Page 38 - Hang Lung Group 2012 Annual Report

53% of total rental turnover was contributed by the Group’s property
leasing operations in mainland China for the year ended December 31,
2012.
PROPERTY DEVELOPMENT
The Group opened the shopping mall at Forum 66 – our second project
in Shenyang – on September 28, 2012. As testament to the nationwide
prestige of our renowned “66” brand, the property has been fully leased
to more than 150 tenants since opening day. Forum 66 is the Group’s
largest project under construction, with a total gross floor area of
1,060,000 square meters. The complex will also feature office towers,
a hotel and serviced apartments upon completion.
We hosted a groundbreaking ceremony for Spring City 66 in Kunming,
the capital city of Yunnan Province, on November 28, 2012. This
project marks our entry into the southwest region of mainland China,
and represents a major business milestone for the Group. Sitting at the
core of the central business district, Spring City 66 is centrally located
in the business and commercial heart of Kunming. The prime 56,000
square-meter site is the future home of a world-class shopping mall,
Grade A office tower and serviced apartments.
Pre-leasing activities have commenced in preparation for the Phase 1
launch of Center 66 in Wuxi, which is scheduled to open in 2013.
The Group’s other development projects on the Mainland are
progressing well according to schedule.
FINANCIAL POSITION
The Group maintained a healthy and robust balance sheet, with cash
and bank deposits of HK$40,183 million as at December 31, 2012.
After deducting total borrowings of HK$37,645 million, we had a net
cash balance of HK$2,538 million. Further enhancing our financial
flexibility, we issued, through a wholly-owned subsidiary of our main
subsidiary, Hang Lung Properties Limited, an equivalent of HK$5,799
million of 10-year fixed rate bonds under the Medium Term Note
(MTN) Program.
截至二零一二年十二月三十一日止年度
內，中國內地物業租賃業務佔本集團租金
收入總額百分之五十三。
物業發展
二零一二年九月二十八日，瀋陽的市府恒
隆廣場購物商場開幕，進一步鞏固恒隆品
牌在全國的尊崇地位。該購物商場從首天
起已全部租出，網羅超過一百五十家世界
級商戶。市府恒隆廣場是本集團在瀋陽的
第二個項目，也是我們目前最大的在建項
目，總樓面面積達一百零六萬平方米，全
部落成後亦將包括辦公樓群、酒店及服務
式寓所。
二零一二年十一月二十八日，昆明的恒隆
廣場舉行開工剪綵儀式。這個位於雲南省
省會昆明市的項目，標誌著本集團進入中
國內地西南地區拓展業務的重要里程碑。
項目位於昆明市中心核心商圈的黃金地
段，佔地五萬六千平方米，將發展成為世
界級購物商場、甲級辦公樓及服務式寓所。
無錫的恒隆廣場（一期）將如期於二零一三
年開業，其購物商場已展開預租工作。
本集團其他內地發展項目均如期施工，
進度良好。
財務狀況
本集團繼續保持雄厚資本，於二零一二年
十二月三十一日的現金及銀行存款達港幣
四百零一億八千三百萬元。扣除債項總額
港幣三百七十六億四千五百萬元後，集團
的現金結餘淨額為港幣二十五億三千八百
萬元。為進一步加強財務彈性，我們透過
主要附屬公司恒隆地產有限公司旗下一家
全資附屬公司，根據中期票據計劃發行了
總額相等於港幣五十七億九千九百萬元的
十年期定息債券。
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