| Q1 |
What kind of company is Wheelock? |
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A1
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Wheelock and Company Limited is a listed investment holding company headquartered in Hong Kong.
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| Q2
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What percentage of Wheelock's profit (before investment property revaluation surplus and impairment loss for investments) is attributable to Wharf and Wheelock Properties?
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| A2 |
For the year ended 31 December 2008, Wharf and Wheelock Properties represented about 68% and 27% of Wheelock's profit (before investment property revaluation surplus and impairment loss for investments) respectively. |
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| Q3
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What are Wharf's major businesses?
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| A3 |
The Wharf (Holdings) Limited is a premier company with consolidated assets of about HK$174 billion. It has a strategic focus on property and infrastructure in Hong Kong and the Mainland.
Harbour City and Times Square, the "Heart" of Wharf, represent 47% of its total assets and 58% of its total operating profit. In the first half of 2009, total retail sales at Harbour City rose by 7% year-on-year, which was over 11 percentage points better than the 4.5% decline for that of Hong Kong as a whole. Harbour City and Times Square consistently account for about 7% of the total value of all goods sold in the entire Hong Kong market.
"Building for Tomorrow" is Wharf's mission. The dependability of cashflow from the "Heart" of Wharf has enabled the group to re-invest in building a new "Tomorrow" which is clearly in the Mainland.
Wharf has over the years acquired numerous sites in various Mainland cities for development. At the end of 2008, total attributable landbank and investment properties came close to the interim target of 100 million square feet of gross floor area (GFA). In particular, International Finance Centre in Chengdu, Sichuan, Wharf¡¦s next flagship, will be comparable in significance, mix and scale to Harbour City in Hong Kong. Chengdu is the up and coming business hub at the heart of Western China and has a population of 11 million to trail only Beijing, Shanghai and Chongqing. The project, at the top location in the city¡¦s main commercial district, aims to quickly become the ¡§Best of the West¡¨ new shopping hub for not only Chengdu but the entire Western region.
Wharf is enthusiastic about the fundamental outlook for the real estate market in the Mainland. Urbanisation is the theme for the next 20 years, with about 300 million people anticipated to be moving into the cities. Our overall development portfolio is expected to generate attractive returns in the coming years. |
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| Q4
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What are Wheelock Properties Limited's major businesses?
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| A4 |
Wheelock Properties Limited is a property company with development projects in Hong Kong, the Mainland and Singapore. It has a landbank of approximately 1.3 million square feet of GFA in Hong Kong. It has participated in a number of mega development projects and owns Wheelock House. Two major redevelopment projects, namely The Babington and 2 Heung Yip Road, are underway. The Babington in the Mid-levels comprises 47 deluxe apartments while 2 Heung Yip Road in Aberdeen is being redeveloped into a high rise commercial building.
In addition, the company has acquired the entire interest in the property at 211-215C Prince Edward Road West for residential redevelopment, upon acquisition of the sole remaining unit in April 2009 with a compulsory sale order granted by the Lands Tribunal.
By the end of June 2009, the company had acquired 98.5% of the interest in the property at 46 Belcher¡¦s Street. The site is planned for residential redevelopment.
In the Mainland, Wheelock Properties currently holds a land bank with an attributable GFA of about 3.88 million square feet. The two joint ventures in Foshan of Guangdong Province are underway. The project in Xincheng District boasts a site area of 2.88 million square feet and offers a GFA of 2.43 million square feet attributable to the company. All units launched for pre-sales had been sold out by June 2009. The whole project is scheduled for completion in phases by 2012. The other project is located at the junction of Kuiqi Road and Guilan Road in Chancheng District. It has a site area of 1.15 million square feet and offers a GFA of 1.45 million square feet attributable to the company. The project is scheduled for completion in phases by 2013.
Wheelock Properties also holds controlling interests in the Singapore-listed Wheelock Properties (Singapore) Limited (M35.SG), a property investor and developer with a focus on luxury residences. |
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| Q5
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What is the occupancy of Wheelock House?
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| A5 |
As of December 2008, Wheelock House was 98% leased at satisfactory rental rates. |
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| Q6
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What is the Group's strategy towards the non-core assets?
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| A6 |
The Group's policy is to dispose of the non-core assets as opportunities arise. |
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