Harbour Centre Development Limited (stock code: 0051) is a listed subsidiary of Wharf Real Estate Investment Company Limited (stock code: 1997), with property and hotel development and investment as its core business. Mainland assets are being liquidated in an orderly manner to re-focus in Hong Kong.
In Hong Kong, flagship assets include Marco Polo Hongkong Hotel and The Murray, Hong Kong, a Niccolo Hotel (“The Murray”). Strategically located in Harbour City in Canton Road, Marco Polo Hongkong Hotel has long been a core operating asset. The Murray, a luxury hotel at a prominent location in Central, was completed as one of the “Conserving Central” Initiatives in December 2017 and started to serve customers in the first quarter of 2018.
Development properties in the Mainland have been dominating financial performance since 2012. It accounted for 84% of Group revenue and 71% of core profit in 2017. With 95% of developable GFA sold and recognised already, and only two less significant projects (Shanghai South Station and Suzhou International Finance Square ("Suzhou IFS")) remaining in the land bank, net order book has dwindled to RMB0.6 billion, lowest since 2010. Revenue and profit will diminish and become volatile from now on.
Other Mainland assets comprise two hotels, Marco Polo Changzhou and Niccolo Suzhou, under development as part of Suzhou IFS.