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Old March 31st, 2009, 07:08 AM   #41
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Hmm... only 36 floors :-/
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Old May 11th, 2009, 10:54 AM   #42
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Hysan bucks slump to post 12.2pc growth in core profit
11 March 2009
South China Morning Post

Hysan Development, the biggest landlord in Causeway Bay, said earnings at its core business rose 12.2 per cent last year, defying the deteriorating commercial property sector.

Recurring underlying profit rose to HK$1.07 billion in the year to December from HK$950 million a year earlier, thanks to higher rents. The results were in line with the average HK$1.12 billion forecast of 12 analysts surveyed by Thomson Reuters.

Including one-off items and a HK$212 million fair-value loss on investment properties, net profit fell 59.6 per cent to HK$1.59 billion from 2007 when it booked a HK$3.13 billion revaluation gain.

The company declared a final dividend of 54 HK cents per share, 12.5 per cent higher than last year.

Rental income from offices increased 24 per cent to HK$703 million last year, with the occupancy rate at 97.5 per cent at the end of the year. It collected HK$608 million in rents from shops, up 20.4 per cent, and the occupancy rate was 97.8 per cent at the end of the year.

The growth in local retail consumption slowed down in the second half last year because of the financial crisis, but the increasing number of mainland tourists helped offset that, the company said.

"The global economic outlook will remain negative in 2009, and Hong Kong's real economy is to be further affected. Hysan will inevitably be affected by the overall environment," said chairman Peter Lee Ting-chang. "However, the longer-term contractual nature of our core leasing business, and our balanced tenant base with no undue dependence on any particular business sector, mean we should be more resilient during these challenging times."

Mr Lee admitted that spot rent softened after the financial meltdown, but a huge correction was not expected in the short term because of very limited new supply of quality office and retail spaces.

But Nomura analysts Paul Louie and Perveen Wong expect office rents outside Central to drop 32 per cent to HK$33 per square foot this year and retail rental will decline 15 per cent.

Hysan has an investment property portfolio of more than 4 million sqft of commercial and residential space mainly in Causeway Bay, including 500 Hennessy Road - the former Hennessy Centre - which will provide 710,000 sqft of gross floor area when completed at the end of 2011.

"Hysan's Causeway Bay portfolio is, in fact, quite defensive. The rents didn't grow much in the last up-cycle and I think it would have limited downside under the current crisis," an analyst said.

Earnings would be driven by rental growth, although at a slower pace, and the stock was quite good, considering its stable performance and dividend payout, the analyst said.

Hysan shares closed up 5.08 per cent at HK$11.18 after the results.
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Old May 21st, 2009, 01:57 AM   #43
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To: Editors Date: 18 May 2009
For immediate release
Hysan’s Hennessy Centre Redevelopment is Hong Kong’s First to achieve
Pre-Certification in the international Leadership in Energy and Environmental Design (LEED) Platinum Standard

http://www.hysan.com.hk/eng/cmsdoc/p..._Eng_final.pdf

Hysan’s Hennessy Centre Redevelopment project is at the forefront of international environmental and energy standards. It is the first Hong Kong building to be pre-certified at the highest Platinum level for the United States Green Building Council’s Leadership in Energy and Environmental Design standard (LEED). The project is also aiming for the top-level in Hong Kong’s Building Environmental Assessment Method (BEAM).

When completed at the end of 2011, the 36-storey mixed-use office and retail building, with 4 additional levels of basement, and a Gross Floor Area totaling around 710,000 square feet, will be a green landmark in the heart of bustling Causeway Bay, a prime commercial district recognised for its vibrancy. It will also be the future northern gateway to the Hysan portfolio in Causeway Bay.

“In line with Hysan’s long-standing reputation for excellence, our aim is to develop a building of the highest standards which will remain competitive for many years to come,” said Mr. Peter T.C. Lee, Hysan’s Chairman. “We want the building to be both commercially successful and environmentally responsible. We believe our initiative will enhance asset value by creating a better working and shopping environment for tenants and visitors alike,” said Mr. Lee.

LEED and its Platinum Pre-Certification

Leadership in Energy and Environmental Design, or LEED, is an internationally recognised certification system that measures, principally, how well a building performs over energy savings, indoor environmental quality/ventilation, and sustainable site. Pre-certification is granted after the United States Green Building Council has reviewed a summary of the design documentation. Certification will be granted when the goals are met upon project completion.

Green Elements in Hennessy Centre Redevelopment

Hong Kong’s highly built-up environment is convenient and efficient, but also presents environmental concerns. Located in the heart of Causeway Bay with an extremely high pedestrian flow, the new building will use less energy, provide a healthy and productive indoor environment that emphasizes the use of natural light and fresh air, as well as enhancing ventilation in the district.

“From the very beginning when we looked at how to redevelop this site, we considered in great depth and length all the challenges we face, including those on the environmental front,” said Mr. Lee.

“Our commitment is absolute in this regard and our attitude thorough and determined,” said Dr. Chan Lai Kiu, Hysan’s Director of Design and Project. “Together with consultants, we carried out extensive research in our quest to provide site-specific environmental solutions. It is particularly challenging for a high-rise building in a high density location.”

“There will be, for example, several large openings at lower levels in the building. They act as “urban windows” to enhance natural air ventilation and improve the microclimate in the neighbourhood. They will also lessen the wall effect and help retain good visual permeability,” said Dr. Chan. In addition,
these openings will provide green spaces to mitigate the heat island effect.

“Another challenge is to have a floor-to-ceiling curtain wall permitting optimal views and best use of natural light, while keeping energy consumption low,” said Dr. Chan. “We will use low-emissivity double glazing, sun shades tailored for different solar orientations, and vents allowing choice of natural ventilation. Furthermore, free cooling is also available on office floors by bringing outside air to lower interior temperatures.”

Recycled and recyclable materials will be used for the construction of the building.

Hysan and Causeway Bay

“The thoroughness in the way we plan and execute this project demonstrates our commitment towards Causeway Bay,” said Mr. Lee. “Hysan and Causeway Bay’s histories and growth are very much entwined. We hope this project will not only be the pride of Hysan, but also bring benefit to Causeway Bay and Hong Kong.”

Other Parties in the Project
The environmental consultant for this project is the world renowned engineering firm Ove Arup, whilst its architects are Kohn, Pedersen and Fox, much respected for its building designs globally, and DLN in Hong Kong. The main construction contract has been awarded to Gammon Construction, a leading construction firm in Asia.
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Old May 30th, 2009, 12:59 PM   #44
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Hennessy Centre diggings no fung shui act
20 May 2009
South China Morning Post

The trial over who gets control of Nina Wang Kung Yu-sum's estate is the latest soap opera to grip the city. Every day, there is a new twist or a revelation about the bizarre behaviour of the late billionaire.

One was the story about digging holes at various properties including Chinachem Golden Plaza in Tsim Sha Tsui, in a fung shui-inspired move she believed would help her find her abducted spouse Teddy Wang Teh-huei.

Across Victoria Harbour, holes are being dug in Hysan Development's Hennessy Centre redevelopment in Causeway Bay. According to the company's press release, there will be "several large openings" at lower levels in the redevelopment, which will be completed at the end of 2011.

But these have nothing to do with fung shui. The developer said the openings were aimed at enhancing natural ventilation and lessening the "wall effect" in the area.

It is not easy trying to convince overseas investors that many people are buying property on the mainland despite the softening economy, a senior manager of a Hong Kong-listed mainland developer has told Ah Pak.

He said there were many affluent investors in the country, especially in the cities where the economy has been backed by private firms for years - cities such as Foshan, the third-largest manufacturing base in the Pearl River Delta.

How affluent?

He related the story of a former classmate of a young executive in the property company who said he had bought "some" shares in the company.

The young executive guessed that he had bought a maximum of HK$1 million worth of shares, but the man in his mid-20s said: "I bought 10 million shares [worth HK$12 million at the time]."

However, overseas investors usually do not believe in these real stories. So what can the developer do?

"I usually make up some reasons that I believe they will buy," the senior management official said.One of New York's best-selling authors said that the top salesman in an organisation must be at the top of the company.

It's a debatable point, but Ah Pak has come across at least one chief who fits the bill.

In his first lunch with Hong Kong media people last week, the newly appointed managing director and chief financial officer of Shui On Land, Daniel Wan Yim-keung, made a big effort to market the company's Lakeville residential property in Shanghai's upmarket Xintiandi district.

First, Mr Wan said he wanted to buy a unit at Lakeville.

Then he said: "When my friends knew I had joined Shui On, they immediately asked me if any units were still available at phase II [of the Lakeville development]."

However, since phase II has almost sold out, Mr Wan said he advised them to wait for phase III, Casa Lakeville.

Just a few days after the lunch, Shui On announced that it would start the sale of Casa Lakeville in Hong Kong this Friday. The developer has appointed Savills as the sole agent.

Before joining Shui On two months ago, Mr Wan was Bank of East Asia's chief financial officer.
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Old June 9th, 2009, 06:26 PM   #45
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By 鄧麗欣之戀 from skyscrapers.cn :

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Old June 24th, 2009, 11:38 AM   #46
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租市理想 希慎估值吸引
25 May 2009
明報

【明報專訊】希慎興業(0014)的經營審慎,物業組合位置優越,去年年底經濟前景轉差,集團仍增派息,加上有興利中心重建提升收益的利好因素,不失為一理想吸納對象。

雷曼兄弟爆煲後,很多上市公司均減派息,惟希慎去年派息卻不減反加。集團去年全年每股派息0.68元,按年增加13%,以上周五收市價計算,股息率達4.3厘。集團派息向來穩定,過去四年的派息均有所增加。

希慎興業近期公布的租務情况,較部分市場人士估計的理想。集團管理層上周透露,截至4月底為止,寫字樓出租率由年底的97%,輕微下滑至95%;商舖出租率更由97%升至98%,可見租務情况不差。

希慎的出租物業組合位於銅鑼灣,集團物業未來的租金走勢料趨平穩。首先,希慎在區內共擁有近400萬平方呎的寫字樓及零售物業,是當地的大業主,有一定議價能力。另外,除了自家興建的軒尼斯道500號於2011年底落成外,區內再沒有大型甲級商廈新供應,供應穩定,有助支持租金保持平穩。

現時市帳率僅0.53倍

集團興建中的軒尼斯道500號(前身為興利中心),長遠可推高集團的租金收入以至資產凈值。項目為一項樓高36層物業,擁有71萬平方呎商場,並有隧道接駁至銅鑼灣地鐵站,地底建有4層商場。該項物業面向銅鑼灣崇光百貨,為區內最繁榮的地段,落成後能大幅提升集團的資產淨值,成為支持股價向上的因素。

希慎現時的估值,仍處於低水平。希慎現時的市帳率為0.53倍,較其歷史平均的0.70倍還要低,是逢低吸納之選。
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Old July 3rd, 2009, 06:59 AM   #47
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By 鄧麗欣之戀 from skyscrapers.cn :

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Old July 7th, 2009, 01:15 PM   #48
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Balfour Beatty Signs GBP120M Contract
1 July 2009

LONDON (Dow Jones)--Balfour Beatty (BBY.LN), an international engineering, construction, services and investment Group, announced Wednesday that Gammon Construction, its joint venture company in South East Asia, has been awarded a contract in excess of HK$1.5 billion (GBP120 million) by Hysan Development Company Limited (HYSNY).

MAIN FACTS:

-Deal for the redevelopment of the Hennessy Centre in the Causeway Bay district of Hong Kong.

-Construction will be completed in 2011.
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Old July 27th, 2009, 07:13 PM   #49
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7/26

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Old July 27th, 2009, 07:36 PM   #50
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Seems to have taken quite a while for a foundation of a 36-storey building...
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Old July 27th, 2009, 07:50 PM   #51
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Quote:
Originally Posted by Rachmaninov View Post
Seems to have taken quite a while for a foundation of a 36-storey building...
But it's also going 4 stories below ground next to the MTR station with some funky building layout above. The extreme caution from impacting the MTR station and reset the load transfer above probably slows down the foundation works.
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Old July 27th, 2009, 09:26 PM   #52
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Quote:
Originally Posted by hkskyline View Post
7/26

What's going on with the pink wedge building wrapped in green in the photo?

Would love to see this redeveloped, as it's a highly visible building.
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Old July 27th, 2009, 09:35 PM   #53
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Quote:
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What's going on with the pink wedge building wrapped in green in the photo?

Would love to see this redeveloped, as it's a highly visible building.
Good catch, didn't even see that building is being renovated (I assume) under the scaffolding. I don't think it's being taken down and building a new one there, have never heard about it.
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Old July 28th, 2009, 06:47 PM   #54
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I've been told by a fellow forumer it's being renovated, since the protective barriers are not there. If it's a demolition, they'd be installed on the ground floor.
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Old September 15th, 2009, 08:52 PM   #55
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Hysan profit dips 4.1pc but rentals buoyant
12 August 2009
SCMP

Hysan Development, the biggest landlord in Causeway Bay, said earnings at its core business dropped 4.1 per cent in the first half because of lower gains from financial investments, but its overall rental business remained resilient.

Recurring underlying profit was HK$580 million for the six months to June, compared with HK$605 million a year earlier. The decline was due to lower gains from financial investments and other gains, which totalled HK$23 million, down from HK$117 million.

Including one-off items and a HK$397 million fair-value gain on investment properties, net profit slumped 68.9 per cent to HK$1.07 billion from HK$3.44 billion a year earlier, when it booked a HK$3 billion revaluation gain. Revenue climbed 7.59 per cent to HK$851 million.

Hysan declared an interim dividend of 14 HK cents per share, unchanged from last year.

Owing to the deteriorating economy, spot rents for office spaces fell 16 per cent on average during the first half, said executive director Wendy Yung Wan-yee. However, rentals for new contracts signed in the first half were 37 per cent higher than contracts signed three years ago, which helped boost overall rental income.

"I am confident that positive rental reversion could [continue to] be achieved in the second half, even though the degree will be narrowed," said Ms Yung.

During the period, rental income from the office sector climbed 11.95 per cent to HK$384 million. The occupancy rate was 91.4 per cent on June 30, falling 6.1 percentage points from the end of last year because the majority of the contracts due this year expired in the first half.

Insurance company Manulife Financial Corp decided to relocate part of its office space from Hysan's Lee Garden to Kowloon East. Although the 100,000 square feet of office space to be vacated would only be available in the second and third quarters of next year, Ms Yung said it would not put heavy pressure on the office leasing portfolio.

Meanwhile, the retail segment posted moderate growth, with rental income increasing 4.55 per cent year on year to HK$322 million, while residential income totalled HK$145 million, up 3.57 per cent.

"There are some recent signs of the Hong Kong real economy stabilising," said chairman Peter Lee Ting-chang. "There may, however, be uncertainties on the path to a sustained recovery."

Analysts believe office rents in Causeway Bay will decline at a lower pace or even start stabilising in the second half, which will help relieve pressure on rental income.

But the redevelopment of Hennessy Centre is not expected to be completed until the end of 2011, which means Hysan will lack a catalyst to stimulate earnings in the next two years.
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Old November 4th, 2009, 03:43 PM   #56
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By 鄧麗欣之戀 from skyscrapers.cn :

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Old November 25th, 2009, 05:49 PM   #57
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Tycoon who changed the face of Causeway Bay dies
19 October 2009
SCMP

The chairman of Causeway Bay's biggest landlord, Hysan Development, has died at the age of 55.

Peter Lee Ting-chang died at his home on Saturday, the company said yesterday in an announcement to the Hong Kong stock exchange.

"The board is deeply saddened by the sudden loss. Mr Lee provided tremendous leadership, guidance and support to the company. The board extends its deepest condolences to Mr Lee's family," the announcement said.

Apart from running Hysan Development, Lee was an independent non-executive director of many Hong Kong companies, including the SCMP Group since 1998.

"I am shocked and deeply saddened by the loss of a good friend and colleague," former SCMP Group chairman and current board member Kuok Khoon Ean said last night.

"Peter was a great supporter of the SCMP and contributed so positively and wholeheartedly, as was his nature, as a fellow director and chairman of our audit committee for many years. We shall miss him dearly.

"Our thoughts and prayers are with his wife, Nancy, and their two daughters during this time of bereavement."

Hysan said last night that it had appointed independent non-executive deputy chairman David Akers-Jones as acting chairman and would proceed to make succession arrangements in due course.

There would be no disruption to the company's operations and development, the announcement said.

Lee is the grandson of renowned developer and entrepreneur Lee Hysan, whose name is carried on such Causeway Bay landmarks as the Lee Gardens, Lee Theatre Plaza and Hysan Avenue.

After receiving his higher education in Britain, where he earned a bachelor of science degree in civil engineering from the University of Manchester, Lee returned to Hong Kong in 1984.

He joined the board of directors of Hysan Development in 1988, becoming the company's managing director the following year and chairman in 2001.

Lee was a key force behind the ever-changing face of the popular shopping and tourism district. In 2006, he decided to demolish the 25-year-old Hennessy Centre to make way for a 710,000-sq-ft trendy retail complex and cash in on the strong demand for prime retail space. The HK$1.2 billion redevelopment project will be completed next year.

Lee also renovated Hysan's investment portfolio to enhance its competitiveness, with commercial projects such as 111 Leighton Road, Leighton Centre and One Hysan Avenue in Causeway Bay and a residential project, Bamboo Gardens, in Mid-Levels.

Lee's influential role in corporate Hong Kong extended beyond the property sector. He was on the board of companies as varied as Cathay Pacific Airways, CLP Group, Hang Seng Bank and Maersk China. He was also a vice-president of the Real Estate Developers Association and a council member of the Employers' Federation.

Lee was equally active in the city's social development. He was an advisory board member and chairman of the administration advisory committee of the Salvation Army Hong Kong.

He served twice - before and after 1997 - as a part-time member of the government's Central Policy Unit.

A keen supporter of education, he was a member of the Education Commission from 1993 to 1998. During his time on the commission, the city's colleges of education were merged to form the Hong Kong Institute of Education.

Lee was a founding council member of the institute, holding that position from 1994 to 2003.

He was also governor of the Lee Hysan Foundation, a supporter of many community projects.

Under his leadership, the foundation was regarded as a pioneer in private-sector support for the development of the arts and culture.

In recognition of his contributions to society, Chinese University awarded Lee an honorary fellowship in 2006.

In February, he was awarded one of the Institute of Education's first honorary fellowships.
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Old February 3rd, 2010, 06:51 PM   #58
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Opinion : Having to queue in narrow alley
19 January 2010
South China Morning Post

I live in Ap Lei Chau and quite often travel to Causeway Bay.

For more than three years, it has been quite unpleasant, especially during peak hours, to queue for the No592 bus outside what used to be the Mitsukoshi department store, because the Hysan Property Development construction site has blocked much of the pavement.

This means that all the stops, for around 10 buses bound for the south side of Hong Kong Island, are crammed together into a narrow alley. It is crowded, hot in the summer and confusing at those times when the queue is long. The construction site has been there for more than three years and there is still no sign of a new building.

Surely there is something the government, the bus companies and the property developer could do to ease the discomfort of people having to queue in this alley.

Kalvin Chao, Ap Lei Chau
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Old February 3rd, 2010, 06:58 PM   #59
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Quote:
Originally Posted by hkskyline View Post
Opinion : Having to queue in narrow alley
19 January 2010
South China Morning Post

I live in Ap Lei Chau and quite often travel to Causeway Bay.

For more than three years, it has been quite unpleasant, especially during peak hours, to queue for the No592 bus outside what used to be the Mitsukoshi department store, because the Hysan Property Development construction site has blocked much of the pavement.

This means that all the stops, for around 10 buses bound for the south side of Hong Kong Island, are crammed together into a narrow alley. It is crowded, hot in the summer and confusing at those times when the queue is long. The construction site has been there for more than three years and there is still no sign of a new building.

Surely there is something the government, the bus companies and the property developer could do to ease the discomfort of people having to queue in this alley.

Kalvin Chao, Ap Lei Chau
Totally agreed as I queue up for the same route to go home when I am in HK.

But I don't think there is much anyone can do to enhance the situation other than wait for the new building to comes up.
I saw the foundation was in, and the underground levels were being constructed when I was in HK a few weeks back, so things are moving along at this moment.
When the project is done, it will probably be a better place than where it was even before the building was taken down.
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Old February 3rd, 2010, 09:02 PM   #60
hkskyline
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Quote:
Originally Posted by EricIsHim View Post
Totally agreed as I queue up for the same route to go home when I am in HK.

But I don't think there is much anyone can do to enhance the situation other than wait for the new building to comes up.
I saw the foundation was in, and the underground levels were being constructed when I was in HK a few weeks back, so things are moving along at this moment.
When the project is done, it will probably be a better place than where it was even before the building was taken down.
Exactly. They can't open up the construction site to let people use the extra space anyway.
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