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Bear Market Hunter Hang Lung Suffered A Brilliant Bear Market

2014/8/4 15:50:00 18

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"P >" during most of 2000s and early 2011, our stock price rose steadily, and the total return rate driven by the stock price surging was not beyond all but also the majority of real estate stocks.

But why are we showing up for the time being? "Chen Qizong also asked in January this year's letter to shareholders.

"Many institutional investors are turning a cold shoulder to China, especially in the retail industry. Sales of luxury goods such as our shopping malls are particularly hard hit, and the latest round of anti-corruption measures has been exacerbated."

Chen Qizong analysis, "stock price pressure is also related to our business problems.

First of all, the difficulties faced by the Imperial City Heng lung square in Shenyang, which had already been challenged during construction, and more challenges came after the opening of the end of 2010.

This is our first mainland project outside Shanghai, so shareholders have reason to doubt whether we can repeat Shanghai's success story elsewhere.

facts are corroboring the worries of Hang Lung real estate investors. The Ji'nan Hang Lung Plaza, which opened in 2011, did not reproduce the splendor of the Shanghai project. Instead, it resembles Shenyang's Heng Long Plaza. It is also unsatisfactory for the Shenyang City Hall Heng Long Plaza opened in 2012. The Ji'nan and Shenyang imperial city projects, which had been opened for three years in 2013, began to change tenants, which led to a drop in the rental rate to 88%.

< a > href= > http://www.91se91.com/news/index_c.asp > > Tianjin > /a > long development /p >

In September 26th, Hang Lung real estate will open in seventh shopping centers in the mainland, Hang Lung Plaza, Tianjin. This is the first project in the second tier city of P.

March 2005, Hang Lung real estate signed a cooperation agreement with the government of Heping District of Tianjin, and plans to invest 300 million US dollars to build the largest commercial plaza in Tianjin.

At P, Shi Jizhuang, director of the investment office of Heping District, introduced to the media: "the Hang Lung Plaza project is the largest single investment project in the peace zone in recent years, with the largest development area, with an area of 133 thousand square meters and an area of more than 40 thousand square meters.

The construction of the project is expected to take about two years and will be completed by 2008 at the latest.

but until 9 years after taking the land, Tianjin's "a href=" http://www.91se91.com/news/index_c.asp "Heng lung square" /a "has not yet been opened yet, while Hang Lung real estate has been operating in Shenyang, Ji'nan and Wuxi after winning the Tianjin project.

"The progress of the Tianjin project is so slow that no reasonable explanation can be made from the scale or the complexity of the construction.

In fact, Ji'nan's Hang Lung Plaza is also comparable in scale and architectural complexity.

Chen Qizong himself said "it is difficult to understand". "There is only one reason for the delay: to get the consent of the Tianjin municipal government, this process is both complicated and long".

"Preparing for the rhythm is relatively long, because our land is also in the core position of Tianjin. Leaders at all levels demand more. From design to all processes, there are some related approvals and adjustments, and there are government leaders in the middle, so the time is relatively late."

Tianjin Heng Lung Plaza responsible person to the Economic Observer newspaper said, "floor height is also limited, can only cover 6 floors, this project has no residential and office buildings, is a pure shopping center."

"Due to this delay, a large shopping mall related to the local government has opened about 18 months ago.

Although its location, design and construction are far less than ours, but because Peter is the only choice in the city, many top luxury brands are already there.

Chen Qizong said in January this year, "in the early days, the location of Tianjin's Hang Lung Plaza will be similar to that of Shanghai's Hong Kong Plaza, which is the four star shopping mall with the sub luxury brand as its main force."

today, the official publicity map is just like a carp, which looks like a giant aircraft carrier's Tianjin Heng lung square. It has been standing at the intersection of Tianjin core business Street Heping Road and Binjiang Road. It is adjacent to Tianjin's most famous old brand department store, and the workers on the spot are busy decorating the interior shops and the last lawn.

before the brand new "giant aircraft carrier" building, the Tianjin cultural relics protection unit, which was built in 1922, the total volume of 42 thousand square meters of Zhejiang Xingye Bank Tianjin branch, has been pformed into the part of Tianjin Heng Lung Plaza.

The total volume of "P > Tianjin Heng Lung Plaza has also expanded to 153 thousand square meters," the rental rate is more than 80%. "

Tianjin Heng Lung Plaza responsible person.

The investment handbook shows that the proportion of a href= "http://www.91se91.com/news/index_c.asp" > Fashion Accessories < /a > 51%, followed by 27% of catering, 6% of supermarket food, 5% of electrical appliances, 3% of cosmetics, services and entertainment and 2% of jewelry watches, are shown in the format of Tianjin Heng Long Plaza.

the death of second tier cities

although Chen Qizong lowered the positioning of Tianjin's Hang Lung Plaza as a result of the fact that top luxury goods had already entered the early opening of the competition, the deeper reason might be that Shenyang and Ji'nan's projects were not satisfactory.

Shenyang Imperial City Heng Lung Plaza, with a total construction area of 110 thousand square meters, is located in the western part of Shenyang's core commercial street, which is separated from the prosperous family of the old department store. The commercial area is one of the areas with the highest traffic volume in Shenyang.

but the Hang Lung real estate annual report shows that the rental income of Huang Heng Long Plaza in the past three years is 150 million, 160 million and HK $160 million respectively.

but Hang Lung real estate 2013 annual report shows that the business has been opened for more than three years, and the rental income is 160 million Hong Kong dollars.

"P" Heng Wing real estate insiders also admitted that "Imperial City Heng lung is a failure project."

At the beginning of 2012, the personnel structure of Hang Lung estate was adjusted by the chief executive of the Shanghai port Heng Heng Plaza, the mayor of Shanghai, and the Hang Lung Plaza of Shanghai.

however, the adjustment of management team did not reverse the unfavorable situation of Shenyang project. In 2013, the first batch of tenants' lease expired, and the occupancy rate of the merchants was reduced to 88% after adjustment.

"the location of the Imperial City Heng Long has deviations, so it is in the position of Chaoyang Joy City in Beijing to be a top luxury luxury shopping center."

Hu Jin, general manager of Jiuzhou prospective business management consulting center, said.

The Imperial City Heng Lung Plaza is located in the middle and high end, but at present, the high-end and high-end consumption in Shenyang is moving to the Golden Corridor Area at an amazing speed.

Shenyang City Heng Lung Plaza is located in the Golden Corridor (Youth Street) area. However, the high-end urban complex in this area has been expanded from 6 urban complexes in the 12 square kilometers planned in 2003 to more than 30 now built and built in 75 square kilometers, and the competition will become more intense.

Same as P, Ji'nan's Hang Lung Plaza has been opened for 3 years. After adjusting the tenants last year, the rental rate dropped from 95% to 88%, although the turnover increased by 8%, but the rental income increased by 1% compared with 2012, achieving 367 million yuan.

"Food and beverage should contribute to the main part of the growth of turnover, and the contribution of food and beverage is lower than that of clothing categories. Therefore, Ji'nan Hang Lung will have a turnover increase but the rental income will remain unchanged."

Hui Xing, who has conducted field research on Hang Lung Plaza, pointed out that

"Hang Lung's project in Shenyang and Ji'nan is not very good, mainly related to its positioning too high, it directly pplanted Shanghai's experience to Shenyang and Ji'nan, and Shenyang and Ji'nan's consumption market and Shanghai are very different."

Bai Wenxi, assistant chairman of the Greater China shopping mall alliance, said.

the Economic Observer reported earlier that Shenyang's Imperial City Heng lung square was not originally the intention land of Hang Lung estate. Its initial purchase was only the current city Heng lung square project. However, because the land price of Hang Lung estate and the government agreed too low, the land premium granted by the government could not even cover the cost of demolition, and there were hundreds of millions of losses.

As a result, the Shenyang municipal government came forward to hope that Hang Lung real estate can win today's imperial Heng Lung Plaza project, and Hang Lung estate has already won the project at 760 million yuan.

for Heng lung estate, "buying land that you do not want to buy, but not buying it" is not a case. It has not yet been able to enter Beijing, Guangzhou and Shenzhen, and even Chengdu and Changsha, which have been preparing for many years, have not been able to enter.

personnel > blood pfusion > /strong > /p >

at the end of 2012 at the end of the project in Shenyang and Ji'nan, Hang Lung estate carried out a major personnel adjustment.

In December 2012, Yao Zixian, executive director of Hang Lung estate, and Gao Bo Chun both left.

Yao Zixian, who joined the Hang Lung estate in 1986, became the general manager of item company in Ji'nan in 2007. In 2009, he became an assistant director of the group. He was appointed Executive Director of Hang Lung real estate in 2010 and was responsible for the project construction in mainland China in 2010. P

When p joined in 1994, he was appointed Executive Director, and was responsible for the design and land acquisition of mainland China in 2005.

The executive director of "P" Heng Long estate has also changed from 5 to Chen Qizong, Chen Nanlu and He Xiaochang 3.

Chen Nanlu joined in Hang Lung real estate in 2010. He became director of Cathay Pacific in 1997. He was appointed director of Swire stock in 2005 and served for 33 years in Swire.

In April of last year, Wang Yuqiang, who built the Shanghai port Heng Heng Plaza, left the Hang Lung to join P real estate.

"Now the project is mainly controlled by general manager Chen Nanlu, personnel adjustment will certainly have some impact on the company, but Hang Lung real estate development for so many years, there has been a set of emergency response mechanism, the company operation will not cause great turbulence."

The above Tianjin Heng Lung Plaza responsible person said.

up to now, if not two Shanghai projects, Hang Lung real estate will have nearly 42 million square feet of commercial property in the mainland, of which about 10 million square feet of property has been completed.

"After a reasonable financial cost, the total cost is about 92 billion Hong Kong dollars, of which nearly half has been paid, and the unpaid part is mainly for the construction fee."

In the 2013 annual report, Chen Qizong said, "over the past four years, we have completed a project equal to The Empire State Building in New York every year.

At this rate, the 32 million square foot property under construction will be completed for 12 to 13 years.

Among them, Dalian Hang Lung Plaza is scheduled to open in 2015, Kunming project will open in 2017, and Wuhan project will open in 2019.

< Hang Lung real estate 2014 interim results report shows that as of June 30th this year, its total capital commitment is HK $47 billion, mainly for developing Tianjin, Dalian, Kunming, Wuhan, Wuxi's Hang Lung Plaza and Shenyang's municipal government Hang Lung Plaza.

As of June 30th, Hang Lung real estate issued 12 billion 470 million yuan Hong Kong dollars fixed rate bonds, the weighted average repayment period of 7.5 years, the annual coupon of 2.95% to 4.75%.

"Hang Lung's strength lies in the construction of high quality buildings and strong investment ability. These two points are not the key factors to win in the new trend. It is the key factor to win the key to win the competition by adjusting the local conditions and grasping the consumer habits of every city, and building a new differentiated operation system according to the characteristics of each store, and what Hang Lung lacks most is this ability."

Hui Xing said.

Guo Zengli, director of China Shopping Center Alliance, also believes that "the focus of Hang Lung should not be scale expansion, but operation adjustment and structural optimization".

"After 2015, Hang Lung's rental turnover will be close to HK $8 billion, and the rent growth effect of the new property will be weakened. By then, the main growth point of Hang Lung will be the continued growth of the second tier cities in the mainland, and if the operation of Hang Lung does not improve, then the growth will stagnate."

Hui Xing said.

In 2013, the net profit of shareholders of Hang Lung estate has fallen by 14% to HK $7 billion 200 million.

Chen Qizong also realized the importance of the operation of the mall and began to embrace the Internet.

"The Internet has completely changed our lives. For shopping malls, the impact of the Internet is not just on Internet shopping, but also in helping us create sales and radically change our shopping experience."

Chen Qizong said, "for this reason, we recently developed an internal plan called EST, which means experience (Experience), service (Service) and Technology (Technology)."