Sun Hung Kai Properties

Early years

The predecessor of the group, Sun Hung Kai Enterprises Co., Ltd., was founded in 1963 by Kwok Tak-seng, together with Fung King-hey and Lee Shau Kee.[1][4][5] The current legal entity of the holding company of the group, Sun Hung Kai Properties Limited, was incorporated on 14 July 1972 and was listed on the Hong Kong stock exchange on 23 August 1972.[2]

In 1973, SHKP acquired Hong Yip Service Company Limited.[6] In 1977, SHKP moved its head office to Connaught Centre, Central (now known as Jardine House).

In 1978, SHKP established Kai Shing Management Services Limited, a property manager.

In 1978, SHKP put on sale the first multi-block residential estate, Tsuen Wan Centre (first phase). Also in 1978, SHKP became one of the 33 constituent stocks listed on the Hang Seng Index.

In 1979, SHKP established Sun Hung Kai Properties Insurance Limited, which was a provider of general insurance.[7]

1980s and 1990s

In 1981, SHKP acquired an interest in Kowloon Motor Bus, a public transport provider. The corporation moved its headquarters to Sun Hung Kai Centre, on an area of newly reclaimed land in Wan Chai, in 1982.

In 1991, SHKP acquired Wilson Parking.

In 1992, SHKP finished the construction of Central Plaza in Wan Chai, the tallest building in Asia at the time of completion. In the same year the company diversified into mobile telephony with the establishment of SmarTone, now one of Hong Kong's dominant mobile providers.[8] This subsidiary was listed in Hong Kong in 1996.[9]

In 1993, SHKP acquired World Trade Centre, Causeway Bay.[10] From the mid-1990s the company undertook property development related to the new airport railway, including sites at the Airport Express Hong Kong Station.

21st century

In 2000, SHKP won tender for Kowloon Station Development Packages 5, 6 & 7 – now the International Commerce Centre (ICC) complex.[6] The complex was finished in 2010. The main building became the tallest building in Hong Kong at the time of completion.

On 17 March 2000, SUNeVision Holdings Limited, a subsidiary of SHKP, was listed on the Growth Enterprise Market of the Stock Exchange of Hong Kong.

In 2001, SHKP established the residential leasing division Signature Homes.

In 2002, SHKP set up SHKP – Kwok's Foundation. The foundation has actively supported charitable projects, focusing on education and training projects.

In 2003, the first phases of YOHO Town in Yuen Long went on sale.[13] The same year, the company signed a land-use transfer agreement with Shanghai Lujiazui Finance and Trade Zone Development Company for Shanghai IFC project.[14]

In 2005, SHKP opened APM, Hong Kong's first late-night retail centre.

Corruption probe

In 2012, SHKP Executive Director Thomas Chan was arrested by the Independent Commission Against Corruption (ICAC) on 19 March, along with eight people linked to the company on 29 March. Co-Chairmen Thomas Kwok and Raymond Kwok and five others were arrested by the ICAC as part of an extensive corruption probe. Rafael Hui, former Chief Secretary, was also taken in for questioning. They were later released on bail. The probe caused a 15 per cent fall in the company's share price.[22]

In December 2014, the jury convicted Thomas Kwok and Rafael Hui of HK$8.5 million bribery, and Hui was convicted of four more charges relating to misconduct in public office. The jury acquitted Raymond Kwok of all charges.[23][24]

List of chairmen

• 1) Kwok Tak-seng (1972–1990); founder
• 2) Walter Kwok (1990–2008); oldest son of Kwok Tak-seng
• 3) Kwong Siu-hing (2008–2011); wife of Kwok Tak-seng
• 4) Raymond Kwok and Thomas Kwok (2011–2014); joint chairmen, younger sons of Kwok Tak-seng
• 5) Raymond Kwok (2014– ); youngest son of Kwok Tak-seng

Projects

In 1996, SHKP was the lead developer which had bid the sum of HK$5.5 billion to acquire the rights to develop Hong Kong's second-tallest building, the International Finance Centre. The MTR Corporation was a partner in the venture.[25] Sun Hung Kai Properties, owns 47.5 per cent of the development, Henderson Land Development, whose chairman Lee Shau Kee sits on the SHKP board,[26] took a 32.5 per cent stake in the project. SHKP also built the International Commerce Centre, the tallest building in Hong Kong.

Internal sale opacity

In 2005, the developer was criticised for the lack of transparency in its public sale of residential properties to speculators and end-users.[27]

Land bank

As of 30 June 2019, the Group had a land bank in Hong Kong of 58.0 million square feet in terms of attributable gross floor area, consisting of 32.9 million square feet of completed investment properties and 25.1 million square feet of properties under development.

As of 30 June 2019, the Group held a land bank of 65.4 million square feet in terms of attributable gross floor area on the mainland, including 50.6 million square feet of properties under development and 14.8 million square feet of completed properties.

Credit ratings

The Group has always attained the highest credit ratings among Hong Kong developers. Moody's gave the Group an A1 rating and Standard & Poor's gave the Group an A+ rating.[36]

Hong Kong (residential)

• The Arch

• The Belcher's

• Castello

• Chelsea Court

• City One

• East Point City

• Harbour Green

• Harbour Place

• Larvotto

• New Jade Garden

• The Cullinan

• The Latitude

• The Leighton Hill

• Les Saisons

• Manhattan Hill

• Mayfair Gardens

• Oscar by the Sea