signed a five-year lease for 12,000 square feet of space spread over two levels, 2,000 sq ft larger than its previous shop. Louis Vuitton, and Times Square owner Wharf Reic did not reply to the Post’s request for comment. “Hong Kong’s luxury retail market is … set to... https://www.scmp.com/business/article/3260799/hong-kongs-luxury-retail-gets-boost-louis-vuitton-returns-times-square-causeway-bay-after-3-year-gap?utm_source=rss_feed https://www.scmp.com/business/article/3260799/hong-kongs-luxury-retail-gets-boost-louis-vuitton-returns-times-square-causeway-bay-after-3-year-gap?utm_source=rss_feed Mon, 29 Apr 2024 10:29:47 +0000 Wharf (Holdings) said the slump in Hong Kong and mainland China’s property markets is likely to take more time for it to overcome, after the developer suffered another year of slower sales and earnings in 2023, while letting its land bank deplete to conserve cash. Total property sales fell by 44 per cent last year, while underlying net profit before provisions slipped by 9 per cent, the developer said in a stock exchange filing in Hong Kong on Tuesday. It sold two ultra-luxury houses in Hong... https://www.scmp.com/business/article/3255087/wharf-sees-more-struggles-ahead-hong-kong-mainland-china-property-markets-after-reporting-weak-sales?utm_source=rss_feed https://www.scmp.com/business/article/3255087/wharf-sees-more-struggles-ahead-hong-kong-mainland-china-property-markets-after-reporting-weak-sales?utm_source=rss_feed Tue, 12 Mar 2024 08:34:20 +0000 Wharf Reic, the owner of Harbour City and Times Square malls, said it would undertake promotional activities to get residents and tourists to loosen their purse strings after recording a slightly lower profit last year. Net profit slipped 3 per cent to just over HK$6 billion (US$767.3 million) despite a 7 per cent jump in revenue to HK$13.3 billion. The company’s net debt fell to HK$36.3 billion, the lowest since its listing in 2017. “The group shall enhance tenant offerings and promotional... https://www.scmp.com/business/article/3254532/hong-kong-mall-owner-wharf-reic-looks-stimulate-spending-promotions-after-posting-flat-profit?utm_source=rss_feed https://www.scmp.com/business/article/3254532/hong-kong-mall-owner-wharf-reic-looks-stimulate-spending-promotions-after-posting-flat-profit?utm_source=rss_feed Thu, 07 Mar 2024 09:33:18 +0000 Hong Kong’s luxury property segment is showing signs of a revival, with mainland Chinese buyers returning to the market after an absence of a few years because of the pandemic. Market observers expect developers to ramp up the supply of luxury property amid increasing demand and likelihood of a potential decline in interest rates later this year. Two brand new properties totalling HK$1.2 billion (US$153.5 million) were bought by different mainland Chinese buyers last week, according to Eddie... https://www.scmp.com/business/article/3249229/mainland-chinese-buyers-return-hong-kongs-luxury-property-market-amid-signs-pickup-activity?utm_source=rss_feed https://www.scmp.com/business/article/3249229/mainland-chinese-buyers-return-hong-kongs-luxury-property-market-amid-signs-pickup-activity?utm_source=rss_feed Sun, 21 Jan 2024 07:51:35 +0000 The CEOs of major landlords and developers in Hong Kong have made building on the normalisation that began last year a top priority for 2024, with a focus on strengthening balance sheets, evolving tenant portfolios and exploring new business opportunities. These priorities also come with an emphasis on sustainability by offering green services to customers, they said. High interest rates, a slowing economy, a lack of talent and Hong Kong’s ageing population are among key challenges as the... https://www.scmp.com/business/article/3246818/ceos-top-hong-kong-builders-landlords-share-optimism-outlook-see-sustainability-key-issue-amid?utm_source=rss_feed https://www.scmp.com/business/article/3246818/ceos-top-hong-kong-builders-landlords-share-optimism-outlook-see-sustainability-key-issue-amid?utm_source=rss_feed Mon, 01 Jan 2024 03:30:15 +0000 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 Businesses can actively assist the community by supporting disadvantaged groups and addressing social needs, according to Stephen Ng Tin-hoi, chairman of Wharf (Holdings). He believes that establishing a two-way dialogue between businesses and the recipients of help is crucial for both societal welfare and mitigating talent-related difficulties in the city. Traditionally, businesses in Hong Kong and around the world have mainly contributed to the community through monetary donations, without... https://www.scmp.com/business/companies/article/3238783/support-hong-kongs-disadvantaged-groups-companies-should-do-more-just-give-money-wharf-chairman?utm_source=rss_feed https://www.scmp.com/business/companies/article/3238783/support-hong-kongs-disadvantaged-groups-companies-should-do-more-just-give-money-wharf-chairman?utm_source=rss_feed Sun, 22 Oct 2023 07:00:27 +0000 The Wharf group, one of Hong Kong’s biggest developers, has called for a complete review of the city’s decade-old property market curbs to help arrest a slide in home sales and prices, saying recent steps are “far from enough” to rejuvenate the economy. After more than 10 years, “it is time to do a comprehensive review and [that should] involve different sectors of the community to come in with different views”, Stephen Ng Tin-hoi, chairman of the property group, said in an exclusive interview.... https://www.scmp.com/business/companies/article/3236069/hong-kong-developer-wharf-calls-comprehensive-review-property-market-curbs-stop-rot-home-sales?utm_source=rss_feed https://www.scmp.com/business/companies/article/3236069/hong-kong-developer-wharf-calls-comprehensive-review-property-market-curbs-stop-rot-home-sales?utm_source=rss_feed Thu, 28 Sep 2023 03:41:01 +0000 Wharf Real Estate Investment Company (Wharf Reic), one of Hong Kong’s biggest commercial landlords, turned around its fortunes in the first half on the back of a post-pandemic rebound in tourism. The owner of Harbour City and Times Square shopping centres reported a net profit of HK$1.8 billion (US$230 million) for the six months ended June, compared with a loss of HK$1.5 billion a year earlier, according to an exchange filing on Monday. Revenue grew 4.2 per cent to HK$6.5 billion in the... https://www.scmp.com/business/banking-finance/article/3230245/times-square-harbour-city-owner-wharf-reic-recovers-covid-post-us230-million-first-half-profit?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3230245/times-square-harbour-city-owner-wharf-reic-recovers-covid-post-us230-million-first-half-profit?utm_source=rss_feed Mon, 07 Aug 2023 08:32:02 +0000 Hong Kong property heir Douglas Woo bought a flat in an upscale area for US$7.6 million (HK$59.8 million) at a time when the city’s luxury market is just picking up as the border reopens. The chairman of Wheelock & Co., one of the city’s biggest property firms, bought the luxury home this month, according to a Land Registry filing. Woo’s flat is in a 49-year-old development in Repulse Bay at the south end of Hong Kong Island favoured by the wealthy. The three-bedroom property has an area of... https://www.scmp.com/magazines/style/news-trends/article/3215342/hong-kong-property-heir-drops-us76-million-luxury-home-repulse-bay-douglas-woo-son-billionaire-and?utm_source=rss_feed https://www.scmp.com/magazines/style/news-trends/article/3215342/hong-kong-property-heir-drops-us76-million-luxury-home-repulse-bay-douglas-woo-son-billionaire-and?utm_source=rss_feed Thu, 30 Mar 2023 03:22:40 +0000 Hong Kong-listed Wharf (Holdings) delivered a lacklustre performance in 2022, suffering heavy losses across the board as the pandemic, and in particular China’s strict zero-Covid measures, hurt the property market. The developer saw every segment of its operations in Hong Kong and mainland China slow down, according to its annual report released on Thursday. Net profit for the year fell 92 per cent to HK$303 million (US$38.6 million) amid what the company called “weak markets” and “pandemic... https://www.scmp.com/business/china-business/article/3212951/wharf-sees-2022-profits-tumble-92-cent-pandemic-batters-hong-kong-mainland-china-property-revenues?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3212951/wharf-sees-2022-profits-tumble-92-cent-pandemic-batters-hong-kong-mainland-china-property-revenues?utm_source=rss_feed Thu, 09 Mar 2023 10:30:08 +0000 Wharf Real Estate Investment Company (Wharf Reic), which owns Hong Kong’s Harbour City and Times Square shopping centres, reported a net loss for the first half of the year – its first interim loss in 18 months – as it signalled a cautious market outlook amid interest rate hikes and geopolitical tensions. The company reported a net loss of HK$1.47 billion (US$187 million) for the six months ended June 30, compared to a profit of HK$2.97 billion in the first half of 2021, according to an exchange... https://www.scmp.com/business/article/3187691/hong-kong-property-owner-wharf-reic-reports-hk147-billion-loss-covid?utm_source=rss_feed https://www.scmp.com/business/article/3187691/hong-kong-property-owner-wharf-reic-reports-hk147-billion-loss-covid?utm_source=rss_feed Thu, 04 Aug 2022 08:45:23 +0000 Wharf Real Estate Investment Co, one of Hong Kong’s biggest commercial landlords, has warned investors it is likely to report a loss in the first half this year, as the toughest anti-pandemic measures in the city hit businesses and eroded the value of its properties. The group, whose HK$272 billion (US$34.6 billion) of investment assets include the Harbour City shopping centre in Tsim Sha Tsui and the Times Square mall in Causeway Bay, said a revaluation deficit may exceed income generated from... https://www.scmp.com/business/companies/article/3185313/wharf-reic-warns-interim-loss-value-investment-properties-erodes?utm_source=rss_feed https://www.scmp.com/business/companies/article/3185313/wharf-reic-warns-interim-loss-value-investment-properties-erodes?utm_source=rss_feed Thu, 14 Jul 2022 12:00:43 +0000 Hong Kong-listed Wharf (Holdings) has cut its home sales guidance in mainland China to 9 billion yuan (US$1.4 billion), the lowest in over a decade, amid an uncertain market outlook, low supply and price controls. This came after its property sales on the mainland fell 20 per cent to 13.9 billion yuan for the year ended December 2021, according to an exchange filing on Wednesday. The company sold 3,625 units totalling 452,000 square metres, which mainly came from projects in Hangzhou and... https://www.scmp.com/business/article/3169856/wharf-holdings-slashes-china-home-sales-guidance-amid-tough-operating?utm_source=rss_feed https://www.scmp.com/business/article/3169856/wharf-holdings-slashes-china-home-sales-guidance-amid-tough-operating?utm_source=rss_feed Wed, 09 Mar 2022 12:58:56 +0000 Wharf Real Estate Investment Company (Wharf Reic), which owns the Harbour City and Times Square shopping centres in Hong Kong, said it expected business to be difficult amid Hong Kong’s most serious Covid-19 outbreak yet. Footfall at shopping centres suffered a big drop in the first two months of this year, while a downward pressure on office rents will continue unless the economy recovers, Stephen Ng, the company’s chairman and managing director, said during a briefing on Thursday. “Originally,... https://www.scmp.com/business/article/3169144/hong-kong-mall-and-office-landlord-wharf-reic-says-unless-economy-recovers?utm_source=rss_feed https://www.scmp.com/business/article/3169144/hong-kong-mall-and-office-landlord-wharf-reic-says-unless-economy-recovers?utm_source=rss_feed Thu, 03 Mar 2022 13:50:11 +0000 A flat in Wheelock’s ultra luxury residential property Mount Nicholson at The Peak has sold at a new record price per square foot in Asia, with analysts saying an expected reopening of Hong Kong’s border with mainland China will likely boost the city’s real estate market. The developer sold flats 16C and 16D at phase three of Mount Nicholson for a combined HK$1.2 billion (US$154 million) to the same buyers, Wheelock said in a statement on Tuesday, without disclosing the identity of the... https://www.scmp.com/business/article/3155468/wheelock-property-mt-nicholson-reclaims-title-most-expensive-flat-asia?utm_source=rss_feed https://www.scmp.com/business/article/3155468/wheelock-property-mt-nicholson-reclaims-title-most-expensive-flat-asia?utm_source=rss_feed Tue, 09 Nov 2021 22:30:22 +0000 Fivelements Habitat, which provides yoga sessions, spa treatments and plant-based cuisine, is shutting its Times Square wellness centre in Causeway Bay after two years of operation, as it failed to reach an agreement with landlord Wharf Reic on the terms of its lease renewal. The centre, located on level 13A of Times Square’s Tower One, will cease operating at 6pm on September 30, ahead of the expiry of its lease in December, according to a notice to customers. “We were reaching an inflection... https://www.scmp.com/business/article/3147270/fivelements-shut-times-square-spa-amid-quibbles-over-rent-uncertainty?utm_source=rss_feed https://www.scmp.com/business/article/3147270/fivelements-shut-times-square-spa-amid-quibbles-over-rent-uncertainty?utm_source=rss_feed Thu, 02 Sep 2021 05:00:28 +0000 The supply for luxury homes in Hong Kong’s ultra-exclusive neighbourhood of The Peak is likely to hit 404,000 sq ft in 2024, the highest level since 2016, after demand boosted sales of mansions and high-end flats in the district by more than double to HK$12.8 billion (US$1.6 billion) in the 12-month period ending in June, according to Colliers. “We have seen more transactions in the second half of 2020 to the first half of 2021 despite the [coronavirus] pandemic, as prices have become more... https://www.scmp.com/business/article/3145944/hong-kongs-supply-luxury-homes-hit-new-high-after-demand-wealthy-buyers?utm_source=rss_feed https://www.scmp.com/business/article/3145944/hong-kongs-supply-luxury-homes-hit-new-high-after-demand-wealthy-buyers?utm_source=rss_feed Mon, 23 Aug 2021 00:30:12 +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 An influx of mainland Chinese buyers into Hong Kong’s super-deluxe developments since early this year could further fuel home prices in the world’s most expensive property market, and the trend will become more obvious once the border open. Buyers who settled in Hong Kong from mainland China, dubbed “new Hongkongers” unlike locally born residents, have already made their presence felt in the local real estate market. They bought 38 per cent of Hong Kong’s luxury homes – each priced more than... https://www.scmp.com/business/article/3138256/coronavirus-hong-kong-luxury-property-awaits-shenzhen-border-opening-next?utm_source=rss_feed https://www.scmp.com/business/article/3138256/coronavirus-hong-kong-luxury-property-awaits-shenzhen-border-opening-next?utm_source=rss_feed Tue, 22 Jun 2021 23:30:00 +0000 Half a dozen real estate developers owned by Hong Kong’s wealthiest families have thrown their hats into the ring to bid for the largest plot of harbourfront commercial land in Central, in a test of the property market that offers a peek into the city’s future standing as an Asian financial hub. Sun Hung Kai Properties (SHKP), Hong Kong’s largest developer by market value, controlled by the Kwok family, confirmed that it submitted a bid for Site 3 at Connaught Place in Central, a 516,316 square... https://www.scmp.com/business/article/3137906/hong-kongs-largest-developers-and-richest-families-pile-blockbuster?utm_source=rss_feed https://www.scmp.com/business/article/3137906/hong-kongs-largest-developers-and-richest-families-pile-blockbuster?utm_source=rss_feed Fri, 18 Jun 2021 09:17:25 +0000 A car parking bay at the exclusive Mount Nicholson development on The Peak sold for more than HK$10 million (US$1.3 million), smashing a world record set in 2019, according to a source familiar with the sale. The developers Wharf (Holdings) and Nan Fung Group sold 29 parking spaces in phase two and three of the luxury project through a closed tender to homeowners last month, with one of the spots selling for over HK$10 million, the source said. With a standard parking space measuring around... https://www.scmp.com/business/article/3135936/parking-spot-mount-nicholson-peak-hong-kongs-priciest-address-sells-world?utm_source=rss_feed https://www.scmp.com/business/article/3135936/parking-spot-mount-nicholson-peak-hong-kongs-priciest-address-sells-world?utm_source=rss_feed Thu, 03 Jun 2021 10:26:18 +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 A consortium led by a subsidiary of The Wharf (Holdings) outbid four rivals to win a second parcel on The Peak for HK$7.25 billion (US$935.2 million), smashing a record it set less than two months ago and enlarging its land holdings in Hong Kong’s most exclusive housing enclave. The Lands Department on Tuesday awarded the site on 9 and 11 Mansfield Road, which could yield a total gross floor area of 144,970 sq ft, to Active Pursuit comprising some of the city’s richest real estate tycoons. The... https://www.scmp.com/business/article/3121196/wharf-holdings-breaks-own-record-set-less-two-months-ago-residential-plot?utm_source=rss_feed https://www.scmp.com/business/article/3121196/wharf-holdings-breaks-own-record-set-less-two-months-ago-residential-plot?utm_source=rss_feed Tue, 09 Feb 2021 14:02:07 +0000 The five bids for a rare plot of land in Hong Kong’s upmarket The Peak district were in line with expectations and hinted at optimism about the city’s luxury residential market, analysts said. The government tender for the plot at 9 and 11 Mansfield Road closed on Friday, and could fetch up to HK$7.5 billion (US$970 million). The land is next to 2,4,6 and 8 Mansfield Road, where some of Hong Kong’s civil servants were previously housed. “The number of bids was within my expectations of between... https://www.scmp.com/business/companies/article/3120759/bids-us970-million-mansfield-road-plots-peak-line-expectations?utm_source=rss_feed https://www.scmp.com/business/companies/article/3120759/bids-us970-million-mansfield-road-plots-peak-line-expectations?utm_source=rss_feed Fri, 05 Feb 2021 10:57:43 +0000 A subsidiary of Wharf (Holdings) has agreed to pay a higher-than-expected HK$12 billion (US$1.5 billion) to become the owner of the first residential land parcel to be sold since 2010 in Hong Kong’s most exclusive housing enclave. At HK$46,272 per square foot, the sale has also set a record for Hong Kong’s most expensive residential site sold by government tender in terms of square footage. Back in 2006, Sun Hung Kai Properties splashed out HK$1.8 billion, or HK$42,196 per square foot, for the... https://www.scmp.com/business/article/3115150/wharf-development-pays-us15-billion-peak-plot-sets-record-most-expensive?utm_source=rss_feed https://www.scmp.com/business/article/3115150/wharf-development-pays-us15-billion-peak-plot-sets-record-most-expensive?utm_source=rss_feed Wed, 23 Dec 2020 12:30:25 +0000 The months-long stand-off between Hong Kong’s commercial landlords and retailers is taking a turn for the worse, as a third wave of coronavirus outbreak amid the city’s worst recession crimped retail sales, pushing many businesses to the brink of bankruptcy. Harbour City, one of Hong Kong’s best-known luxury shopping centres and a favourite for mainland China’s shopping tourists, last week sealed off the stores of clothing retailers G2000 and Anagram in a dispute between the owners and the... https://www.scmp.com/business/article/3098370/hong-kong-retail-stand-turns-nasty-landlords-suing-tenants-recover-arrears?utm_source=rss_feed https://www.scmp.com/business/article/3098370/hong-kong-retail-stand-turns-nasty-landlords-suing-tenants-recover-arrears?utm_source=rss_feed Fri, 21 Aug 2020 11:33:38 +0000