SHKP remains confident in Hong Kong’s long-term prospects, striving to contribute to economic recovery
Sun Hung Kai Properties Limited (SHKP) today announced its 2019/20 Annual Results.
During the year under review, Hong Kong faced unprecedented challenges brought by local social incidents and the COVID-19 pandemic and SHKP was inevitably affected. Yet, history shows that pandemics would eventually end. The Group firmly believes that Sun Hung Kai Properties as well as Hong Kong have a solid foundation and good long-term prospects. Our economy and society will prosper as in the past, on the back of the enduring success and unique strength of ‘One Country, Two Systems’, favourable international competitiveness, and above all, the Central Government’s support for Hong Kong as an international financial and business centre, riding on the mainland’s promising long-term prospects, especially the vast development opportunities in the Greater Bay Area.
Over the years, SHKP has weathered many ups and downs together with the rest of Hong Kong. With the experience accumulated over some 50 years and a strong financial position, SHKP is confident that, in working with the people of Hong Kong, we will overcome the challenges of COVID-19, and emerge as a better and more caring enterprise.
During the year, the Group’s different businesses were affected by the social incidents and the pandemic to varying degrees. The hotel business recorded the most serious impact. Property sales were affected. While the rental portfolio faced challenges in general, shopping malls were hit the most with intense downward pressure on new leases and renewals.
In the face of the pandemic, the Group stands with the community and does its best to protect employment. Not only has SKHP not laid off anyone, it has hired additional staff to implement extra hygiene and cleansing measures. It offered rent concessions to affected mall tenants to ease their operating pressure, and launched a variety of marketing campaigns, including online and offline promotional activities, through its loyalty programme, The Point by SHKP, to increase footfall and to boost sales. Substantial resources had also been devoted to implementing a range of anti-pandemic initiatives, including many contactless facilities, to provide a safe and clean shopping environment, putting customers, tenants and employees at ease. SHKP had also offered support, including anti-pandemic products, to the needy in society.
In the short- to medium-term, SHKP’s operating conditions and the market at large will critically hinge on how the pandemic evolves, especially how quickly the economy recovers. This in turn depends to a large extent on the relaxation of social distancing measures, in particular with full resumption of dine-in services at restaurants and eateries, as well as cross-border travel with the mainland and nearby countries and regions. These are crucial for social and economic activities to return to normal.
Notwithstanding the pandemic, SHKP will continue to invest and acquire new sites for development. We are committed to building quality properties, including residential, office and malls, and providing excellent customer services. The Group will continue to do our best to contribute to Hong Kong’s society and economy. And we are confident that as soon as the operating environment returns to normal, our businesses will be back on track in no time.
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