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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Wheelock and Company Limited    20   HK0020000177

WHEELOCK AND COMPANY LIMITED

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Hong Kong Wheelock Properties says to lend land for transitional housing

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12/30/2019 | 05:26am EDT

Hong Kong property developer Wheelock and Co Ltd said on Monday it will use 500,000 square feet of its land to build 2,000 transitional housing units, following a similar move by larger rivals in the last few months.

It will lease each land parcel, which are located in three rural districts, to two non-profit organisations for HK$1 ($0.1284) for eight years. Wheelock will also be in charge of the early-stage development.

Hong Kong and Chinese governments have asked developers to contribute back to the community, in an attempt to tackle a housing shortage in Hong Kong, where millions of anti-government protesters have taken to the streets for months.

Major property developers New World Development and Henderson Land Development have said they would donated 3 million square feet in September and 428,000 square feet in November, respectively.

The city's richest man, Li Ka-shing, has donated HK$1 billion ($128 million) to support local small and medium-sized businesses.

"Wheelock Properties understand the social demand of increasing housing supply. As part of the society, we can be a bridge to assist Hong Kong," said its chairman Stewart Leung.

Hong Kong leader Carrie Lam vowed in her policy address in October to take back about 700 hectares of land in the New Territories from developers into public use under what is known as a land resumption ordinance.

The government has also said it aimed to provide 10,000 transitional housing units in the next three years.

(Reporting by Clare Jim; Editing by Louise Heavens)

Stocks mentioned in the article
ChangeLast1st jan.
HENDERSON LAND DEVELOPMENT COMPANY LIMITED 1.42% 32.25 End-of-day quote.0.78%
NEW WORLD DEVELOPMENT COMPANY LIMITED 1.47% 8.95 End-of-day quote.-0.22%
SQUARE, INC. 3.80% 59.21 Delayed Quote.-2.47%
WHEELOCK AND COMPANY LIMITED 2.16% 54.35 End-of-day quote.0.28%
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Financials (HKD)
Sales 2019 51 299 M
EBIT 2019 25 323 M
Net income 2019 15 628 M
Debt 2019 103 B
Yield 2019 3,02%
P/E ratio 2019 7,12x
P/E ratio 2020 8,21x
EV / Sales2019 4,19x
EV / Sales2020 3,99x
Capitalization 112 B
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 63,14  HKD
Last Close Price 54,35  HKD
Spread / Highest target 38,0%
Spread / Average Target 16,2%
Spread / Lowest Target 4,51%
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Managers
NameTitle
Chun Kuen Woo Chairman, Chief Executive Officer & MD
Yiu Cheung Tsui Group Chief Financial Officer & Executive Director
Tin Hoi Ng Deputy Chairman
Woo Shou Ting Independent Non-Executive Director
Kwong Yiu Wong Executive Director