Page 15 - Hang Lung Group 2012 Annual Report

ҢΣԟԬҭ൙ִ݁ٙɛɻ౤ਪjЫࡁ
ϞОܔᙄkՑͦ މۃ˟dҢᒔ͊ᛓཀ
΂ОϞܔண׌ϾɦΥଣ̙Бٙ ܔᙄf
ҭ൙຅್࢙׸dШ౤̙̈Бࠇྌۍᗭ
੻εf
ΪϤdఱͦۃϾԊdҢࡁ ̹̥ٙ۬λ
މɪִ֣݁ٙϞːאೌจʘ̰Ͼ΍Ν
˹̈˾ᄆfଭ௞வ̥݊ཬशdϾڢഒ
सdҢࡁც ࠅεᓃߗ׌˙ঐᜫவࡈਪ
ᕚᖹՑषৰdவ༰භኂ˟ಸٙᔼط˙
όމԳf
ፘՐٙ݊dᅽᄆΪִ݁ཀ̘ᅰϋٙ፹
̰Ͼ஗પ৷dҢࡁ͵ΪϤϓəၖʕա
ू٫€ʔཀdҢࡁ εϋԸɓٜ݊௰ɢ
˴ִ݁εપɺήٙɛɻʘɓfᎇഹ
ᄆࣸɪʺd͉ණྠீཀ᙮ڝ ʮ̡㛬ඤ
ήପ੻˸ίܽॴϾɪٙ৷ᄆ̈ਯ௅ʱ
ʊໝϓИσఊЗfவࡈཀ೻ʊܵᚃə
λ఻ϋf
ᑘԷႭd̘ϋʞ˜Ңࡁਯ̈ईᆋᝄɓ
ϵཧɞࡈఊЗd՟੻ՉዝԸ௰৷ٙᗙ
ყлᆗfҢࡁࡡҎૐ̋࠴ ਯ̈һεఊ
Зdೌքቖਯࠇྌӱʮбdٰ̹کΪ
ᆄݲ຾᏶ਪᕚϾɽషɨ࣒fΪϤdҢ
ࡁʔ੻ʔਗ਼ ࠇྌַ፰f㛬ඤήପ͵ਯ
My question to those critics of the government is: what do you
propose? So far I have not heard of constructive suggestions
that would work reasonably well. It is always easy to criticize
but far more difficult to present workable plans.
So for now, our city will just have to collectively pay for the
mistakes – unintentional or intentional – of the previous
government. It is much better to exercise a little patience
for the medicine to take effect than to take poison to cure a
tough but not incurable disease.
Ironically, as the government errors of the past years drove
up prices, we became a beneficiary thereof (Nevertheless,
we for years have been among the strongest to encourage
the then government to release more land). As prices moved
up, we through our subsidiary Hang Lung Properties (HLP)
were able to sell some of our completed apartments at
successively higher prices. That process has been ongoing
for a few years.
For example, last May we parted with 108 units of The Long
Beach and achieved the highest profit margin ever. Our
hope was to sell several times that amount but we were
unfortunate to have announced the sales plan right before a
serious downdraft of the stock market caused by economic
problems in Europe. So we were forced to wait a little
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