The Wharf (Holdings) Limited

The Wharf (Holdings) Limited (Stock Code: 4), 58%-owned by Wheelock, is the Group's principal investment and a major property developer in Mainland China and Hong Kong, with complementary businesses in logistics, communications, media and entertainment.

Investment Properties ("IP")

In Hong Kong, Harbour City and Times Square are Wharf's premier shopping malls. Harbour City again outperformed the retail market in 2014, amidst a challenging retail environment, manifesting its leading position.

Times Square is among the most successful vertical malls in the world and remains a must-visit shopping landmark in town. The enhanced mall has pushed the bar to new heights and caters to higher levels of service, sophistication and entertainment demands from a broader range of shoppers.

In Mainland China, the six IPs continued to deliver solid performance. Shanghai Wheelock Square remained the preferred office location for multinational firms and major corporations in Puxi, Shanghai. Shanghai Times Square has transformed into a high-end retail destination with the largest Lane Crawford store in China. Dalian Times Square, Chongqing Times Square and Chengdu Times Outlets continued to perform well in their markets.

International Finance Square ("IFS") is a new series of IP projects being developed in Mainland China, on a scale comparable to or surpassing that of Harbour City and Times Square in Hong Kong. These IFSs will significantly enhance the Group's recurrent income base in Mainland China and be a significant growth driver.

The Chengdu IFS retail mall was opened in early 2014. It has become a one-stop lifestyle shopping landmark in Western China, housing nearly 300 of the world's most coveted brands.

Chongqing IFS features an iconic 300-metre landmark tower and four other towers above a 102,000 square-metre retail podium. Development of other IFSs in Wuxi, Suzhou and Changsha are in progress.

China Development Properties ("DP")

A total of 50 development projects spanning 14 cities were offered for sale or pre-sale in 2014.

Inclusive of China IP, the current landbank was maintained at 10.2 million square metres.

Other Investments / Businesses

Wharf Hotels currently operates 14 Marco Polo hotels in the Asia Pacific region, five of which are owned hotels. As an integral part of its expansion plan, owned hotels would increase to 11 in five years' time and Niccolo would be launched as a premium brand.