Annual Report 2011 - Hysan Development Company Limited

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The Hysan Community – Our Investment Property Portfolio Our investment property interests totaled some 3.8 million gross square feet of high quality office, retail and residential space in Hong Kong. Hysan Place at 500 Hennessy Road, currently under redevelopment, will add an additional 710,000 square feet to our portfolio upon its completion in 2012. HYSAN PLACE 500 Hennessy Road, Causeway Bay Hysan Place, formerly the Hennessy Centre, is Hysan’s major redevelopment project with its shopping mall opening in August 2012. It includes 15 floors of Grade “A” offices and 17 floors of retail outlets. Situated at the northern gateway of Hysan’s portfolio and the heart of bustling Causeway Bay, Hysan Place offers full harbour view offices, a shopping mall of exciting tenant mix and green building features that conform to the highest international sustainability standards. Estimated Total Gross Floor Area Approx. 710,000 ft 2 See page 36 for more details Shopping Mall Opening August 2012 BAMBOO GROVE HENNESSY ROAD SOGO HYSAN PLACE CROSS HARBOUR TUNNEL GRADE “A” OFFICES LEE GARDENS RETAIL HUB RESIDENTIAL LEE THEATRE RETAIL HUB NORTH POINT Mid-Levels YUN PING ROAD CENTRAL Times Square PERCIVAL STREET LEE THEATRE PLAZA LEIGHTON CENTRE LEE GARDEN ROAD ONE HYSAN AVENUE HYSAN AVENUE LEIGHTON ROAD THE LEE GARDENS SUNNING PLAZA LEE GARDENS TWO 18 HYSAN AVENUE SUNNING COURT 111 LEIGHTON ROAD ABERDEEN TUNNEL Not to scale Not to scale OFFICE Our office portfolio’s Grade “A” offices provide a core location with premium facilities and prestige for tenants and their clients. Hysan Place will further strengthen our Grade “A” office positioning with its world-class building specifications. Other office buildings provide quality office space for tenants’ diversified use. RETAIL The Lee Gardens hub provides elegant and luxury premium retail spaces for high-end brands, while the Lee Theatre hub is home to stylish and chic lifestyle shops and renowned restaurants. Hysan Place represents an increase of 50% by gross floor area to our overall retail portfolio, offering a new and exciting shopping destination with international brands new to Hong Kong. 28 Hysan Annual Report 2011
THE LEE GARDENS 33 Hysan Avenue, Causeway Bay The Lee Gardens is the Group’s flagship property comprising an office tower and a high-end shopping centre. The development, close to the MTR Causeway Bay station, enjoys spectacular views of the Harbour and Happy Valley and is home to many international corporations, luxury fashion brands and renowned restaurants. Approx. Gross Floor Area 900,000 ft 2 \ Number of Floors 53 \ Parking Spaces 200 \ Completed 1997 LEE THEATRE PLAZA 99 Percival Street, Causeway Bay Like its predecessor, Lee Theatre, the Lee Theatre Plaza is a Hong Kong landmark, being one of the city’s best known shopping and dining complexes, housing many of the world’s most famous lifestyle brands and restaurants. Approx. Gross Floor Area 317,000 ft 2 \ Number of Floors 26 \ Completed 1994 Overview LEE GARDENS TWO 28 Yun Ping Road, Causeway Bay Lee Gardens Two is an office and retail complex. The complex is conveniently linked to the neighbouring The Lee Gardens and is home to many international corporations, luxury fashion brands, renowned restaurants and a children’s concept floor. Approx. Gross Floor Area 627,000 ft 2 \ Number of Floors 34 \ Parking Spaces 176 \ Completed 1992 \ Renovation of retail podium 2003 SUNNING PLAZA 10 Hysan Avenue, Causeway Bay Designed by the renowned architect I.M. Pei, Sunning Plaza greets tenants and visitors with a spacious entrance and lift lobby. Among its retail tenants are popular food and beverage outlets, which have established the plaza as a hub for relaxation and social recreation. Approx. Gross Floor Area 277,000 ft 2 \ Number of Floors 30 \ Parking Spaces 150 (jointly owned with Sunning Court) \ Completed 1982 18 HYSAN AVENUE 18 Hysan Avenue, Causeway Bay 18 Hysan Avenue, formerly known as AIA Plaza, is a 25-level office and retail complex at the corner of Hysan Avenue. The building boasts a bright and spacious lobby. Approx. Gross Floor Area 132,000 ft 2 \ Number of Floors 25 \ Completed 1989 \ Renovated 2009 111 LEIGHTON ROAD 111 Leighton Road, Causeway Bay Located in a pleasant and quieter area in the heart of Causeway Bay, 111 Leighton Road is an ideal office location offering convenience as well as privacy. The retail shops include some trend-setting stores. Approx. Gross Floor Area 80,000 ft 2 \ Number of Floors 24 \ Completed 1988 \ Renovated 2004 LEIGHTON CENTRE 77 Leighton Road, Causeway Bay This office and retail complex enjoys close proximity to all forms of public transport. Its central location in the Causeway Bay area makes it a much sought-after address. Its completed renovation in 2011 has given a fresh look to its office lobby, while the retail podium has become a stylish shopping venue of international brands. Approx. Gross Floor Area 430,000 ft 2 \ Number of Floors 28 \ Parking Spaces 264 \ Completed 1977 \ Renovated 2011 ONE HYSAN AVENUE 1 Hysan Avenue, Causeway Bay Located at the junction of three busy streets in the heart of Causeway Bay, this office and retail complex enjoys a prime location with a variety of retail facilities in the surrounding area. Approx. Gross Floor Area 169,000 ft 2 \ Number of Floors 26 \ Completed 1976 \ Renovated 2002 BAMBOO GROVE 74–86 Kennedy Road, Mid-Levels A luxury residential complex in the Mid-Levels, Bamboo Grove commands panoramic views of the harbour and the greenery of the Peak, and is well served by a multitude of public transport. In addition to superb property management services and full club-house and sports facilities, tenants also enjoy personalised resident services that help ensure a comfortable stay. Approx. Gross Floor Area 691,000 ft 2 \ Number of Units 345 \ Parking Spaces 436 \ Completed 1985 \ Renovated 2002 SUNNING COURT 8 Hoi Ping Road, Causeway Bay The Sunning Court is a unique residential tower in the dynamic Causeway Bay area. Located in a pleasant environment with treelined streets, and within easy reach of all forms of relaxation and entertainment in the surrounding district, the building provides maximum comfort for its tenants. Approx. Gross Floor Area 98,000 ft 2 \ Number of Units 59 \ Parking Spaces 150 (jointly owned with Sunning Plaza) \ Completed 1982 \ Renovated 2003 Strategy in Action Corporate Governance Financial Statements and Valuation Note: The Approximate Gross Floor Areas shown above are based on accountable gross floor area of the relevant building and rounded to the nearest 1,000 ft 2 . Hysan Annual Report 2011 29
Page 1 and 2: A BETTER FUTURE TODAY Annual Report
Page 3 and 4: A BETTER FUTURE TODAY 2011 was a pr
Page 6: Asset enhancements: Lee Theatre are
Page 10: Hysan Place at the northern gateway
Page 14: An energetic and unique district in
Page 17 and 18: Overview 16 18 20 Who We Are 16 16
Page 19 and 20: OUR VALUES We foster the highest bu
Page 21 and 22: NON-FINANCIAL PERFORMANCE 789 700 4
Page 23 and 24: Further Transformation of Hysan’s
Page 25 and 26: 24 28 30 45 48 Our Marketplace and
Page 27 and 28: 6% 4% Real Gross Domestic Product*
Page 29: Index 140 130 120 110 100 90 80 Q1
Page 33 and 34: Recurring Underlying Profit, arrive
Page 35 and 36: Overview Our office has a balanced
Page 37 and 38: Overview Residential Sector Our res
Page 39 and 40: Financial Review A review of the Gr
Page 41 and 42: Cash Flows Cash flow of the Group d
Page 43 and 44: How are they measured Interest expe
Page 45 and 46: The following graph shows the perce
Page 47 and 48: Internal Controls and Risk Manageme
Page 49 and 50: Our Approach to Risk Management We
Page 51 and 52: Talent Management Our people manage
Page 53 and 54: 52 56 73 81 89 Board of Directors a
Page 55 and 56: Non-executive Deputy Chairman (S) S
Page 57 and 58: Overview Senior management team (fr
Page 59 and 60: Exceeded Code Provisions ✓ ✓
Page 61 and 62: Governance Framework The Group oper
Page 63 and 64: Board and Management At the core of
Page 65 and 66: Board Effectiveness Skills and Bala
Page 67 and 68: Independent Advice The Board recogn
Page 69 and 70: Audit Committee Composition and Mee
Page 71 and 72: Shareholders The Board and manageme
Page 73 and 74: Shareholder Rights Self-funded Prog
Page 75 and 76: Directors’ Report The Directors s
Page 77 and 78: THE BOARD continued According to Ar
Page 79 and 80: CONTINUING CONNECTED TRANSACTIONS c
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CONTINUING CONNECTED TRANSACTIONS c
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Directors’ Remuneration and Inter
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DIRECTOR COMPENSATION continued Lon
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DIRECTOR COMPENSATION continued Lon
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DIRECTORS’ INTERESTS IN SHARES As
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Audit Committee Report The Audit Co
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Overview 4 Financial Statements and
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Independent Auditor’s Report Over
Page 97 and 98:
Consolidated Statement of Comprehen
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Statement of Financial Position At
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Attributable to owners of the Compa
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2011 2010 Note HK$ million HK$ mill
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4. Investment Properties Investment
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7. FINANCIAL INSTRUMENTS continued
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13. TAXATION continued Deferred tax
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2. APPLICATION OF NEW AND REVISED H
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5. SEGMENT INFORMATION continued Se
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6. INVESTMENT INCOME Investment inc
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9. TAXATION continued The taxation
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12. DIRECTORS’ EMOLUMENTS continu
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12. DIRECTORS’ EMOLUMENTS continu
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15. EARNINGS PER SHARE (a) Basic an
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17. PROPERTY, PLANT AND EQUIPMENT L
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18. Investments in Subsidiaries Inv
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19. Investments in Associates conti
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22. Equity Investments/Available-fo
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23. Other Financial Assets/Liabilit
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27. TIME DEPOSITS/CASH AND BANK BAL
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30. BORROWINGS continued (c) Fixed
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32. SHARE CAPITAL Number of shares
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36. CONTINGENT LIABILITIES At the e
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39. RELATED PARTY TRANSACTIONS AND
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40. SHARE-BASED PAYMENT TRANSACTION
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1. Financial Risk Management Object
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3. FAIR VALUE continued The followi
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4. CAPITAL RISK MANAGEMENT The Grou
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At 31 December As restated As resta
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Schedule of Principal Properties At
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Shareholding Analysis Share Capital
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It is not just our quality assets t
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Annual Report 2011 - Hysan Development Company Limited

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