According to the group, the new strategy aims to “reinforce Hongkong Land’s core capabilities, generate growth in long-term recurring income and deliver superior returns to shareholders”.
The new strategy comes on the back of the group’s appointment of Michael Smith as CEO as at April 1, and follows a culmination of review conducted over the past six months.
The group says key elements under the new strategy, which is expected to take several months to implement, include expanding its investment properties business in Asian gateway cities through developing, owning or managing ultra-premium mixed-use projects to attract multinational regional offices and financial intermediaries.
Additionally, the group aims to focus on strengthening strategic partnerships to support its expansion. The group is expected to extend its partnership with Mandarin Oriental Hotel Group and further collaborate with global leaders in financial services and luxury goods from among its more than 2,500 tenants.
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Micheal Smith, CEO of Hongkong Land, says: “Building on our 135-year heritage of innovation, exceptional hospitality and longstanding partnerships, our ambition is to become the leader in creating experience-led city centres in major Asian gateway cities that reshape how people live and work.”
He adds: “By focusing on our competitive strengths and deepening our strategic partnerships with Mandarin Oriental Hotel Group and our key office and luxury tenants, we expect to accelerate growth and unlock value for generations.”
Shares in Hongkong Land closed 6 US cents (7 cents) lower, or down 1.52%, at US$3.89 on Oct 29.
