HANG LUNG PROPERTIES LIMITED Highlighting the Company's five operating strategies, this year's Annual Reports adopt the twin covers design to showcase the unique architectural and design features of our 10 world-class properties, while the respective sections in the Reports focus on the various features of our exceptional performance.
The Chairman of Hang Lung Group and Hang Lung Properties, Mr. Ronnie C. Chan, once again personally pens the Chairman's Letters to Shareholders, sharing his in-depth analysis of the industry, high-end retailers and the Company's business. Mr. Chan also examines the troubled geopolitical and geo-economic environment and reminds the market to be prepared for a prolonged period of uncertainties and difficulties.
Mr. Chan noted that although private consumption in China is indeed slowing, the rate is still respectable and it has become a more meaningful share of the domestic economic pie. Quality goods have gradually become commonplace in the many economically vibrant Mainland cities. Against this backdrop, Hang Lung malls have performed satisfactorily, not only in Shanghai but also in other cities. He elaborated that over the past few months, we have signed or about to sign many leases with top luxury brands. Of the 30-some new contracts, two-thirds were for properties outside of Shanghai. The Company's strategic move to expand in mainland China over the years is bearing fruit.
He cited the fact that high-end retailers are expanding again in mainland China, and Hang Lung is one of the preferred landlords in Shanghai as well as in other cities. Chinese government policies to stimulate private consumption are also working, even for high-end goods, which is all favorable for our business.
Mr. Chan then talked about the inflection points that the Company faces, saying that we will continue to undertake development projects for sale in Hong Kong, but with a targeted approach. The focus of the Company in the coming years will still be on high-end commercial properties for long-term hold. He is confident China is still a haven of relative tranquility amid a turbulent environment. Private consumption in China will continue to rise and our business will benefit.
Hang Lung Group: http://www.hanglung.com/HLGAnnualReport2018/index.html
Hang Lung Properties: http://www.hanglung.com/HLPAnnualReport2018/index.html
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Hang Lung Properties Ltd. published this content on 21 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 21 March 2019 10:29:04 UTC
