Page 11 - Sphere No.31 (Jul 2012)

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Sphere 31
Property and hotels
“Location, location, location” has long been
the adage of the world’s property gurus. For
Hutchison, it seems that the prime location is Mainland China,
where most (97 per cent) of the Group’s properties are located.
In 2012, Hutchison expects to complete 13.8 million square feet
in gross floor area of residential and commercial properties in
Hong Kong, Singapore and 13 Mainland Chinese cities.
This property growth is largely driven by the rising middle
class in China seeking to own their own homes. There is also an
increase in the number of businesses looking to expand their
presence in the region, requiring additional commercial space.
The hotel division also had a remarkable year overall.
As fears of the swine flu (H1N1 virus) continued to dissipate
as the year went on, tourism and associated hotel bookings
across the hotels’ portfolio of 9,370 rooms in 12 hotels increased
noticeably. An increase in the number of Mainland Chinese
tourists visiting Hong Kong was a key factor in the increased
revenue in Hong Kong, leading to frequent fully booked periods
with good rates for many of Hong Kong’s hotels.