Chen Lezong said that it has been more than 70 years since his father founded the company. He said: “The company is both listed and controlled by the family. The interests of the family are actually consistent with the interests of the small shareholders. There is no conflict and they also have their own advantages. We don’t have to pursue short-term pursuits like Wall Street in the United States.” interests, avoid negative impacts, and have the confidence to create value.” In this case, he pointed out that the style of family listed companies will tend to be conservative and will establish family tradition, ethics and morals, which will have advantages. The company is now being managed by his nephew Chen Wenbo. He believes that it is a wise decision for the company and shareholders. He said: “Although my nephew grew up in a good family environment, he did not have the bad habits of the rich second generation. He was low-key and frugal. He did not have famous brands. He was calm-minded and understood the world. He also had confidence in the prospects of the company led by Chen Wenbo.”
He said that with Chen Wenbo taking advantage of his grandfather Chen Zengxi and father Chen Qizong, as well as the new generation bringing new impetus, even if he faces many challenges, he believes he can still create good value. He also thanked shareholders for their support over the years, as well as his brother’s long-term service, Hang Lung Properties’ independent non-executive director He Chaohui for taking care of shareholders’ interests, and three former and current managing directors.
Chen Qizong pointed out that he could not answer personal questions about his life after retirement, but said with a smile: “(Personally) I have many interests, but the only thing is that I will not sit here (the position of chairman and chair of the annual general meeting). I have to leave it to the managing director Lu Wei Bai and Chen Wenbo”. He also pointed out that company directors have always been more involved in the board of directors, and he believed: “It will not be worse than before, it will only be better than before.”
In response to shareholders’ concerns about the company’s finances and operations, Chief Executive Officer Lu Weibo pointed out that in an uncertain environment, the company will focus on cash flow and be conservative to give back to shareholders before thinking about expansion. He expects that after six years of development, the Hangzhou project will open at the end of this year or early next year and provide a source of income. He also expects the second phase of the Shanghai Plaza 66 to be completed and provide income within two years. In the first quarter of this year, the group has also sold a unit in a large residential building on Blue Pool Road, and has recorded sales of some units in Ngau Tau Kok Haori by the end of June. As for the slowdown in the growth of the retail environment, it will have a certain impact, but he does not expect it to be reflected immediately. At present, the valuations of many large real estate developers have dropped to 0.2 times the price-to-book ratio, and the group can only start to increase the book value and dividend returns. He pointed out at the Hang Lung Properties shareholders’ meeting that as shareholders are concerned about the aging of mainland consumers, they have noticed that most of the consumers in Plaza 66 in Shanghai are over 35 years old and have become much younger. Young people in the mainland generally do not have a lot of mortgage loans and spend a lot of money. Strong.
Other reports
Hong Kong Broadband’s half-year profit fell 93%, interim dividend dropped 25% and it distributed 15 cents per share
Hong Kong Exchanges and Clearing Launches Sze Meilun Financial Scholarship Program
The amount of short selling increased by 39% throughout the day, and Yingfu’s short selling increased by 3.8 times.
China Trends: Retail sales of Kappa brand stores in the fourth quarter dropped by 10% to 20%.
Bank of Communications earned 1.4% more in the first quarter to 24.99 billion yuan
The Hang Seng Index closed up 366 points. It once exceeded the 250-day moving average and rose by 20%. The weekly increase was the largest in 12 years. The largest transaction volume in 9 months was the highest south water inflow, breaking the record.
Hang Lung shareholders complain that the stock price has fallen in the past 10 years and the dividend has not increased. Chen Qizong: The good news is that next year I will reduce my labor force significantly.
Lei Jun: Wei Xiaoli agrees with the unified ecological construction proposal and Wang Chuanfu leads the organization
Hong Kong Lin Xiangning Kai Tak AIRSIDE store opens new store and opens 10 stores in six months
Mainland gold bar and gold coin consumption rises nearly 27% in first quarter
Country Garden is reported to submit a preliminary restructuring plan as soon as June
95 online games approved by NetEase and Tencent, Tencent sees 8-month high
Sun Life survey found that 76% of Hong Kong millennials have optimistic financial prospects
The yen hits 4 against the Hong Kong dollar, Kazuo Ueda: Monetary policy does not target the exchange rate level
The Shanghai Composite Index rose for three consecutive days, and the Shanghai Composite Index closed up 3.34%.
Tags: Brother Chen Qizong Chen Wenbo bad habits generation rich people lowkey frugal familiar famous brands knowledgeable people world Realtime financial news
-
 – 20240426 – Real-time financial news){kind=link}