Retracing the Hang Lung Path
From Diversification to Sharp Focus 62
  • 友善列印版本

    01/2018

    The late Mr. T.H. Chan founded Hang Lung in the 1960s. In its early years, the Company ventured into diverse business sectors such as hotels, restaurants, department stores, supermarkets, liquid petroleum gas (LPG), and insurance – the most well-known of which was the Japanese department store Matsuzakaya, which was very popular in the 1970s and 80s. "The Viking" at the Grand Hotel was also one of the finest dining locations in town in the 1970s. As these diverse businesses were set up in properties owned and operated by Hang Lung, they served the dual purpose of bringing in valuable rental income and providing premium retail space for overseas investors.

     

    Chairman Mr. Ronnie C. Chan describes his father, Mr. T.H. Chan, as a man with great foresight. When he recalled the many businesses the Company was involved in, he said, "A lot of these, particularly the introduction of Hello Kitty and LPG to Hong Kong, were unprecedented. He (Mr. T. H. Chan) took the initiative to do it, because no one else did." Former Chairman Mr. Thomas Chen, who is also the younger brother of Mr. T. H. Chan, agreed with the strategy at that time, and recalls, "With the top floors of Hang Lung Centre assigned as office space, we thought about what to do with the lower floors. We ended up introducing Matsuzakaya. It was a trendsetting move at the time."

     

    After Mr. Ronnie C. Chan became the Chairman in 1991, he gradually closed down some of the non-property related businesses, as their revenue contribution was no longer lucrative due to changes in market sentiment, and turned his focus to commercial property development on the Mainland. And so the development of Hang Lung Group continued, in another sustainable form.

     

    Some of the non-property Hang Lung businesses

    1965  

    Founded the drying cleaning and laundry services company Hang Lung-Hakuyosha (Hong Kong) Limited, a joint venture with Hakuyosha of Japan
    Became the sole agent for Caltex gas in Macau and Hong Kong*

    1966 Founded Hang Lung Hotel Management Company to manage the former Grand Hotel, located at Carnarvon Road in Tsim Sha Tsui (now Grand Centre) *
    1975 Opened Matsuzakaya, which Hang Lung owned a 50% interest in*
    1977 

    Entered into a franchise agreement with Denny's Inc. of California, U.S.A. for the opening of Denny's Restaurant and Winchell's Donut Houses*
    Founded Hang Lung-Namco Company Limited to operate indoor entertainment facilities*

     

    * Already ceased operations

     

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