2024-04-26 09:38:00
Chen Lezong said it has been more than 70 years since his father founded the company. He said: “The business is both listed and controlled by the family. The interests of the family are actually consistent with the interests of small shareholders. There is no conflict and they also have their own advantages. We do not need to pursue short-term interests like those of Wall Street in the United States, avoid negative impacts and have the confidence to create value. In this situation, he pointed out that the style of family-owned listed companies would tend to be conservative, and family tradition, ethics and morals would be established, which would have advantages. The company is now run by his nephew Chen Wenbo. He believes this is a wise decision for the company and shareholders. He said: “Although my nephew grew up in a good family environment, he did not have the bad habits of the rich second generation. He was discreet and economical. He didn’t have any famous brands. He was calm and understanding. the world. He was also confident in the prospects of the company led by Chen Wenbo.
He said that with Chen Wenbo taking advantage of his grandfather Chen Zengxi and father Chen Qizong, as well as the new generation bringing new momentum, even though he faces many challenges, he believes he can still create good value. He also thanked the shareholders for their support over the years, as well as the long-term service of his brother, He Chaohui, independent non-executive director of Hang Lung Properties, for taking care of the interests of the shareholders, as well as three former and current general directors.
Chen Qizong stressed that he might not answer personal questions regarding his life following retirement, but said with a smile: “(Personally) I have many interests, but the only thing is that I will not sit “He also pointed out that business leaders have always been more involved in the board of directors and estimated: “It will not be worse than before, it will only be better than before”.
In response to shareholders’ concerns regarding the company’s finances and operations, CEO Lu Weibo emphasized that in an uncertain environment, the company will focus on cash flow and be careful to give back to shareholders before thinking regarding an expansion. He hopes that following six years of development, the Hangzhou project will open late this year or early next year and provide a source of income. It also expects the second phase of Shanghai Plaza 66 to be completed and generating revenue within two years. years. In the first quarter of this year, the group also sold a unit in a large residential building on Blue Pool Road and recorded the sale of some units in Ngau Tau Kok Haori at the end of June. As for the slowdown in retail growth, it will have some impact, but he doesn’t expect it to be reflected immediately. At present, the valuations of many large real estate developers have fallen to 0.2 times price-to-book ratio, and the group can only begin to increase book value and dividend yield. He pointed out at the shareholders’ meeting of Hang Lung Properties that, being concerned regarding the aging of mainland consumers, they noticed that most of the consumers in Plaza 66 in Shanghai were over 35 years old, making them much younger. on the mainland they generally don’t have many mortgages and spend a lot of money.
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