Letter from Chairman

Dear Colleagues,

In the past year, the political and economic environment in Hong Kong and around the world were full of complexity and uncertainties. COVID-19 has caused many countries to implement prevention measures such as lockdown, which badly affected the economy. In 2020, the global economy contracted by over 4%, and Hong Kong has not been spared, either. We have fallen into an economic downturn, and every industry is facing huge challenges. Thanks to our valued staff who face the trials with a positive attitude, and persevere in their work, the Group has been able to take advantage of the opportunities herein, and steadily expanded our businesses.

With numerous development projects in Mainland China and Hong Kong, KWIH maintained satisfactory sales results. Although the political and economic situation is full of variables, we tread carefully. We acquired excellent land parcels in LOHAS Park, Hong Kong and in Nanjing, increasing our total land bank to almost two million square metres, which helps establish a solid foundation for the Group.

For the entertainment & leisure business in Macau, the team members at GEG have kept focused and have worked as a strong team with the support of the Central Government and the lead of the Government of Macau SAR. Even though there is currently a lull in the number of visitors to Macau, GEG has taken this opportunity to revamp, restructure and introduce new products to maintain its competitiveness. I believe these investments can support Macau’s local economy in the short term and support the Macau Government’s vision of developing Macau into a “World Centre of Tourism and Leisure”. Therefore, the Group is optimistic about Macau’s mid to long-term future, as well as about the development of GEG’s new project in Cotai next year.

As the cornerstone of the Group’s ventures, KWCM has been dedicated, as always, to contributing to the large-scale infrastructure and urban development of Hong Kong. At the end of 2020, a ready-mixed concrete plant was completed for the construction of the third runway at the Hong Kong International Airport. As well as providing quality ready mixed concrete, the team has worked ceaselessly in exploring ways to optimise equipment and improve techniques. Huidong Quarry can now increase its yearly output by 30%, and it can continue to contribute to the aggregate stone industry of Hong Kong and the Greater Bay Area.

In the 40 years that I have been in hospitality business, I have experienced no small amount of difficulties. The hospitality industry met unprecedented challenges in the past two years. I truly appreciate my staff’s calm and collected response during this period. We have been able to show understanding to one another and support the alternation on the operation of the hotels. The effort made by everyone for the Group is apparent to all. For instance, for the fifth year running, InterContinental Grand Stanford Hong Kong received the “World’s Leading Luxury Business Hotel” from the World Travel Awards, the highest honour in the international tourism industry. It has provided a huge boost for the team’s morale to have their hard work truly recognised and commended by the outside world.

Adhering to its stable, steady, innovative, and forwardlooking spirit, K. Wah Group has stood proud for 66 years. Our outstanding team has continually exceed all expectations, and I truly believe that our valued staff can overcome future difficulties and help the Group expand its businesses with a pragmatic and prudent approach. I hope that vaccination programmes can pick up speed quickly so that the world can defeat this once-in-a-century pandemic.

I wish everyone good health, a speedy economic recovery in every corner of the globe, peace and prosperity!

Dr Lui Che-woo GBS, MBE, JP, LLD, DSSc, DBA,
Chairman and Founder of K. Wah Group