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About the company

Far East Consortium International Limited (FEC, HKSE: 35) is a leading regional conglomerate specialising in property development and investment, hotel operations and management, car park operations and facilities management, securities and financial product investment and gaming operations in Mainland China, Hong Kong, Malaysia, Singapore, Australia, New Zealand, the United Kingdom and Continental Europe.

The Group was publicly listed on the main board of the Hong Kong Stock Exchange in 1972. Established for over half a century, it has been recognised as one of the Asia Pacific region's leading land and property developers.

FEC's regional knowledge and local expertise enable it to develop and deliver residences and communities that target Asia's rapidly-expanding and affluent middle class, while advancing its position as a premier hospitality group with a broad array of interests.

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Milestone

  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
  • 2021
      • FEC Launches Victoria Riverside Residential Project in Manchester
      • FEC to Sell Dorsett City London Hotel
  • 2020
      • Mr. Chris Hoong, Executive Director and Managing Director of FEC has received “Directors Of The Year Awards 2020” by The Hong Kong Institute of Directors
      • FEC acquired Ensign House in Canary Wharf, London at a £ 28,250,000. Located on the north side of Marsh Wall, the 4,572 square metre site sits adjacent to Consort Place, which is a property development owned by FEC consisting of 634-residential unit and 231-room hotel development with a targeted completion in 2023
      • FEC announced a working partnership with UK retailer Sainsbury’s to redevelop the site of Sainsbury’s existing store in Whitechapel, East London.
      • FEC Launches Two Brand-New UK Residential Projects Aspen at Consort Place in Canary Wharf, London and New Cross Central in Manchester.
  • 2019
      • FEC acquired Ensign House in Canary Wharf, London at a £ 28,250,000. Located on the north side of Marsh Wall, the 4,572 square metre site sits adjacent to Consort Place, which is a property development owned by FEC consisting of 634-residential unit and 231-room hotel development with a targeted completion in 2023.
      • FEC announced a working partnership with UK retailer Sainsbury’s to redevelop the site of Sainsbury’s existing store in Whitechapel, East London.
      • FEC Launches Two Brand-New UK Residential Projects Aspen at Consort Place in Canary Wharf, London and New Cross Central in Manchester.
      • FEC Jointly Acquires Oakwood Premier OUE Singapore Hotel and the Property LOT with AMTD.
      • FEC Partners with Mayland on the Launch of Dorsett Waterfront Subang.
      • FEC Wins the Bid for Kai Tak, Kowloon.
      • FEC Acquires 20 Acres from Network Rail to Progress Northern Gateway Scheme for 15,000 Homes, Deal Unlocks Land North of Manchester Victoria for Housing and Offers Potential for UK's First New York-Style "High Line" Park.
      • FEC’s subsidiary Care Park was appointed by Macquarie Principal Finance Group (“Macquarie”) to manage and operate SKYCITY’s car park in Auckland, New Zealand.
      • FEC acquired the Property in Melbourne CBD.
  • 2018
      • FEC expanded into European Hospitality Sector by acquisition of Trans World Corporation.
      • FEC Properties Pte. Limited awarded the tender for a property at Holland Road in Singapore.
      • FEC’s strategic alliance with The Star and Chow Tai Fook.
      • FEC Properties Pte. Limited awarded the tender for The Estoril at Holland Road in Singapore.
      • FEC acquired new development site in Central Manchester at Auction.
      • FEC, SC Global Developments and New World Development Win Bid for the Highly Sought-after GLS Site on Cuscaden Road in Singapore.
      • FEC acquired the Property at 21 Anderson Road in Singapore.
      • FEC announced together with Care Park awarded the tender for the Surfers Paradise Transit Centre and Bruce Bishop Car Park in Gold Coast, Queensland.
      • FEC succeeded in the bid of the land use rights of the land, Qilian Community, Baoshan Disctrict, Shanghai (the “Land”), offered for sale by Shanghai Baoshan District Planning and Land Bureau for RMB 402,420,000 (equivalent to HK$456,344,280).
      • FEC Acquired the Property at 21 Anderson Road in Singapore.
      • FEC, SC Global Developments and New World Development Won Bid for the Highly Sought-after GLS Site on Cuscaden Road in Singapore.
      • Far East Consortium (FEC) Acquired New Development Site in Central Manchester at Auction.
      • FEC Subsidiary Awarded the Tender for The Estoril at Holland Road in Singapore.
      • Strategic Alliance with the Star and Chow Tai Fook.
      • Expansion into European Hospitality Sector, Acquisition of Trans World Corporation.
      • FEC Subsidiary Awarded the Tender for The Estoril at Holland Road in Singapore.
  • 2017
      • FEC was appointed as the developer for the mixed-use development at key Perth City Link Site.
      • FEC was selected for the Northern Gateway Partnership.
      • FEC and its Consortium partners completed the acquisition of Sheraton Grand Mirage Resort at the Gold Coast.
      • FEC was announced as the preferred bidder of the Hornsey Townhall redevelopment project in London.
      • The Group sold its Silka West Kowloon hotel in Hong Kong at an aggregate consideration of HK$450 million and recorded a HK$316 million gain at completion.
  • 2016
      • FEC and its Queen's Wharf Brisbane Partners entered into Memorandum of Understanding for Development of The Star Entertainment Group's Properties in Sydney and Gold Coast.
      • FEC Awarded the Tender for Residential Land Site at Sha Tin Heights.
      • FEC won planning consent for Alpha Square in London.
      • FEC appointed as the developer for a prime residential site located near Victoria Station at Manchester, the United Kingdom.
      • FEC was appointed as the preferred developer for a key section of Western Australia's Perth City Link in Perth, Australia.
      • FEC Proposed Issue of US$300 Million 3.75 Percent 5-year Notes Due 2021 under Medium Term Note Programme.
      • Queensland Government Granted Queen's Wharf Brisbane Casino License to Destination Brisbane Consortium.
      • The Group has recently completed the purchase of a car park in the vicinity of the Manchester Airport in the United Kingdom.
  • 2015
      • Develops luxury hotel and mixed-use property project at 250 Spencer Street, Melbourne in Australia. With 250 rooms, the iconic Ritz-Carlton hotel will be the highest hotel in Australia.
      • Destination Brisbane Consortium, a joint venture between FEC Australia, a wholly owned subsidiary of the Company, Echo and Chow Tai Fook Enterprises Limited was selected by the Queensland State as the preferred proponent to undertake the Project. The Proj
      • Privatization of Dorsett Hospitality International on October 2015.
  • 2014
      • FEC's property development division expanded to London and acquired its first residential development site at Canary Wharf.
      • FEC entered the Perth market and secured a development opportunity at Elizabeth Quay.
      • FEC entered the facility management business with the acquisition of a Melbourne-based company.
      • FEC won a number of government tenders in Hong Kong, including the residential site in Tai Wai.
  • 2013
      • FEC issued its debut CNY1 billion 3-year bonds.
      • Dorsett issued its debut CNY850 million 5-year bonds.
      • Dorsett signed four new hotel management contracts covering 1,100 rooms in Malaysia.
      • FEC acquired a residential site at 250 Spencer Street, Melbourne, which substantially enlarged its land bank in Australia.
  • 2012
      • FEC carried out a renewal of its capital structure and repurchased and deregistered 11.7% of its shares, which enhanced the net asset value per share and improved the dividend per share.
  • 2011
      • Dorsett expanded its hotel operations outside of Asia Pacific into London and acquired its first hotel site at Shepherd's Bush, which opened in 2014.
  • 2010
      • FEC spun off its hotel division, Dorsett, on the Hong Kong Stock Exchange.
      • FEC issued 5-year 3.625% HK$800 million convertible bonds.
  • 2009
      • FEC entered the car park business and acquired a 74% stake in Care Park, a leading car park operator in Australia and New Zealand.
      • The Group purchased its first hotel site in Singapore.
  • 2008
      • FEC announced its regionalisation strategy and begun its journey to transform the Group into a regional conglomerate with property development and hospitality interests.
      • FEC acquired the Upper West Side development site in Melbourne.

Mission

We are committed to creating sustainable, long-term value and delivering consistent returns by focusing on our core businesses.

We remain focused on generating a steady cash flow from a balanced portfolio of businesses.

Awards & Recognition

  • Awards
    FEC Wins Five Awards at "Questar Awards 2022"
  • Awards
    FEC Awarded "Caring Company Logo" 2021/2022 by Hong Kong Council of Social Service
  • Awards
    FEC Wins Two Awards in “FinanceAsia’s 2022 Asia’s Best Companies” Poll including “Best Small-cap Company”
  • Awards
    FEC Wins Titanium Award at "The Asset ESG Corporate Awards 2021"
  • Awards
    FEC Wins "Honourable Mention of the ESG Excellence Awards" of the "Hong Kong Corporate Governance & ESG Excellence Awards 2021"
  • Awards
    FEC Wins Eight Honours at the "HKIRA 7th Investor Relations Awards 2021"
  • Awards
    FEC Wins Silver Award in the Category of "Traditional Annual Report" at "The International ARC 2021 Awards"
  • Awards
    FEC Wins Five Awards at "Questar Awards 2021"

Chairman & CEO's Statement

David Chiu

Chairman and Chief
Executive Officer

It is my pleasure to announce that the Group has once again defied a challenging business environment to deliver another solid year of results for our shareholders. Our business and geographical diversification played a central role in achieving this performance. Over the years, we had to work extra hard and use our balance sheet diligently to unlock opportunities in our operating regions. It was not plain sailing, but our strategy has again been vindicated by our ability to generate good returns for our shareholders in the last 12 months. The resilience of our business has definitely been on display as we navigated turbulent economic and market conditions.

For property development, our cumulative presales revenue stood at HK$16.7 billion as at 31 March 2022, which is the Group’s highest presales amount ever and provides strong visibility for future revenue. We made good progress on the handover of MeadowSide in Manchester and West Side Place (Towers 1 and 2) in Melbourne. Additionally, our recent launches of Mount Arcadia in Hong Kong and Queen’s Wharf Residences (Tower 5) in Brisbane met with a strong response. The commercial component of our Kai Tak Development was presold with attractive returns. The upcoming years will mark a new growth phase for the Group, with several large-scale developments scheduled to be completed.

The rebound of the Group’s hotel operations can be attributed to the exceptional work of the Dorsett management team. The prompt tactical adjustments made to the business model of each hotel property together with the strong relationships built with local and overseas authorities ensured that we became a partner of choice during the pandemic. Our Hong Kong hotels played a vital role in anti-pandemic efforts by serving as Designated Quarantine Hotels and Community Isolation Facility Hotels. Globally, many of our properties were used to support healthcare staff or quarantined travellers. As the world re-opens, we expect our hotel business to continue to recover. To top it off, a number of new hotel properties, namely Ritz-Carlton Melbourne and Dorsett Melbourne, will open in the upcoming years and will contribute to our revenue stream. Though the Group’s car park and facilities management business was hit hard by lockdowns last financial year, it rebounded strongly as soon as restrictions were lifted. The integrated resort at Queen’s Wharf, Brisbane is expected to open by phases starting in mid-2023 and is expected to contribute to the Group’s future recurring performance.

The Group progressed on its ESG journey at a steady pace. We implemented a sustainable finance framework to prepare for the possibility of raising green financing in the future. The Group has always believed in creating positive impacts and using our influence to contribute to the sustainability of our society. Regarding governance, we built on the reporting lines of the ESG Steering Committee as defined in the Group’s ESG Report 2021 by expanding the ESG Working Group into several subcommittees according to their business functions. As a result, we were able to refine our bottom-up information flow and work more closely with regional teams to build upon their locally-tailored policies, with the aim of further systematising our existing sustainability strategy. We are very proud of the accolades that we received in FY2022, including “Most Committed to Social Causes in China” in FinanceAsia’s 2021 Asia’s Best Companies Poll; “Best ESG (E),” “Best ESG (S)” and “Best ESG (G)” at the HKIRA 7th Investor Relations Awards 2021 and “Best Environmental Responsibility” at the 11th Asian Excellence Award 2021.

Looking forward, we will continue focusing on strong returns and recurring income for our shareholders, as well as maintaining a steady dividend policy. We will remain flexible and adaptable to the ever-changing world, for innovation is a must and not a luxury. One of the keys to our continued success is our human resources; therefore, we make it a point to support our staff, as a prosperous company is made possible by its people. On a larger scale, all of our stakeholders and society as a whole need to be nurtured and prioritised as we continue on our journey to offer the best products and experiences to our customers.

We remain committed to our vision of growth while continuing to deliver a sustainable and attractive return to shareholders. With this in mind, I would like to take this opportunity to express my sincere gratitude to our shareholders, financiers, partners and our approximately 3,500 colleagues for their enduring support, which has been fundamental for the Group’s success over the years. The year 2022 in particular is a special one, as it marks the Company’s 50th anniversary as a listed company on The Stock Exchange of Hong Kong Limited.