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1. HK's architectural heritage on display

2. Workers doubled to finish project

3. Shui On Land plans $7.6b flotation

1. HK's architectural heritage on display
LAUREN CROTHERS , SCMP 6 June 2006

Curator Cissy Ho Wing-see highlights a model of the Ohel Leah Synagogue at
the Cartographic Survey of Historic Buildings Exhibition at the Heritage Discovery
Centre. Photo: Ricky Chung

A model of the bracket system used at the Tang Chung Ling Ancestral Hall in Fanling
is included in the display, which will run until December 3. Photo: Ricky Chung

An exhibition of the cartographic drawings of some of Hong Kong 's historical buildings opens at the Hong Kong Heritage Discovery Centre today, almost three weeks after it was decided that the Central Market had no preservation value - thus sealing its fate for demolition.

The exhibition, which will run until December 3, comprises cartographic drawings of Hong Kong 's historical architecture, many of which are considered to be documents of important historical value.

The drawings and surveys were undertaken by architecture students from various universities in the region, including the Guangdong Provincial Institute of Cultural Relics and Archaeology, and the University of Hong Kong .

One of the oldest surveys on display features the Tsang Tai-uk hakka village in Sha Tin, which was drawn in 1965.

The exhibition comes at a time when faith in the preservation of Hong Kong 's dwindling number of historical buildings is low. But curator Cissy Ho Wing-see insists the drawings are not on display for conservation purposes.

"You can't rely on cartographical drawings alone," she said. "While they're important references when it comes to the historical structure and design, they alone can't help save a building from demolition."

The exhibition will give the public an in-depth look at the composition of older structures of both western and Chinese designs.

The Antiquities Advisory Board decision on May 19 to allow the demolition of the Central Market, built in 1938, was a blow to those who consider heritage to be of great cultural importance.

Of 14 board members, Bernard Lim Wan-fung, president of the Hong Kong Institute of Architects, was one of two who opposed the demolition.

He said the exhibition was a good effort in educating the public about historical buildings, but that it was always preferable to see the real thing.

"You can't replace the buildings themselves, and once they are demolished, all you're left with is a drawing of what once was.

"I do, however, hope that this exhibition encourages people to be more aware of the historical architecture within the city."

2. Workers doubled to finish project
ANITA LAM, SCMP 6 June 2006

Thomas Chan (second from left), Ip Kwok-him (centre) and other officials visit Shek
Pai Wan, where work is under way again. Photo: Martin Chan

The contractor hopes to finish the work before March. Photo: Martin Chan

The contractor that has taken over the unfinished work of Dickson Construction on the Shek Pai Wan redevelopment has hired twice as many workers as its predecessor, to meet a tight deadline amid the rainy season.

Director and general manager of Hanison Construction Holdings, David Tai Sai-ho, said they were recruiting 400 workers - 90 per cent of whom formerly worked for Dickson - to speed up the work. Dickson had employed about 200 workers.

"The time limit imposed upon us is one and a half months sooner than normal, but we understand the community is very concerned about the project and we need to finish it on time, preferably before the deadline," he said, adding that the extra manpower had increased his company's costs by 10 per cent.

Housing Department director Thomas Chan Chun-yuen, chairman of the Housing Authority's building committee Ip Kwok-him and other officials toured the site yesterday to check on the work's progress, restarted two weeks ago.

The project, comprising four buildings with nearly 2,400 units and a high-speed elevator tower to carry residents between Shek Pai Wan and Aberdeen , is expected to be completed by March. Hanison is one of two contractors chosen by the Housing Authority last month to take over the work begun by Dickson at three public housing sites after Dickson failed to pay its workers more than $10 million in wages. The other contractor is China State Construction International Holdings.

After the problems with Dickson, the Labour Department devised a scheme requiring all workers to sign a contract with their employers, and a card-reading system that records working hours. Contractors are required to pay wages via bank autopay.

Lau Chi-ching, labour relations officer for the Shek Pai Wan project, said he made site inspections every week to make sure the contractors were complying with the regulations. He also checked the contractor's bank accounts to make sure there was enough money to pay workers.

The new bids are 17 per cent to 19 per cent higher than the original bid by Dickson, amounting to an additional cost of at least $80 million because of an increase in material and construction costs.

The government will ask Dickson - now facing a winding-up petition by its former employees - to shoulder the extra costs.

3. Shui On Land plans $7.6b flotation
FIONA LAU , SCMP 6 June 2006

Shui On Land, Vincent Lo Hong-sui's mainland property arm, plans to raise as much as $7.68 billion in a Hong Kong initial public offering this month, despite cautious market sentiment towards the mainland property sector.

Fund managers said Shui On Land, which started to take orders from international institutional investors yesterday, was offering 1.017 billion shares, of which 281 million or 27.7 per cent were existing shares, at $5.60 to $7.55 each.

The price range represented 13.6 times to 18.3 times its forecast earnings for this year or a 10 to 30 per cent discount to net asset value, they said.

At the low end of the price range, Shui On Land's shares are valued in line with Hong Kong-listed peers. Guangzhou R&F Properties is trading at 13.38 times forecast earnings while Agile Property Holdings is trading at 13.67 times forecast earnings.

"We will be interested only if Shui On offers its shares at the bottom or at a discount of 20 to 30 per cent to its net asset value, given the mainland austerity measures will further hit the property sector and the company's huge relocation costs on its project development," a fund manager said.

The developer is required to relocate existing residents at some of its projects. The relocation costs incurred at its Shanghai Rui Hong Xin Cheng project were about one billion yuan.

The central government has introduced a new set of measures to rein in property prices.

LIM Advisors property director Peter Churchouse said the profit margin of Shui On Land's residential projects would continue to shrink as a result of those measures. However, in the longer term, the firm was likely to benefit after smaller players consolidated or were forced out of the market, he added.

As of March 31, about 40 per cent of the gross floor area of Shui On Land's projects was in Shanghai and 38 per cent in Chongqing where the government has been trying hard to curb property prices.

Yesterday's sharp rebound of mainland property stocks, however, may lure investors back to the sector again. Shares of Agile jumped 8.82 per cent to $5.55, Shanghai Forte Land rallied 5.04 per cent to $3.125 and China Overseas Land & Investment was up 4.19 per cent at $4.975.

"I will be more confident to invest in Shui On Land if the mainland property stocks stabilise at the current level," a fund manager said.

Shui On Land's profits have been volatile over the past few years amid swings in investment revaluation. Net profits were 380 million yuan last year on turnover of 1.01 billion yuan, down from net profits of 786 million yuan in 2004 on turnover of 1.03 billion yuan.

The company expects profit growth of 230 per cent to 1.25 billion yuan for this year, assuming it can book 647 million yuan of revaluation gain from investment properties and financial instruments.

It also plans to pay at least 20 per cent of this year's profit as dividend.

About 70 per cent of the proceeds from the share sale will be used to develop residential, office and retail projects such as Shanghai Taipingqiao, Shanghai Rui Hong Xin Cheng and Chongqing Tiandi.

The retail offering is set to run from June 12 to 16 before trading starts on June 23. JP Morgan, Deutsche Bank and HSBC are the share sale arrangers.