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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Wheelock and Company Limited    0020   HK0020000177

WHEELOCK AND COMPANY LIMITED (0020)
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Wheelock to Buy Kai Tak's Site From HNA's Hong Kong Listed Unit

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03/09/2018 | 02:48am CEST

By Joanne Chiu

Wheelock & Co. (>> company sheet) has agreed to buy a residential property site in Hong Kong's Kai Tak area from a unit of Chinese conglomerate HNA Group. for 6.36 billion Hong Kong dollars (US$811 million).

The Hong Kong property and logistics conglomerate Wheelock said before the markets opened Friday that it had agreed to buy Onwards Asia Ltd., which holds a development site under construction in Hong Kong's former Kai Tak airport from Omnilink Assets Ltd., which is controlled by HNA's Hong Kong International Construction Investment Management Group Co. (>> company sheet).

HNA's listed unit had paid HK$5.53 billion for the site through government tender in early 2017, outbidding bigger local competitors such as Sun Hung Kai Properties Ltd. and Cheung Kong Property Holdings Ltd.

Wheelock plans to fund the purchase through internal resources and bank borrowings, and said the acquisition offers an opportunity to expand its development property portfolio in the Kai Tak area. It presently owns a residential project Oasis Kai Tak.

The latest sale by HNA comes after its Hong Kong listed unit agreed last month to sell two land parcels in Hong Kong to blue-chip developer Henderson Land Development Co. for HK$15.96 billion. The heavily indebted Chinese conglomerate HNA has been seeking to offload its assets, as some lenders have tightened credit.

-Write to Joanne Chiu at joanne.chiu@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
HENDERSON LAND DEVELOPMENT CO., LTD. 0.25% 40.1 End-of-day quote.-22.36%
HONG KONG INTL CONSN INV MGMT GRP CO LTD 2.22% 1.84 End-of-day quote.-13.62%
SUN HUNG KAI PROPERTIES LIMITED 0.52% 116.9 End-of-day quote.-10.42%
WHEELOCK AND COMPANY LIMITED 2.36% 49.95 End-of-day quote.-10.08%
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Financials (HKD)
Sales 2018 51 569 M
EBIT 2018 22 231 M
Net income 2018 13 005 M
Debt 2018 59 650 M
Yield 2018 3,11%
P/E ratio 2018 7,71
P/E ratio 2019 7,29
EV / Sales 2018 3,14x
EV / Sales 2019 3,19x
Capitalization 102 B
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 72,8  HKD
Spread / Average Target 46%
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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
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