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Owner and operator of Harbour City and Times Square, two of Hong Kong's largest shopping mall and office complexes.
Owner and operator of Harbour City and Times Square, two of Hong Kong's largest shopping mall and office complexes.
Spun off in 2017 from The Wharf (Holdings) to hold its Hong Kong investment properties, so it earns rent: Harbour City mostly from visitor-focused retailers, Times Square from shops and offices. Shop rents depend partly on tenants' sales. Hotels, including the Marco Polo group, add earnings.
In one line: A HK mall/office landlord, spun off from Wharf Holdings.
Moat: wide (installed base, brand). Irreplaceable prime harborfront retail locations built over decades, hard to replicate.
Headquarters: Hong Kong · Founded: 2017 · Employees: 2,900
Size Wharf Reic (1997.HK) is a Hong Kong Real Estate company (Real Estate Development) with a market value of $12.6B, the 135th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$32.54 on 6 Nov 2026.
Performance Over six months the shares gained 24.4%, against 0.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue fell 0.6% over the last twelve months (peer median +5.9%); the operating margin is 72.7% (peer median 28.2%).
Valuation It trades at 14.8× forward earnings against a peer median of 18.4× (7th cheapest of 20).
Credit Wharf Reic has 2 bonds outstanding ($900M) and trading like BBB- at a weighted spread of 138 bp.
Next results Next results expected around 10 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$12.7B | HK$12.8B | HK$12.9B | HK$13.3B | HK$12.5B |
| Revenue growth | — | -1% | -3% | +7% | — |
| Gross profit | HK$9.71B | HK$9.80B | HK$10.1B | HK$10.4B | HK$9.70B |
| EBITDA | HK$9.50B | HK$9.58B | HK$9.92B | HK$10.2B | HK$9.11B |
| Net income | -HK$2.03B | -HK$4.26B | HK$891M | HK$4.77B | -HK$8.86B |
| Free cash flow | HK$7.16B | HK$6.73B | HK$6.30B | HK$5.82B | HK$6.65B |
| Capital expenditure | HK$74.0M | HK$41.0M | HK$41.0M | HK$50.0M | HK$35.0M |
| Total debt | n/a | HK$34.0B | HK$35.5B | HK$37.4B | HK$46.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Wharf Reic 1997.HK | $12.6B | +24% | -1% | 73% | 14.8× | n/a |
| Shk Ppt 0016.HK | $43.5B | -18% | +17% | 26% | 14.1× | n/a |
| Swire Properties 1972.HK | $19.4B | +4% | +6% | 49% | 18.3× | n/a |
| Hongkong Land H78.SI | $17.7B | -1% | -25% | 23% | 20.9× | n/a |
| Link REIT 0823.HK | $13.8B | +3% | -3% | 68% | 16.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1997.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.5% | +7.9% | 11th highest of 21 |
| 6-month return | +24.4% | 0.0% | highest of 21 |
| Distance from 52-week high | -6.5% | -13.4% | 5th highest of 21 |
| Revenue growth (TTM) | -0.6% | +5.9% | 8th lowest of 21 |
| Operating margin | 72.7% | 28.2% | 2nd highest of 21 |
| Forward P/E | 14.8× | 18.4× | 7th cheapest of 20 |
| Bond spread | 138 bp | 103 bp | 2nd widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Wharf Reic 1997.HK | Hong Kong | $12.6B | +24% | -1% | 73% | 14.8× | n/a | n/a |
| Lodha Developers LODHA.NS | India | $12.5B | +22% | +21% | 31% | 27.0× | n/a | n/a |
| Sino Land 0083.HK | Hong Kong | $12.8B | -20% | +15% | 34% | 20.4× | n/a | n/a |
| Swiss Prime Site SPSN.SW | Switzerland | $13.0B | +1% | -12% | 76% | 31.7× | n/a | n/a |
| China Res Mixc 1209.HK | Hong Kong | $12.1B | -14% | +10% | 28% | 18.4× | n/a | n/a |
| Klepierre LI.PA | France | $11.6B | +8% | +3% | 63% | 13.1× | n/a | n/a |
| China Merchants Shekou Industrial Zone 001979.SZ | China | $10.4B | -10% | -22% | 1% | 69.7× | n/a | n/a |
| Poly Developments & 600048.SS | China | $10.1B | -9% | -4% | 4% | 48.6× | n/a | n/a |
| Vonovia VNA.DE | Germany | $16.1B | -24% | -17% | 40% | 9.4× | n/a | n/a |
| Jones Lang LaSalle JLL | United States | $16.9B | +12% | +11% | 5% | 13.4× | n/a | n/a |
| Hulic 3003.T | Japan | $9.16B | +7% | +25% | 23% | 11.5× | n/a | n/a |
| Hongkong Land H78.SI | Singapore | $17.7B | -1% | -25% | 23% | 20.9× | n/a | n/a |
| PSP Swiss Property PSPN.SW | Switzerland | $8.73B | +5% | +44% | 68% | 27.9× | n/a | n/a |
| Henderson Land 0012.HK | Hong Kong | $18.3B | -12% | +46% | 20% | 17.2× | n/a | n/a |
| China Overseas 0688.HK | Hong Kong | $18.4B | -13% | +4% | 11% | 10.2× | n/a | n/a |
| Sumitomo Realty & Development C 8830.T | Japan | $18.8B | -34% | +5% | 29% | 12.8× | n/a | n/a |
| Swire Properties 1972.HK | Hong Kong | $19.4B | +4% | +6% | 49% | 18.3× | n/a | n/a |
| Phoenix Mills PHOENIXLTD.NS | India | $8.13B | +18% | +13% | 52% | 52.0× | n/a | n/a |
| DLF DLF.NS | India | $19.7B | +22% | -29% | 13% | 38.3× | n/a | n/a |
| Wharf (Holdings) 0004.HK | Hong Kong | $7.92B | -32% | -1% | 41% | 15.7× | n/a | n/a |
| Compass COMP | United States | $7.84B | +17% | +68% | 0% | n/a | n/a | n/a |
Wharf Reic has 2 bonds outstanding with $900M face value. Weighted yield 5.83%, a spread of 138 bp over government bonds.