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The Hongkong and Shanghai Hotels, Limited Announces First Quarter 2014 Unaudited Operating Statistics

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HONG KONG, May 12, 2014 /PRNewswire/ — At its Annual General Meeting held today, The Hongkong and Shanghai Hotels, Limited (HSH) disclosed its unaudited first quarter operating statistics, showing a satisfactory overall performance from its hotels division.

Commenting on the year-to-date results, HSH Managing Director and Chief Executive Officer Mr Clement K.M. Kwok said, “The Peninsula Hotels have generally performed in line with expectations in the first quarter. The Peninsula Hong Kong has seen a strong growth in revenue as compared to a year ago when the hotel was under renovation and The Peninsula Tokyo has continued its strong recovery.”

Peninsula Hotels

The RevPAR of The Peninsula Hong Kong showed a 24 percent decline as compared with the same period last year. However, this is not a like-for-like comparison as the hotel was under renovation last year, which resulted in the hotel having a reduced inventory of only 135 rooms from September 2012 to May 2013.

The Peninsula Tokyo has continued to benefit from improved market conditions and reported a 19 per cent increase in RevPAR. The Peninsula Hotels in other parts of Asia experienced a five per cent decrease in RevPAR due to the highly competitive landscape and political uncertainties. Our hotels in Shanghai, Beijing and Manila have all seen reduced rates in 2014, although occupancy has been maintained. The Peninsula Bangkok continues to be negatively impacted by the ongoing local political conflict.

The Peninsula Hotels in the United States recorded a three per cent increase in RevPAR, resulting from a five per cent increase in average room rates despite reduced occupancy.

Commercial Properties

Residential Leasing: Occupancy at The Repulse Bay Complex declined by 11 percentage points due to the subdued market conditions in Hong Kong for high-end residential leasing. In addition, the overall occupancy was negatively impacted by the lower occupancy in de Ricou Tower, which reopened in August 2013 after an 18-month closure for a complete renovation.

Shopping Arcades: The shopping arcades in The Peninsula Hotels, The Peak Tower and The Repulse Bay continue to be essentially full, with 99 per cent occupancy and an increased yield of 12 per cent year-on-year, reflecting the strong demand from premium brands for retail space.

Offices: Yield from the Group’s office leasing increased by seven per cent year-on-year, due to the increased occupancy and average rental rates in St. John’s Building, located in Hong Kong.

Outlook and Developments

The Group is delighted to report that The Peninsula Paris is set to open later in 2014. On 28 January 2014, we entered into a definitive shareholders agreement with Yoma Strategic Holdings Ltd to develop the former headquarters of the Myanmar Railway Company into The Peninsula Yangon. The agreement, subject to conditions and approval, will seek to redevelop and restore the heritage building which dates from the 1880s.

About The Hongkong and Shanghai Hotels, Limited (HSH)

Incorporated in 1866 and listed on the Hong Kong Stock Exchange (00045), The Hongkong and Shanghai Hotels, Limited is the holding company of a group which is engaged in the ownership, development, and management of prestigious hotels and commercial and residential properties in key locations in Asia, the United States and Europe, as well as the provision of tourism and leisure, club management and other services. The Peninsula Hotels portfolio comprises The Peninsula Hong Kong, The Peninsula Shanghai, The Peninsula Beijing, The Peninsula Tokyo, The Peninsula New York, The Peninsula Chicago, The Peninsula Beverly Hills, The Peninsula Bangkok, The Peninsula Manila and The Peninsula Paris (expected opening in 2014). Projects under development include The Peninsula London and The Peninsula Yangon. The property portfolio of the Group includes The Repulse Bay Complex, The Peak Tower, The Peak Tramways and St. John’s Building in Hong Kong; The Landmark in Ho Chi Minh City, Vietnam; the Thai Country Club in Bangkok, Thailand, and 21 avenue Kleber in Paris, France.

***

THE HONGKONG AND SHANGHAI HOTELS, LIMITED
(Incorporated in Hong Kong with limited liability)
(Stock Code: 00045)

Unaudited Operating Statistics — First Quarter of 2014

The unaudited quarterly operating statistics of The Hongkong and Shanghai Hotels, Limited (the “Company”) for the first quarter of 2014 are as follows:

PENINSULA HOTELS

Occupancy rate (%) Number of
rooms Q1
2014 Q1
2013 Change (pp)
Hong Kong (note 9) 300 78 84 (6)
Other Asia 1,941 60 62 (2)
United States of America 772 63 64 (1)

Average Room Rate (HK$) Number of
rooms Q1
2014 Q1
2013 Change (%)
Hong Kong (note 9) 300 5,111 6,212 (18)
Other Asia 1,941 2,104 2,119 (1)
United States of America 772 4,842 4,601 5

RevPAR (HK$) Number of
rooms Q1
2014 Q1
2013 Change (%)
Hong Kong (note 9) 300 3,989 5,232 (24)
Other Asia 1,941 1,256 1,316 (5)
United States of America 772 3,069 2,967 3
LEASING

Occupancy rate (%) Q1
2014 Q1
2013 Change (pp)
Residential (Note 14) 84 95 (11)
Shopping Arcade 99 99 –
Office
90 90 –

Average Monthly Yield per available square foot (HK$) Q1
2014 Q1
2013 Change (%)
Residential 41 44 (7)
Shopping Arcade 206 184 12
Office 48 45 7
The unaudited quarterly operating statistics of the Company for 2014 and 2013 are as follows:

PENINSULA HOTELS

Occupancy rate (%) Number of 2014 2013
Rooms Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Hong Kong (note 9) 300 78 84 60 65 84
Other Asia 1,941 60 62 66 66 69
United States of America 772 63 64 77 79 74

Average Room Rate (HK$) 2014 2013
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Hong Kong (note 9) 5,111 6,212 5,200 4,588 5,149
Other Asia 2,104 2,119 2,142 1,932 2,232
United States of America 4,842 4,601 4,907 4,687 5,212

RevPAR (HK$) 2014 2013
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Hong Kong (note 9) 3,989 5,232 3,125 2,978 4,312
Other Asia 1,256 1,316 1,423 1,270 1,549
United States of America 3,069 2,967 3,760 3,709 3,843
LEASING

Occupancy rate (%) 2014 2013
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Residential (Note 14) 84 95 96 84 83
Shopping Arcade 99 99 99 99 99
Office 90 90 94 95 90

Average Monthly Yield per available square foot (HK$) 2014 2013
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Residential 41 44 45 40 40
Shopping Arcade 206 184 190 194 196
Office 48 45 49 49 47
Notes for All Operations:

1. pp = percentage points
2. ( ) = the change is a decrease compared with last year
3. All amounts are expressed in HK$
Notes for Peninsula Hotels:

4. Occupancy rate: Rooms occupied / Rooms available
5. Average room rate:
Total rooms revenue including any undistributed service charge / Rooms occupied
6. RevPAR:
Total rooms revenue including any undistributed service charge / Rooms available
7. Occupancy rates, average room rates and RevPAR are weighted averages for the hotels in each grouping.
8. The average room rates and RevPAR include undistributed service charge, which is levied at 10% in Hong Kong and at 15% in mainland China and Japan.
9. The renovation in The Peninsula Hong Kong was completed in two phases, resulting in 135 rooms being removed from saleable inventory from January to September 2012, followed by 165 rooms being out of saleable inventory from September 2012 to May 2013.
10. Peninsula Hotels are located in:
Hong Kong: Hong Kong
Other Asia: Shanghai, Beijing, Tokyo, Bangkok and Manila
United States of America: New York, Chicago and Beverly Hills
Notes for Leasing:

11. Occupancy rate: Occupied area / Area available
12. Average monthly yield per available square foot: Total rental income / Area available
13. Occupancy rates are weighted averages based on the space available in each grouping.
14. Residential includes all apartments in The Repulse Bay Complex. The statistics are affected by the re-opening of de Ricou tower in August 2013 after an 18-month closure for a complete renovation.
15. Shopping Arcades are located in The Peninsula hotels in Hong Kong, Shanghai, Beijing, New York, Tokyo, Bangkok and Manila, as well as The Repulse Bay Complex and The Peak Tower.
16. Offices are located in The Peninsula Hong Kong and St. John’s Building.
17. The operating statistics do not include information for operations that are not consolidated or whose results are not material in the Group context: The Landmark, Vietnam; The Peninsula Residences, Shanghai; and 21 avenue Kleber, Paris. The operating statistics also do not include information for 1-5 Grosvenor Place, London because of the proposed redevelopment.
Shareholders and potential investors of the Company are reminded that the above operating information has not been reviewed or audited by the Company’s independent auditor. Shareholders and potential investors of the Company should therefore exercise caution when dealing in the securities of the Company.

***

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

THE HONGKONG AND SHANGHAI HOTELS, LIMITED
(Incorporated in Hong Kong with limited liability)
(Stock Code: 00045)

Unaudited Operating Statistics — First Quarter of 2014

The appended unaudited operating statistics and press release contain the first quarter operating information of The Hongkong and Shanghai Hotels, Limited (the “Company”). This announcement is made pursuant to Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Part XIVA of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong). The same information is dispatched to shareholders and members of the press at the Annual General Meeting of the Company held on 12 May 2014.

Shareholders and potential investors of the Company are reminded that the operating information has not been reviewed or audited by the Company’s independent auditor. Shareholders and potential investors of the Company should therefore exercise caution when dealing in the securities of the Company.

For and on behalf of the Board
The Hongkong and Shanghai Hotels, Limited
Christobelle Liao
Company Secretary

Hong Kong, 12 May 2014

As at the publication of this announcement, the Board of Directors of the Company comprises the following Directors:

Non-Executive Chairman
The Hon. Sir Michael Kadoorie

Non-Executive Deputy Chairman Non-Executive Directors
Ian Duncan Boyce Ronald James McAulay
William Elkin Mocatta
Executive Directors John Andrew Harry Leigh
Managing Director and Chief Executive Officer Nicholas Timothy James Colfer
Clement King Man Kwok

Chief Financial Officer Independent Non-Executive Directors
Alan Philip Clark Dr. the Hon. Sir David Kwok Po Li
Patrick Blackwell Paul
Chief Operating Officer Pierre Roger Boppe
Peter Camille Borer Dr. William Kwok Lun Fung
Dr. Rosanna Yick Ming Wong
For further information on this release, please contact:
Lynne Mulholland
Director, Corporate Affairs
The Hongkong and Shanghai Hotels, Limited
Tel: +852-2840-7152
Fax: +852-2840-7567
Email: lynnemulholland@peninsula.com
Websites: http://www.hshgroup.com, http://www.peninsula.com
Source: The Hongkong and Shanghai Hotels, Limited
Related stocks: HongKong:0045

Written by asiafreshnews

May 13, 2014 at 2:24 pm

Chinese Artist YUAN YE Announced Initial Public Offering in Hong Kong, with Singaporean Collectors Facing Up to a 780% Gain in One Month

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SINGAPORE, May 12, 2014 /PRNewswire/ — Chinese Master Yuan Ye — who recently held his first solo and sold-out exhibition at the Singaporean art gallery Dominic Khoo’s 28th Fevrier — announced an IPO with a total offering size of HKD 25,000,000.

With the assistance of The Chinese Cultural and Arts Property Exchange Limited, the artist announced the initial public offering of 25,000,000 shares with an expected price of HKD 1.00 per share. Yuan Ye’s portfolio value increased dramatically after selected paintings were chosen for a set of commemorative stamps by the Chinese Government, honouring him as a representative of modern China’s art culture. Additionally, Yuan Ye recently announced that he was the youngest ever artist to hold a personal exhibition at Beijing’s prestigious gallery Rong Bao Zai which was founded more than 300 years ago.

The perpetuation of his artwork and factors such as market demand and scarcity determined the value of the IPO. Suzhou Xin Shen, the responsible art appraisal firm, also analysed the material and texture of the paintings and evaluated Yuan Ye’s influences on the art industry.

Gallery director Dominic Khoo started Yuan Ye’s latest exhibition in March, showcasing 28 paintings in his gallery 28th Fevrier. He was overwhelmed by the success: “Singapore was a new territory for the artist but we sold most of his paintings by email even before the exhibition started — after just a few days, it was completely sold out.” 28th Fevrier owns exclusively the distribution rights for Hong Kong and Southeast Asia.

Dominic Khoo expected a high increase in value, but admitted that he did not think it would be this quick: “During the exhibition, we could offer prices that were 40 percent lower than on the Chinese and European markets — it was definitely a good deal.” The paintings were sold in three sizes: small (5.1 – 5.3 square feet), medium (5.8 – 8.7 square feet) and large (15.5 square feet). Yuan Ye’s painting #2, an artpiece measuring 15.5 square feet, sold for SGD$12,000 last month. The stock exchange recently traded his works at 30,000 RMB (about SGD$6,000) per square feet. Consequently, the owner of Yuan Ye #2 now has a traded value on the Hong Kong exchange at 465,000 RMB or SGD$93,500 — a 780% gain in only one month.

The artist’s first sale of stock was only a question of time: “Yuan Ye’s paintings immediately feel familiar and leave a soothing effect on the viewer.” says Khoo. “It does not matter if people are from Europe or Asia, they can connect with this kind of art. It amazing how an artist can reach such a broad audience.”

The renowned Chinese artist Wu Guanzhong said about Yuan Ye: “His artwork is special and flawless — this is the developing Chinese painting.” The secret lies in a harmonious fusion of Western and Chinese art. Traditional Ming vases are combined with vibrant, lively colours; the deformation and reconstruction of the vases leaves an impression of the object’s transience. While the artist’s precise brush strokes and bright colours are a reminiscence of European post-impressionism, Chinese porcelain and bamboo curtains take the viewer back to old dynasties.

Dominic Khoo showcases selected paintings of Yuan Ye in his art gallery 28th Fevrier alongside renowned Chinese painters such as Zhu Shuang Da and Guo Tailai. Visitors can also see a unique collection of urban artists, 3D anamorphic art, flexible furniture, the world’s most famous photograph and Dominic Khoo’s own award-winning photography. The gallery is integrated in the private OOZI Clubhouse, an invite-only black-and-white British officer’s mansion behind Singapore’s Orchard Road. More information on http://www.whereisthesite.com and via +65-6366-4642.

Media Enquiries
Andrea Bruchwitz | Public Relations Manager
OOZI Inc. Pte. Ltd. | 6 Kay Siang Road | Singapore 248924
Phone +65-6366-4642 | pr@oo-zi.com
Source: Dominic Khoo’s 28th Fevrier

Written by asiafreshnews

May 13, 2014 at 12:25 pm

Posted in Uncategorized