CHAIRMAN'S STATEMENT
Interim Results
The Group's unaudited profit after tax and minority interests for the six months ended 31st December 1998 was HK$4,723 million, equivalent to an earnings per share of HK$1.97. Profit for the corresponding period in the previous year was HK$5,936 million, equivalent to an earnings per share of HK$2.48.
Dividend
The Directors have declared an interim dividend of HK$0.50 per share, compared with last year's interim dividend of HK$0.60 per share. The dividend will be payable in cash on 15th April 1999, to shareholders whose names appear on the Register of Members of the Company on 15th April 1999.
Review of Operations
Property Sales
During the six months ended 31st December 1998, total property sales generated by the Group, both as principal and agent, were HK$11,908 million, an increase of 21 per cent compared to the same period last year. Major projects sold during the period include Scenic View on Clear Water Bay Road , Chateau Royale in Tai Po, Waterfront South in Aberdeen, Castello in Shatin and Grand Horizon in Tsing Yi. Property sales since the beginning of 1999 have been satisfactory and exceeded HK$4,500 million, excluding HK$1,825 million from sales of Villa Esplanada Phase 2, in which the Group holds a 22.5 per cent interest.
During the first half of 1998/99, eight projects were completed:
Attributable
Group's Gross Floor
Project Location Usage Interest Area
(%)(square feet)
Le Palais 8 Pak Pat Shan Road, Residential 100 100,700
Tai Tam
Chateau Royale Tai Po Town Lot 142 Residential 100 144,000
Symphony Bay Sai Sha Road, Sai Ku Residential 100 1,328,500
Greenfields 1 Fung Kam Street, Residential 7 22,200
Yuen Long
Belair Monte 3 Ma Sik Road, Fanling Residential/ 8 92,400
Shopping
Centre
Tung Chung Tung Chung Town Lot Residential 20 103,400
Crescent
(Blocks
1 to 3)
One Inter- 1 Harbour View Stree Office 47.5 373,000
national Central
Finance
Centre
(Office Tower)
Millennium City 388 Kwun Tong Road Office 100 1,230,000
(Phase 1) ---------
Total 3,394,200
=========
90 per cent of the residential properties completed in the first half of the year have already been sold. Both One International Finance Centre and Millennium City (Phase 1) have been retained for investment purposes.
Land Bank
Since the last financial year, the Group added the following two sites, with an aggregate gross floor area of 1.9 million square feet, through land use conversion and joint venture:
Attributable
Group's Attributale Gross
Project Usage Interest Site Area Floor Area
(%) (square feet) (square feet)
Yuen Long Residential/
Town Lot 504 Commercial 100 314,000 1,743,000
1 Ho Man Tin Hill Residential Joint
Venture 31,600 158,000
------- ---------
Total 345,600 1,901,000
======= =========
The Group currently owns a land bank in Hong Kong of 50.5 million square feet in terms of attributable gross floor area, consisting of 18.7 million square feet of completed investment property and 31.8 million square feet of property under development. The Group also owns 20 million square feet of agricultural land in the New Territories, the majority of which is in the process of land use conversion.
Property Development
In 1998, tight domestic credit and interest rate volatility in Hong Kong and the economic downturn in South East Asia significantly affected the Hong Kong economy, resulting in a substantial fall in the price of various types of property, weakened consumer spending and increased unemployment in the territory. Significant downward adjustments in the economy and asset prices over the past 18 months have made Hong Kong more competitive. Property prices and rents have become more affordable, wages and salaries have also been adjusted gradually and overall business operating costs in Hong Kong have been reduced. All of these should be beneficial to Hong Kong as an international centre for business, finance and trade.
The Group believes that residential property prices have already stabilized, with the residential sector being healthy and without signs of speculative activity, as buyers are mainly end-users. As property prices have come down significantly and the trend in mortgage interest rates is downward, affordability for homebuyers is at its strongest level in eight years. The more positive attitude to mortgage lending recently taken by banks and the Government's initiatives to encourage home ownership through subsidized loan schemes have exerted a positive influence on the housing market. The effective raising of the mortgage ceiling to 85 per cent through the Hong Kong Mortgage Corporation's mortgage insurance plan will boost the secondary market, which in turn will stimulate the upgraders' market.
Population is expected to grow continuously in Hong Kong, and there are increasing aspirations for better housing, enhanced by various government schemes to encourage home ownership. The Group has a positive outlook on the property market over the long term. The Group will continue with its business strategy of diversifying into different locations, types of properties and various unit sizes, in order to minimize risk. It will continue to focus on developing large-scale projects, concentrating on small to medium sized units. The Group will maintain the premium quality of its developments, in terms of construction and materials, and adopt effective controls over construction costs without compromising on quality.
Completion of the Group's properties in Hong Kong in the first half, and expected completions in the second half of the current financial year are analysed as follows:
Shopping
Residentia Centre Office Total
(million square feet)
First half year
For sale 1.8 * 0.3 2.1
For investment 0 0 1.3 1.3
--- --- --- ---
Sub-total 1.8 * 1.6 3.4
=== === === ===
Second half year
For sale 1.8 0 0 1.8
For investment 0 0.1 * 0.1
--- --- --- ---
Sub-total 1.8 0.1 * 1.9
=== === === ===
Full year total 3.6 0.1 1.6 5.3
=== === === ===
*less than 100,000 square feet
Property Investment
The Group's investment property portfolio is approximately 95 per cent let. Leasing demand for retail properties has slowed down amid the recent economic downturn and soft consumer spending. Retail rental performance varied depending upon location and tenants' trade. The adverse influence on rentals of the Group's shopping centres was moderate, as the majority of them are regional malls, located in prime sites in new towns, mainly providing daily necessities for nearby residents.
Office rentals in the short term are likely to continue to come under pressure due to an increased supply, but new office developments, at prime locations providing advanced technical facilities, are expected to perform better than others.
The Group's total rental income shows a modest increase in the first half of the financial year. This is mainly due to East Point City Shopping Centre in Tseung Kwan 0 and Grand Century Place in Mongkok, which both opened in the previous financial year, having made full six-month contributions.
One International Finance Centre, acclaimed as Hong Kong's highest-quality commercial building, comprises a 784,000 square-foot office building and a 131,000 square-foot shopping centre. It is strategically located on the waterfront in the core Central business district, and is fully integrated with Hong Kong Station on the new Airport Express Line. The shopping centre, which opened in late 1998, is 80 per cent let. Leasing of the office tower is underway, and the principal tenants are international financial institutions and multinational companies. The Group has a 47.5 per cent interest in the project.
The Millennium City Phase 1 office development at 388 Kwun Tong Road, the premiere commercial property in Kowloon East, was completed in September 1998. The office space is 95 per cent let or sold. The Group will launch Millennium City Phase 2 at 378 Kwun Tong Road for lease in the second quarter of 1999. This project totals 267,000 square feet, and the Group has a 50 per cent interest.
The Group regularly reviews its existing rental portfolio and considers the disposal of some of its non-core investment properties at appropriate times.
The Group places an emphasis on offering high quality service to its tenants. It will continue to boost tenant satisfaction through ongoing two-way communication, and actively organize promotional programmes at its shopping centres, to raise consumer spending and increase pedestrian flows.
Hotel Business
The Asian financial crisis of the past year has seriously affected Hong Kong's tourist industry. With regional markets gradually stabilizing, and increased competitiveness in hotel tariff rates, tourist arrivals have recently shown some early signs of improvement. In the longer term, Hong Kong will continue to be an international business hub and a gateway to mainland China. Prospects for the hotel industry are still promising.
The performance of the Group's three hotels was encouraging. The Royal Plaza Hotel in Mongkok, which opened last year, recorded 84 per cent occupancy, while the Royal Garden Hotel in Tsim Sha Tsui and the Royal Park Hotel in Shatin achieved occupancy rates of 87 and 89 per cent, respectively.
Infrastructure and Transportation
SmarTone's interim results for the period ended 31st December 1998 were satisfactory in light of the competitive market environment. The company benefited from the successful integration of its GSM and PCS networks with substantial cost savings and enhanced efficiency. SmarTone is well positioned to capitalize on opportunities that arise in the fast growing telecommunications industry in Hong Kong. The company will continue to provide a quality network, as well as premium customer service. The long term prospects for SmarTone are good, and the Group will continue to maintain its stake in SmarTone as a long term strategic investment.
The Kowloon Motor Bus Holdings Limited (KMB) recorded satisfactory results during the first half of 1998. The company will continue to maintain its high quality service. It expanded its businesses through new routes linking the new airport and Tung Chung district as well as its non-franchised bus services. KMB is expected to provide a steady stream of income to the Group.
The Route 3 (Country Park Section) and the Airport Freight Forwarding Centre opened for business in mid 1998 as scheduled. Business is growing gradually. The first phase operating area of the River Trade Terminal in Tuen Mun opened late last year, and the entire project will be completed on schedule by the end of 1999.
Asia Container Terminals Limited, in which the Group has a 28.5 per cent interest, is engaged in the development of two berths in Container Terminal 9. The consortium signed the Land Grant with the Government in December 1998. Upon completion, the berths will be exchanged for two existing berths in Container Terminal 8.
All of the Group's infrastructure projects are in Hong Kong. These projects are low risk in nature and should provide steadily growing recurrent income to the Group in the long run.
Mainland China Business
The Group will continue to adopt a prudent and selective policy towards investments in China. The current total commitment is 2 to 3 per cent of the Group's assets. The focus is on projects in three major cities, Beijing, Shanghai and Guangzhou, and most developments will be retained for rental purposes. Sun Dong An Plaza in Beijing opened in early 1998. The 1.3 million square-foot shopping centre is fully let. The leasing response to the 430,000 square feet of office space has been satisfactory, with high occupancy expected later this year.
Shanghai Central Plaza, comprising 455,000 square feet of office and 133,000 square feet of retail space, was completed in early 1999. It is Shanghai's foremost commercial building in terms of location, design and quality. Arcadia Shanghai, a luxury residential project, is expected to be completed in the second quarter of 1999. Both developments will be retained for investment purposes. Glorious City Garden Phase 2 in Guangzhou will be completed in the first half of 2000. All units marketed have been sold.
Corporate Finance
The Group will continue its prudent financial policy of maintaining a low level of debt and high liquidity. Its gearing (net debt to shareholders' funds ratio) has been reduced to below 15 per cent. Further improvement of this position is expected through continuous cash flow from property sales, disposal of selected investment properties and recurrent income. Residential properties expected to be pre-sold in the coming months include Chelsea Heights Phase 2 in Tuen Mun, Villa Premiere in Yuen Long, Belcher Gardens in Western Mid-Levels and Royal Peninsula in Hunghom. The sale of these properties will further strengthen the Group's liquidity.
The Group has substantial undrawn facilities on a committed basis, ready to be used as new investment opportunities arise. At present, its available financial resources exceed the level they stood at before the financial crisis. Virtually all of its borrowings are denominated in Hong Kong dollars, and thus the Group's foreign exchange exposure is negligible. Since the financial crisis began in October 1997, the Group has been able to continuously renew all matured bank loans and obtain new credit facilities. The Group will continue to diversify its funding base and lengthen the maturity profile of its debt, while minimizing the refinancing risk in any particular year.
In early 1999, the Group successfully raised HK$1.3 billion through the issue of fixed rate Hong Kong dollar notes. A Euro Medium Term Note programme was also launched in February 1999, which provides flexibility to the Group in tapping funds from international capital markets. The programme has the same credit rating as Hong Kong's sovereign ceiling from Moody's and Standard & Poor's.
Customer Service
Kai Shing and Hong Yip, the Group's property management subsidiaries, continue to provide residents with premium service. To enrich the lives of their residents, the companies recently introduced Privilege Home Services, and they regularly organize recreational activities for residents. SHKP Club, which has just celebrated its third anniversary, will continue to enhance its two-way communication with our customers. The number of members already exceeds 63,000. The Group will continue to strengthen after-sales service and enable homebuyers to enjoy a range of special offers and privileges.
Prospects
As China continues to implement its open door policy and economic reforms, its economy will keep growing. In the wake of the Asian financial crisis of the past one and a half years, interest rates have come down and volatility has been reduced. The Hong Kong equity market has become more active and residential property prices have become more stable. Inbound tourist arrivals also continue to show signs of recovery. All these factors, together with the stabilization of other Asian economies, will be beneficial to Hong Kong's economic recovery.
The Group will maintain its focus on Hong Kong property development and investment. It will continue to pre-sell residential projects according to schedule. Given the right opportunities, the Group will use different means to increase its land bank in order to expand its business, and it will continue to actively negotiate with the Government on land premiums. The Group plans progressively to complete more residential units in the coming years, in order to increase profitability and enhance shareholders' value in the long run.
The Group's long term objective is to achieve an equal balance between profits from property sales and recurrent earnings. The Group has a strong financial position, with a low gearing and solid recurrent income from investment properties and infrastructure projects. It is well positioned to participate in large-scale developments, fully capitalizing on the current economic down cycle.
Since the peak in 1997, the property market has fallen significantly, and property prices have now stabilized. It is expected that the property market will gradually recover. Barring unforeseen circumstances, the Group's results for this financial year will show satisfactory performance.
I would also like to take this opportunity to express my gratitude to my fellow directors for their guidance, and to all the staff for their dedication and hard work.
Kwok Ping-sheung, Walter
Chairman & Chief Executive
Hong Kong, 18th March 1999
1998-99 INTERIM REPORT
The unaudited results of the Group for the half year ended 31st December, 1998 were as follows:-
Unaudited Six Months to
31.12.1998 31.12.1997
Notes HK$ Million HK$ Million
Turnover 17,485 12,646
====== ======
Operating profit 4,967 6,575
Share of profits less losses of associated
companies 295 299
Share of profits less losses of jointly
controlled entries 1 85 169
------ ------
Profit before taxation 5,347 7,043
Taxation
-Group (552) (803)
-Associated companies (32) (49)
-Jointly controlled entries (40) (27)
2 (624) (879)
------ ------
Profit after taxation 4,723 6,164
Minority interests - (228)
------ ------
Profit attributable to shareholders 4,723 5,936
Interim dividend (1,200) (1,434)
------ ------
Profit retained 3,523 4,502
====== ======
Earnings per share 3 $1.97 $2.48
====== ======
Dividend per share $0.50 $0.60
====== ======
Notes:
1.The Group's share of results of jointly controlled entities are accounted for in accordance with the Statement of Standard Accounting Practice No.21 "Accounting for Interests in Joint Ventures" issued by the Hong Kong Society of Accountants, which became effective 1st January, 1998. Comparative figures for the same period last year have been reclassified to conform with the current period's presentation.
2.Hong Kong profits tax is provided for at the rate of 16% (1997: 16%) based on the estimated assessable profits for the period.
3.The calculation of earnings per share is based on the Group's profit after taxation and minority interests for the six-month period ended 31st December, 1998 of HK$4,723 million (1997: HK$5,936 million) and on a weighted average of 2,392.27 million shares (1997: 2,389.5 million shares) in issue during the period.
Additional Financial Information (Unaudited):
At 31.12.1998 At 31.12.1997
HK$ Million HK$ Million
Non-current assets (Note) 142,678 159,940
Current assets 26,877 26,062
Current liabilities (22,268) (18,779)
Net current assets 4,609 7,283
------- -------
147,287 167,223
======= =======
Share capital and reserves 117,710 138,521
Minority interests 875 809
Non-current liabilities and defe 28,702 27,893
------- -------
147,287 167,223
======= =======
Note: Investment properties included in non-current assets are stated at market values as at 30th June, 1998 and 30th June, 1997 respectively. Revaluation of investment property is only carried our annually at the financial year end.
Purchase, Sale or Redemption of Shares
The Company has not redeemed any of its ordinary shares during the half year ended 31st December, 1998. Neither the Company nor any of its subsidiaries has purchased or sold any of the Company's ordinary shares during this period.
Interim Dividend
The Directors of the Company announced an interim dividend of HK$0.50 per HK$0.50 ordinary share payable in cash on 15th April, 1999 to shareholders on the Register of Members as at 15th April, 1999.
The Register of Members will be closed from 8th April, 1999 to 15th April, 1999, both days inclusive. In order to qualify for the above dividend, all transfer forms accompanied by the relevant share certificates must be lodged with the Company's Registrars, Central Registration Hong Kong Limited, Hopewell Centre, 17th floor, 183 Queen's Road East, Hong Kong for registration not later than 4:00 p.m. on 7th April, 1999.
Year 2000 Compliance
The Group continues to move along with priority the implementation of the "Year 2000 Compliance Programme" of which the approach, structure, risk assessment and compliance definition have been well covered in the previous Annual Report. Milestone accomplishments are basically on track with approximately 95% of critical systems completed at the end of 1998. The Group's target date for full compliance remains mid-1999 and spending remains within the total HK$10 million budgeted.
Continuous effort is placed on the completion of outstanding conversions and on the testing of those completed. Contingency plans, which assume the occurrence of unforeseeable failures beyond the Group's control, are being refined and put in place. These plans include listing the critical system functions, highlighting their outputs and information generation, assessing the impact of failure on the Group's business, proposing action plan and evaluating required resources. The objectives are to keep the failed functions operational and to carry out remedy.
Active follow-ups with various business counterparts for proper compliance response are also being pursued, ensuring that the Group is not unnecessarily exposed to risk due to the lack of readiness on the part of third parties. Nevertheless, there can be no assurance that equipment or services used by third parties on which the Group does or will rely, will be Year 2000 compliant as contemplated. The failure of these equipment and services may affect the Group's business operations.
By Order of the Board
Ernest H.K. Lai
Secretary
Hong Kong, 18th March, 1999
DISCLOSURE OF INTERESTS
1)Directors' and Chief Executive's Interests in the Company's Shares
As at 31st December, 1998, the interests of the Directors and the Chief Executive of the Company in the equity securities of the Company as recorded in the register required to be kept under Section 29 of the Securities (Disclosure of Interests) Ordinance (the "Ordinance") were as follows:
No. of Shares of HK$0.50 each of the Company in which the Directors were interested
Categories of Interest
Name of Director Personal Family Corporate Other Total
Interests Interests Interests Interests
Kwok Ping-sheung,
Walter - 3,000 - 1,068,781,522 1,068,784,522
(Note 1)
Lee Shau-kee 486,340 - - 800,000 1,286,340
Kwok Ping-kwong,
Thomas 2,720,281 304,065 - 1,066,831,214 1,069,855,560
(Note 1)
Kwok Ping-luen,
Raymond - 1,000 - 1,069,974,895 1,069,975,895
(Note 1)
Ho Tim 423,941 - - - 423,941
Woo Po-shing 126,348 - - - 126,348
Lo Chiu-chun,
Clement 137,273 62,117 - - 199,390
Law King-wan 20,000 100,267 - - 120,267
Chan Kai-ming 33,000 - - - 33,000
Chan Kui-yuen,
Thomas 126,500 66,000 - - 192,500
Kwong Chun 732,722 339,358 - - 1,072,080
Wong Yick-kam,
Michael 50,904 - - - 50,904
Wong Chik-wing,
Mike 230,999 - - - 230,999
Note 1
Messrs. Walter Kwok Ping-sheung, Thomas Kwok Ping-kwong
and Raymond Kwok Ping-luen were deemed (by virtue of the Ordinance) to be
interested in the number of shares in the Company shown opposite their names
respectively. Of these numbers of shares, 1,046,797,347 shares represent
the same interests and are therefore duplicated amongst these three
directors.
2)Directors' and Chief Executive's Interests in Shares of Other Associated Corporations
As at 31st December, 1998, the interests of the Directors and the Chief Executive of the Company in the equity securities of any associated corporation (within the meaning of the Ordinance) as recorded in the register required to be kept under Section 29 of the Ordinance were as follows:
(I) Each of Messrs. Walter Kwok Ping-sheung, Thomas Kwok Ping-kwong and Raymond Kwok Ping-luen had the following interests in the equity securities of the following associated corporations:
| Associated Corporation | No. and Class of Securities | Categories of Interests |
| Superindo Company Limited | 10 ordinary shares | Personal |
| Super Fly Company Limited | 10 ordinary shares | Personal |
| Splendid Kai Limited | 2,500 ordinary shares | Corporate |
| Hung Carom Company Limited | 25 ordinary shares | Corporate |
| Tinyau Company Limited | 1 ordinary share | Corporate |
| Open Step Limited | 8 ordinary shares | Corporate |
| Globe Image Company Limited | 100 ordinary shares | Corporate |
(II)Messrs. Walter Kwok Ping-sheung and Raymond Kwok Ping-luen had personal interests of 61,522 ordinary shares and 393,350 ordinary shares respectively in the equity securities of The Kowloon Motor Bus Holdings Limited.
(III)Messrs. Thomas Kwok Ping-kwong and Raymond Kwok Ping-luen had personal interests of 258,000 ordinary shares and 690,000 ordinary shares respectively in the equity securities of SmarTone Telecommunications Holdings Limited.
(IV)Mr. Lee Shau-kee had other interests in the equity securities of the following associated corporations:
| Associated Corporation | No.and Class of Securities |
| Mightypattern Limited (Note 2) | 200 ordinary shares |
| Star Play Development Limited (Note 2) | 1 ordinary share |
| Central Waterfront Property Holdings Limited (Note 2) | 47.5% of issued share capital |
| Newfoundworld Holdings Limited (Note 2) | 40,000 ordinary shares |
| Topcycle Development Limited (Note 2) | 1 ordinary share |
| Teamfield Property Limited (Note 2) | 4,918 ordinary shares |
Note 2
These shares in Mightypattern Limited and Star Play
Development Limited were beneficially owned by Henderson Investment Limited
("HI").
The respective interests of Henderson Land Development Company Limited ("HL") and The Hong Kong and China Gas Company Limited (a company in which the subsidiaries of HI owned more than one-third of its issued shares) in Central Waterfront Property Holdings Limited were 32.5 per cent and 15 per cent respectively.
These shares in Newfoundworld Holdings Limited and Topcycle Development Limited were beneficially owned by HL.
These shares in Teamfield Property Limited were held by a company in which HL had a 50 per cent interest.
Mr. Lee Shau-kee beneficially owned all the issued capital of Hopkins (Cayman) Limited. Hopkins (Cayman) Limited as the trustee of a unit trust owned all the issued ordinary shares which carried voting rights in the capital of Henderson Development Limited ("HD"). HD was the holding company of HL, which was the holding company of HI.
By virtue of the provisions of the Ordinance and the matters aforesaid, Mr. Lee Shau-kee is taken to be interested in the shares and interests as mentioned hereinabove.
(V)None of the Directors had any interests in any debt securities issued by the Company or any associated corporation.
(VI)As at 31st December, 1998, no rights to subscribe for equity or debt securities of the Company had been granted to any Director or the Chief Executive of the Company or to the spouse or children under 18 years of age of any such Director or the Chief Executive.
3)Substantial Shareholders
As at 31st December, 1998, the interests of every person, other than the Directors and the Chief Executive of the Company, in the equity securities of the Company as recorded in the register required to be kept under Section 16(1) of the Ordinance were as follows:
| Name of Shareholder | No. of Shares of HK$0.50 each of the Company |
| in which the Shareholder was interested | |
| HSBC Holdings plc | 1,115,632,780 |
| HSBC Finance (Netherlands) | 1,114,414,980 |
| HSBC Holdings B.V | 1,114,414,980 |
| HSBC Investment Bank Holdings B.V. | 1,091,642,257 |
| HSBC International Trustee Limited (Note 3) | 1,065,463,639 |
Note 3
The shares in which HSBC International Trustee Limited was
interested formed part of the shares in which HSBC Investment Bank Holdings
B.V. was interested; the shares in which HSBC Investment Bank Holdings B.V.
was interested formed part of the shares in which HSBC Holdings B.V. was
interested; the shares in which HSBC Holdings B.V. was interested were the
shares in which HSBC Finance (Netherlands) was interested and shares in
which HSBC Finance (Netherlands) was interested formed part of the shares
in which HSBC Holdings plc was interested.
Of the above shares in the Company in which HSBC International Trustee Limited was interested, 1,046,797,347 shares were part of the shares referred to in Note 1 above.
CODE OF BEST PRACTICE
Director is aware of any information that would reasonably indicate that the Company is not, or was not for any part of the accounting period covered by the interim report, in compliance with the Code of Best Practice as set out in Appendix 14 of the Listing Rules of The Stock Exchange of Hong Kong Limited.
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