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SHKP signs 5-year HK$23 billion syndicated credit facility


Sun Hung Kai Properties Limited (SHKP) is delighted to announce the successful signing of a 5-year term loan and revolving credit facility valued at HK$23 billion. The facility has garnered significant interest from a diverse group of 23 mainland, international and local financial institutions. The level of subscription far exceeded expectations, with the facility being oversubscribed nearly five times.

SHKP Chairman and Managing Director Raymond Kwok said: “This overwhelming response is a very strong vote of confidence in SHKP and the future of Hong Kong. We will use part of the facility’s proceeds to refinance some of our debts with the remainder held as working capital for coming business developments. This approach aligns with our prudent financial management.” 

He noted SHKP holds the highest credit ratings among property companies in Hong Kong, with an A+ rating from Standard & Poor’s and an A1 from Moody’s. The Group’s dedication to developing quality and green properties, along with its premium trustworthy brand and strong reputation, is well recognized among tenants, shoppers, home buyers and the investment community.

Mr Kwok added: “Amid macroeconomic headwinds, the Group remains committed to prudent financial discipline and places a strong emphasis on cash flow management, including the implementation of strict controls on capital expenditure and continuous launching of residential projects for sale.”

He emphasized that the Group’s rental portfolio in Hong Kong has over 30 million square feet gross floor area (GFA) while the portfolio on the mainland has been expanded with the soft opening of the Group’s luxury mall in Nanjing, Nanjing IFC Mall, to about 20 million square feet GFA. The Group’s estimated net rental income is estimated to exceed HK$19.2 billion in the financial year 2023/24. 

Looking ahead, there are several key projects on the horizon which will contribute to the Group’s growth, Mr Kwok added. A notable one is the mega High Speed Rail West Kowloon Terminus Development, whose office towers will be named the International Gateway Centre (IGC). In March 2024, a celebration was held marking the topping out of an entire tower of the development, that has been rented by UBS as their new Asia Pacific headquarters. Another key project is the Artist Square Towers in the West Kowloon Cultural District, which is now under development. 

These projects, along with the Group’s ICC and two luxurious hotels, will form a unique commercial hub with a total of about 5.7 million square feet of premium grade-A office space. With its unparalleled location and commitment to world-class green building standards, the cluster is well positioned to serve as a prominent hub for commerce, culture, arts, retail, entertainment, and transportation in the Greater Bay Area and a place to live, work, play and learn. Furthermore, in Shanghai, construction of the final phase of International Trade Centre (ITC) is scheduled for completion in 2025. These new additions will further strengthen SHKP’s recurring income base over the next two to three years.

The Group also maintains a strong focus on delivering quality properties to achieve fast asset turnovers in its property development business. The residential market in Hong Kong has revived after removal of all property cooling measures in late February 2024. The Group’s recent launches of Cullinan Harbour in the Kai Tak runway area, YOHO Hub II in Yuen Long and Dynasty Court in Mid-Levels have been well received by the market. 

Moving forward, SHKP will continue to launch new residential projects for sale as they become available, and actively market its unsold completed residential units and some of its non-core properties, ensuring a continuous cash inflow.

The facility is backed by:

  1. Bank of China (Hong Kong) Limited
  2. Oversea-Chinese Banking Corporation Limited 
  3. Agricultural Bank of China Limited Hong Kong Branch 
  4. DBS Bank Ltd.
  5. The Hongkong and Shanghai Banking Corporation Limited 
  6. Industrial and Commercial Bank of China (Asia) Limited 
  7. Hang Seng Bank Limited
  8. China Construction Bank (Asia) Corporation Limited 
  9. China Minsheng Banking Corp., Ltd. Hong Kong Branch 
  10. CMB Wing Lung Bank Limited
  11. Nanyang Commercial Bank, Limited 
  12. Chiyu Banking Corporation Limited 
  13. The Korea Development Bank
  14. Sumitomo Mitsui Banking Corporation 
  16. Mizuho Bank, Ltd.
  17. Standard Chartered Bank (Hong Kong) Limited 
  18. United Overseas Bank Limited
  19. Taipei Fubon Commercial Bank Co., Ltd.
  20. Bank of Communications Co., Ltd Hong Kong Branch 
  21. Chong Hing Bank Limited
  22. Citigroup Global Markets Asia Limited 
  23. Crédit Agricole Corporate & Investment Bank

SHKP fully supports Hong Kong Reading Week


Sun Hung Kai Properties (SHKP) has been a strong advocate for reading for almost two decades. In line with the government’s announcement designating 23 April as the Hong Kong Reading for All Day, SHKP is delighted to provide the venue to host the 2024 Hong Kong Reading+ carnival. This four-day event, organized by the Hong Kong Publishing Federation and sponsored by Create Hong Kong, will take place at New Town Plaza in Sha Tin from 20 to 23 April.

SHKP Executive Director Christopher Kwok said: “President Xi Jinping has expressed his wish for all people to actively engage in reading and contribute to a culture where reading is cherished, quality books are available, and everyone benefits from reading. SHKP has been promoting reading since 2005 and is honoured to provide a bustling venue for the 2024 Hong Kong Reading+ carnival. The event includes an exhibition, seminars, workshops, and performances, all designed to foster a love for reading among the younger generation and broaden their horizons.”

The theme of the carnival is “n reasons for reading”. Apart from the exhibition, it also will feature a book fair, an electronic reading experience zone, nearly 20 seminars by renowned writers and music performances. Various parent-child activities, including storytelling sessions, STEM (Science, Technology, Engineering and Mathematics) workshops, and DIY picture book making classes, will also be organized. A highlight of the carnival will be a talk and a meet-and-greet session by Hideko Yamashita, acclaimed Japanese writer of the global bestseller “DanShaRi”, who will be introducing her new book. 
In addition to supporting the carnival, New Town Plaza will launch a series of online and offline activities to promote reading. One such activity is a contest where participants have the chance to win a HK$200 SHKP Malls Gift Card by sharing their favourite book title under the event post on the SHKP Reading Club Facebook page between 20 and 28 April.

Over the years, SHKP has collaborated with the government and community groups to organize a number of reading promotion campaigns at its shopping malls. An example of this collaboration is the book exhibition held at apm shopping mall in Kwun Tong last year. This exhibition was conducted in support of the government’s initiative to promote the night-time economy while encouraging everyone to read. During this event, apm shopping mall extended its operating hours until 11 pm, providing an opportunity for book enthusiasts, especially “night owls”, to immerse themselves in the joy of reading.

SHKP has been a stalwart supporter of reading initiatives. Since the launch of the Read to Dream programme in 2008, SHKP has been providing book allowances to over a thousand students annually to buy their favourite books at the Hong Kong Book Fair. This effort has benefitted more than 30,000 students so far. In 2013, SHKP introduced the SHKP Reading Club, which has organized talks and workshops on reading at nearly 400 schools. In 2019, SHKP launched the Read For More online reading platform which uses engaging multimedia content on popular culture, travel, and food to promote reading among individuals. SHKP has also been putting more emphasis on STEM education across its reading promotion initiatives since 2021, when the National 14th Five-Year Plan indicated clear support for Hong Kong’s development as an international innovation and technology hub, encouraging primary and secondary school students to apply STEM knowledge in their daily lives.

SHKP welcomes Town Planning Board’s approval of its Mong Kok project planning application


Sun Hung Kai Properties (SHKP) is delighted by the Town Planning Board’s approval of the planning application of its Mong Kok project. The large-scale commercial project will be developed as the ‘Green Heart’ of Mong Kok with many green, sustainable elements.

SHKP Executive Director Robert Chan said: “This project will be the first large-scale commercial landmark that Mong Kok has seen in recent years. Applying its expertise in building transit-oriented developments, SHKP will provide quality commercial space, enrich the community with well-thought-out amenities, green elements, and enhance overall connectivity and accessibility.”

He continued: “We have years of track record in developing Mong Kok, where our MOKO, Grand Century Place and the Royal Plaza Hotel have become commercial and shopping hotspots of the area. The new project will create synergy with these popular destinations, capitalizing on Mong Kok’s reputation as a place of both traditional culture and contemporary trends, and making it a hub for business, retail and tourism in central Kowloon.”

Preliminary works are underway for the project, which features a 53-storey main tower reaching a height of 320 metres above the principal datum. Once completed, it will become the second tallest commercial landmark in Kowloon after the International Commerce Centre (ICC). The main tower will also come with a three-storey podium and a public rooftop viewing platform, a unique feature in the district that offers sweeping views of the city’s hustle and bustle. The project’s total gross floor area will be 1.52 million square feet, comprising a 200,000-square-foot shopping mall, and 1.2 million square feet of commercial space. Other facilities include five community facilities with a total floor area of 50,000 square feet and over 100,000 square feet of quality outdoor public space. 

Premium public open space and preservation of old and valuable trees 
The project aims to become the ‘Green Heart’ of Mong Kok. One of the highlights is the preservation of three banyan trees which are more than 60 years old. SHKP is working together with local and overseas landscape and tree specialists over the formulation of a conservation plan, which involves altering the original basement design to avoid disturbing the soil beneath the trees.

SHKP will also create a ‘Ficus Plaza’, which is over 34,000 square feet, at the project’s ground-level entrance. The rarity lies not only in the close proximity to the three old trees but also in having such a well-designed public space within the district.

On top of that, the Group aims to plant over 50 trees in the project to achieve 30% in greenery coverage and 1,250 kg in annual carbon dioxide absorption. This, together with the other green measures, should create a ‘Cool Island Effect’ that will reduce the temperature of the vicinity. 

Enhancing connectivity and accessibility
The project will provide about 800 private car parking spaces and a large public transport interchange for minibuses and cross-border buses. Embracing the design concept of ‘Urban Cool Ribbon’, the project will also come with two landscaped walkways leading to the MTR Mong Kok East Station deck and a footbridge to Hak Po Street, linking the project with various streets in the neighbourhood.

Creating an inclusive community
To ensure that the project’s five community facilities effectively cater to the practical needs of the users, SHKP has made special effort in meeting with various social welfare service organizations and conducted focus group discussions, street interviews and surveys, engaging over 400 participants. Based on the insights gathered, SHKP has taken a number of steps to make the amenities more user-friendly. The community facilities will now be located in an annex block, designed to provide easy access for the users. For instance, considering that a significant number of day-care centre users are elderly individuals who rely on rehabus for transportation, SHKP has incorporated a dedicated vehicular access and drop-off point right outside the centre.

Executive Speeches
SHKP signs 5-year HK$23 billion syndicated credit facility<br />Chairman and Managing Director Raymond Kwok
SHKP signs 5-year HK$23 billion syndicated credit facility<br />Chairman and Managing Director Raymond Kwok
Topping out ceremony of UBS new office building at SHKP High Speed Rail West Kowloon Terminus development<br />Chairman and Managing Director Raymond Kwok
Topping out ceremony of UBS new office building at SHKP High Speed Rail West Kowloon Terminus development<br />Chairman and Managing Director Raymond Kwok
SHKP reaches a new milestone in green construction<br />Executive Director Adam Kwok (Chinese only)
SHKP reaches a new milestone in green construction<br />Executive Director Adam Kwok (Chinese only)