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.
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, Stephen Ng says.
A comprehensive review of Hong Kong’s decade-old anti-speculation property curbs is long overdue, according to developer Wharf. Recent measures are not enough to overturn the current slump, chairman Stephen Ng says.
Wharf Reic reported a net profit of HK$1.8 billion (US$230 million) for the first half versus a HK$1.5 billion loss a year earlier, but said recovery was ‘impeded by global geopolitical and economic uncertainties’.
As the Hong Kong-China border reopens, the outlook of the city’s luxury property market seems to be picking up – so how is property heir Douglas Woo’s most recent purchase boosting sentiment?
The developer saw every segment of its operations in Hong Kong and mainland China slow down, with net profit for the year falling 92 per cent amid what the company called ‘weak markets’ and ‘pandemic woes’.
Revenue declined 17 per cent compared with the first half of 2021, but the company reported a 3 per cent increase in underlying net profit while issuing a cautious outlook.
Wharf Reic, which is controlled by tycoon Peter Woo Kwong-ching, expects to slip into an interim loss as the value of its investment properties has suffered under poor business conditions.
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.
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.
Flat 16D and three car parking spaces on Mount Nicholson sold for HK$639.796 million, or HK$140,800 per square foot, a record in Asia
Fivelements is the latest to pull back, as businesses grapple with how to price Hong Kong’s commercial real estate while consumption is yet to fully recover.
The supply for luxury homes in Hong Kong’s ultra-exclusive neighbourhood of The Peak is likely to hit its highest level since 2016, after demand spurred sales of mansions and high-end flats in the district by more than double in the 12-month period ending in June, according to Colliers.
The resurgent sales of luxury homes underscores how the Covid-19 pandemic has not impeded the fortunes or spending habits of the wealthy class.
Individual and corporate real estate investors from the mainland had been the lifeblood that had sustained the eye-popping prices of Hong Kong’s property industry in the past decade, from multimillion dollar mansions to some of the world’s most expensive offices in marquee addresses in Central.
The sale of the land is also a crucial test of the so-called two envelope approach, which awards the winning bid on the merit of designs, planning and their congruence with the surrounding, in addition to beating the minimum reserve price.
A car parking bay at the exclusive Mount Nicholson development on The Peak fetched over HK$10 million (US$1.3 million), smashing a world record set in 2019.
Wharf REIC, owner of Times Square and Harbour City luxury malls, says the Covid-19 pandemic might continue to weigh on its retail and hotel operations in Hong Kong this year.
The 10,804 square feet house on 11 Plantation Road requires potential tenants to lodge a HK$1 million deposit.
A consortium led by a subsidiary of The Wharf (Holdings) outbid four rivals to win a second parcel on The Peak for US$935.2 million.
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.
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.
Months of stand-off between Hong Kong’s commercial landlords and retailers are boiling over amid the city’s worst recession, as negotiations break down and legal actions ensue.
Harbour Centre Development, a Wharf Reic unit, says a meaningful recovery in the hotel sector may be a long way off.
Hong Kong’s biggest shopping centre requires its tenants to renew their leases for at least 18 months before accepting a one-off rent concession, a dilemma for retailers facing a third wave of coronavirus outbreak.
Is the run-up a blip, followed by profit taking? Or a signal that Hong Kong property stocks are ready to climb out of a deep hole despite uncertainty that grew with national security law.
Asia’s third-largest equity bourse is trading at the third-lowest valuation across the region’s 14 markets, weighed down by a recession mired in the coronavirus pandemic and almost a year of anti-government protests, creating the perfect conditions for more take-private proposals.
Hong Kong developer collects US$944 million in net proceeds from the sales of its portfolio investment in Amazon and Facebook over the past 10 months, according to its exchange filing.
New World Development, Wheelock and Co, and a joint venture owned by Li Ka-shing and Victor Li Tzar-kuoi buy nearly HK$1.5 billion worth of shares last month.