Page 19 - Hang Lung Group 2012 Annual Report

more than once I have informed shareholders that our valuer
was probably among the most conservative, few believed
me. This was the major reason why researchers everywhere
had underestimated our underlying profit for the year.
The rent loss from the five transactions of 2012, plus two
others executed right before, accounted for approximately
11% of 2011 Hong Kong rental income. Even with that, total
Hong Kong rents collected in 2012 was still 3% higher than
the year before. Taking out the discontinued properties so
as to compare like with like, the increase was 9%.
Property market on the Mainland also underwent
considerable changes. Slower global and domestic
economies combined with Beijing’s austerity measures on
residential sales have kept the lid on prices and transaction
volume. But by the fourth quarter, both began to move,
and the momentum was carried over to the new year. That,
together with the observation that the local stock market
has recovered somewhat after about three weak years,
causes one to wonder if the slowdown in retail sales may
soon end. We certainly hope so.
ɤ˚ٙࠠПᄆ࠽Ϟϵʱʘɖɤɖٙ๐
ᄆfኋ၍͉ɛʔ̥ɓϣѓൡٰ؇dҢ
ࡁٙП࠽ࢪɽ฿݊௰ڭމ ςٙdШޟ
ˇɛ޴ڦҢdவ݊ הϞʱؓࡰѩЭП
əҢࡁʦϋٙਿ͉๐лٙ˴ࠅࡡΪf
༈ʞ֚׵ɚཧɓɚϋආБٙʹ׸dஹ
ΝʘۃٙՇ֚ הˏߧٙॡ ږฦ̰ߒЦ
ɚཧɓɓϋ࠰ಥॡږϗɝᐼᕘϵʱʘ
ɤɓfᐽ್νϤdɚཧɓɚϋٙ࠰ಥ
ॡږϗɝᐼᕘdʥ༰ɚཧɓɓϋ৷̈
ϵʱʘɧfࡊϔৰ༈ഃʊ୞˟ᐄ༶ٙ
يุdΝˢᄣషމϵʱʘɘf
lzήيุ̹ఙ͵຾ዝࠠɽᜊʷfᐑଢ
ձlzή຾᏶׳ᇠd̋ɪʕ̯મ՟ᘌ
ᄒٙ༿ҵᅽגቖਯણ݄d˿ᄆࣸձϓ
ʹᕘ৾ထʔۃfШሸɝୋ̬֙ܝdՇ
٫ѩක֐ᖂʺdԨ׵อٙɓϋڭܵʺ
ැdΎ̋ɪᝈ˷lzήٰ̹຾ཀɧϋٙ
हࢮΈ౻ܝ ̈ତٙΫʺැ᎘d˿ɛଚ
಻ཧਯቖઋ׳ᇠٙઋאر ึ৾˟fҢ
ࡁ຅್ҎૐνϤf
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