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1. Sino Land to keep filling its land bank

2. Cheung Kong unit sued over project delays

3. The view from the top of the Riparian building

4. Historic village 'too decrepit to save'

5. Next peak for climbers - $1.5m

6. Central waterfront project to push ahead

7. Approved Hung Hom Outline Zoning Plan referred back for amendment

8. Approved Sha Tin Outline Zoning Plan referred back for amendment

1. Sino Land to keep filling its land bank
PEGGY SITO, SCMP 23 September 2005

Sino Land says it will continue to acquire land to maximise future earnings potential after achieving a record high full-year profit of $5.22 billion.

In view of an optimistic outlook for the property market, chairman Robert Ng Chee Siong said the company had bought 10 plots of land for residential, office and retail developments, comprising 8.08 million square feet of gross floor area, during the year under review.

The company had a total land bank of 27.8 million sq ft gross floor area as of June 30. About 17.81 million sq ft is designated for property development and more than 86 per cent of that will be developed for residential use over the next five to six years.

After the land acquisition, the group's gearing was 22.7 per cent as of June 30.

This year, the company would continue to replenish its land bank, he said.

On the back of the property market rebound and gains from revaluations under new accounting policies, the company's net profit soared 270.87 per cent from $1.4 billion the previous year.

Excluding the $2.7 billion from revaluation of investment properties, the developer's net profit rose 79.1 per cent to $2.52 billion, far higher than the market's forecast of 50 per cent growth.

The robust earnings led directors to declare a better than expected final dividend of 11.5 cents a share. Together with an interim dividend of 8.5 cents a share, total dividend for the year is 20 cents, 66.66 per cent higher than a year earlier.

Directors proposed that shareholders be given the option to receive the final dividend in new shares.

Rising employment, continuing economic growth and strong consumer confidence had contributed to a resurgence in the property market, resulting in robust growth, Mr Ng said.

"Solid economic fundamentals and other positive factors have offset the impact of rising interest rates in Hong Kong," he said.

During the year to June, the group achieved encouraging performance in property sales yielding higher profit margins but it did not disclose the figure. Earnings from projects completed and booked in the year included Residence Oasis in Tseung Kwan O, the Royal Oaks in Sheung Shui and Oceania Heights in Tuen Mun.

Gross rental revenue of its investment properties - comprising 9.3 million sq ft - rose 8.2 per cent to $1.22 billion.

Sino Land shares fell 20 cents, or 2.18 per cent, to close at $8.95 yesterday.

Analysts said the near-term price driver should be the launch of One Silver Sea in Tai Kok Tsui later this year. The government recently gave pre-sale consent for the project.

Meanwhile, holding company Tsim Sha Tsui Properties, which owns about 52 per cent of Sino Land, posted a 281.06 per cent rise in net profit to $2.74 billion for the year to June.

Sino Hotels (Holdings), a unit of Tsim Sha Tsui Properties, posted a 16.73 per cent increase to $111.5 million in its net profit in the year to June, compared with $95.52 million a year earlier.

Directors declared a final dividend of 3.5 cents a share, bringing a full-year dividend of 5.5 cents a share, up 22 per cent from 4.5 cents previously.

The occupancy rate of its 100 per cent owned City Garden Hotel reached 88.5 per cent, while its 50 per cent owned Conrad Hong Kong had an occupancy rate of 85.6 per cent. The 25 per cent owned Royal Pacific Hotel & Towers had an occupancy rate of 83.2 per cent.

2. Cheung Kong unit sued over project delays
VIVIENNE CHOW and JONATHAN LI, SCMP 23 September 2005

The Consumer Council is helping buyers at a luxurious Kowloon Tong development to sue a unit of property giant Cheung Kong (Holdings) in the first such case the council has handled.

The seven buyers at One Beacon Hill - who paid $6 million to $8.6 million for their flats - are seeking almost $2 million from Cheung Kong unit Match Power Investment over delays in completing the project.

The Consumer Council said the case, supported by its Consumer Legal Action Fund, was the biggest claim it had handled. It was also the council's first case involving completion delays.

In a High Court writ, the buyers claim the developer did not obtain a government certificate of compliance for the project until July 29, 2004, five months after the scheduled completion date of February 29, 2004.

It says the delay was due to Match Power's violation of government regulations by "felling, lopping, cutting or otherwise interfering with trees" on the site without seeking consent from the director of lands.

The individual claims, including interest, loss of rent and possible cost of alternative accommodation, range from $170,000 to $370,000 and total just over $1.87 million. Other buyers may sue if the action succeeds.

Cheung Kong (Holdings) said the developer had sufficient reasons to defend itself against the claim. It refused to comment further as legal procedures had begun.

Council chief executive Pamela Chan Wong Shui declined to comment on why it was supporting the seven buyers.

"But in general [the Consumer Legal Action Fund] takes cases that involve significant consumer interest. It also depends on the number of people involved in the case and its cost-effectiveness," she said.

The Consumer Legal Action Fund, with the council as trustee, was established on November 30, 1994, with $10 million of government money. It now has $14.4 million.

Of 70 requests for help since its establishment 27 have been granted and 16 succeeded - three of them over property issues.

The One Beacon Hill case is one of three in progress, which include another property claim.

Of the 70 assistance requests received, 28 were property issues, Mrs Chan said. They included discrepancies between the actual and the agreed size of the property and failure to complete.

Mrs Chan warned people to take care when buying property.

"Consumers should recognise their needs and their financial ability," she said.

"They should pay attention to details like size and plumbing layout, as these tend to stir disputes. Promotional slogans aren't contracts, and verbal agreements aren't reliable."

The Consumer Council overall has received 301 complaints concerning property, 167 over delays in completion.

3. The view from the top of the Riparian building
23 September 2005

The view from the top of the Riparian building

4. Historic village 'too decrepit to save'
ANITA LAM, SCMP 23 September 2005

Picture by Dustin Shum

Full preservation of the last walled village in an urban area is out of the question because it is too dilapidated, the Urban Renewal Authority says.

A spokesman said this after eight of the remaining 13 owners of the 600-year-old Nga Tsin Wai village in Wong Tai Sin submitted a petition urging the government to press ahead with redevelopment.

"The village is derelict, with appalling hygiene conditions ... Apart from the Tin Hau temple and the entrance archway, there isn't anything else worth preserving," said the letter, presented to representatives of the authority, government and Wong Tai Sin District Council.

"There's only one thing to talk about, money; you offer me enough, I'll give you the shop," said Chan Ying-san, who has run a jade store in the village for 50 years.

"To be honest, who wants to live in such a broken village. Most are staying only for cheap rent. Feeling for the village? It applies only to the elderly," agreed Chan Hon-chau, who took over his father's vegetable store 10 years ago.

When property developer Cheung Kong (Holdings) initiated its takeover in 1982, the village had nearly 300 households, but as houses were sold and inhabitants left there are now only 100 left. The one-storey homes have no toilets.

Wong Tai Sin district councillor Lam Man-fai said the council had not opposed sales of the houses.

"But the government could acquire the portion now in Cheung Kong's hands and rebuild the village," he said.

The Urban Renewal Authority said it was not a practical possibility. "This is no longer a conceptual argument. The reality is, we are unable to rebuild the whole village, it's too dilapidated," a spokesman said, but the authority had not yet reached a plan with Cheung Kong.

Valuable monuments such as the temple and archway - bearing an inscription "return with gratitude", commemorating villagers' return 300 years ago after an evacuation - would be preserved.

Historian Siu Kwok-kin said preservation of only pieces of a historic site was not enough. "They should have started their preservation work 20 years ago, not leaving it until now when the village is too broken to mend," he said.

Villager Ng Siu-hung insisted he would not turn his home over to a developer and hoped his children could continue to live there.

"Neither the Japanese soldiers nor the colonial government managed to demolish our village; it will be an irony if it's our people in the end who destroy our home," he said. But even Mr Ng had his price; he might reconsider if compensation for his 200-sq-ft house was raised from $2 million to $3 million.

Cheung Kong now owns more than 70 per cent of the village, the government more than 10 per cent and individual owners the rest.

Village head Ng Kao, who has given up his long-term campaign against the redevelopment, sold his house for $2.2 million to Cheung Kong last year.

5. Next peak for climbers - $1.5m
SCMP 23 September 2005

There's one week to go before 20 intrepid Hongkongers attempt to scale Mount Kilimanjaro in Tanzania, all for the sake of poor children in Vietnam.

The group, including Skyline Technologies' Martin Abert, held a small fund-raiser at Crow's Nest last night, which added to their already surpassed goal of $1 million for the Christina Noble Foundation. The organisation helps young children living in poverty to stay in school. Now the group are pushing towards $1.5 million.

"Right now, we're still looking for the peak sponsor," says Albert. "For that, we'll name the expedition after them."

He also wants to emphasise that "every cent we raise will go towards the foundation. We are all paying our own way to Africa."

The group leaves next Friday and if all goes well, they will reach the near 6,000-metre summit in six days.

"None of us are experts," he said. "But we're very mindful of the whole route and all the safety precautions. It's definitely dangerous.

"In addition to altitude sickness, we expect temperatures of minus 10 Celsius or worse if the wind is bad."

6. Central waterfront project to push ahead
Staff reporter, The Standard 23 September 2005

Government representatives from the Harbour-front Enhancement Committee are eager to move forward with the Central district waterfront project despite repeated requests from environmentalists for a re-evaluation of how the reclaimed land will be used.

Government representatives from the Harbour-front Enhancement Committee are eager to move forward with the Central district waterfront project despite repeated requests from environmentalists for a re-evaluation of how the reclaimed land will be used.

Environmentalists said at a committee meeting Thursday they will move past the issue of land reclamation but expect to discuss land use in terms of buildings, facilities and layout.

"The extent of reclamation is an issue now settled," said Mee-kam Ng of the Citizen Envisioning@Harbour, a group that aims to inform the public about land reclamation in Hong Kong. "However, we should now consider Central's role in Hong Kong as a global image."

The current plans for the project include the addition of surface roads that may lead to increased traffic congestion, Business Environment Council representative Paul Zimmerman said.

Also in store are a series of large plots, which resemble the Exchange Square or the International Finance Centre, Zimmerman said.

He believes these large plots will not only impact pedestrian mobility but also create an environment that is "out of sync" with present-day Central.

However, Permanent Secretary of Planning and Lands Rita Lau expressed disapproval at the idea of a re- evaluation, claiming it will cost the project time and efficiency.

"If we haven't reached the stage of implementation and we are already backtracking, when are we going to see things happen? If you're saying re-plan, I have grave reservations, because you are trying to change something that is the product of public consultation."

7. Approved Hung Hom Outline Zoning Plan referred back for amendment
Hong Kong Government, 23 September 2005

The Town Planning Board announced today (September 23) that the Chief Executive in Council has referred the approved Hung Hom Outline Zoning Plan (OZP) back to the Town Planning Board for amendment.

Amendments to the approved OZP are necessary to follow the revised Master Schedule of Notes (MSN) to Statutory Plans endorsed by the Town Planning Board. Under the revised MSN, various measures including broad-use terms have been introduced to provide greater flexibility for change of use and to reduce the need for planning applications.

The general provisions under the covering Notes and the user schedules for various land-use zones will be revised to expand the scope of uses that are always permitted. The planning intentions for various zones will also be incorporated into the Notes to form part of the statutory plan.

Opportunity is also taken to incorporate technical and other amendments to reflect the latest land-use proposals in the Hung Hom area.

The Hung Hom OZP incorporating the amendments will be exhibited for public inspection under the Town Planning Ordinance.

The OZP was last approved by the Chief Executive in Council in February 2004.

8. Approved Sha Tin Outline Zoning Plan referred back for amendment
Hong Kong Government, 23 September 2005

The Town Planning Board announced today (September 23) that the Chief Executive in Council has referred the approved Sha Tin Outline Zoning Plan (OZP) to the Town Planning Board for amendment.

Amendments to the approved OZP are necessary to reflect the latest planning proposals in the Sha Tin area.

The OZP incorporating the amendments will be exhibited for public inspection under the provisions of the Town Planning Ordinance.

The OZP was last approved by the Chief Executive in Council on June 8, 2004.
Ends/Friday, September 23, 2005.