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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

  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
  • 2022
      • February - BC Invest Successfully launches BC Invest Australian Credit Fund; Green Units the first of their kind in Australia
      • April - BC Investment Group – BC Invest Successfully Issues A$416 Million RMBS
      • April - The Group completed the acquisition of Vauxhall Square, a large-scale mixed-use development in the UK from R&F Properties (HK) Company Limited ("R&F") and provided a repurchase option
      • August - BC Investment Group – BC Invest Successfully Issues A$408 Million RMBS
      • October - The Group disposed the Vauxhall Square development in the UK upon R&F exercising the repurchase option
      • December - BC Investment Group – BC Invest Successfully Issues A$408 Million RMBS
  • 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 two awards at the “Mercury Excellence Awards 2023-2024”
  • Awards
    FEC Wins Titanium Award at “The Asset ESG Corporate Awards 2023”
  • Awards
    FEC Wins ESG Excellence Award at the Hong Kong Corporate Governance & ESG Excellence Awards 2023
  • Awards
    FEC wins three awards at Inova Awards 2023
  • Awards
    FEC wins three awards at “The 1st CRECCHKI Real Estate ESG Awards GBA 2023”
  • Awards
    FEC wins Outstanding Award for Green and Sustainable Loan Issuer (Real Estate Industry) - Visionary Sustainability-linked Loan Performance Metrics at HKQAA Hong Kong Green and Sustainable Finance Awards 2023
  • Awards
    FEC Wins Three Awards at “13th Asian Excellence Award 2023“
  • Awards
    FEC Wins Three Honours at the HKIRA 9th Investor Relations Awards 2023

Chairman & CEO's Statement

David Chiu

Chairman and Chief
Executive Officer

I am pleased to announce that, amidst a series of challenges, our FY2024 revenue has reachedrecord heights of HK$10.2 billion and our profitability has exceeded last year. Earnings per share in FY2024 increased by 28.1% to HK8.2 cents and our solid performance has allowed the full year dividend to be maintained at HK14 cents per share, providing a substantial yield for our shareholders. Our dividend policy (set out in the Corporate Governance Report) relates principally to our adjusted cash profit of approximately HK$780 million as we believe this is representative of the Group’s underlying profitability. In a volatile market characterised by high interest rates and the final phase of COVID-19, it was not easy to achieve growth in these circumstances and our team has demonstrated remarkable skill and determination.

Revenue from property development, our core business, reached approximately HK$6.8 billion in FY2024. As at 31 March 2024, our cumulative attributable presales and unbooked contracted sales amounted to approximately HK$11.5 billion, providing a solid foundation for sustainable growth and cash flow for the Company. In the near future, we have several landmark projects reaching the harvesting stage, including Hyll on Holland in Singapore, Aspen at Consort Place and Victoria Riverside in the UK, as well as Perth Hub and Queen’s Wharf Brisbane (Tower 4) in Australia. With the completion and settlement of these projects, we expect to further reduce our leverage. We are also poised to launch our JV project in Kai Tak – The Pavilia Forest soon and further developments will enhance the vibrancy and depth of our portfolio. Looking forward, our active residential property development projects under various stages of completion across the region amounting to approximately HK$65.2 billion. We expect to continuously develop our pipeline and portfolio under different market conditions, adapting to evolving markets as needed. This strategic approach allows us to navigate uncertainties while maintaining a strong foothold in the industry. With a keen eye on sustained growth, we are not rushing into land replenishment, leveraging our existing resources effectively.

Hotels, our second major business, excelled with HK$2.0 billion in revenue in FY2024, bringing us recurring income. We currently own 32 hotels and are developing 8 hotels in the pipeline, adding 2,000 hotel rooms within two years. Notable achievements are the recent openings of the Ritz-Carlton Melbourne and Dorsett Melbourne. The launch of our flagship Dorsett Kai Tak hotel in Hong Kong, as well as Dorsett Alpha Square Canary Wharf and Dorsett North London in London, will contribute further growth to our hotel performance over the next few years.

The spin-off and separate listing of Palasino Holdings Limited (stock code: 2536) on the Main Board of the Hong Kong Stock Exchange on 26 March 2024 has proved a great success. After an initial price at IPO of HK$2.60, with over 7,000 applications, the market price has more than doubled to around HK$6, with a market capitalisation of almost HK$5 billion. We continue to own a 72.07% stake and look forward to further exciting developments for this company.

Sustainability remains a paramount focus for us, and we have dedicated significant efforts to this crucial initiative. The recent obtaining of our second sustainability-linked loan facility and another green facility underscores our ongoing dedication to sustainable practices and responsible business conduct which embed sustainability at the core of our operations. We are also conducting a task force on climate-related financial disclosures assessment to showcase our commitment to transparently assessing and reporting climate-related risks and opportunities.

Recognising the impact of interest rates on the real estate segment, we are firmly committed to effective control of our borrowings. We have recently executed strategic deleveraging transactions, such as the completion of the office component within the Kai Tak commercial development in Hong Kong, the sale of our 25% stake in the Sheraton Grand Mirage Resort on the Gold Coast in Australia and the block deal for the remaining units at Dorsett Bukit Bintang in Malaysia. We will continue to divest non-core assets, optimise our portfolio and bolster our balance sheet as we position ourselves to reinvest in higher return projects. We are confident that our levels of leverage will continue to decline to a relatively conservative range.

The diligent efforts we have invested in expanding and diversifying our development pipeline across various regions have successfully borne fruit. We invested in diversification across various regions early on enabling us to adapt to different business cycles affecting both our property development and hotel businesses. This serves as a crucial tool in navigating the challenges of the volatile market landscape.

Amidst the shifting terrains of the property development and hotel industries, our unwavering commitment to excellence, sustainability, and responsible business practices serves as our guiding light. Positioned strategically for the future, our cohesive team, marked by resilience and competitiveness, forms the bedrock of our ability to not only endure but thrive in this demanding market climate.

Grateful acknowledgement is extended to our 4,000 colleagues worldwide for their steadfast dedication, a driving force behind our collective achievements. Furthermore, we express our appreciation to our shareholders and our banking and financial institution partners for their enduring support during these tumultuous times. Your continued trust and collaboration remain paramount for our sustained success and growth.