Wheelock Properties
| Company type | Private company (formerly publicly traded) |
|---|---|
| Industry | Real estate development |
| Predecessor | Hongkong Realty and Trust Co., Ltd. (established 1923), New Asia Realty and Trust Co., Ltd. (renamed 1995) |
| Founded | March 17, 1923 in Hong Kong |
| Founder | Marden and Co. (majority control circa 1948), later acquired by Yue-Kong Pao |
| Fate | Privatized by parent company Wheelock and Co. in 2010 |
| Headquarters | Hong Kong , Hong Kong |
Area served | Hong Kong, Singapore (through subsidiaries) |
Key people | Douglas Woo (Managing Director), Peter Woo (Chairman) |
| Products | Residential housing estates, investment properties |
| Parent | Wheelock and Co. |
Wheelock Properties Limited together with Wheelock Properties (Hong Kong) Limited operate as subsidiaries under the umbrella of Wheelock and Co.. Wheelock Properties specializes in real estate development and was previously a publicly traded entity on the Hong Kong Stock Exchange.
Business overview
The core business of Wheelock Properties centers on property development and asset management within Hong Kong. Its residential portfolio comprises private housing estates such as Bellagio, Sorrento, Parc Oasis (through its subsidiary RDC), and Parc Palais. Additionally, the company holds investment properties, including Fitfort.
Before its privatization, Wheelock Properties maintained a 76% ownership interest in the Singapore-listed firm Wheelock Properties (Singapore), which has also since been taken private.
History
The company's origins trace back to Hongkong Realty and Trust Co., Ltd., established on 17 March 1923, which was rebranded as New Asia Realty and Trust Co., Ltd. in 1995, accompanied by the adoption of a registered Chinese name.
Hongkong Realty and Trust had been publicly listed since at least 1935. Around 1948, majority control was held by Marden and Co., the antecedent of Wheelock and Co., under the stewardship of the Marden family until the 1980s when it was acquired by Hong Kong tycoon Yue-Kong Pao. Pao is notably the maternal grandfather of Douglas Woo, the current Managing Director of Wheelock Properties.
As a listed subsidiary within Wheelock and Co., New Asia Realty expanded its holdings by acquiring its own listed subsidiary, Realty Development Corporation (RDC), in 2002. Both New Asia Realty and RDC had previously issued class B ordinary shares, which were converted into class A shares in 2000.
In 2004, the entity adopted the name Wheelock Properties Limited ().
The privatization of Wheelock Properties by its parent company Wheelock and Co. occurred in 2010. At that juncture, prominent investment assets included Wheelock House in Hong Kong and Wheelock Place located in Singapore.
Following privatization, business activities have been conducted through Wheelock Properties (Hong Kong) Limited. In 2016, a significant portion of Wheelock House was acquired from Wheelock & Co., along with chairman Peter Woo and his spouse, by sister company The Wharf (Holdings), which is also predominantly owned by Wheelock and Co. Subsequently, ownership of this property was transferred to another affiliated entity, Wharf Real Estate Investment Company.
The parent company, Wheelock and Co., remained publicly traded until it too underwent privatization in 2020.