Nine wholesalers to split the 230 billion property shares broke the top Wu Tianhai: large shareholders have no intention to reduce the small shareholders 1: 1 new shares

Following the cancellation of telecommunications and cable television, Wharf (00004) implemented the reorganization of the investment property portfolio, the flagship property Harbor City, Times Square and other six value of 230 billion yuan of Hong Kong investment property spin-off independent listing, has been approved by the Stock Exchange.

Wharf Chairman Wu Tianhai stressed that the proposal is like to Wharf “divided into two”, the major shareholders have no intention to reduce their shares or increase dividend, there are no other restructuring plan.

However, there are analysts believe that the Wharf spin-off, favorable family deployment to further reorganization of Wheelock (00020) issue (see another article – not to the housing market related to family interests?).

Split the news by the broker can be regarded as the release of the relevant property value, Wharf and holdings of Wheelock yesterday afternoon surged more than one percent, of which nine shares rose 14%, to close at 79.65 yuan, a record high turnover of 1.53 billion yuan , The latest market value of about 241.7 billion yuan.

Harbor City Times Square in the spin

Wharf announced in March to study the spin-off part of the investment property assets listed yesterday to implement the list of related properties. Wharf announced and released a wholly-owned subsidiary of Kowloon Warehouse Real Estate Investment (hereinafter referred to as “New Wharf”), which includes six Hong Kong investment properties, including Harbor City, Times Square, Hollywood Plaza 3 shopping malls, Wheelock Building and Crawford Building, two commercial buildings, and located in Central, the end of the completion of the hotel The Murray. At the same time, by the existing nine positions held by the harbor business (00051) 72% interest, will be transferred to the new Wharf.

The property area of ​​the new Wharf is about 11 million square feet, with a total value of over $ 230 billion and an annual turnover of $ 13 billion. As a result, the total assets of the new company accounted for about 70% of the existing investment properties of Wharf, turnover accounted for eight positions last year, about 28%.

Wu Tianhai explained that the spin-off listing by two rounds of approval, is now allowed to spin off, but still need to submit a new application to the listing, difficult to complete the time.

Wu Tianhai stressed that the relevant assets put in Hong Kong and the world are of great value, the major shareholders have no intention to reduce the shares, the existing shareholders will be the same proportion of the new Wharf, the future up to a share of a share, and then consider Hold or sell the relevant shares. Wu Guangzheng and the Bao family now holds more than 6% of the shares will be Wheelock, and by the German Derek vertical control of other departments within the assets.

Wu Tianhai not expressly split how favorable shareholders, only refers to the division of the group division more clearly. He pointed out that Wheelock will continue to focus on Hong Kong commercial and residential property sales, Wharf has the property development and rental business, logistics and hotels, the new Wharf holds six Hong Kong investment properties. For example, if Tseung Kwan O has a new residential tender, it will be marked by the company. If the Central Commercial Land is sold, the Group considers that the value of the investment is levied.

Wharf earn 22% medium-term interest of 0.64 yuan

Wharf Department of two consecutive years of reorganization of the Department of assets, get off the cable will soon be completed. Wharf was implemented to shareholders to “100 shares to send 48.9 shares” ratio, the physical distribution of cable broadband (01097) shares, expected in September, October distribution in two batches. Upon completion, Wharf no longer holds telecommunications and entertainment business. Wu Tianhai expected, Yongsheng fastest on September 14 to complete the main cable broadband, then will retire the board.

In addition, the nine positions during the profitability of property sales led, half of the core earned 22% to 7.27 billion yuan, additional interim interest 1 to 0.64 yuan. During the period, investment property operating profit increased by 5% to 6.67 billion yuan, while sales revenue fell nearly three percent but higher gross margin, together with the joint venture project, segment core profit increased by 1.6 times.