September 2026
Largest Real Estate Development Public Companies in Hong Kong
Benchmark revenue and EBITDA valuation multiples for public comps like
Sun Hung Kai Properties, CK Asset Holdings, Swire Properties, Henderson Land and Swire Pacific.
 | Sun Hung Kai Properties Ltd s is a diversified real estate developer in Hong Kong with a core focus on the residential, office, and retail real estate segment. Most of its business is based in Hong Kong where it is a leading private housing developer and holds a portfolio of high-quality retail and office assets for rental income. The company also invests in other listed entities, including telecommunication company, SmarTone and data center provider, SUNeVision. The Kwok family is the controlling shareholder, with a stake of more than 40%. | $14 | +15% | $40B | $49B | 4.8x | 12.4x | ||
| CK Asset Holdings was the property business arm of the Cheung Kong Group before the spinoff in 2015. It was subsequently renamed CK Asset Holdings from CK Property in 2017. Li Ka-shing and his family remain the largest shareholders of CK Asset over the years, with about a 48% equity stake. The company mainly engages in property development, property investment, and hotel management in Hong Kong and mainland China, while diversifying into social housing, pub operations, and infrastructure management overseas in recent years. | $6 | +23% | $21B | $20B | 2.7x | 8.8x | ||
| Swire Properties is a Hong Kong-based property investor and Hong Kong's largest office landlord. Its Hong Kong portfolio provides more than 13 million square feet of gross floor area, with its portfolio of grade A office contributing over 9 million square feet. The firm also holds investment properties and development projects in China, the United States, and Southeast Asia. Rental income accounts for over 60% of its total revenue, with property development and hotel operations contributing the balance. The company was listed in 2012. Parent company Swire Pacific holds an 83% stake. | $3 | +10% | $18B | $23B | 11.4x | 153.4x | ||
| Henderson Land Development is a leading property developer in Hong Kong with a focus on urban redevelopment and farmland conversion. The company was founded in 1976, listed in 1981. Henderson Land controls four listed entities directly, including a 69% stake in Henderson Investment, a 41.5% stake in Hong Kong and China Gas, a 33.4% stake in Hong Kong Ferry, and a 50.1% stake in Miramar Hotel & Investment. | $3 | -5% | $16B | $25B | 7.8x | 22.7x | ||
| Swire Pacific is a Hong Kong-based conglomerate with interests in property, aviation, beverage, trading, and industrials. The property division, an 82% stake in Swire Properties, contributes more than half of the group's operating profit. The beverage division is one of two Coca-Cola bottlers in mainland China and also a bottler in Hong Kong, Taiwan, Thailand, Laos, Vietnam, and Cambodia. The aviation division consists of Haeco, an aircraft engineering company, and a 45% stake in Cathay Pacific. As of end December 2024, John Swire & Sons, the parent company, holds a 60% stake in Swire Pacific but has 68% of the voting rights through a dual-class share structure. | $13 | -- | $16B | $32B | 2.8x | 19.6x | ||
| Median | $6 | +12% | $18B | $25B | 4.8x | 19.6x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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