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李嘉诚长江实业
目录
长江实业（集团）有限公司
Li Ka-shing（李嘉诚）
Annual Report 2012
2012 in Review
Looking Ahead
SUSTAINABLE DEVELOPMENT STRATEGY
New Business and Major Events
Property Sales
Property Rental
Hotels and Serviced Suites
Property and Project Management
FINANCIAL REVIEW
Connected Transaction
Environmental, Social and Governance Report
长江实业（集团）有限公司
http://www.ckh.com.hk/eng/
http://www.hkck.com.hk/index.htm
长江实业（集团）有限公司，简称长实（港交所：0001、OTCBB：CHEUY），为长江集团的旗舰企业，创办人兼董事局主席为李嘉诚。其与主要子公司和记黄埔常被合称为“长和系”。
长实组织架构
长实源自于李嘉诚在1950年创立的长江工业有限公司，随后公司发展成为一间具有主导地位的香港物业发展公司，于1972年在香港交易所上市。现时，长实是一间地产发展及策略性投资公司，为香港规模最大的地产发展商之一，在香港拥有一系列的住宅及工商物业。在香港的每12个私人住宅单位中，就有一个由长实发展。同时，长实亦积极投资及营运于新的领域，包括生命科技及其他业务。2013年6月17日，长实(00001.HK)、电能实业(00006.HK)、和记黄埔(00013.HK)及长江基建(01038.HK)公告订立合营企业，收购荷兰废物处理及焚化废物生产可再生能源企业AVR-Afvalverwerking B.V。
长江实业（集团）有限公司（长实）为长江集团的旗舰。长江集团是一家建基香港的跨国企业，集团在香港的成员包括三家同为恒生指数成份股的上市公司：长实、和记黄埔有限公司及电能实业有限公司；在香港联合交易所主板上市的长江基建集团有限公司、长江生命科技集团有限公司、和记电讯香港控股有限公司、和记港陆有限公司及TOM集团有限公司。截至二零一二年十月三十一日，长江集团旗下在香港上市之公司的总市值为八千七百五十亿港元。长江集团的业务遍及全球五十二个国家，雇员人数约二十七万名。
中国化工（范旭东）
三井物产商业新闻
三井物产有关评述
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Li Ka-shing（李嘉诚）
Mr. Li Ka-shing is the Chairman of Cheung Kong (Holdings) Limited and Hutchison Whampoa Limited. Cheung Kong (Holdings) Limited is the flagship of the Cheung Kong Group which has business operations in 52 countries around the world and employs about 270,000 staff. In Hong Kong alone, the Group includes eight listed companies with a combined market capitalization of approximately HK$984 billion (30 September, 2013). Hutchison Whampoa Limited is a Fortune Global 500 company.
Mr. Li was born in 1928 in Chiu Chow, a coastal city in the southeastern part of China. Mr. Li was forced to quit school when he was 12 and fled to Hong Kong with his family to avoid the perils of war. Shortly thereafter, his father suffered from tuberculosis and passed away in Hong Kong. Before he was 15, Mr. Li had to shoulder the responsibility of providing for his family and found a job in a plastics trading company where he labored 16 hours a day. By 1950, his hard work, prudence and his pursuit of excellence had enabled him to start his own company, Cheung Kong Industries. From manufacturing plastics, Mr. Li led and developed his company into a leading real estate investment company in Hong Kong that was listed on the Hong Kong Stock Exchange in 1972. Cheung Kong continued to expand by acquiring Hutchison Whampoa and Hongkong Electric Holdings Limited (renamed Power Assets Holdings Limited) in 1979 and 1985 respectively.
Based in Hong Kong, the Cheung Kong Group's businesses encompass such diverse areas as property development and investment, real estate agency and estate management, hotels, telecommunications and e-commerce, finance and investments, retail, ports and related services, energy, infrastructure projects and materials, media, and biotechnology. Mr. Li is a strong believer in synergy—the power of combined efforts. This belief is reflected in his naming his company Cheung Kong Holdings after the Yangtze River that flows through China, a great river that aggregates countless streams and tributaries. The Times in the United Kingdom and Ernst & Young UK jointly named Mr. Li as the Entrepreneur of the Millennium at the turn of the century.
Mr. Li believes that anyone can serve society, but only someone with a giving heart can propel social progress. This is key to creating a positive virtuous cycle in society. Mr. Li established the Li Ka Shing Foundation (LKSF) in 1980 to enhance the impact of philanthropy through three strategic objectives: 1) nurture a culture of giving; 2) support education reform initiatives that encourage long-term thinking, empowerment, creativity, open-mindedness and constructive engagement with a focus on positive and sustainable change; and 3) help advance medical research and services. To date, the Foundation has granted over HK$14.4 billion to these investments.
Mr. Li also founded Shantou University in 1981 in Shantou, China, to engineer reforms in China's education system. Shantou University has nine colleges including a medical college with five affiliated hospitals. With students enrolling from all parts of China, the university has 7,500 undergraduate and 1,500 graduate students.
In recognition of his philanthropic efforts and his contributions to society, Mr. Li has received Honorary Doctorates from the University of Cambridge, the University of Calgary in Canada, Peking University, and the University of Hong Kong, among others. Mr. Li, a Justice of the Peace, has also received the Grand Officer of the Order Vasco Nunez de Balboa from Panama, The Commander in the Leopold Order from Belgium, Knight (Commander of the Order) of the British Empire, the Grand Bauhinia Medal of Hong Kong, and the Commandeur de la Légion d'Honneur from the French Government.
Mr. Li has two sons. The elder son, Victor, now serves as Managing Director and Deputy Chairman of Cheung Kong (Holdings) Limited, Deputy Chairman of Hutchison Whampoa Limited, and Chairman of Cheung Kong Infrastructure Holdings Limited and CK Life Sciences international (Holdings) Inc. Mr. Li's younger son, Richard, is Chairman of PCCW, one of Asia's leading information technology and telecommunications companies.
30 September, 2013
中国化工（范旭东）
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Annual Report 2012
Promising Growth on Solid Foundations
CHEUNG KONG GROUP TOTAL MARKET CAPITALISATION HK$927 Billion 26th March, 2013
Ten Year Financial Summary
Profit Attributable To Shareholders
Earnings per share
Dividend per share
Shareholders’ Funds – NBV per share
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2012 in Review
Business Performance
2012 was a challenging year for global markets. While economic sentiment has moderately improved
in view of the stabilising U.S. economic situation, Eurozone uncertainties have continued to persist.
Despite an uncertain global economic landscape, our core operations performed well and delivered
solid results. For the year ended 31st December, 2012, the Group’s profit before share of results of
the Hutchison Whampoa Group was HK$19,098 million, an increase of 6% over the previous year.
The Group’s share of results of the Hutchison Whampoa Group decreased in 2012. This comparative
decline against the previous year was primarily attributable to the significant one-off gain included
in the 2011 annual results arising from the disposal of part of the Hutchison Whampoa Group’s
interests in its port businesses. Excluding this significant one-off gain in 2011, the 2012 annual
results of the Group would show an increase of 12% as compared to the previous year.
In 2012, less profit contribution was recorded from the Group’s property sales as a result of the
timing of the completion of developments with relatively more developments completed during
2011. Contributions from property rental and hotels and serviced suites increased solidly over 2011,
and the growth in contribution from the recently invested infrastructure business was in line with
expectations.
Our property business performed well despite the reduced number of developments completed in
Hong Kong in 2012. Strong contributions from Singapore and the Mainland have mitigated the impact
of less profit contribution from property sales in Hong Kong. Various operating and marketing goals
were met, and our landbank was further strengthened. Looking into 2013, the rise in building costs
will continue, at a rate likely to reach double digits. This, coupled with solid end-user demand, low
interest rates and a favourable employment environment, will continue to lend support to a stable
property market in Hong Kong. However, overall market conditions will continue to be impacted by
external economic factors and the formulation of local housing policies.
The contribution from the Group’s property business on the Mainland increased favourably over 2011.
Our property projects are maturing steadily, and marketing activities are proceeding as planned. The
Central Government’s tightening measures will continue to steer the development of the Mainland’s
property market. However, we remain focused on driving long-term sustainable growth on the
Mainland. Our various projects will proceed as scheduled and in response to market developments.
The Group’s overseas property business performed solidly in 2012. We will continue to position
ourselves for suitable overseas investment opportunities to further strengthen our foundations for
growth.
In addition to healthy organic growth of existing operations, the Group also benefited from the profit
contribution generated from its infrastructure investments. The Group’s participation in the acquisitions
of Northumbrian Water Group Limited and Wales & West Utilities Limited in the United Kingdom,
which were completed in October 2011 and October 2012 respectively, represented its first foray
into the infrastructure sector and attractive returns are expected as a result of this diversification
strategy.
We are steadfast in maintaining financial prudence and soundness. Corporate finance initiatives
were taken to further strengthen the capital base of the Group. US$500 million Floating Rate Notes
under the Euro Medium Term Note Programme were issued in June 2012, and HK$1,000 million
Guaranteed Senior Perpetual Securities (“GSPS”) and US$500 million GSPS were issued in July 2012
and January 2013 respectively.
Listed Affiliated Companies
The Group continued to benefit from the global opportunities arising from its strategic investments in
listed affiliated companies, particularly through the Hutchison Whampoa Group’s diversified portfolio
of global businesses. In 2012, businesses in markets beyond Hong Kong continued to perform well
and generate satisfactory results to the Group and its listed affiliated companies.
The Hutchison Whampoa Group
The overall performances of the Hutchison Whampoa Group before one time items, including
the gain generated from the initial public offer of units in Hutchison Port Holdings Trust in 2011,
continued to be resilient during the year under review. All major operating divisions, other than
its telecommunications joint venture in Australia, continued to perform well around the globe,
including Europe, and reported improved recurring results. Looking into 2013, we expect the
Hutchison Whampoa Group’s various businesses to be challenged by the weak economic conditions
and continued uncertainties in a number of markets in which they operate, but barring unforeseen
material adverse circumstances, the Hutchison Whampoa Group is poised for another year of solid
progress and good results.
CKI
Cheung Kong Infrastructure Holdings Limited (“CKI”) has achieved another strong performance in
2012. Over the past few years, CKI has stepped up the pace of its acquisition strategy and benefited
from the opportunities presented in the uncertain global economic environment. Its earnings base
has been expanded and profitability enhanced. Good organic growth has also been achieved. At
the same time, prudent corporate finance initiatives have been undertaken to strengthen its balance
sheet. Though the economic climate going into 2013 remains uncertain, CKI is well-positioned to
weather such conditions and to capitalise on any opportunities which may arise.
Power Assets
2012 has been a year of continued success for Power Assets Holdings Limited (“Power Assets”), with
earnings from operations outside Hong Kong having increased significantly, again surpassing those
from Hong Kong. Power Assets’ long-term strategy of seeking steady earnings growth via carefully
selected global investments has proven its worth. Power Assets will continue with this strategy as
it continues to expand at a measured pace.
CK Life Sciences
CK Life Sciences Int’l., (Holdings) Inc. (“CK Life Sciences”) achieved a strong performance in 2012.
Through the acquisitions of Peaty Trading Group, three vineyards and Cheetham Salt Limited in
Australia, the scope of CK Life Sciences’ investment portfolio has been strengthened, and the
profitability of its agriculture-related business enhanced. Meanwhile, organic growth of CK Life
Sciences’ existing businesses is also poised to continue to contribute to its revenue stream, while its
R&D initiatives continue to make good progress. We are confident about the future prospects of
CK Life Sciences.
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Looking Ahead
As compared to last year, global market conditions will likely turn more stable in 2013. However,
many challenges and uncertainties will continue. While some improvement has been seen in the
U.S. economic outlook, the global economic outlook remains fragile as the uncertainties in the
Eurozone economies continue to weigh on the pace of global recovery.
China continued to experience strong economic growth. For 2012 as a whole, real GDP growth was
7.8%, moderately above the growth target of 7.5%. In 2013, China’s growth momentum is expected
to continue as the Central Government has reaffirmed a proactive fiscal and prudent monetary
policy with particular emphasis on quality and efficient economic growth, long-term sustainability,
and urbanisation. Hong Kong is expected to stay on track to achieve modest economic growth this
year, leveraging the strength of its healthy economic fundamentals as well as China’s sustainable
development. We remain optimistic about the long-term economic prospects for the Mainland and
Hong Kong.
The global geopolitical and economic landscape is ever changing and there will be many challenges
ahead. The Cheung Kong Group has been presented with numerous investment opportunities and
options, and continues to maintain a low debt ratio. We will continue with our strategy of “Growth
with Stability”. The Group will vigilantly strengthen its core business and operations with a view to
undertaking steady progress in a constantly challenging market. We will be agile in seizing investment
opportunities for long-term growth. We will also achieve new growth through the continued pursuit
of quality investments both in Hong Kong and abroad to create further value for shareholders. The
Cheung Kong Group is poised for a solid performance in 2013. We are strongly confident in the
Cheung Kong Group’s business prospects.
Intelligent, creative, dedicated and loyal employees are the Group’s most valuable asset in this
extremely competitive and challenging global environment. We take this opportunity to thank our
colleagues on the Board, the staff members of the Group and our diligent employees worldwide
for their hard work, loyal service and contributions during the year.
Li Ka-shing
Chairman
Li Tzar Kuoi, Victor
Managing Director
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SUSTAINABLE DEVELOPMENT STRATEGY
The principal activities of the Group encompass property development and investment, hotel and
serviced suite operation, property and project management, and investment in infrastructure business.
These core businesses have been the key drivers in providing steady streams of revenue to the Group.
The Hutchison Whampoa Group, our major listed affiliate, has also been a major contributor to the
Group’s results. With diversified operations spanning 52 countries around the globe, the Hutchison
Whampoa Group has six core businesses – ports and related services; property and hotels; retail;
infrastructure; energy and telecommunications.
It has been the core strategic objective of the Cheung Kong Group to maximise shareholder value
by driving long-term sustainable growth of its businesses. Based on its strategic positioning as a
multinational conglomerate, the listed companies under the Cheung Kong Group are committed to
nurturing new growth through diversification and globalisation. We are focused on the pursuit of
attractive investment opportunities around the world to extend our business scope and geographic
coverage beyond Hong Kong, and to create further value for shareholders.
The Cheung Kong Group also benefits from operating and financial synergies across the core
businesses of each of its listed companies. These synergies translate into enhanced competitiveness
that allows the Cheung Kong Group to capture good investment opportunities around the globe
which, in turn, drive business growth and create new sources of revenue. By building on a stronger
and more diversified operating base, the Cheung Kong Group will enhance further its operational
efficiency and effectiveness, and strengthen its risk management capacity to deal with unforeseen
market changes.
Achieving a fine balance between progress and stability has always been one of the Cheung Kong
Group’s traditional operating philosophies. We are steadfast in maintaining financial prudence in
our pursuit of global acquisitions and investments. In adhering to our fundamental financial policy
of maintaining a low debt ratio under all circumstances, we have strong liquidity and sufficient
financial resources to capitalise on acquisition and investment opportunities as they arise, and to
create shareholder value on a sustainable basis.
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New Business and Major Events
New Acquisitions and Joint Developments and Other Major Events:
Hong Kong
(1) May 2012: A wholly owned subsidiary of the Group successfully bid in a public tender
exercise for the joint development of the site at Peel Street / Gage Street / Graham Street,
Central, Inland Lot No. 9038 and entered into a development agreement with the Urban
Renewal Authority. With an aggregate area of approximately 1,690 sq.m., the site is planned
for a residential and commercial development estimated to have a total developable gross
floor area of approximately 17,790 sq.m.
(2) June 2012: A wholly owned subsidiary of the Group has established a US$2,000,000,000 Euro
Medium Term Note Programme (the “Programme”) as guaranteed by the Company for the
purpose of issuing notes (the “Notes”) which may be denominated in any currency as agreed
with the dealer(s) from time to time. The Programme provides that the Notes may be listed
on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) or such other stock
exchanges as may be agreed with the relevant dealer(s). On 15th June, 2012, the Group
issued US$500,000,000 Floating Rate Notes due 2015 under the Programme, which have
been listed on the Stock Exchange since 18th June, 2012. As at 31st December, 2012,
Notes of an aggregate nominal amount of approximately US$849.3 million were issued
and outstanding under the Programme. In January 2013, the Programme has been updated
to include a wholly owned Singapore subsidiary of the Group as another issuer.
(3) July 2012: A wholly owned subsidiary of the Group issued HK$1,000 million Guaranteed
Senior Perpetual Securities (“GSPS”) at an issue price of 100% of the principal amount
with distribution rate of 5.25% per annum for the first five years and thereafter at
the rate of 6.25% per annum, which have been listed on the Stock Exchange since
10th July, 2012. The GSPS is guaranteed by the Company.
(4) August 2012: A wholly owned subsidiary of the Group successfully won in a public
tender exercise for the joint development with Tsuen Wan West Property Development
Limited (“TWWP”), with MTR Corporation Limited acting as TWWP’s agent, in respect of
the development at West Rail Tsuen Wan West Station TW5 Bayside, Tsuen Wan Town
Lot No. 401. With an area of approximately 42,870 sq.m., the site is earmarked for a
residential and commercial development estimated to have a developable gross floor area
of approximately 207,650 sq.m.
(5) November 2012: A wholly owned subsidiary of the Group was awarded a Government
tender for the development at Choi Sha Street, Lok Wo Sha, Ma On Shan, Sha Tin, New
Territories, Sha Tin Town Lot No. 574. With an area of approximately 14,400 sq.m., the
site is designated for a residential development estimated to have a developable gross
floor area of approximately 52,227 sq.m.
(6) January 2013: A wholly owned subsidiary of the Group issued US$500 million Guaranteed
Senior Perpetual Securities at an issue price of 100% of the principal amount with
distribution rate of 5.375% per annum, which have been listed on the Stock Exchange
since 25th January, 2013. Such securities are guaranteed by the Company.
(7) During the year under review, the Group continued to pursue opportunities for acquisition
of properties and agricultural land with potential for development. Some of the properties
and agricultural land are under varying stages of design and planning applications.
The Mainland and Overseas
(8) May 2012: An indirect 50/50 joint venture company of the Group and the Hutchison
Whampoa Group signed a land use right transfer contract to acquire a piece of land with an
area of approximately 144,480 sq.m. and a gross floor area of approximately 138,870 sq.m.
at Zhao Xiang Town, Qing Pu District, Shanghai, the Mainland for development into
residential properties.
(9) July 2012: Two indirect 30/30/30/10 joint venture companies of the Company, Cheung
Kong Infrastructure Holdings Limited, Power Assets Holdings Limited and Li Ka Shing
Foundation Limited entered into an arrangement to acquire the issued share capital and
the loan notes of MGN Gas Networks (UK) Limited (now known as Wales & West Gas
Networks (Holdings) Limited) at the consideration of approximately Pounds 645 million. The
acquisition was completed on 10th October, 2012.
(10) During the year under review, the Group continued to focus on project development and
the marketing of properties on the Mainland and overseas in a timely manner.
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Property Sales
Turnover of property sales for the year, including share of property sales of jointly controlled entities,
was HK$26,521 million (2011 – HK$38,143 million), a decrease of HK$11,622 million when compared
with last year, and comprised mainly the sale of residential units of two property projects completed
last year – Festival City Phase 3 in Hong Kong and The Greenwich Phase 1C in Beijing, and the sale
of residential units of property projects completed during the year, including Crown by the Sea, Le
Chateau and La Splendeur in Hong Kong, Century Place Phase 1 and Le Sommet Phases 1B, 2 and
4A in Shenzhen, Cape Coral Phase 3A in Guangzhou, The Harbourfront Land No. 1 in Qingdao,
The Greenwich Phases 2A, 2B and 3A in Xian, Regency Garden Phase 1 in Shanghai, Regency Park
Phase 2 in Changzhou, The Metropolitan Tianjin Phase 2 in Tianjin, Cape Coral Phase 2A and Noble
Hills Phase 2B in Chongqing, Laguna Verona Phases D1a, D1b1 and G1a in Dongguan and a few
others on the Mainland.
Contribution from property sales, including share of results of jointly controlled entities, was
HK$10,004 million (2011 – HK$11,218 million), a decrease of HK$1,214 million when compared
with last year. During the year, residential property prices in Hong Kong maintained their rising trend
on the back of solid demand from end users and tougher measures were introduced by the Hong
Kong government to curb the residential property market; whereas sale of residential properties on
the Mainland showed signs of recovery in a number of cities in the second half year.
Contribution from property sales for 2013 will mainly be derived from the sale of residential units of
The Beaumount, One West Kowloon and Kennedy Park at Central in Hong Kong, Marina Bay Suites
in Singapore, La Grande Ville Phase 2 in Beijing, Le Parc Phases 4A, 4B and 6B in Chengdu, Cape
Coral Phase 3B in Guangzhou, The Harbourfront Land No. 2 and 8 in Qingdao, Laguna Verona Phases
D1b2, D1c and G1a in Dongguan and several other property projects scheduled for completion.
The presales of residential units of The Beaumount, One West Kowloon and Kennedy Park at Central
have been launched in Hong Kong and over 95% of all the units of these projects have been presold.
The sale/presale of residential units of Marina Bay Suites in Singapore and various property projects
on the Mainland are also progressing well.
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Property Rental
Turnover of the Group’s property rental for the year was HK$1,867 million (2011 – HK$1,377 million),
an increase of HK$490 million when compared with last year, mainly due to increasing rental rates
for retail properties in Hong Kong as demand for retail properties continued to be driven by growing
tourist and domestic spending. The Group’s investment properties comprise mainly retail shopping
malls and commercial office properties in Hong Kong, which accounted for approximately 56% and
35% respectively of the turnover of the Group’s property rental for the year.
Contribution from the Group’s property rental was HK$1,703 million (2011 – HK$1,274 million),
an increase of HK$429 million when compared with last year, mainly attributable to an increase in
contribution from the Group’s retail shopping malls in Hong Kong. Property rental contribution from
jointly controlled entities was HK$275 million (2011 – HK$424 million), a decrease of HK$149 million
when compared with last year due to the fact that Oriental Plaza in Beijing no longer provides
rental contribution after its listing on the Hong Kong Stock Exchange in April 2011. Overall
contribution from property rental, including share of results of jointly controlled entities, amounted to
HK$1,978 million (2011 – HK$1,698 million), an increase of HK$280 million when compared with
last year.
In December 2012, Marina Bay Financial Centre Tower 3, an investment property completed in
Singapore and of which the Group’s 16.7% interest was held through jointly controlled entities,
was divested and the Group shared a surplus of HK$1,326 million arising from loss of control of
indirect interest in the jointly controlled entities.
At the year end date, the Group accounted for an increase in fair value of investment properties
of HK$4,470 million (2011 – HK$4,010 million) based on a professional valuation and shared an
increase in fair value of investment properties of HK$531 million (2011 – HK$1,151 million) of jointly
controlled entities.
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Hotels and Serviced Suites
Turnover of the Group’s hotels and serviced suites for the year was HK$2,350 million (2011 –
HK$2,489 million), a decrease of HK$139 million when compared with last year. The decrease in
turnover was mainly due to the Group’s disposal of a 70% interest in Sheraton Shenyang Lido Hotel
on the Mainland in January 2012. The disposal contributed a surplus of HK$1,077 million to group
profit for the year.
Contribution from the Group’s hotels and serviced suites was HK$930 million (2011 – HK$916 million)
and contribution including share of results of jointly controlled entities was HK$1,235 million (2011 –
HK$1,188 million), an overall increase of HK$47 million when compared with last year, notwithstanding
a decrease in contribution from Sheraton Shenyang Lido Hotel, now owned by a jointly controlled
entity, as a result of the Group’s reduced interest in the hotel. During the year, local business travel
and inbound tourism continued to be active and operating results reported by most of the hotels
and serviced suites owned by the Group and jointly controlled entities in Hong Kong and on the
Mainland were satisfactory.
During the second half year, the Group’s interest in a jointly controlled entity which owned the
Metropark Lido Hotel, Beijing on the Mainland was disposed of at a profit of HK$450 million.
In February 2013, The Apex Horizon owned and operated by the Group in Hong Kong was also
disposed of to investors in the public. These transactions will have no significant impact on the
overall contribution from the Group’s hotel and serviced suite operation in 2013.
Although global economic recovery is slowly underway with uncertainties ahead, the Group will
strive for satisfactory results for its hotel and serviced suite operation.
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Property and Project Management
Turnover of the Group’s property and project management for the year was HK$368 million (2011 –
HK$350 million), of which income from property management was HK$171 million (2011 – HK$161 million),
an increase of HK$10 million when compared with last year, and income from project related services
was HK$197 million (2011 – HK$189 million), an increase of HK$8 million when compared with
last year.
Contribution from the Group’s property management was HK$109 million (2011 – HK$105 million),
an increase of HK$4 million when compared with last year, while the Group’s project related services
made a small contribution to group profit. The Group also shared the profits of jointly controlled
entities amounting to HK$45 million (2011 – HK$17 million), which were engaged in the management
of major property projects, including Beijing Oriental Plaza on the Mainland and Marina Bay Financial
Centre in Singapore.
The Group is committed to providing high quality services to properties under our management. At
the year end date, the total floor area under the Group’s property management was approximately
87 million square feet and this is expected to grow steadily following the gradual completion of the
Group’s property projects in the years ahead.
Major Associates
The Hutchison Whampoa Group, a listed associate, reported profit attributable to shareholders for
the year ended 31st December, 2012 of HK$26,128 million (2011 – HK$56,019 million, including
a net gain of HK$32,868 million on disposal of investments and others, mainly from the IPO of
Hutchison Port Holdings Trust).
The CK Life Sciences Group, another listed associate, reported profit attributable to shareholders for
the year ended 31st December, 2012 of HK$176.3 million (2011 – HK$125.8 million).
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FINANCIAL REVIEW
Liquidity and Financing
The Group monitors its liquidity requirements on a short to medium term basis and arranges
refinancing of the Group’s borrowings as appropriate. During the year, the Group issued notes with a
three-year term under the Euro Medium Term Note Programme in the amount of US$500 million
in Hong Kong.
At the year end date, the Group’s bonds and notes, bank loans and other loans were HK$13.6 billion,
HK$33.9 billion and HK$0.6 billion respectively, and the Group’s total borrowings amounted to
HK$48.1 billion, an increase of HK$2.2 billion from last year end date. The maturity profile is spread
over a period of nine years, with HK$5.1 billion repayable within one year, HK$38.5 billion within two
to five years and HK$4.5 billion beyond five years.
During the year, the Group also issued perpetual securities in the amount of HK$1 billion with
an annual distribution rate of 5.25% for the first five years and thereafter at the rate of 6.25%.
With no fixed maturity, the perpetual securities are redeemable at the Group’s option on or after
9th July, 2017 and are accounted for as equity in the financial statements.
The Group’s net debt to net total capital ratio at the year end date was approximately 7.3%
(2011 – 7.6%). Net debt is arrived at by deducting bank balances and deposits of HK$21.2 billion
from the Group’s total borrowings and net total capital is the aggregate of the Group’s total equity
and net debt.
With cash and marketable securities in hand as well as available banking facilities, the Group’s liquidity
position remains strong and the Group has sufficient financial resources to satisfy its commitments
and working capital requirements.
Treasury Policies
The Group maintains a conservative approach on foreign exchange exposure management. At the
year end date, approximately 78.8% of the Group’s borrowings were in HK$ and US$, with the
balance in GBP and SGD mainly for the purpose of financing investments and property projects in
the United Kingdom and Singapore. The Group derives its revenue mainly in HK$ and cash is mainly
held in HK$. Income in foreign currencies, including RMB, SGD and GBP, is also generated from the
Group’s investments and property projects outside Hong Kong and cash in these foreign currencies
is maintained for operational requirements. The Group ensures that its exposure to fluctuations in
foreign exchange rates is minimised.
The Group’s borrowings are principally on a floating rate basis and where appropriate, swaps are
arranged to convert the rates and related terms of the fixed rate bonds and notes issued to a floating
rate basis.
At times of interest rate or exchange rate uncertainty or volatility and as appropriate, hedging
instruments including swaps and forwards are used by the Group in the management of exposure
to interest rate and foreign exchange rate fluctuations.
Charges on Assets
At the year end date, there was no charge on assets of the Group (2011 – HK$135 million).
Contingent Liabilities
At the year end date, the Group’s contingent liabilities were as follows:
(1) guarantee provided for the minimum share of revenue to be received by the partner of a joint
development project amounted to HK$612 million (2011 – HK$624 million); and
(2) guarantees provided for bank loans utilised by jointly controlled entities and investee company
amounted to HK$1,281 million (2011 – HK$1,617 million) and HK$359 million (2011 –
HK$334 million) respectively.
Employees
At the year end date, the Group employed approximately 8,900 employees for its principal businesses.
The related employees’ costs for the year (excluding directors’ emoluments) amounted to approximately
HK$2,226 million. The Group ensures that the pay levels of its employees are competitive and
employees are rewarded on a performance related basis, together with reference to the profitability
of the Group, remuneration benchmarks in the industry, and prevailing market conditions within the
general framework of the Group’s salary and bonus system. The Group does not have any share
option scheme for employees.
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Connected Transaction
On 25th July, 2012, the Company together with CKI, Power Assets Holdings Limited and Li Ka Shing
Foundation Limited (“LKSFL”) entered into two shareholders’ agreements (“Shareholders’ Agreements”)
in relation to Western Gas Networks Limited and West Gas Networks Limited (“Bidcos”), being
joint venture companies formed for the purpose of the acquisition of the issued share capital of
MGN Gas Networks (UK) Limited (now known as Wales & West Gas Networks (Holdings) Limited)
(“Target Company”) from, and the floating rate unsecured loan notes due 2024 issued by the
Target Company to, Macquarie Luxembourg Gas SARL, Macquarie Global Infrastructure Funds 2
SARL, CPP Investment Board European Holdings SARL, Codan Trust Company (Cayman) Limited and
AMP Capital Investors (MGN Gas) SARL (“Acquisition”). The Company’s aggregate funding to the
Bidcos (by way of subscription of shares in the capital of each of the Bidcos and the advance of
shareholders’ loans to the Bidcos) for the purpose of the Acquisition was up to approximately Pounds 204 million
(approximately HK$2,510.6 million). Given that LKSFL may be regarded as an associate of each of
Mr. Li Ka-shing and Mr. Li Tzar Kuoi, Victor, Directors of the Company, LKSFL is thus a connected
person of the Company. Therefore, the entering into of the Shareholders’ Agreements by the Company
constitutes a connected transaction for the Company under the Listing Rules.
The above transaction was subject to the reporting and announcement requirements but exempt
from the independent shareholders’ approval requirements under the Listing Rules.
Major Customers and Suppliers
During the year, 83% of the Group’s purchases were attributable to the Group’s five largest suppliers
with the largest supplier accounted for 52% of the Group’s purchases. The Group’s turnover
attributable to the Group’s five largest customers was less than 30%.
As at 31st December, 2012, Ms. Pau Yee Wan, Ezra, an Executive Director of the Company,
and JPMorgan Chase & Co., a shareholder of the Company, respectively held 3,908 shares and
60,804,978 shares of MTR Corporation Limited, being one of the five largest suppliers of the Group.
Save as disclosed, no other Directors, their associates or any shareholder (which to the knowledge
of the Directors owns more than 5% of the Company’s issued share capital) has any interest in the
Group’s five largest suppliers.
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Environmental, Social and Governance Report
OUR PHILOSOPHY
Cheung Kong (Holdings) Limited (the “Group”) is committed to a high standard of corporate social
responsibility. As a multi-national conglomerate headquartered in Hong Kong, with business operations
across 52 countries and employing over a quarter million employees, the Cheung Kong Group aspires
to create a harmonious society through cultivating responsible corporate citizenship.
In 2012, the Cheung Kong Group continued with initiatives to foster the well-being of the community,
its employees and the environment. We have factored in the concept of corporate social responsibility
to our business practice while conveying the message of sustainability worldwide.
Going forward, the Cheung Kong Group will continue to identify new opportunities in promoting
sustainability through its business operations, as well as to strengthen our partnership with charities
in accommodating the needs of the minority groups and to nurture a culture of giving amongst
every member of the community.
COMMUNITY INVOLVEMENT
As a global corporate citizen, the Cheung Kong Group strives to improve society through community
investment. Apart from donating to charitable organisations, members of the Cheung Kong Group
in Hong Kong and across the globe have been creative in taking their own initiatives to help and
support their local communities.
Supporting charities
The Cheung Kong Group has long seen The Community Chest as its partner in pioneering philanthropy.
During the year, members of the Group are encouraged to participate in fund-raising campaigns
including the Corporate and Employee Contribution Programme, Walk for Millions, Dress Special
Day, Greening for the Chest and Laisee for the Chest.
The longstanding support and commitment to the Community Chest has made the Group the
Third Top Donor in 2012, maintaining its record as a Top 3 Donor for the 13th consecutive year.
In addition, six members of the Cheung Kong Group have received individual recognition for their
contributions to The Community Chest. Hutchison Whampoa Limited (“Hutchison”), Power Assets
Holdings Limited (“Power Assets’”) and Hui Xian REIT were presented with the President’s Award; the
Group and A. S. Watson Group (“A. S. Watson”) were presented with the Award of Excellence; and
Cheung Kong Infrastructure Holdings Limited (“CKI”) was presented with the Award of Distinction.
Apart from making monetary donations, the Group has been lobbying for public participation with
a view to raising their awareness and making their share of contribution. In May 2012, a donation
hotline was launched again by the Group to raise money for The Community Chest Rainbow Fund
during the programme “Community for the Chest on TV”. All contributions made through the
hotline by the public were matched dollar-for-dollar by the Cheung Kong Group, raising a total
donation of HK$6.3 million. The Community Chest Rainbow Fund was first launched in 2004 to
provide immediate interim relief to victims in financial crisis. In the year 2011/2012, 3,700 people
benefited and over HK$8.6 million was allocated.
AMTD Financial Planning Limited supported the Caritas Charity Show 2012 by providing a venue in
their Tai Kwok Tsui office as a call centre while sponsoring 68 telephone hotlines for fund raising
purposes.
Motivating participation
In 2012, a total of 107 member companies of the Cheung Kong Group have been awarded the
“Caring Company Logo” by the Hong Kong Council of Social Service in recognition of our continuing
commitment to corporate social responsibility. This represents the highest number of participating
companies for a Hong Kong corporation, a record maintained by the Cheung Kong Group for
9 consecutive years.
The Group has participated in MTR HONG KONG Race Walking 2012 event and the Cheung Kong
Corporate team was awarded the Highest Fund Raising Corporate Team for the fifth time. The event
aims to arouse awareness for health and sports, and raise funds for the Hospital Authority Health
InfoWorld.
The University of 3rd Age (“U3A ”) Network of Hong Kong, funded by the Centenary Trust of The
Hongkong Electric Company, Limited (“HK Electric”), continued to promote lifelong learning and
volunteerism among the retired population. The U3A encourages active learning by empowering
the participants to design, teach and operate their own learning classes. A social impact assessment
conducted in 2011 shows that the project had successfully enabled more than 90% of its retiree
students to stay socially and mentally active whilst raising their confidence and self-esteem.
Serving community needs
Following the participation of A.S Watson in the food coupon scheme in 2011, PARKnSHOP, in
partnership with Food Angel, pioneered the launch of a food recovery programme in 2012, with
a view to alleviating food waste. Remained fruits, vegetables and loose bakery, meat and grocery
products which were still edible were donated to Food Angel to prepare packed meal boxes for the
underprivileged and elderly. To ensure food safety, strict handling procedures are in place throughout
the whole process. The current beneficiaries under the scheme include Tung Wah Group of Hospitals,
Salvation Army and Home of Love. PARKnSHOP is looking to expand the programme further so that
more needy individuals can benefit from the scheme.
The Power Assets’ “CAREnival for the Elderly” programme was awarded the second runner-up in the
“2011-2012 Best Corporate Volunteer Services Project Competition” organised by the Social Welfare
Department. In 2012, the programme continued to organise monthly home visits to single elderly,
encouraging them to reach out for help and stay in touch with the local community. Over
300 elderly volunteers were appointed as ambassadors to assist in identifying reclusive elderly in their
neighborhood. More than 200 single elders joined their elderly services centre nearby, successfully
bridging them with local support networks.
3 Group Europe has been actively participating in numerous community projects. In Austria, laptops and
mobile internet service were donated to disabled children in need, providing them with a one touch
connection to the world. In Ireland, “Walk of Dreams” was launched to raise funds for community
projects involving football, with the scheme promoting football as a vehicle to bring about social
change, build community cohesion and improve health and education throughout Ireland.
Educational initiatives
Following the success of the previous year, key personnel of the Group continued to support the
Mentorship Programme of the Hong Kong Institute of Education in 2012. Under the scheme,
students of the institute are matched on a one-to-one basis with mentors who are experienced
individuals from different professions.  They are
also encouraged to set up meetings between themselves at regular intervals with the aim to build
up a life long mentoring relationship embracing respect, support, trust, sharing and understanding.
The Endeavour Australia Cheung Kong Awards 2012 sponsored 49 awardees, including 20 Hong
Kong students and 29 Australian students, to participate in educational exchange opportunities
between Hong Kong and Australia. Representing the only public-private partnership of its kind, the
Endeavour Australia Cheung Kong Awards is a 15-year joint initiative between the Cheung Kong
Group and the Australian Government to promote educational exchange between Asia and Australia.
Over the course of 15 years, it will provide a total of approximately HK$180 million in scholarship
funding to benefit between 3,500-4,000 students.
In 2012, the Group continued to organise summer internship programmes for university students to
work in the sales and leasing department and the hotels and hospitality division of the Cheung Kong
Group. Corresponding management trainee programmes in the sales and leasing department and
the hotels and hospitality division were available, providing on-job training to university graduates.
Further, training opportunities at construction sites are offered to students from the Hong Kong
Institute of Vocational Education, while recruitment seminars were conducted for graduates who are
interested in property management.
ENVIRONMENTAL PROTECTION
The Cheung Kong Group is a supporter of environmental protection. To enhance long term
environmental sustainability, eco-friendly measures to reduce carbon emissions were implemented
and practices for effective use of resources to reduce wastage were introduced in the operation and
management of the Group’s businesses.
Reducing Carbon Emissions
The Cheung Kong Group continued to support the Carbon Audit programme in 2012 in response
to the Government’s Carbon Reduction Charter. The programme promotes the reduction of carbon
emissions. Residential, commercial and industrial properties managed by Cheung Kong’s subsidiaries,
including Goodwell Property Management Limited (“Goodwell”) and Citybase Property Management
Limited (“Citybase”), have implemented eco-friendly initiatives in their daily management operations.
Approximately 75,000 households were involved in the project.
In 2012, Power Assets has gone beyond Asia to join the global ranks and became the first Hong
Kong company to be included in the Global 500 Carbon Disclosure Leadership Index (CDLI) 2012 in
the latest report of the Carbon Disclosure Project (CDP). The inclusion in the “CDP Global 500 CDLI
2012”, together with 50 other international enterprises, demonstrates that Power Assets’ efforts in
carbon reduction have received international recognition. At present, over 30% of power output
by HK Electric, Power Assets' main operating company in Hong Kong, is from natural gas, resulting
in a significant reduction in carbon dioxide emissions. Moving forward, HK Electric’s strategies will
include generating more renewable energy and promoting energy efficiency among customers.
In a further effort to promote green energy, Husky Energy’s Liwan natural gas joint development
with CNOOC Limited, located in the South China Sea, will begin supplying gas to the surrounding
region by 2013-2014. Consumers in Hong Kong and Mainland China’s Guangdong province will be
the main recipients of natural gas from the Liwan development.
Use of Resources
To assist in the creation of a green living environment, energy efficient and eco-friendly measures
are being introduced to the residential developments of the Group. In planning and design, large
glazing windows are installed in residential units to capture daylight and enhance natural ventilation.
In material sourcing and construction, apart from the use of non-structural prefabricated external
walls and prefabricated internal partition to minimise construction waste, more steel formwork is
used instead of timber formwork to promote environmental conservation.
To ensure efficient use of resources, green practices have been implemented in the residential
estates and commercial properties managed by the Group. Such measures include the using of
energy-saving lightings, minimising use of paper, reducing water consumption and adopting a policy
for smart-use of the Group’s vehicles. Green activities such as energy conservation, waste rebate
and recycling programmes are organised to increase awareness of the residents in preserving their
living environment.
The Smart Power Campaign 2012 organised by HK Electric attracted a record participation of
90,000 people through different activities promoting low carbon. The Low Carbon Bazaar 2012 was one
of the activities supported by the campaign which promoted green living and provided the students
with learning experience in running their own green businesses. Many of the low carbon products
sold at the bazaar were made from recycled materials collected by schools. The products included
shopping bags made from old clothing, lampshades decorated with pull-rings of soft drink cans,
mobile phone chains made out of computer keyboards, as well as folders converted from used
promotion banners. The proceeds of the bazaar were donated to support the green activities of
World Wildlife Fund Hong Kong and Friends of the Earth (HK).
Harbour Plaza North Point Hotel joined hands with HelpOneFuture in the soap recycling programme.
Used soap was sterilised and recycled for distribution to the needy.
Environmental preservation
To support resources preservation and promote environmental conservation, the Group and its
employees continued to participate in various environmental educational programmes in 2012.
These activities attracted wide support from the staff worldwide, raising funds for environmental
conservation.
In Hong Kong, the Group took part in River Walk organised by the Friends of the Earth (HK), Earth
Hour 2012, Walk for Nature 2012 and the Big Bird Race organised by World Wildlife Fund Hong
Kong.
In 2012, Citybase and Goodwell received Certificates of Merit in the Hong Kong Award for
Environmental Excellence, an award in recognition of their efforts in promoting green practices.
The “Happy Green School” Label Programme was another highlight of HK Electric’s Smart Power
Campaign 2012. It attracted 115 schools to join and over 18,000 students to take part in various low
carbon activities on campus. The “Most Outstanding Happy Green Schools” awards were presented
to four primary and three secondary schools in recognition of the best low carbon activities they
organised.
In Singapore, Marina Bay Financial Centre, a joint-venture development by the Group together with
the Singapore based Keppel Land Limited and another Hong Kong developer, received a “Green
Mark Gold” award for Marina Bay Suites and “Green Mark Gold Plus” award for its office Tower 3
from the Building and Construction Authority of Singapore. These awards were given in recognition
of its efforts in preserving the environment by introducing sustainable design practices for buildings.
In Australia, CKI and Power Assets have been expanding into the renewable energy power transmission
business in Australia by investing A$33.6 million (HK$268.1 million) in a power transmission link
in Victoria which transports renewable energy to Victoria’s power grid, bringing greener energy to
Australians.
OPERATING PRACTICES
Working closely with contractors and suppliers, the Cheung Kong group is committed to achieving
and maintaining a high standard of openness, probity and accountability to its stakeholders.
Anti-bribery and corruption policies are in place and employees are required to adhere to the standards
set out in a code of conduct, which is an important contributor to the Group’s reputation.
Supply Chain Management
In line with the Group’s commitment to integrity in business, employees and stakeholders who deal
with the Group including customer, suppliers, creditors and debtors are encouraged to report any
suspected impropriety, misconduct or malpractice within the Group. A whistle-blowing policy setting
out the mechanism to report unethical conduct is established and published on the website and
intranet for reference by all the employees and the public.
In building construction, any forms of bribery and corruption are strictly and expressly prohibited in
the tender process. Employees are reminded to avoid situations that may lead to or involve a conflict
of interest. To ensure fairness in the tendering process, a Tender Committee is set up to monitor the
selection process of tenders. The Tender Committee will base on the analyses and recommendations
made by external consultants and internal project staff in awarding contracts to successful bidders.
Product Responsibility
The Group recognises good customer and after-sales service are keys to the success and sustainability
of a corporation. Following this believe, the customer service team was set up to handle queries from
customers in a timely and efficient manner. For residential estates developed by the Group in Hong
Kong, the Mainland and overseas, the Property Takeover Unit (“PTU”) is responsible to execute the
cross-departmental guidelines in carrying out re-examination and re-inspection of properties during
the handover of properties to purchasers. The PTU also provides professional assistance and
follow-up services to purchasers in connecting to utilities, telecommunication, and other services.
The Group respects personal data privacy and has formulated a policy on collection and usage of
personal data. Review and revision of the personal data and privacy policy are carried out to ensure
its effectiveness and compliance with relevant laws.
Anti-corruption
To maintain a fair and efficient business and working environment, the Group emphasises the
importance of anti-corruption practices. It is the Group’s policy that any form of corruption will
not be tolerated. The Group has established a Code of Conduct as contained in the Employees’
Handbook. Employees are prohibited to request, receive or accept any forms of benefits from any
persons, companies or organisations having business transactions with the Group.
As part of its corporate orientation programme, new colleagues are required to attend seminars
coordinated with the Independent Commission Against Corruption (ICAC) introducing them to the
Group’s corruption-preventing practices and guidelines. Members of the Group have continued to
co-operate with the ICAC in promoting anti-corruption practices throughout the year.
WORKPLACE QUALITY
The Group treasures talent as the key to driving the success and maintaining sustainability of the
corporation and has been dedicated to providing employees with good working conditions, a safe
working environment and promoting a healthy living style. Continuing career development and job
training are encouraged and supported.
Working Conditions
Competitive remuneration is offered to employees and reviewed individually on an annual basis
reflecting each employee’s work performance, contributions and market developments. Other fringe
benefits including comprehensive medical, life and disability insurance coverage, free annual health
check and retirement schemes are part of the package. It is always the policy of the Group to
promote equal opportunities in recruitment, internal transfer and promotion. Further, to nurture
a sense of belonging and unity, employees can enjoy discounted services and products offered by
other companies across the Group and are invited to participate in the annual dinner of the Cheung
Kong Group.
Health and Safety
The Group supports good work-life balance. Staff and their families are encouraged to take part in
charitable and recreational activities like Walk for Nature 2012. Fresh fruit is provided daily to staff
and nutraceutical soup is arranged twice a week.
In providing a safe working environment for employees, risk assessments of workstations, equipment
and tools for all users are performed on a regular basis. Upgrades and maintenance are performed
in line with the pace of technology advancement and the needs and demands of colleagues. To
ensure hygienic working conditions, regular cleaning of air-conditioning systems and disinfection
treatment of carpets are carried out at regular intervals.
For employees who are assigned to work on construction sites, they are required to observe additional
safety guidelines. This is to ensure a high standard of occupational safety, protecting employees from
occupational hazards. Special safety equipment such as safety helmets, goggles, shoes, ear plugs
and dust masks are provided and well-maintained.
Development and Training
The Group strives to develop employees by providing them with opportunities to advance their
career. Employees of the Group are encouraged to take part in internal and external training courses.
The Group’s policy is to support employees who attend job related training courses or professional
seminars through sponsoring and/or granting them special full paid leave.
Vocational training for skills enhancement, such as Mandarin language training, job-related seminars
and skill enhancing workshops are organised for colleagues at all levels from time to time. Corporate
orientation programmes are held for new staff to assist them in acclimatising to the corporate culture.
Other tailor-made training programmes are organised for employees in specific work units, providing
them with practical learning opportunities relevant to their jobs or functions, examples of which
include safety demonstrations on correct posture in lifting heavy objects, personal protection equipment
training for staff from the security unit, advising them on the necessity and importance in using
personal protection equipment in appropriate circumstances.
Labour Standards
The Group encourages a culture of diversity and promotes equal opportunities. The Group strives
to create a respectful, fair and safe working environment for its employees in all business units
and complies with all statutory requirements. Different forms of communication channels, including
internal newsletters and intranet, are in place to ensure voices of employees are being heard, and
their needs properly addressed.
LI KA SHING FOUNDATION
The Li Ka Shing Foundation was established in 1980 as a personal funding commitment by
Mr. Li Ka-shing, the Chairman of the Group, to enhance the impact of philanthropy through three
strategic objectives: 1) nurture a new culture of giving; 2) support education reform initiatives
that encourage long-term thinking, empowerment, creativity, open-mindedness and constructive
engagement with a focus on positive and sustainable change; and 3) help advance medical research
and services in quest for a healthier world. To date, the Foundation has granted over HK$13 billion
to such investments, approximately 90% of which is directed at education, healthcare and welfare
projects in Mainland China and Hong Kong, with the remaining 10% supporting medical education
and research overseas.
Love HK Your Way!
“Love Ideas, Love HK” Round 3
Following the overwhelming positive impact generated from the first two rounds of “Love Ideas,
Love HK” in 2010 and 2011, Round 3 was launched in May 2012 to extend this spirit of fair, just
and open elections for worthy causes. For the first time, the Programme created dedicated pages
on Facebook and Weibo to drive social and viral engagement, and arranged a bus parade to enable
participants to canvass votes for their worthwhile projects. Applicants designed their projects from
conception to execution, and shared their vision for a better Hong Kong with the community. The
final tally of 1,038 projects eligible for public voting surpassed the number in the first two rounds.
A record high of 2.75 million votes were cast in support of 337 winning projects that care for the
local community and issues that affect their lives. Grants from all three rounds amounted to over
HK$110 million.
“Serene Teen” Holistic Child and Youth Wellness Centre
The Foundation continues to advance local healthcare initiatives for grassroots citizens. In
April 2012, the Foundation made a contribution of HK$8.35 million which was matched by the
Hospital Authority to establish “Serene Teen”, a new Holistic Child and Youth Wellness Centre at
the Alice Ho Miu Ling Nethersole Hospital to nourish the healthy growth and development of young
people suffering from mental disorders.
Heart of Gold Hong Kong Hospice Service Programme
With the opening of new hospice service centres at the North District Hospital and the Hong Kong
Buddhist Hospital in May and November 2012 respectively, the number of centres serving terminally
ill cancer patients in public hospitals has increased to ten. Launched in 2007 in collaboration with
the Hospital Authority, the Programme has benefited about 20,000 cancer patients and provided
300,000 service sessions.
Commitment to Quality Education
Ying Wa Girls’ School
In November 2012, the Foundation made a donation of HK$10 million to establish the Mrs. Li Chong Yuet Ming
Student Development Fund at Ying Wa Girls’ School. This endowment fund provides opportunities
for Ying Wa students to become global citizens through international exchanges and to strengthen
their commitment to the local community through involvement in social services.
Shantou University/Cheung Kong Graduate School of Business
Founded in 1981 to engineer reforms in tertiary education, Shantou University is one of the
Foundation’s major long-term projects, with grants and commitments of HK$5.4 billion to date. In
recognition of its achievements, the Ministry of Education, the Guangdong Provincial Government
and the Foundation signed a tripartite agreement in June 2012 to co-build Shantou University, with
greater policy support to expedite its development as an experimental model for reforms in higher
education.
The Cheung Kong Graduate School of Business founded by the Foundation celebrated its tenth
anniversary in 2012. Over 5,000 students have graduated from CKGSB since its inception.
Free Medical Services
Over the years, the Foundation has contributed approximately RMB800 million to support five major
nationwide projects, namely, Project New Life to offer free operations for patients with cleft lip and
palate, Paediatric Hernia Repair Programme, Heart of Gold Nationwide Hospice Service Programme,
Cheung Kong New Milestone Programme in collaboration with the China Disabled Persons’ Federation
to install free prosthetics, and Medical Relief for the Poor. The Projects have benefited approximately
17 million people in total. 1,400 healthcare professionals have participated in the programmes along
with over 190,000 volunteers. In addition, the Foundation has also donated a total of RMB8 million
to support Ta’er Hospital Medical Relief, which has provided free medical care and medication for
79,000 patients.
Women’s Projects
In rural China, women make up 60% of the workforce yet less than 1% occupy positions of power
and responsibility allowing them to make a difference in their communities. In 2010, the Foundation
provided RMB22.5 million for Project Define, a pilot program for women cadets to redefine their
aspirations and to reach new heights through self-learning and continuous development. Powered
by a platform of aggregated mobile technologies to facilitate interaction, the Programme has trained
more than 4,300 women cadets and served 650,000 villagers. The Foundation will contribute a
further RMB22 million to extend the Programme to other provinces.
In October 2012, the Foundation and the Guangdong Provincial Government each contributed RMB10 million
to launch “Love Ideas – Women’s Project Guangdong” to spearhead better social services for
women. Guangdong citizens are given the opportunity to vote online for their favorite projects
aimed at improving the lives of women. The Programme consists of two phases covering more than
30 municipalities and counties in Guangdong, directly benefiting 600,000 women and another
3 million citizens.
Medical Education and Research
In 2012, the Foundation made contributions of HK$65 million to overseas education institutions
and medical research facilities such as the Massachusetts Institute of Technology, UC San Francisco,
Hospital for Special Surgery, Stanford Research Institute, Notre Dame University, Technion – Israel
Institute of Technology, and Oxford University to support various initiatives that advance teaching
and research.
Community Care
Aggregate donation of HK$19 million were made to support Caritas Family Crisis Hotline and
Education Centre, which provides a 24-hour hotline that handles 35,000 calls annually. The We R
Family Foundation received a total of HK$21 million from the Foundation to implement the 333
Companion Learning Leadership Program. The objective of the Program is to help students from
underprivileged families to enhance and improve self-esteem, motivation and ability to learn, and to
foster their long-term character development. Since its inception, the Program has supported over
1,000 students from the North District, Kwun Tong, Sham Shui Po, and Tin Shui Wai. In October
2012, the Just In Time Fund contributed HK$30 million to aid the Lamma Island ferry accident victims
and their families.
The Foundation will continue to make contributions that drive positive and sustainable change and
nurture a culture of giving.
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Question Garland
Danny
An ontulogy
Simplifying knowledge acquisition
2004
Webwide
Using an OWL Ontulogy
The OWL WG
An ontulogy language
Knowledge on the web
2004
Webwide
OWL Guide


Saba Yazdjerdi
Improvisational Theater
Architectural Projection
Providence Exchange Gateway Station
Architectural Analysis
Boston, West End housing;
divulging waterfront to west end
West End contemporary icon project
Water City Kyoto,Japan
Boston Postal Office
The Harlem Edge Cultivating Connection
Competition (Emerging New York Architects)
Sa'ad Abaad High School
Conscious Surface
Minimum Surface


Greetings! This is my first web page test for my 2019 WEB110 summer quarter class. I plan to test this in a live browser such as Chrome or Firefox by clicking on the two validator links in the footer of this page.


Issue: RECURSIVE-DEFTYPEForum: Editorial
References: DEFTYPE (p50)
Category: CLARIFICATION
Edit history: 05-Mar-91, Version 1 by Pitman
15-Mar-91, Version 2 by Pitman, Loosemore
(expand scope of proposal to treat both program and
structural circularities, and to treat both macros
and type specifiers equivalently)
Status: For X3J13 consideration
Problem Description:
In discussion of issue CONS-TYPE-SPECIFIER, it became apparent that some
users thought it might be ok to have non-terminating recursive DEFTYPE
definitions. Some vendors balked at this. The case in question, which
is not [yet] valid Common Lisp at the time the proposal is written, but
which nevertheless illustrates the point, is Barry Margolin's:
(deftype proper-list (&optional (element-type t))
`(or null (cons ,element-type proper-list)))
Another case, which is also not valid Common Lisp but which illustrates
a case that might be more tolerable is Allan Wechsler's:
(deftype list-of-length (length)
'null
`(cons t (list-of-length ,(- length 1)))))
Proposal (RECURSIVE-DEFTYPE:EXPLICITLY-VAGUE):
Clarify that recursive expansion of the type specifier returned as
the expansion of a DEFTYPE must terminate, including the expansion
of type specifiers which are nested within the expansion.
Clarify that the consequences are undefined if the result of
fully expanding a type specifier contains any circular structure,
except within the objects referred to by MEMBER and EQL type
specifiers.
Clarify that recursive expansion of the form returned as the
expansion of a DEFMACRO must terminate, including the expansion
of other macros which are subforms of other forms returned by
Clarify that the consequences are undefined if the result of fully
macroexpanding a form contains any non-constant circular list
Rationale:
This probably protects the status quo in most implementations,
while giving users a clear sense of what's reasonable and what's not.
Test Cases:
These test cases are more contrived in nature, but are chosen to be
actually plausible to test in existing implementations (something not
true of the cases mentioned in the problem description):
#1: (DEFUN RETURNS-T (X) X)
(DEFTYPE FOO () '(OR (SATISFIES RETURNS-T) FOO))
This is an error because in (TYPEP X 'FOO), FOO cannot, in general,
be fully expanded because the expansion does not terminate.
#2: (DEFTYPE FOO (&KEY (FAST NIL))
(IF FAST
`(SATISFIES FOO-FAST)
This is well-defined because in (TYPEP X 'FOO), FOO can, in general,
be fully expanded without error because the recursion always terminates.
#3: Macro definitions like:
(CONS (FUNCALL ,FN (CAR ,LIST))
would be explicitly undefined.
#4: Forms involving explicit circularities, such as
(PROGN . #1=((PRINT 'FOO) . #1#))
would be explicitly undefined.
#5: Type specifiers involving explicit circularities, such as
a. (TYPEP 3 '(AND #1=(T . #1#)))
would be explicitly undefined, except for cases like
b. (TYPEP 3 '(EQL #1=(T . #1#)))
which would still be well-defined.
Current Practice:
Genera implements this proposal.
#1: The proposal makes this an error.
Genera uses a TYPE-EXPAND function internally at compile time and
so cannot handle this case.
#2: The proposal requires this to work.
Genera handles this case.
#3: The proposal makes this an error.
Genera can manage to do (MAPCAR #'1+ '(1 2 3)) as a standalone form,
but blows out during lexical analysis both in the interpreter and
compiler if you put it in a definition.
#4: The proposal makes this case an error.
Genera can't handle this case at all.
#5: The proposal makes #5a an error but requires #5b to work.
Genera doesn't handle #5a but does handle #5b.
Cost to Implementors:
Probably none.
Cost to Users:
Little or none. Code which exploited the erroneous cases were already
not portable in practice, so probably no users relied on them.
Cost of Non-Adoption:
Portability pitfalls waiting for unsuspecting users.
Benefits:
Compiler writers who didn't want to handle this won't go to sleep every
night in fear that they really should have and that some day someone will
be knocking on their door asking why not.
Aesthetics:
This is intended to be equivalent to the status quo for macros, although
it doesn't have to be spelled out there because the presence of MACROEXPAND
pretty much forces it. In any case, it clarifies that DEFTYPE and DEFMACRO
must be essentially consistent on this issue.
Discussion:
Pitman supports this proposal.
If Sandra Loosemore's TYPE-EXPAND proposal (part of issue TYPE-SPECIFIER-P)
passed, this view of the world would pretty much be forced anyway.
Of Margolin's example, Rob MacLachlan (at CMU) wrote:
``I am fairly sure that nobody has addressed this issue.
Although I have been aware of it, I kept quiet about it,
because my compiler gags on recursive deftypes, and I was
afraid someone would decide that was a bug.''


| 231 | (A) | thaire Mahowne and thaire Mawmetries mourlede in peces |
| (C) | ---- no text ---- | |
| 230 | (D) | þe mahound & þe mawmetis hurtlid to-gidris |
| 230 | (E) | her mahoun & her mamentis al to-brast on peeces . |
| (Ex) | ---- no text ---- | |
| 235 | (L) | þe mahound & þe mametes to-mortled to peces |
| 228 | (P) | Mahoune & þe Mawmettry molt ałł to pouder |
| 228 | (U) | ¶ The Mahoun and the mauments / hurtled to peces |
| (V) | ---- no text ---- |


TRIANGLE TRACKER
The application tests whether value entered can form a triangle and if yes which type of triangle it is
Enter side A:
Enter side B:
Enter side C:


Adds a legend to an existing PunchcardVisualization.
The sibling element, for which a legend needs to be constructed
A reference to the instance of Legend
Margin in pixels to the bottom of the legend
Margin in pixels to the left of the legend
Margin in pixels to the right of the legend
Margin in pixels to the top of the legend
The Legend's height in pixels
The legend's horizontal axis scale
The Legend's sibling, i.e. the object that the legend is associated with.
The title of the Legend
The Legend's vertical axis scale
The Legend's width in pixels
Text to label the Legend's vertical axis
[marginBottom description]
[description]
[marginBottom description]
[description]
[marginLeft description]
[description]
[marginLeft description]
[description]
[marginRight description]
[description]
[marginRight description]
[description]
[marginTop description]
[description]
[marginTop description]
[description]
This method calls the other methods in a predefined succession, so that the whole legend gets drawn
Returns a reference to the instance of Legend
Draws the box around the legend
Returns a reference to the instance of Legend
Draws the Legend's horizontal axis
Returns a reference to the instance of Legend
Draws the Legend's body (but not the colored symbols on it)
Returns a reference to the instance of Legend
Draws the Legend's colored symbols, each of which is associated with a certain domain value.
Returns a reference to the instance of Legend
Draws the Legend's title
Returns a reference to the instance of Legend
Draws the Legend's vertical axis, that is used to read the domain value associated with a certain color.
Returns a reference to the instance of Legend
Draws the Legend's vertical axis text label
Returns a reference to the instance of Legend
Generated using TypeDoc
Legend adds a legend to an existing PunchcardVisualization, indicating which color represents which domain value.