Page 21 - Hang Lung Properties 2012 Annual Report

Ңࡁٙ༸ᅃᅺ๟Ԩڢ̥݊৙ᒒ஭Ϯfʕ਷
֜ࡰֻֻࠅӋ྅Ң ࡁவԬਠ࢕ᖦ໇ʹ׸௪
ҙ፽dШՉྼೌจໝྼࠇྌiவԬᖦ໇ٙ
˖΁සᜫ༈ഃִ݁ჯኬɛ՟ࣀɪॴfৰڢ
Ңࡁᆽྼ࿁ධͦϞጳሳdщۆҢࡁʔึᖦ
໇௪ҙ፽fவʔස݊͟׵Ңࡁʔᗴจ וա
ִ݁ҷᜊ˴จԨ༊ྡҁϓʹ׸੭ה Ըٙࠬ
ᎈdϾ݊͟׵ၖʕᘾўٙൈ৽fҢࡁ̙ঐ
ΪϾ̰̘əɓԬ؃ʾdШվͣႭவԬ˜؃
ʾ™ԨڢҢࡁٙΝ༩ɛfϞɓΫҢאޟΪϤ
Ͼ஗ ݔԬჯኬɛર͆dШҢᗴจ٢މ ܵ৷
༸ᅃᅺ๟Ͼ˹̈˾ᄆf
Ң޴ ڦίϤᓃɪٰ؇ึ˕ܵҢdщۆdሗ
اਯ㛬ඤٰ΅dޫΪίϤͭఙɪdҢࡁึ
਺֛ʔ୅f
༑ᒱνϤdҢࡁ͵Ԩʔง݉fீཀ೯࢝ή
ᅺيุνɪऎՇࡈධͦdձίlzήЪ̈Ϟ
จ່˸ʿዹतٟٙึධͦdҢࡁᐏ੻਷࢕
ձ޲ॴ஢ε௰৷ჯኬɛႩΝfɭϤ၇၇d
މҢࡁᙊ੻ή˙֜ࡰٙయࠠdഗҢࡁක઼
ə஢εࣂژf
Ңࡁίlzήٙஈԫ˙όdၾҢࡁί࠰ಥٙ
ɓ஫ਂ جdࡡ ۆɪԨೌɚ ߧfԷνdҢ ࡁ
ٵ֛݊Бlzˇᅰאਬɓٙʮ̡d׼˖஝֛
ʔ྇͜ ۃִ݁৷֜ٙfҢ ࡁԨʔˀ࿁йɛ
வᅵਂd̥ࠅϞᗫ೻ҏΥ جʿீ׼ ک̙f
ШఱҢ ࡁϾԊdʮ̡ٙࣨːᄆ ࠽݊਺ܵһ
৷ٙᅺ๟f
εϋԸdҢ֐୞޴ڦdҢ ࡁٙΆุ၍ طЗ
֢Бlz௰ԳʘΐfԷνd㛬ඤٙዹͭڢੂ
Б໨ԫٙጐ฽׌ձዹͭ׌dܘᗭҬՑ̤ɓ
࢕ʮ̡̙ၾʘ෼ߕfዹͭ ڢੂБ໨ԫ הБ
ԴٙᛆɢdᏐ༈ӚϞ΂ОΝ኎̙˸޴౤Ԩ
ሞf ܘˇʮ̡ՈϞ͉ණྠٙீ׼ܓdவʔ
ఊίৌਕמᚣ˙ࠦdίഄଫձ၍ଣ ܠၪ˙
ࠦ͵್fவɰ͉݊ɛፋഅᅠᄳ໨ԫߧڗ ٰ
؇ՌٙࡡΪdίཀ̘ɤϋԸɽ௅ʱϤഃՌ
΁ѩჃ༰͉˖ڗމf
Our standard of ethics goes beyond mere avoidance of corruption. At
times Chinese officials would ask businessmen like us to sign MOU
(memorandum of understanding) for transactions which they have no
intention to proceed forward. Such signed documents are only meant
to make those government leaders look good before their superiors.
We always refuse to sign unless we have genuine interest in the actual
project. It is not so much because we do not like the risk in case the
government changes its mind and try to consummate the deal, but
because of the inherent hypocrisy. As a result, we have probably lost
a few friends but frankly those “friends” are not the kind we want.
In one particular case, I might have been personally ostracized by
certain leaders but I am willing to pay the price to maintain a high
standard of ethics.
I trust that my shareholders are on my side on this point. If not, please
sell Hang Lung shares, for we will not change.
That said, neither are we foolish. Through developing iconic projects such
as the two in Shanghai and through a number of meaningful and even
unique community services on the Mainland, we are known to many top
leaders of the country and of the provinces. All these have earned us the
respect of local officials and have opened many doors for us.
What we practice on the Mainland is in principle no different from what
we have always done in Hong Kong. For example, we must be one of
the very few companies if not the only one in our industry which have
a stated policy of not hiring former senior government officials. We do
not object to others doing this as long as the process is legal and
transparent. But for us, it is simply in our Company genes to uphold a
higher standard.
For many years I have believed that we have one of the best corporate
governance in the industry. For example, it is hard to find a company
that has independent non-executive directors which are as active and
as independent as Hang Lung’s. They probably exercise more power
than most if not all their peers. Few firms are as transparent as we
are not only in terms of financial disclosures but also our strategy and
management thinking. This is why I personally pen all chairman’s letters
to shareholders, most of which of the past decade are far longer than
this present writing.
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