Wheelock - FAQs

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Last Updated on 20/10/2008

What kind of company is Wheelock?

Wheelock and Company Limited is a listed investment holding company in Hong Kong.

What percentage of Wheelock's profit (before investment property revaluation surplus) is attributable to Wharf and Wheelock Properties?

For the nine months ended 31 December 2007, Wharf and Wheelock Properties represented about 85% and 10% of Wheelock's profit (before investment property revaluation surplus) respectively.

What are Wharf's major businesses?

The Wharf (Holdings) Limited is a premier company with consolidated assets of more than HK$170 billion. It has a strategic focus on property and infrastructure in Hong Kong and the Mainland.

Core properties Harbour City and Times Square in Hong Kong represent about half of Wharf's total assets. In 2007, their combined turnover rose by 15% to HK$5,434 million and operating profit by 18% to HK$4,035 million

The Wharf group is building a new tomorrow in China and aims to have 50% of its total assets in the Mainland in five years. Properties and port assets will lead the new expansion.

In properties, the Wharf group has stepped up its investment in the Mainland in recent years. It now commands an attributable land bank of development and investment properties of about 95 million square feet in plot ratio GFA.

Through Hong Kong-based Modern Terminals Limited, Wharf is developing new container terminals in Pearl River Delta and Yangtze River Delta, as well as targeting other new projects along the China coast. It is expected that by 2012, half of Modern Terminals' throughput will be handled at existing investments in the Mainland.

What are Wheelock Properties Limited's major businesses?

Wheelock Properties Limited is a property arm of the Group. It has a landbank of approximately 1.2 million square feet (GFA) in Hong Kong. It has participated in a number of mega development projects and owns certain investment properties including Wheelock House and Fitfort.

Wheelock Properties has been looking for suitable opportunities in the Mainland and has succeeded in acquiring two sites in Foshan of Guangdong province at public auctions for residential development through joint ventures in 2007. Its land bank in the Mainland is currently about 3.88 million square feet in attributable plot ratio GFA.

Wheelock Properties also holds controlling interests in Singapore-listed Wheelock Properties (Singapore) Limited (M35.SG), a property investor and developer with a focus on luxury residences.

When did Wharf become a subsidiary of Wheelock and Company? What is the rationale behind the change? Will the financial year end of both companies be the same upon the change?

Wheelock and Company increased its controlling interest in Wharf to 50.00003% on 20 August 2007 and Wharf has since become a subsidiary of Wheelock and Company. As a result of its increase of interest in Wharf, Wheelock and Company has changed its financial year end date from 31 March to 31 December, which is the same as Wharf's. The rationale behind Wharf's becoming a subsidiary of Wheelock and Company are:

a.	The Group's leading position in the Hong Kong property development industry will be further solidified;
b.	It will further strengthen the relationship between Wheelock and Company and Wharf and is therefore in the interests of Wheelock and its shareholders as a whole; and
c.	By fully consolidating the financial statements of the Wharf group into those of the Group, a more comprehensive financial position and results of the Group can be reflected in its consolidated accounts.

There are a number of non-core assets under Wheelock Properties including units in South Seas Centre, Wing On Plaza, My Loft and Metro Loft. What is the Group's strategy towards these assets?

The Group's policy is to dispose of these non-core assets. In line with such policy, the Group has now sold off all the office units in South Seas Centre and Wing On Plaza as well as all the industrial units at My Loft and Metro Loft.

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