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Wheelock Properties

From Wikipedia - Reading time: 6 min
For the Singapore company "Wheelock Properties (Singapore)", see Wharf Estates Singapore.
"Hongkong Realty" redirects here. For not related real estate developer, see Hongkong Land.
Wheelock Properties Limited
Formerly
  • Hongkong Realty and Trust Co., Ltd.
  • New Asia Realty and Trust Co., Ltd.
Company typesubsidiary
SEHK:49(former A share code)
SEHK:153(former B share code)
IndustryReal estate development
Founded1923 (as Hongkong Realty and Trust)
SuccessorWheelock Properties (Hong Kong) Limited
Headquarters
Central
,
Hong Kong
Area served
Hong Kong
Key people
Douglas Woo (Managing Director)[1]
OwnerWheelock and Co.
ParentWheelock and Co.
Chinese name
Traditional Chinese會德豐地產有限公司
Transcriptions
New Asia Realty and Trust Co., Ltd.
Traditional Chinese新亞置業信託有限公司
Transcriptions
Hongkong Realty and Trust Co., Ltd.
Traditional Chinese香港置業信託有限公司
Transcriptions
Websitewww.wheelockproperties.com.hk

Wheelock Properties Limited and Wheelock Properties (Hong Kong) Limited are subsidiaries of Wheelock and Co. Wheelock Properties is a real estate developer and a former listed company in the Hong Kong stock exchange.[2][3]

Business overview

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Wheelock Properties engages in the property development and investment operations in Hong Kong. It participated in a number of private housing estates including Bellagio,[4] Sorrento,[citation needed] Parc Oasis (via the subsidiary RDC)[5] and Parc Palais and owns certain investment properties including Fitfort.[6]

Before the privatization of Wheelock Properties, the company owned the 76% shares in Singapore-listed Wheelock Properties (Singapore).[7]: 7  Both companies are privatized.

History

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The predecessor of the business unit, Hongkong Realty and Trust Co., Ltd., was incorporated on 17 March 1923. It was renamed to New Asia Realty and Trust Co., Ltd. in 1995. In the same year 新亞置業信託有限公司 was added as a registered Chinese name.

Hongkong Realty and Trust was a listed company since at least circa 1935.[8] It was reported that circa 1948, Hongkong Realty is majority owned by Marden and Co. already,[9] which the latter is the predecessor of the current Wheelock and Co. Marden-Wheelock was owned by Marden family until the 1980s., which it was takeover by Hong Kong ethnic Chinese business magnate Yue-Kong Pao, the maternal grandfather of the current (as of 2020) Wheelock Properties Managing Director, Douglas Woo.

As a listed subsidiary of the conglomerate Wheelock and Co., New Asia Realty takeover its own listed subsidiary Realty Development Corporation (RDC) in 2002.[10][11] Both New Asia Realty and RDC also issued class B ordinary share until they were exchanged into class A ordinary shares in 2000.[12]

The listed company was renamed from New Asia to Wheelock Properties Limited (Chinese: 會德豐地產有限公司) in 2004.[13]

Wheelock Properties was privatized by its parent company Wheelock and Co. in 2010.[14][15] At the time of privatization, Wheelock House in Hong Kong and Wheelock Place in Singapore are the main investment properties of the business unit.[7]: 8 

After the privatization , the business unit also do business via another legal person Wheelock Properties (Hong Kong) Limited. In 2016, sister company The Wharf (Holdings) bought a large portion of Wheelock House from the parent company Wheelock & Co. as well as from the chairman Peter Woo and his wife.[16] However, soon after the floor area of Wheelock House was injected to another sister company Wharf Real Estate Investment Company.

The parent company of the business unit, Wheelock and Co., remained as a listed company until 2020.[2]

References

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  1. ^ "Wheelock - Board of Directors". Wheelock & Co. Retrieved 12 November 2020.
  2. ^ a b Liu Yujing (16 June 2020). "Wheelock ends 57-year history as public company as shareholders approve HK$126 billion privatisation plan". South China Morning Post. Hong Kong. Retrieved 12 November 2020.
  3. ^ "Wheelock's Shares Surge on HKEX Exit Plan". www.yicaiglobal.com. Retrieved 2021-02-26.
  4. ^ "Property Marking to Market Back to the Basics". Interim Report 2002/03 (PDF). Wheelock and Co. p. 2. Retrieved 12 November 2020.
  5. ^ Sito, Peggy (25 July 1995). "Property slump cuts profits at New Asia". South China Morning Post. Hong Kong. Retrieved 12 November 2020.
  6. ^ "Wheelock - The Company". 2011-07-18. Archived from the original on 2011-07-18. Retrieved 2021-02-26.
  7. ^ a b "Management Discussion and Analysis" (PDF). Annual Report 2009 (Report). Wheelock Properties. 21 April 2010. Retrieved 12 November 2020.
  8. ^ 香港置業公司派息. The Chinese Mail (in Chinese (Hong Kong)). 9 February 1935 – via HKPL MMIS. {{cite news}}: External link in |via= (help)
  9. ^ 香港置業公司股東特別大會. The Kung Sheung Daily News (in Chinese (Hong Kong)). 3 December 1948 – via HKPL MMIS.
  10. ^ "Joint Announcement" (PDF). Hong Kong: Wheelock and Co., New Asia Realty, Realty Development Corporation. 18 December 2002. Retrieved 12 November 2020.
  11. ^ Kwok, Ben (19 December 2002). "New Asia plan disappoints market". South China Morning Post. Hong Kong. Retrieved 12 November 2020.
  12. ^ Kwok, Ben (17 June 2000). "Swire rules out change in share class system". South China Morning Post. Hong Kong. Retrieved 12 November 2020.
  13. ^ "Change of Company Name". Wheelock Properties. 6 September 2004. Retrieved 12 November 2020 – via hkexnews.hk.
  14. ^ Li, Sandy (29 April 2010). "Wheelock Properties up 137pc on buyout plan". South China Morning Post. Hong Kong. Retrieved 12 November 2020.
  15. ^ Liu, Yvonne (25 June 2010). "Offer for Wheelock Properties approved". South China Morning Post. Hong Kong. Retrieved 12 November 2020.
  16. ^ "Wharf (00004) to buy Wheelock House properties at HK$6.2bn". etnet.com.hk. 15 March 2016. Retrieved 12 November 2020.
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