Hangzhou Acquisition Consistent With the Company's Long-Term Strategic Vision
Hang Lung Properties has acquired a commercial site in Hangzhou for CNY 10.7 billion. This is the company’s first major acquisition in China since 2013. The site is expected to yield about 200,000 square meters of gross floor area, or GFA, of commercial space, split between 45% for retail and 55% for office space. The accommodation value is about CNY 55,000 per square meter. Given the city’s booming economy and the site’s central location, we believe this is a reasonably priced acquisition. As t...Hang Lung Properties is an investment holding company. Through its subsidiaries, Co. is engaged in property investment for rental income, property development for sales and leasing, car park management and property management. Co. segments include: property leasing in Hong Kong and mainland China; and property sales in Hong Kong. Co's property leasing segment includes property leasing operation. Co.'s investment properties portfolio consists of retail, office, residential, serviced apartments and carparks are primarily located in Hong Kong and mainland China. Co.'s property sales segment includes development and sale of Co.'s trading properties in Hong Kong.
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