Henderson Land Development

72-76/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong

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About Henderson Land Development

Summary

Henderson Land Development Co. Ltd. is a publicly listed property developer in Hong Kong and a constituent of the Hang Seng Index. It is the third largest Hong Kong real estate developer by market capitalisation and is controlled by Lee Shau Kee, who owned around 70.17% of the company as of June 2015. Its activities include property development and investment, project management, construction, hotel and department store operations, finance, investment holding, and infrastructure.

Founded by Lee Shau Kee, the company was listed in 1981 through Sun Hung Kai Securities, using a staged payment method for share subscriptions. In 2006, it was fined by the State Administration of Foreign Exchange for breaching foreign exchange regulations.

Leadership has included Lee Shau Kee as Chairman (1976–2019), succeeded by Peter Lee and Martin Lee, with Colin Lam serving as Vice-Chairman from 2019. As of 31 December 2014, key associate stakes included Towngas (41.51%), Miramar Hotel and Investment Co. (45.08%), and Hong Kong Ferry (33.33%). Henderson Investment, a listed subsidiary, previously held these stakes.

The company made privatisation attempts of Henderson Investment in 2002 and 2005, both of which failed. In 2007, it acquired certain assets from Henderson Investment, including holdings in Miramar Hotel and Hong Kong Ferry, and later increased its stake in Towngas via a deal involving cash and shares.

In 2006, Henderson Land spun off 12 office and 8 retail properties into Sunlight REIT, which began trading in December that year.

Notable developments include Beverly Hill (1988), the International Finance Centre complex (completed 2003), and 39 Conduit Road (2009), which drew attention for selective floor numbering and record apartment pricing claims. The company’s headquarters are located in the International Finance Centre.

History

Henderson Land Development Co. Ltd. was founded by Lee Shau Kee and became a publicly listed company in 1981 through Sun Hung Kai Securities. The listing was carried out using a staged payment structure, where the initial down payment was HK$1 per share upon subscription, followed by a further HK$1 six months later, and a final HK$2 at year-end, for a total share price of HK$4.

In 2006, the State Administration of Foreign Exchange (SAFE) determined that Henderson Land had breached foreign exchange regulations involving HK$565 million. The company had engaged Shenzhen Zhaotian Investments, led by Tian Chenggang, to seek leniency regarding a potential fine of 150 million yuan.

On 4 December 2006, Henderson Land was fined 2.33 million yuan (HK$2.9 million), which it paid. In 2012, Zhaotian sued in Hong Kong, claiming an oral agreement for a HK$43 million consultation fee, but the claim was rejected on appeal in 2015 due to lack of documentary evidence.

From 1976 to 2019, Lee Shau Kee served as Chairman, succeeded by Peter Lee and Martin Lee. Vice-Chairmen over the years included Lo Tak-shing (1981–1993), followed by Lo Tak-shing, Peter Lee and Colin Lam in various combinations until 2006, and later Peter Lee, Colin Lam and Martin Lee until 2019, when Colin Lam became sole Vice-Chairman.

As of 31 December 2014, Henderson Land’s main associate stakes were Towngas (41.51%), Miramar Hotel and Investment Co. Ltd. (45.08%), and Hong Kong Ferry (33.33%). Henderson Investment (HI), a listed subsidiary, previously held these interests. The company made privatisation attempts for HI in 2002, offering HK$7.60 per share, and in 2005, offering share exchanges at a discount to net asset value, but both were rejected by minority shareholders.

In 2007, Henderson Land purchased assets from HI, including stakes in Miramar Hotel and Hong Kong Ferry, for HK$12.1 billion. Later that year, the company sought to acquire HI’s 39.06% stake in Towngas for HK$42.86 billion in cash and convertible notes. Minority shareholders were offered shares in Henderson Land and cash. Following negotiations and an increased cash component, shareholders approved the deal in December 2007.

In December 2006, Henderson Land spun off and listed 12 office and 8 retail properties in Hong Kong into Sunlight Real Estate Investment Trust. The REIT’s debut share price fell, and concerns were raised about yield sustainability once temporary boosting measures expired.

Major development projects include Beverly Hill, an upper-class residential estate completed in 1988; the International Finance Centre complex, a joint venture with Sun Hung Kai and MTR Corporation, completed in 2003 and now housing the company’s headquarters; and 39 Conduit Road, launched in 2009, noted for selective floor numbering and record price claims for one of its apartments.

Portfolio

Henderson Land Development Co. Ltd. maintains a substantial and diversified property portfolio across Hong Kong and mainland China. The group’s holdings include approximately 21 million square feet in attributable floor area across developments, hotels, investments, and subsidiaries, along with an additional 23 million square feet of agricultural land earmarked for future development. In Hong Kong, its development land bank amounts to around 7.5 million square feet, with about 42 million square feet of agricultural land in the New Territories as of December 2024. The group’s completed investment portfolio includes 10.4 million square feet in Hong Kong and 13.0 million square feet in mainland China.

The company holds strategic stakes in several listed entities, including Henderson Investment Limited, Miramar Hotel and Investment Company Limited (50.08% as of end-2023), The Hong Kong and China Gas Company Limited (Towngas), Hong Kong Ferry (Holdings) Company Limited, and Sunlight Real Estate Investment Trust.

In Hong Kong, flagship developments include The Henderson in Central, a super Grade-A office tower completed in 2024 and designed by Zaha Hadid Architects, rising 190 metres with 36 storeys on a site once considered the world’s most expensive. As of March 2025, it had an occupancy rate of around 80%. Other notable projects include AIA Tower in North Point, a 44-storey commercial building completed in 1999; Grand Promenade in Sai Wan Ho, a residential complex of five high-rise towers built in 2005; Grand Waterfront in Ma Tau Kok, a mixed-use development completed in 2007; Metro City in Tseung Kwan O, the largest estate in the area completed in phases between 1996 and 2002; and Royal Peninsula in Hung Hom Bay, a residential estate jointly developed with Sun Hung Kai Properties and completed in 2001.

On the mainland, the company has significant projects in major cities, including the Xiangcheng Project in Suzhou, a residential development in Chaoyang District in Beijing, Yunhui Tower in Shenzhen, The Pier in Shanghai, Grand Paradise in Xuzhou, La Botanica in Xi’an, the Dongxihu Project in Wuhan, the Dongli Project in Tianjin, and the Changan Project in Shijiazhuang.

Leadership Team

Lee Ka Kit | Chairman and Managing Director
Lam Ko Yin, Colin | Vice-Chairman
Fung Hau Chung, Andrew | Executive Director and Chief Financial Officer
Kwong Che Keung, Gordon | Independent Non-Executive Director
Liu Cheung Yuen, Timon | Company Secretary

Refrences

Company Website | Henderson Land Group
Henderson Land Development | Wikipedia
Henderson Land Group | World Green Building Council
Henderson Land | Company Overview & News | Forbes
Henderson Land Development Co Ltd Company Profile | Global Data
Henderson Land Development Co Ltd | Financial Times
Henderson Land Development Company Limited | Market Screener
Henderson Land Development – Company Profile | Tracxn
Henderson Land Development | ZoomInfo

72-76/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong

Email: [email protected]
Website https://www.hld.com/en

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