Page 25 - Hang Lung Group 2012 Annual Report

lzdॡږϗɝᐼᕘᏐᜑഹ৷׵̘ϋf
อڐකุٙɧ ࡈਠఙ€ެ۬㛬ඤᄿఙe
᏶یٙ㛬ඤᄿఙʿִ̹㛬ඤᄿఙdՉ
ॡږᗙყлᆗᏐ̙ᘱᚃɪʺfཫಂה
Ϟධͦਿ͉ɪ̙Ό௅ॡ̈f
ණྠ࿩ɨ࠰ ಥҳ༟يุଡ଼Υ׵ɚཧɓ
ɧϋٙॡږ ᄣڗଟᏐၾ̘ϋ޴߰d੭
Ըٙᕘ̮ॡږϗɝdᏐԑ˸Ꮞ໾Ϊ̈
ਯيุϾฦ̰ٙॡږᕘf
ҢࡁҎૐΎϞዚึ˸ଣซᄆࣸ̈ਯ޴
຅ᅰඎٙʊໝϓИσఊЗf̤ɓ˙
ࠦdཀ̘ɓϋҢࡁ̈ਯεධ ڢࣨːҳ
༟يุdԸϋਗ਼ึ೹๊f್ϾdϞɓ
ࡈतࣿઋرৰ̮f
͟׵ҦஔࡡΪd͉ණྠீཀʮ̡ᔷᜫ
˙ό̈ਯ࿩ɨɓධΤމ͓ᚆ֢ٙ؂ਕ
όభيהุf൯ር՘ᙄʊ׵̘ϋϋֵ
ᖦ໇dШʹ׸׵ʦϋڋ˙ึҁϓfவ
ၾॆ͍ٙ༟ପቖਯϞʱй ķ ึࠇ஝
ۆ஝֛dٰ΅ᔷᜫהପ͛ٙ๐л඲׵
ʹ׸ҁϓܝ ˙̙ᆽႩf͟׵ࠈ֛ʹ׸
ࣛʊᆽ̹ͭᄆd݂Ңࡁ̀඲ܲϤࠠП
ي༈ุ׵ɚཧɓɚϋɤɚ˜ɧɤɓ˚
ٙᄆ࠽fΪϤdᒱ್༈ධቖਯԨӚϞ
ܼ̍ίɚཧɓɚϋٙʹ׸lzdШ༈ي
higher than last year. Rental margin for the three recently
opened malls (Palace 66, Parc 66 and Forum 66) should
continue to advance. Occupancy everywhere is expected to
be basically full.
For our Hong Kong investment portfolio, 2013 should look
quite similar to last year in terms of rental growth rate. Extra
rents therefrom should more than compensate for the loss
of income from discontinued properties.
We are hopeful that there will again be opportunities to
sell completed apartments in meaningful quantities and at
satisfactory prices. On the other hand, after a year of many
transactions, the sales of non-core investment properties
may take a breather. There is however an odd case.
Due to technical reasons, a block of serviced apartments
called The Bay Bridge owned by this Company is being
sold through the assignment of company scripts. The sale
and purchase agreement was signed late last year but the
transaction will not be completed until early this year. Unlike
the sales of real asset, accounting rules dictate that profit
from the sale of shares will not be recognized until the deal
is closed. Because a market price has been established
when the transaction was struck, the property must be
revalued to that number at December 31, 2012. As a result,
the sale was not included among the 2012 transactions
25