Investment Properties in China Will Power Growth for Wharf, but Other Initiatives Unclear
We revise our rating for Wharf from narrow moat to no-moat due to the demerger. The firm spun off its moaty Hong Kong, or HK, investment property portfolio into a separately listed entity. After the demerger, Wharf mostly holds assets in China with the core being five mixed-use IFS complexes, along with a portfolio of development projects. Wharf is now a China-focused property developer, with earnings from China accounting for 70% to 80% of the total, splitting between investment and development...
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