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Group Profile

Milestones

Chinese Estates Holdings Limited

1986Evergo Holdings Company Limited (formerly Evergo Industrial Enterprise Limited) headed by Mr. Joseph Lau, Luen-hung, acquired 43% of the shares of the Group and became the majority shareholder.
1987The Group acquired Paul Y. Construction Company, Limited ("Paul Y. Construction") and China Entertainment Strategic Investments Limited ("CESIL") through China Entertainment and Land Investment Company, Limited ("China Entertainment").

The Group acquired the then Entertainment Building for HK$400 million from China Entertainment in June.

The Group acquired Windsor House in Causeway Bay and Harcourt House in Wanchai, both being first class commercial buildings, for an aggregate consideration of HK$2,399 million from Hongkong Land Co. Ltd in December.

The Group also acquired the head lessee's interests of Fleet House (renamed MassMutual Tower in June 2000) in Wanchai.
1988The Group diversified its property interests to Mainland China through the participation in the development of Oriental Arts Building Complex in Beijing, PRC. By 1996, the Group had interests in 23 property investment and development projects in 12 cities in China and had established 4 representative offices in Beijing, Shanghai, Fuzhou and Guangzhou, PRC.
1989The Group re-domiciled to Bermuda in July.
1990Paul Y. Holdings Company Limited and Superford Financial Holdings Limited, the respective holding companies of Paul Y. Construction and CESIL, merged under Paul Y. International Group Limited ("Paul Y. International") and their listings were replaced by Paul Y. International.
1991The construction business under Paul Y. Construction was sold.

The Group acquired Silvercord shopping arcade in Tsimshatsui and the sub-lessee's interests in Fleet House in Wanchai.

The Group signed a joint venture contract for the development of Legend Garden Villas in Beijing, a luxury residential development with ancillary commercial, carparking and recreational facilities, which was completed in 1993.
1992Paul Y. International and China Entertainment and Land Investments Holdings Limited (which was the holding company of China Entertainment) were privatised.

The Group expanded its property business in the PRC.
1993The Group merged with its holding company by privatising the holding company and turning it into a wholly-owned subsidiary of the Company.

Redevelopment of Entertainment Building into a 32-storey prime and prestigious commercial building was completed in July. The quality and design of Entertainment Building earned the Hong Kong Institute of Architect's Silver Medal Award for the most outstanding architecture of 1993.

Renovation of the first fifteen floors of Windsor House into retail space, named "The In Square", was completed in October to become the first elite Ginza type shopping arcade in Hong Kong.
1996The Group, as part of a consortium together with three other public listed companies, was awarded in February the redevelopment right by the Land Development Corporation (Urban Renewal Authority as its successor) for a site in Wanchai. The Group had 40% interest in the consortium which was subsequently increased to 83% attributable interest.

The Company demerged Evergo China Holdings Limited ("Evergo China") from the Group by successful separate listing of Evergo China in November. Immediately after the listing, Evergo China remained as a subsidiary of the Group and became the Group's PRC properties vehicle for property development and investment in the PRC.
1997The Group issued US$336,420,000 Guaranteed Floating Rate Notes due 2002 and borrowed US$83,580,000 revolving term loan facility in March.

The Group acquired 34.65% interest in the development project of Hong Kong New World Tower in Shanghai, PRC.

The Group disposed of Entertainment Building for HK$3,640 million in May.
1998The Group, through a 50:50 joint venture vehicle, acquired around 64.29% interest in a listed company, The Kwong Sang Hong International Limited ("Kwong Sang Hong") in January.
1999HK$1,821 million commercial mortgage-backed securities relating to Windsor House, which was the first securitisation issue to be wholly denominated in Hong Kong dollars and rated "AAA", were issued in November.

The Group disposed of its entire 15% interest in Linfield Properties Limited, which was interested in four PRC development projects through investments in joint ventures in the PRC, to HK-listed Sino-i.com Limited ("Sino-i") (formerly known as South Sea Development Company Limited), satisfied by HK$37.5 million convertible loan notes issued by Sino-i.
2000The interest held by the 50:50 joint venture vehicle in Kwong Sang Hong was reduced to 53.52% in July after three share placements.

The Group acquired 66.89% interest in a HK-listed property company, Chi Cheung Investment Company, Limited ("Chi Cheung") in November.
2001The interest held by the Group in Chi Cheung increased to 72.68% after the creditors of Chi Cheung exercised their put options pursuant to the scheme of arrangement of Chi Cheung and a share placement in May.

Evergo China was privatised by the Company in November.
2002The Group further acquired 7.6% direct interest in Kwong Sang Hong in January and February 2002.
2003The Group acquired Tung Ying Building in Tsimshatsui and Tung Sang Building in Wanchai.

The interest held by the Group in Chi Cheung decreased to 71.94% in November after an asset transaction with Chi Cheung and a special dividend by way of distribution in specie by the Company.

The Group acquired 57.56% interest in a HK-listed company, G-Prop (Holdings) Limited ("G-Prop") in November. The acquisition and restructuring were completed in January 2004.
2004The Group further acquired 2.38% direct interest in Chi Cheung in January 2004. The total interest in Chi Cheung increased to 74.32%.
2005The Group was awarded in January the redevelopment right by the Urban Renewal Authority for a site at Reclamation Street and Arran Street in Mongkok.

Upon the completion of privatisation of Kwong Sang Hong in February, the interest of the Group in Kwong Sang Hong increased from 34.36% to 50%.

The interest held by the Group in Chi Cheung was reduced to 61.93% in February after share placement of Chi Cheung.

The interest held by the Group in G-Prop was reduced to 50.10% in February after share placement of G-Prop.

Listing and permission to deal in certain Zero Coupon Convertible Bonds due 2010 became effective on 21st April, 2005.
2006The Company has adopted new corporate governance measures as detailed in the 2005 annual report of the Company to further safeguard and protect the interests of the Company and its shareholders.

Mr. Lau, Ming-wai was appointed as an executive director of the Company on 15th December, 2006.

The Group acquired two pieces of residential land at Dongda Street of Jinjiang District and Yingbin Road of Jinniu District at Chengdu PRC, having site area of 194,410 square feet and 795,625 square feet respectively.
2007The Group obtained a commercial and residential land at South Taisheng Road of Qingyang District at Chengdu PRC, having site area of 404,264 square feet.

The interest held by the Group in G-Prop was reduced to 34.99% in June after share placement of G-Prop.

Withdrawal of listing of the Zero Coupon Convertible Bonds due 2010 with effect from 30th August, 2007.

The interest held by the Group in G-Prop was diluted to 13.69% in October after allotment and issue of new shares of G-Prop.
2008After acquisition of shares of G-Prop in February, and mandatory unconditional cash offers by the Group for all the issued shares and convertible bonds of G-Prop which closed in May, the Group held 50.20% of shares of G-Prop and convertible bonds issued by G-Prop in the principle amount of HK$108 million. In October, G-Prop has redeemed its convertible bonds held by the Group.

Mr. Lau, Ming-wai was re-designated as a non-executive director of the Company on 31st October, 2008.
2009Additional corporate governance measures adopted in 2006 were revoked with effect from 1st January, 2009.

A share award scheme was adopted by the Company on 14th January, 2009.

The Group disposed certain financial instruments and properties located in the United Kingdom to Mr. Joseph Lau, Luen-hung, the former executive director, chairman and chief executive officer of the Company or a company owned by Mr. Joseph Lau, Luen-hung after obtaining the Company's independent shareholders' approval of eight sets sale and purchase agreements in relation thereto on 12th October, 2009. Such disposals constituted connected transactions for the Company and were completed gradually in October and December 2009 except one of the sale and purchase agreements has been terminated by the vendor and purchaser thereof.
2010The Group through a 30:70 joint venture vehicle acquired a Grade A office building in Shanghai, namely Platinum, in April. The Group's interest in the joint venture vehicle was increased from 30% to 50% in June.

The redevelopment of the former Tung Ying Building in Tsim Sha Tsui into The ONE, a 29-storey integrated shopping, entertainment and food and beverage complex, was completed in July and grand opened in October. The ONE was the tallest retail complex of its kind in Hong Kong.

The Group disposed two shops of York Place, retail shops of Excelsior Plaza (include Laforet) and Southorn Centre (also known as Wanchai Computer Centre) to the companies wholly-owned by Mr. Joseph Lau, Luen-hung, the former executive director, chairman and chief executive officer of the Company after obtaining the Company's independent shareholders' approval of the relevant sale and purchase agreements on 7th July, 2010. The disposals constituted discloseable and connected transactions for the Company and were completed in July and August respectively.

Mr. Lau, Ming-wai was appointed as the vice chairman of the Company on 1st December, 2010.
2011The Group acquired a Grade A freehold office building, namely River Court, located at Midtown London in January.
2012The Group disposed of its entire shareholding in G-Prop to an independent third party in early August 2012.
2013The Group disposed of its entire shareholding in Chi Cheung to an independent third party in early February 2013.
2014

Mr. Joseph Lau, Luen-hung resigned from his offices of executive director, chairman and chief executive officer of the Company on 14th March, 2014.

Mr. Lau, Ming-wai was appointed as the chairman and acting chief executive officer of the Company and re-designated from non-executive director to executive director on 14th March, 2014.

Mr. Lau, Ming-wai was re-designated as the chief executive officer of the Company on 15th April, 2014.

In September, the Group entered into disposal agreements in respect of disposal of subsidiaries holding Silvercord and its carparking spaces to the company wholly-owned by Mr. Joseph Lau, Luen-hung, the controlling shareholder and a substantial shareholder of the Company. Independent shareholders of the Company have approved the relevant agreements on 10th October, 2014. The transactions constituted major and connected transactions for the Company.

In December, the Group entered into disposal agreement in respect of disposal of a subsidiary holding The ONE to the company wholly-owned by Mr. Joseph Lau, Luen-hung, the controlling shareholder and a substantial shareholder of the Company. The transaction constituted a major and connected transaction for the Company.

2015

The disposals of Silvercord and its carparking spaces were completed in January.

On 23rd January, 2015, independent shareholders of the Company have approved the agreement in respect of the disposal of The ONE. The disposal of The ONE was completed in July.

On 14th July, 2015, the Group entered into disposal agreement in respect of disposal of subsidiaries holding indirectly the interests in Splendid City, The Metropolis and Chinese Estates Plaza, the properties in Chengdu, PRC to a subsidiary of Evergrande Real Estate Group Limited at a consideration of HK$6,500 million. The transaction constituted a discloseable transaction for the Company. The disposal of Splendid City, The Metropolis and Chinese Estates Plaza were completed in July.

The Group disposed of its 50:50 joint venture vehicle holding Platinum, a office building in Shanghai, to an independent third party in September.

Mr. Lau, Ming-wai resigned as the chief executive officer of the Company and re-designated as a non-executive director of the Company on 1st November, 2015.

Ms. Chan, Sze-wan was appointed as the chief executive officer of the Company on 1st November, 2015.

On 12th November, 2015, the Group entered into the disposal agreement in respect of disposal of a subsidiary holding MassMutual Tower, the office properties in Wanchai, to a subsidiary of Evergrande Real Estate Group Limited at a consideration of approximately HK$12,448 million (after adjustment).

In December, the Group entered into disposal agreements in respect of disposal of subsidiaries holding Windsor House to the companies wholly-owned by Mr. Joseph Lau, Luen-hung, the controlling shareholder and a substantial shareholder of the Company. The transactions constituted major and connected transactions for the Company.

2016

The disposal of MassMutual Tower was completed in January.

On 2nd February, 2016, independent shareholders of the Company have approved the agreements in respect of the disposal of Windsor House.

The Group acquired 14 St George Street, a Grade A office building located in West End of London in April.

The Group acquired a mixed use building located in 61 to 67 Oxford Street and 11 to14 Soho Street, West End of London in May.

The Group disposed of a subsidiary holding Evergo Tower, a office and shopping complex in Shanghai, to an independent third party in June.

The disposal of Windsor House was completed in September.

In December, the Group entered into disposal agreements in respect of disposal of subsidiaries holding No. 12 Shiu Fai Terrace and Lowu Commercial Plaza to the companies wholly-owned by Ms. Chan, Hoi-wan (an associate of directors of the Company and an associate of the controlling shareholder and substantial shareholder of the Company at the time of entering into relevant disposal agreement) and Mr. Lau, Ming-wai (director of the Company and chairman of the board at the time of entering into relevant disposal agreement) respectively. The transactions constituted major and connected transactions for the Company.

2017

On 13th January, 2017, independent shareholders of the Company have approved the agreements in respect of the disposal of No. 12 Shiu Fai Terrace and Lowu Commercial Plaza. Such disposals were completed in February.