Page 40 - Hang Lung Properties 2012 Annual Report

For the year ended December 31, 2012, the Group’s property leasing
operations in mainland China accounted for 51% of total rental turnover.
PROPERTY DEVELOPMENT
Reinforcing the nationwide prestige of the renowned “66” brand,
we opened the shopping mall at Forum 66 – our second project in
Shenyang – on September 28, 2012. From day one, the property has
been fully leased to more than 150 tenants. Forum 66 is our largest
project under construction, with a total gross floor area of 1,060,000
square meters. Upon full completion, the complex will also feature
office towers, a hotel and serviced apartments.
On November 28, 2012, the Group hosted a groundbreaking ceremony
for Spring City 66 in Kunming, the capital city of Yunnan Province. This
project represents a major business milestone as it marks our entry
into the southwest region of mainland China. Spring City 66 is centrally
located in the business and commercial heart of Kunming, and sits
at the core of the central business district. The prime 56,000 square-
meter site will be developed into a world-class shopping mall, with a
Grade A office tower and serviced apartments.
Phase 1 of Center 66 in Wuxi is on track for opening in 2013; and pre-
leasing activities for the shopping mall have commenced in preparation
for launch.
The Group’s other development projects on the Mainland are
progressing well according to schedule.
FINANCIAL POSITION
We upheld a healthy and robust balance sheet, with cash and bank
deposits of HK$36,025 million as at December 31, 2012. After
deducting total borrowings of HK$29,736 million, the Group had a
net cash balance of HK$6,289 million. Further enhancing our financial
flexibility, we issued 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
收入總額百分之五十一。
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商
戶。市府恒隆廣場是我們在瀋陽的第二個
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
三百六十億二千五百萬元。扣除債項總額
港幣二百九十七億三千六百萬元後，集團
的現金結餘淨額達港幣六十二億八千九百
萬元。為進一步加強財務彈性，我們根據
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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