Far East diversifying business growth

Finance | Samantha Wong 4 Dec 2017

Far East Consortium International (0035) said it will continue to carry out regional strategy to achieve business growth, including to explore opportunities overseas for car park acquisitions, property development, hotel operations and management.

The group's car park business includes both third party owned and self-owned. Chairman and chief executive David Chiu Tat-cheong sees this sector of business will grow as electrical vehicles have become more popular, so that many of the car owners need to charge their vehicles in car parks equipped with electric charging facilities.

Meanwhile, the local developer also has a diversified residential property portfolio mainly in the Commonwealth countries, such as Britain, Australia, Singapore and Malaysia, with managing director Chris Hoong saying the group is taking advantage of different property cycles in various markets. The group signed an agreement with Manchester City Council in April to develop a mass residential project spanning across 1.39 million square meters, which is expected to deliver more than 10,000 new homes over the next decade, Hoong said.

For hotel operations and management, the group operates 22 hotels worldwide with about 6,900 rooms, and overall occupancy rate was 82 percent as at September.

Hong Kong's hotel operations remain the main contributors to the group's hotel revenues. The group said it has put more emphasis on the market from transient travelers from North Asia and Southeast Asia.



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