Hongkong Land Holdings

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#61
HK Land or Jardine view on China property is not the same as Hong Kong/SG property. There is a pipeline of mall/office coming online in China and my understanding is these assets are REITable. Bases on the short lease term in China, it is understandable.

Still, it is a concern that Jardine increased the hiring of outside guns while at the same time increase the talks on creating internal talents. Not sure if anyone has noticed, current Jardine at the top level is managed by accountants which mean Jardine might not the best place for operating guys to come up.

And I agree with ghchua, if the accountants or family does not agree with the asset monetisation, there is no way the operating CEO can do anything and Robert Wong said it before, if he wants his job, HK properties are not REITable or for sale.
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#62
(25-11-2023, 12:05 PM)ghchua Wrote: Hi Choon,

The change of CEO doesn't change the structure of Hong Kong Land, as it is still majority controlled by Jardine Matheson. Unless you think that Jardine Matheson's objective in those investments changes, I don't think it would have a significant impact on the operations of Hong Kong Land.

Remember that any major asset monetization or otherwise need the blessing of Jardine Matheson, even if the CEO is a professional hired from outside the company.

I certainly hope that my worries will not come true. 

Did some research recently and found several glowing commentaries on HKL on 知乎 (some links below). HKL's developments, especially their retail properties, 长嘉汇 in Chonqqing, 光环 in Chonqging, look very impressive. The way HKL is gushed on  知乎 makes one think that HKL is an organisation of artists rather than a commercial enterprise. Quality is in HKL's corporate DNA. 

Hopefully this operating culture of delivering high-quality / iconic products will stay strong and not be de-emphasised by a focus on doing deals / monetisation or worse, following the path of Capitaland China Trust to expand into the mediocre business of business parks or logistic parks in pursuit of 'diversification' and 'earnings resilience'.

I recall soon after the previous CEO of DFI (Ian Mcleod) came onboard, he gave a scathing assessment on DFI, essentially saying that due to short-termism, DFI had forgotten what it takes to be a competent supermarket. The CEO before him was Graham Allan.

Ian Mcleod was from Coles, Graham Allan was from Yum. My point is CEOs, with their different strengths and backgrounds, can impact an organisation profoundly. In my view, the past 10 years was a lost decade for DFI. 
 
https://zhuanlan.zhihu.com/p/466068154
https://zhuanlan.zhihu.com/p/578423620
https://zhuanlan.zhihu.com/p/368991378
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#63
Does anyone understand if this summary table [attachment=1857]:

- include only projects that HKL is currently still selling/constructing; or
- include all projects to date, past (sold) and present?
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