Ronnie Chan is chairman of Hang Lung Group and Hang Lung Properties. For more than 25 years, he has personally penned the shareholder letters. Under his guidance, Hang Lung successfully navigated the Asian Financial Crisis and emerged as one of the largest property conglomerates in Hong Kong.

Listeners will find his commentary (written without the benefit of hindsight) especially useful in understanding the ebbs and flows of the property cycle.

The insights gleamed from his letters has greatly improved my understanding, and it’s a pivotal part of my investment framework when it comes to looking at both property and property related companies.

Extracts from shareholder’s letters

1991

The various sectors of the investment property market performed differently in the period under review. Retail space and offices, for example, were at very different points in their respective market cycles. While the former sector to some extent slowed down due to moderating …