Hong Kong's Wen Wei Po (Reporter Wong Ka Ming)Local agency Midland Ralty have incessant internal strife in recent years,the Group Chairman Wong Ka Ming have held a public press conference yesterday together with the management group in order to response to the recent accusations by the second largest shareholder Apex Fund.Wong Ka Ming said that the company wasn't involved in any 'family colors'and wasn't included all of the family members,together with its own board of directors ,including a total of 11 members,there are only three directors have blood relationship.He reiterated that the Midland Realty is a company which with a high degree of transparency,so thinking that they are fearless about checking all the information of the group.
Deny about the board of directors have involved in any 'family-run'
Referred to the speeches of Wong Ka Ming,the Operating Officer of Apex Miu Wung Bon responded to out newspaper reporter yesterday stressed that the group have four family members with blood relationship out of five family members,obviously there is a strong family colors.He also refers to the management group and Wong Ka Ming did not figure in accordance with the content which said yesterday,asking them to explain the Group's past business data as soon as possible,if he did not admit to their shareholders,do not rule out the further actions,the Foundation will continue to increase its stake to 10% ,in order to become a major shareholder as the target.Miu Wun Bon also questioned the Chief Executive Officer of the Midland Realty Cheung Kam Shing Chinese do not understand Mandarin or even do not know how to manage the Mainland Realty team.
In the press conference which held yesterday,Wong Kin Yip said that there are a number of media reports have a lot of misconceptions
on the news of Midland Realty Group,refers to himself is a 'shy' and 'low-key' people,also afraid his gaffe will offend people,so do not open the press conference is because dislike meeting with the media personally.But due to the fact that they feel grievance this time so they would like to meet with the media in order to explain,also felt that some of the unilateral and one-sided arguments and news are unfair for the Midland Realty Group.
When asked that they have how mcuh of the grievances,he untied his suit buttons,citing Li Bai the poem of 'under Gangneung','the two
sides could not cry ape sound,boat can cross over ten thousand of the mountains ' to describe,and refers to there must have some unhappy things,encounter difficulties to be resolved.
Wong Ka Ming emphasized Midland REalty is listed under the Companies Ordinance,the management was to be improved,the Board of Directors will be responsible for any error,if it is family-run,it can not operate for 41 years,also there will not be an international fund investments.He also reiterated that the group will keep on maintaining good communication with all the shareholders,it depending on the Apex is a foreign enemy.
Vice Chairman Wong Ching Yi said that the Group attached great importance to investor relations,has been established Investor Relations Departments early as 2002,reiterated welcomes shareholders in writing or by e-mail for meeting and interview.She refers to the Investor Relations Department has also contacted the Apex.
Apex Fund refused to accept the 'mainstream' response
However,Miu Wun Bon bluntly if only met with investor relations department but just to get some 'mainstream' reply ,it is unnecessary to spend time for the meeting and questioned why the poor performance of the company to replace the leadership but without Wong Ching Yi.
Apex earlier proposed six financial and management questions to Midland Realty,of which questioned why Midland realty rebate eighty percent to about HKD $3.10 billion surged 'to send money to do business' last year and why about having HKD $1.0 ten billion but still borrowing HKD $4.0 billion in the end of 2013,which have surged the interest expenses.
Chief Financial Officer of the group Sin Ka Mind explained the performance of the group that the operating costs among the guests
rebate costs rose nearly 3 percent to HKD $3.44 billion mainly due to the good environment of first-hand property market.In addition,as for the financing costs,but also due to the implementation of first-hand property legislation causing the company needed more funds in the short-term period in order to support the first-hand property sales,finance costs for the period surged 1.56 times,but only accounted for the total first-hand property sales of 1% in the fourth season,emphasizing that the Group last year profit into loss is synchronized with the market trend.
Holdings of more shares,Wong Kin Yip does not respond
Wong Kin Yip recent spate of Midland Realty stock holdings,he has not responded positively yesterday he will continue to increase it or not, but saying that he would support Midland in any way.
