Page 17 - Hang Lung Properties 2012 Annual Report

ϤഃਠఙΪϾᜊ੻ᗭ˸၍ଣdሯඎ͵ೌ̙
ᒒеήΕʷfӚϞɛ̙˸છՓቌ࢕ਠ⧕ር
ޟჿਠۜdධͦ఻˷੽කุ࠯˂ৎکӊر
ฏɨdһОرՉண ࠇֻֻ˶ഛ̙௓d ࡒ˲
݄ʈࡑ՗ʿή ݬ౷ஷf
߰ϞɛҪϤഃيุၾኹϞර ږήݬeఊɓ
ุᛆԨ˲ணࠇҁഛٙᒅ يਠఙ޴౤Ԩሞd
Ԩൖʘ މᘩن࿁˓dվͣႭྼί݊ঞᔬഒ
ࡐf٫ۃอໝϓࣛ אึ࿁͍୕ਠఙ֛ٙᄆ
ঐɢ੭ԸᅂᚤdШϤᅂᚤʔึ͵ʔঐܵɮf
ί዆ ࡈlzή̹ఙ㛪dኹϞ̂༃ৌɢeˡ඲
˜ʱ װ™ਠఙٙ೯࢝ਠܸ̙֡ᅰf˼ ࡁɽ௅
ʱԸІ ࠰ಥdϾԸІlzή٫ѩ މ਷ΆdϤ
ɗ̙˸ଣ༆fվͣႭdڢִ݁޴ᗫٙ೯࢝
ਠᗭϞࣛගܔͭԑ੄ৌɢdһགሞ՟੻ ה
ც຾᜕ϓ၈މ ᔖٙਠุ೯࢝ਠflzή̹ఙ
ᕼɽdᅰ࢕೯࢝ਠၑޟჿklவ݊ މОҢ
ࡁίཀ̘ᅰϋҳή̥ࣛಀ༾ɪɓאՇࡈᘩ
ن࿁˓f
Ύ٫dɽ௅ʱlzή೯࢝ਠৰəίணࠇਠఙ
˙ࠦॹ˶ਖ਼ʑdί ܔ ጘ˙ࠦɰ˄ ܢ׵Ӌ
ϓfЪމ ɺήር˙ִ̹ٙ݁֜ࡰdֻֻ
Ҏૐ ܔጘيίܘ೵ࣛගlzໝϓfί̹lz ܔ
ணᅙ˂ɽᅽձ҃ɽਠఙdֻֻ஗ൖމତ˾
ʷʿ֜ࡰঐɢٙᗇ׼dϞл׵֜ࡰٙ͊Ը
Ꮯʺf
೯࢝ਠ׼ִͣ݁ٙː࿒d͵ᆀ׵ڝձdԷ
νוፕਠఙ׵ᒅໄɺήܝɤɞ ࡈ˜ک̙ක
ุf΂Оᆞ઄ணࠇ೻ҏٙɛɻޫٝdᑘɭ
ɽۨ ࡒ˲ልᕏٙධͦdఊኯவݬࣛග͉࣬
͊ԑ˸੻̈ɓࡈଫމᎴሯٙண ࠇdһགሞ
Management of such facilities becomes difficult and quality of the
facility inevitably deteriorates. No one can control what goods will be
sold in the neighbor’s space and degeneration happens almost the
day the development opens. This is not to mention the fact that more
often than not, the project is poorly designed, hastily constructed and
in mediocre locations.
To regard such properties as competitors of well-designed shopping
centers in top locations with a single owner is frankly ridiculous. While
new, the former may for a period affect the pricing power of proper
malls, but the effect will not and cannot last.
In the whole Mainland market, there are probably not more than
half a dozen players who have the financial wherewithal to not
“condominiumize” the malls. The majority of them are from Hong
Kong, and those from the Mainland are understandably all state-owned
enterprises. Frankly, hardly any non-government linked developer has
had the time to build up sufficient financial strength, not to mention
the necessary experience, to become proper commercial developers.
And given the enormity of the Mainland market, what are half a
dozen developers?! This was why in the past few years, we had only
encountered one or two competitors when bidding for sites.
Moreover, besides the lack of expertise in designing retail complexes
on the part of most Mainland developers, there is also the propensity to
construct all too hastily. City officials as sellers of the land often want to
see buildings completed in a very short period of time. The existence of
numerous skyscrapers and humongous malls in their cities somehow
becomes a proof of modernity and hence the officials’ competency,
which may in turn lead to their future career promotions.
Recognizing this mindset of the government, developers gladly oblige
and promise to open malls in say 18 months from the time of land
acquisitions. As anyone experienced in the design process knows, for
large and otherwise complicated projects, that time period is barely
sufficient to arrive at a reasonably optimal design, let alone to complete
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