On 28 November 2025, The Wharf (Holdings) Limited (0004.HK), Wharf Real Estate Investment Company Limited (1997.HK), and Harbour Centre Development Limited (0051.HK) jointly announced the signing of a New Master Property Services Agreement. The arrangement replaces an existing agreement, which is set to expire on 31 December 2025, and will govern continuing connected transactions related to various property services among Wheelock and Company Limited group members from 1 January 2026 to 31 December 2028. These property services encompass project management, sales and marketing, management, leasing agency, and other property-related engagements.
The respective annual caps for each company’s receivables and payables were determined based on historical fee data, anticipated construction and operational costs, property sale values, and market considerations. For reference, Wharf historically recorded service fees received of HK$9 million in the 2023 financial year, while its payable amounts rose to HK$101 million in the ten months ended 31 October 2025. WREIC Group (including HCDL) similarly recorded service fees of HK$23 million in 2023, HK$13 million in 2024, and HK$11 million for the ten months ended 31 October 2025.
Under the new arrangement, Wharf projects payable caps of HK$172 million in 2026, HK$187 million in 2027, and HK$187 million in 2028, alongside a receivable cap peaking at HK$35 million for 2026. WREIC will adopt a payable cap of HK$51 million for 2026 and HCDL’s payable cap remains at HK$5 million annually through 2028. These figures include a buffer for potential changes in project scope, cost overruns, or inflation.
Each company’s board considers the agreement to be on normal commercial terms, in the ordinary course of business, and beneficial for building brand presence and operational synergy within the respective property operations. The transaction is classified as a continuing connected transaction under the Listing Rules, triggering announcement, reporting, and annual review requirements but exempt from circular and independent shareholders’ approval.
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