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Sun Hung Kai Properties Limited (SUHJY)

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15.65-0.09 (-0.57%)
At close: 3:48PM EDT
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Neutralpattern detected
Previous Close15.74
Open15.44
BidN/A x N/A
AskN/A x N/A
Day's Range15.44 - 15.73
52 Week Range11.62 - 16.40
Volume43,006
Avg. Volume57,506
Market Cap45.289B
Beta (5Y Monthly)0.75
PE Ratio (TTM)16.23
EPS (TTM)0.96
Earnings DateN/A
Forward Dividend & Yield0.64 (4.05%)
Ex-Dividend DateMar 09, 2021
1y Target Est18.34
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  • Old-School Tycoons of Hong Kong Are Losing to China’s Moguls
    Bloomberg

    Old-School Tycoons of Hong Kong Are Losing to China’s Moguls

    (Bloomberg) -- The prediction was vintage Jack Ma, as provocative as it was prescient.“This is the era of the internet,” the Chinese billionaire proclaimed in October 2013, just weeks after his plan to take Alibaba Group Holding Ltd. public in Hong Kong had been scuttled by regulators. “It no longer belongs to Li Ka-shing.”Ma’s dig at the famed Hong Kong tycoon raised plenty of eyebrows at the time, but few would disagree with him now. The past few years have seen a remarkable shift in fortunes between China’s tech-savvy moguls and their old-school Hong Kong counterparts -- a trend that shows few signs of fading any time soon.Even as Xi Jinping’s government moves to curb the clout of Ma and some of his peers, the combined wealth of China’s 10 richest people has surged threefold since 2016 to $425 billion, according to the Bloomberg Billionaires Index. For Hong Kong, it doubled to $218 billion during the same period. Li, once Asia’s richest person, is now ranked No. 13, several spots below Ma, who eventually listed Alibaba in New York in 2014.The changes underscore the fading relevance of Hong Kong businessmen who built their empires on real estate, ports, infrastructure, telecommunications, aviation and retail.At their peak, when the former British colony was the indispensable gateway to a rapidly developing mainland China, Li and his peers were courted by Beijing for their business acumen and access to overseas capital. These days their political clout is waning and their businesses are increasingly viewed by investors as stale.What’s more, Hong Kong’s future as a financial hub is facing an existential threat as China’s Communist Party chips away at the “one country, two systems” framework that has underpinned the city’s success for decades.One consequence has been a dramatic slide in the stock-market valuations for Hong Kong’s biggest conglomerates. Over the past five years, five of the city’s top groups -- CK Hutchison Holdings Ltd., New World Development Co., Henderson Land Development Co., Sun Hung Kai Properties Ltd. and Wharf Holdings Ltd. -- have consistently traded at deep discounts to their net assets.Their shares now fetch just 0.5 times book value on average, versus 10 for the five companies controlled by some of China’s richest tycoons, data compiled by Bloomberg show.“The main businesses of the large Hong Kong companies don’t have much growth,” said Andy Wong, founding partner at LW Asset Management in the city. “Investors prefer to focus on growth more than on a company’s value,” he said, adding technology-driven sectors are attractive, especially after the pandemic.While private family offices of some of the city’s tycoons have pivoted to high-growth investments, their listed businesses have been slow to catch up. On the other hand, their counterparts across the border have leveraged technology to provide a range of consumer services and create wealth. Chinese tycoons have also benefited from the $14.3 trillion economy’s quick recovery from Covid. China was the only major economy to expand last year, while Hong Kong saw back-to-back contractions in 2019 and 2020.Most of China’s richest billionaires come from the tech industry, including Tencent Holdings Ltd.’s Pony Ma, Bytedance Ltd. founder Zhang Yiming and NetEase Inc.’s William Ding. The wealth of Zhong Shanshan, China’s current richest person and founder of bottled water giant Nongfu Spring Co. is almost $69 billion, more than double that of Li’s.Many of Hong Kong’s business empires owe their success to government policies that encouraged only a small group of deep-pocketed developers to bid at auctions of land parcels, a system that turned Hong Kong into the world’s most expensive property market. The windfall from rising prices allowed the tycoons to diversify into utilities, retail, ports and infrastructure.But that formula has been difficult to replicate in larger markets like mainland China due to high capital requirements, local competition and regulatory barriers, said Richard Harris, founder of Hong Kong-based Port Shelter Investment Management.For instance, Sun Hung Kai Properties Ltd.’ land bank in mainland China is just about 2.3% of that held by Country Garden Holdings Co. owns, a Guangdong-based developer controlled by billionaire Yang Huiyan.The result is that many of the city’s tycoons have focused on defending their current turf rather than expanding into new businesses, Harris said. “Many of them are quite happy making sure they don’t lose” what they have, he said.Yet even that has proven difficult in recent years as Hong Kong’s economy was battered by anti-government protests and the pandemic.Sun Hung Kai Properties, the developer led by billionaire brothers Raymond and Thomas Kwok, reported the biggest decline in underlying profit since 2013 for the year ended June. Swire Pacific Ltd., one of city’s two centuries-old British trading firms, recorded an underlying loss last year, the first since listing in 1959. Its flagship Cathay Pacific Airways Ltd. is struggling despite a government-led rescue.CK Hutchison, the flagship of the diversified empire Li built after his family fled to Hong Kong from the mainland as refugees in 1940, saw its first profit drop since a revamp of the conglomerate in 2015. As tensions rise between China and the West, the CK group is facing headwinds overseas. Australia blocked it from acquiring a local gas pipeline operator over national security concerns in 2018.Some of Hong Kong’s conglomerates have started looking further afield for growth opportunities. New World Development Co., which is into infrastructure building, hotels and shopping malls, is accelerating its expansion into insurance, health care and education in mainland China. Chief Executive Officer Adrian Cheng has said he wants to grow the non-property service businesses. Much of the effort “revolves around non-traditional businesses,” a spokeswoman said.Swire Pacific is investing in health-care groups in mainland China. Jardine Matheson Holdings Ltd., the owner of luxury hotel group Mandarin Oriental International Ltd., is partnering with private equity firm Hillhouse Capital Management Ltd. to look for investment opportunities in Greater China and Southeast Asia.Representatives for Sun Hung Kai declined to comment, while CK group and Wharf didn’t respond to requests for comment. Swire said the group’s financial strength and ability to invest remain strong, and is looking at new sectors. Henderson Land said it’s been diversifying from property, with a strong presence in Hong Kong and China, and has been incorporating sustainable technologies.Li’s personal investment vehicle, Horizons Ventures, has been investing in plant-based food, renewable energy and digital services. The firm’s early bet in Zoom Video Communications Inc. surged to $11 billion last year during the pandemic, or one-third of Li’s wealth. He was also an early backer of Facebook Inc., Spotify Technology SA and Siri.The post-pandemic recovery will be crucial for Hong Kong’s tycoons to consider similar bets on emerging industries, according to Falcon Chan, a partner at Deloitte China.“It’s critical to think about what’s the next big bet,” Chan said. “What some of these big guys do in the next one or two years will have a tremendous impact if they want to pivot.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • HSBC, Deloitte, Sun Hung Kai Properties among firms offering Greater Bay Area work experience to Hong Kong youth
    South China Morning Post

    HSBC, Deloitte, Sun Hung Kai Properties among firms offering Greater Bay Area work experience to Hong Kong youth

    Banks, accounting firms, insurers and property developers in Hong Kong are offering youngsters incentives to work in the Greater Bay Area development zone, industry players said.These organisations see the better connectivity between Hong Kong and the mainland cities that are part of the zone as boosting their bottom lines in the future and want to hire more young people to work there.The Hong Kong government too hopes the city's status as an international financial hub will help boost growth throughout the Greater Bay Area and provide opportunities for the city's youth, who are facing a challenging employment environment following months of anti-government protests and the coronavirus pandemic. The city's unemployment rate among those aged 15 to 25 stood at 18.2 per cent as of July, according to government data.Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.In her policy address on November 25, Hong Kong leader Carrie Lam Cheng Yuet-ngor announced a new youth employment scheme that encourages companies to recruit local graduates to work in the Greater Bay Area, a hotbed of innovation and technology. The scheme is expected to provide 2,000 placements.HSBC, the biggest lender in the city, said this month that it would grant up to HK$8 million (US$1.03 million) for scholarships over the next three academic years for up to 100 Hong Kong undergraduates who want to work or study in the region. It is inviting applications from 12 universities and tertiary institutions in Hong Kong."As an economy, the Greater Bay Area is the 12th largest in the world," HSBC's Asia-Pacific chief executive Peter Wong Tung-shun said in a December 14 statement. "The demand for talent will only grow exponentially, as businesses become more digital, innovative and seek to incorporate the latest technologies while transitioning to a green economy."The cluster of 11 cities, with a combined population of 72 million residents and an economy estimated at US$1.65 trillion, provides a potential market 10 times the size of Hong Kong's.HSBC, which describes itself as the largest foreign bank in the Greater Bay Area, broke ground in March on a 16,000 square metre global training centre in Nansha, in Guangzhou province, which is expected to be completed in 2024.Bank of China (Hong Kong) has also been involved in a variety of government-backed internship and exchange programmes that help Hong Kong youngsters experience the mainland. It has also funded charitable organisations to create career development projects for Hong Kong youngsters to work in the Greater Bay Area. A spokesman said these projects offer more than 110,000 spots in total.Standard Chartered said it was rotating fresh graduates in its international graduate programme to the Greater Bay Area. The bank is investing US$40 million in a new Greater Bay Area centre in Guangzhou while it is targeting having more than 1,600 staff there by 2023, including young talent from Hong Kong.The Bank of East Asia, meanwhile, offers young Hongkongers a chance to join its management trainee programme and work in its branches in the nine Greater Bay Area cities.Besides banks, some of the Big Four accounting firms also want to hire more Hong Kong youngsters to work in their Greater Bay Area branches."Every year, Deloitte hires more than 600 new graduates within the Greater Bay Area," Dennis Chow Chi-in, chairman of Deloitte China, told the South China Morning Post.Dennis Chow Chi-in, the chairman of Deloitte China. Photo: Edmond So alt=Dennis Chow Chi-in, the chairman of Deloitte China. Photo: Edmond So"We echo [Carrie Lam's] remarks that the Greater Bay Area presents huge opportunities for the development of various sectors in Hong Kong," Chow said, added that Deloitte would fully support the scheme to provide opportunities for youngsters in the area.The firm set up The Deloitte Greater Bay Area Centre in Shenzhen in 2019 to serve the many innovative entrepreneurs in the city. The city was home to 25 of the Greater Bay Area's 43 unicorns last year. And half of all patents filed in China are from Shenzhen.EY, another Big Four accounting and consultancy firm, signed a talent-exchange programme strategic agreement with the Shenzhen Luohu District government on December 18, committing to jointly promote talent growth in the Greater Bay Area."EY is committed to building a better working world by helping young people develop their careers and broaden their horizons," Agnes Chan, the Hong Kong and Macau managing partner at EY said in an interview. "We launched our Greater Bay Area Youth Mobility Programme in August this year to offer internships to university students in EY offices in the Greater Bay Area".Hong Kong's insurance companies are also seeking Hong Kong young that is willing to go north. As part of the Greater Bay Area development plan, Beijing has agreed to let Hong Kong insurers set up three customer service centres in the area in the near future.Eric Hui Kam-kwai, the chairman of the Hong Kong Federation of Insurers. Photo: Jonathan Wong alt=Eric Hui Kam-kwai, the chairman of the Hong Kong Federation of Insurers. Photo: Jonathan Wong"When the customer service centres are established in the Greater Bay Area cities for our industry, more talent will have opportunities to work there," said Eric Hui Kam-kwai, chairman of the Hong Kong Federation of Insurers (HKFI), an industry body. "As we integrate into the Greater Bay Area, we will look into any programmes that promote exchange and learning for youngsters," Hui said.Sun Hung Kai Properties, Hong Kong's biggest developer by value, has many large-scale projects in Greater Bay Area cities such as Guangzhou, Zhongshan, Dongguan and Foshan."We will support and take part in the Hong Kong government's Greater Bay Area Youth Employment Scheme. Upon its launch, some of our young colleagues will be deployed to work in the Greater Bay Area on our projects," a spokesman said.The developer has since 2006 recruited both Hong Kong and mainland university graduates for its management trainee programme, he added.Additional reporting by Jack LauThis article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2021 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2021. South China Morning Post Publishers Ltd. All rights reserved.

  • Moody's

    Sun Hung Kai Properties (Capital Market) Ltd. -- Moody's announces completion of a periodic review of ratings of Sun Hung Kai Properties Limited

    Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Sun Hung Kai Properties Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.