Chan joined Hang Lung Group in 1972, becoming Chairman in 1991. He also serves as Chairman of Hang Lung Properties Limited, the Group’s major publicly listed subsidiary. Mr Chan is Vice-President of The Real Estate Developers Association of Hong Kong, Co-Chair of the Asia Society and Chairman of its Hong Kong Center. He also acts as an advisor to the China Development Research Foundation
Mr Chan sits on the governing or advisory bodies of several think-tanks and universities, including the Hong Kong University of Science and Technology, the University of Southern California, USA, where he received his MBA, and Tsinghua University in Beijing.
Asian stocks outside Japan declined, led by material producers and developers, on concern policy makers in China will step up efforts to cool the property market and as Hong Kong banks raised mortgage rates.
Hang Lung Properties Ltd. Chairman Ronnie Chan said some big developers in China are struggling to get funds and smaller ones may go out of business, spurring opportunities for financially stronger companies.
Hang Lung Properties Ltd., the Hong Kong-based company investing more than $8.5 billion building malls in mainland China, bought land in Wuhan for 3.3 billion yuan ($529 million) for a mixed-used development.
Hong Kong stocks fell, with the city’s benchmark index dropping the first time in three days, as data showed the pace of China’s manufacturing expansion unexpectedly slowed ahead of a National People’s Congress next week that will set this year’s growth target.
Land prices in China may drop further and it is still too early to buy land in the country, said Ronnie Chan, Chairman of Hang Lung Properties Ltd., the Hong Kong developer investing at least $8.5 billion in Chinese real estate.
Hang Lung Properties Ltd., the Hong Kong developer investing more than $8.5 billion building malls in mainland China, said 2012 underlying profit almost doubled after the company sold more properties in the city.
Hang Lung Properties Ltd., the Hong Kong developer that’s investing as much as HK$50 billion ($6.4 billion) building shopping malls in other parts of China, said it’s “financially capable” of doubling that investment.
Hang Lung Properties Ltd., the Hong Kong developer of shopping malls in other parts of China, said half-year underlying profit rose 29 percent after reporting higher rents from its Shanghai properties. The stock surged.