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Wheelock Properties

Wheelock Properties Limited and Wheelock Properties (Hong Kong) Limited are subsidiaries of Wheelock and Co. Wheelock Properties is a real estate developer and a former listed company in the Hong Kong stock exchange.[2]

Business overview

Wheelock Properties engages in the property development and investment operations in Hong Kong. It participated in a number of private housing estates including Bellagio,[3] Sorrento, Parc Oasis (via the subsidiary RDC)[4] and Parc Palais and owns certain investment properties including Fitfort.[5]

Before the privatization of Wheelock Properties, the company owned the 76% shares in Singapore-listed Wheelock Properties (Singapore). Both companies are privatized.

History

The predecessor of the business unit, Hongkong Realty and Trust Co., Ltd., was incorporated on 17 March 1923. It was renamed to New Asia Realty and Trust Co., Ltd. in 1995. In the same year was added as a registered Chinese name.

Hongkong Realty and Trust was a listed company since at least circa 1935.[6] It was reported that circa 1948, Hongkong Realty is majority owned by Marden and Co. already,[7] which the latter is the predecessor of the current Wheelock and Co. Marden-Wheelock was owned by Marden family until the 1980s., which it was takeover by Hong Kong ethnic Chinese business magnate Yue-Kong Pao, the maternal grandfather of the current (as of 2020) Wheelock Properties Managing Director, Douglas Woo.

As a listed subsidiary of the conglomerate Wheelock and Co., New Asia Realty takeover its own listed subsidiary Realty Development Corporation (RDC) in 2002.[8][9] Both New Asia Realty and RDC also issued class B ordinary share until they were exchanged into class A ordinary shares in 2000.[10]

The listed company was renamed from New Asia to Wheelock Properties Limited in 2004.[11]

Wheelock Properties was privatized by its parent company Wheelock and Co. in 2010.[12][13] At the time of privatization, Wheelock House in Hong Kong and Wheelock Place in Singapore are the main investment properties of the business unit.[14]

After the privatisation, the business unit also do business via another legal person Wheelock Properties (Hong Kong) Limited. In 2016, sister company The Wharf (Holdings) (also majority-owned by Wheelock and Co.) bought a large portion of Wheelock House from the parent company Wheelock & Co. as well as from the chairman Peter Woo and his wife.[15] However, soon after the floor area of Wheelock House was injected to another sister company Wharf Real Estate Investment Company.

The parent company of the business unit, Wheelock and Co., remained as a listed company until 2020.[16]

External links

References

  1. Wheelock - Board of Directors Wheelock & Co., retrieved 12 November 2020^
  2. Wheelock's Shares Surge on HKEX Exit Plan www.yicaiglobal.com, retrieved 2021-02-26^
  3. Interim Report 2002/03 Wheelock and Co., retrieved 12 November 2020^
  4. Peggy Sito. Property slump cuts profits at New Asia South China Morning Post, 25 July 1995, retrieved 12 November 2020^
  5. Wheelock - The Company 2011-07-18, retrieved 2021-02-26^
  6. The Chinese Mail, 9 February 1935^
  7. The Kung Sheung Daily News, 3 December 1948^
  8. Joint Announcement Wheelock and Co., New Asia Realty, Realty Development Corporation, 18 December 2002, retrieved 12 November 2020^
  9. Ben Kwok. New Asia plan disappoints market South China Morning Post, 19 December 2002, retrieved 12 November 2020^
  10. Ben Kwok. Swire rules out change in share class system South China Morning Post, 17 June 2000, retrieved 12 November 2020^
  11. Change of Company Name Wheelock Properties, 6 September 2004, retrieved 12 November 2020^
  12. Sandy Li. Wheelock Properties up 137pc on buyout plan South China Morning Post, 29 April 2010, retrieved 12 November 2020^
  13. Yvonne Liu. Offer for Wheelock Properties approved South China Morning Post, 25 June 2010, retrieved 12 November 2020^
  14. Annual Report 2009 Wheelock Properties, 21 April 2010, retrieved 12 November 2020^
  15. Wharf (00004) to buy Wheelock House properties at HK$6.2bn etnet.com.hk, 15 March 2016, retrieved 12 November 2020^
  16. Liu Yujing. Wheelock ends 57-year history as public company as shareholders approve HK$126 billion privatisation plan South China Morning Post, 16 June 2020, retrieved 12 November 2020^