Page 20 - Sphere No.5 (Feb 2002)

S PHERE
18
that create employment—and complete the self-contained
picture. The challenge throughout has not only been
about identifying new markets but also understanding
the market’s aspirations and providing customers with
what they want.
BRANCHING OUT
With the benchmark set, HWP has now extended far beyond
its traditional “territory”. Having fine-tuned its craft in Hong
Kong, the Group is now applying its expertise across the
globe, with interests in the UK (see story, p.20), Singapore,
Japan and even the Bahamas. But by far the biggest market
of all is in the Mainland.
“We’ve been watching China for a long time,” says Chow.
“Since the late 1970s, we’ve seen market conditions improv-
ing there on a daily basis. Initially, what attracted us was the
tremendous increase in the number of expatriates.
“There was obviously going to be a demand for quality
housing with the kind of facilities that expatriates expect,
including landscaped areas and international schools.”
The southern city of Guangzhou was chosen as the site
of HWP’s first foray across the border because multinationals
like Procter & Gamble, Nike and IBM had all established
major manufacturing facilities in the region.
With that niche market in mind, The Greenery, a low-
density, self-contained residential estate of 208 duplex and
apartment units surrounding a landscaped garden, was
developed in Guangzhou’s new commercial centre of
Tianhe. Facilities included a clubhouse with squash and ten-
nis courts, a gym, children’s play area, swimming pool,
snooker room, international school, clinic and plenty of car
parking, plus a shuttle bus service to the city.
It was just what the market was missing and canny
investors, many from Hong Kong, snapped up the
properties, reaping a 25% investment yield. Similar excite-
ment is expected over Guangzhou Huangsha, a “City Oasis”
above the Huangsha underground railway station with 2,000
deluxe residential units, clubhouse and a shopping mall.
D OING THE HOMEWORK
Before a brick is laid, Chow explains, HWP abides by a tried
and tested strategy. “We have an entire Development &
Marketing Department, now numbering 204 staff, mostly in
China, who identify sites and ascertain economic trends and
demand. Their information helps us to formulate strategy.”
“It’s also a case of taking new ideas to the market,” adds Tsui.
“There are a lot of developers in China and the market is
highly competitive. We strengthen our competitiveness and
reinforce our edge over our rivals by developing quality
products that are unique to the market.”
That strategy is being applied throughout China, with
HWP’s interests extending from Beijing, Shanghai, Qingdao
and Chongqing to Guangzhou, Shenzhen, Dongguan and
Zhuhai.
In Shanghai, for example, Chow points to the success of
Westgate Mall, a 1.05 million-sq.-ft commercial development
at Nanjing Road West. The location may have seemed in
direct competition to the neighbouring CITIC Square and
Hang Lung’s Plaza 66, but for one crucial difference.
HWP judged that the neighbours were pitching “too
upmarket”. So Westgate Mall secured anchor tenants “a level
down” and combined them with more prestigious outlets
C O V E R S T O R Y
Stamp of quality. Clockwise from above: A comfortable sitting area at Horizon Cove, Zhuhai,
China; the distinctive outer façade of The Belgravia, London; an interior at Laguna Verona
— Phase II The Lakeside in Dongguan, where houses adjoin the Harbour Plaza Golf Club;
Horizon Cove villas, Zhuhai; HWP also pays close attention to the environment;The
Montevetro in London seen from outdoors and from within; leisure facilities.