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 family controlled. there is no conflict and they also have their own advantages. We don’t need to pursue short-term pursuits like Wall Street in the United States.” In this situation, he pointed out that the style of registered family companies will tend to be conservative, and family tradition, ethics and morality will be established, which will have benefits. The company is now led by his nephew Chen Wenbo. He said: “Although my nephew grew up in a good family environment, he didn’t have the bad habits of the rich second generation. He was low-key and frugal. He didn’t have famous brands. He was calm and intelligent. He was He also had confidence in the prospects of the company led by Chen Wenbo.
He said, with Chen Wenbo taking advantage of his grandfather Chen Zengxi and father Chen Qizong, as well as the new generation bringing new energy, even if he has many challenges, he believes that he can still good create value. He also thanked shareholders for their support over the years, as well as the long-term service of his brother, independent non-executive director of Hang Lung Properties, He Chaohui, for taking care of their interests shareholders, and three former and current 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 one thing I do not sit the this (position of the chairman and chairman of the annual meeting). 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, CEO Lu Weibo pointed out that in an uncertain environment, the company will focus on cash flow and be conservative to provide back to shareholders before considering expansion. It is expected that after six years of development, Hangzhou project will open at the end of this year or early next year and provide income for 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 the sale 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 it is not expected to be manifested immediately. Currently, the valuations of many large real estate developers have fallen to 0.2 times the price-to-book ratio, and the group can only begin to increase the book value and dividend yield. He pointed out at the Hang Lung Properties shareholders’ meeting that, as shareholders are concerned about the aging of mainland buyers, they have noticed that the majority of shopping in Plaza 66 in Shanghai older than 35, which makes them much younger in the mainland in general there are not many mortgage loans and spend a lot of money.
Other reports
Hong Kong Exchange and Clearing Launches Sze Meilun Financial Scholarship Program
China Trends: Retail sales of Kappa brand stores in the fourth quarter fell 10% to 20%.
Communications Bank earned 1.4% more in the first quarter to 24.99 billion yuan
The Hang Seng index closed up 366 record points.
Hong Kong store Lin Xiangning Kai Tak AIRSIDE opens a new store and opens 10 stores in six months
Mainland gold bar and gold coin consumption will rise by nearly 27% in the 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
A Sun Life survey found that 76% of Hong Kong millennials have optimistic financial expectations
2024-04-26 09:38:00
#Brother #Chen #Qizong #Chen #Wenbo #bad #habits #generation #rich #people #Realtime #financial #news
