Profile: Henderson Land Development Co Ltd (HLDCY.PK)
Henderson Land Development Company Limited is an investment holding company. The Company's subsidiaries are engaged in property development and investment, construction, infrastructure, hotel operation and management, department store operation and management, finance, project management, investment holding, and property management. Its core businesses comprise property development and property investment. The Company is vertically integrated, with project management, construction, property management and financial services supporting its core businesses. It operates in seven business segments: property development, property leasing, construction, infrastructure, hotel operation, department store operation and others. The Company’s property development segment is engaged in the development and sale of properties. Property leasing segment is involved in the leasing of properties. Construction segment is engaged in construction of building works. Infrastructure segment makes investment in infrastructure projects. Hotel operation segment is involved in hotel operation and management. Department store operation segment is engaged in department store operation and management. Others segment is engaged in the provision of finance, investment holding, project management, property management, agency services, provision of cleaning and security guard services.
On March 12, 2009, Hong Kong Vigorous Limited (Vigorous), a 70%-owned subsidiary of Henderson Investment Limited, entered into an agreement with Maanshan City Cross Border Highway Construction Development Company Limited (Maanshan Highway JV Partner), in relation to the sale by Vigorous of its entire 70% interest in Maanshan Huan Tong Highway Development Limited to Maanshan Highway JV Partner. On February 26, 2010, the transaction was completed. On April 20, 2010, a wholly owned subsidiary of the Company acquired interests in three companies which were interested in certain leasehold land sites in the New Territories, Hong Kong. The acquisition was completed on May 20, 2010. In November 2010, the Company increased its interest from 75% to 100% in an associate, which is engaged in property investment in mainland China. Accordingly, the associate became a wholly owned subsidiary of the Company.
The Company has direct equity interests in a subsidiary, Henderson Investment Limited, and three associates, The Hong Kong and China Gas Company Limited (which in turn has equity stakes in a subsidiary, Towngas China Company Limited), Hong Kong Ferry (Holdings) Company Limited and Miramar Hotel and Investment Company, Limited. Henderson Investment Limited makes infrastructure investments. The Hong Kong and China Gas Company Limited is engaged in the production and distribution of gas in Hong Kong and mainland China. Hong Kong Ferry (Holdings) Company Limited is involved in property development and investment. Miramar Hotel and Investment Company, Limited is engaged in property investment, hotel operation, food and beverage operations, and travel business. Towngas China Company Limited is involved in the sale and distribution of liquefied petroleum gas and natural gas in mainland China.
As of December 31, 2010, the Company had a land bank in Hong Kong with a total attributable gross floor area of approximately 21.3 million square feet, comprising 9.3 million square feet of properties held for or under development, 1.6 million square feet of stock of unsold property units, 9.4 million square feet of completed investment properties and one million square feet of hotel properties. In addition, the Company held rentable car parking spaces with a total area of around 2.8 million square feet. At December 31, 2010, the Company had over 760 residential units available for sale, comprising a total gross area of over 1.8 million square feet, of which around 1.7 million square feet was attributable to the Company.
At December 31, 2010, the Company held a total attributable gross floor area of approximately 9.4 million square feet in completed investment properties in Hong Kong, comprising 4.5 million square feet of commercial or retail space, 3.4 million square feet of office space, 900,000 square feet of industrial/office space, and 0.9 million square feet of industrial/office space and 0.6 million square feet of residential and apartment space. Its shopping malls include Metro City Phase III in Tseung Kwan O, City Landmark II in Tsuen Wan, Citimall in Yuen Long, Metro City Phase II in Tseung Kwan O, Fanling Centre in Fanling and Shatin Plaza in Shatin. As of December 31, 2010, it held about 0.6 million square feet for lease. It also owns approximately 0.9 million square feet of industrial premises.
The Company’s hotels include Four Seasons Hotel, Lung King Heen and Caprice. As of December 31, 2010, Citistore had five department store outlets and two id:c specialty stores in Hong Kong. The Company’s member property management companies, Hang Yick Properties Management Limited (Hang Yick) and Well Born Real Estate Management Limited (Well Born) collectively manage over 75,500 apartments and industrial/commercial units and 18,000 car parking units in Hong Kong. As of December 31, 2010, its Mainland land bank had an attributable developable gross floor area of 150.4 million square feet. During the year ended December 31, 2010, the Company completed approximately 1.9 million square feet of properties, including 0.6 million square feet of residential properties for sale and two commercial complexes for leasing.
Henderson Land Development Co Ltd
72-76/F, Two International
Finance Centre, 8 Finance St.