Far East Consortium

Far East Consortium International Limited (FEC) (SEHK: 35) is a company with its head office in Central, Hong Kong.[1] It was founded in 1950 by Deacon Chiu and listed on the Hong Kong Stock Exchange in 1972.

Far East Consortium International Limited
遠東發展有限公司
Typepublic
SEHK: 35
IndustryProperty development, hotel and car park
Founded1950 (1950)
Headquarters16/F, Far East Consortium Building, 121 Des Voeux Road, Central, Hong Kong
Key people
David Chiu (Chairman, Board of Directors)
Websitefecil.com.hk
Far East Consortium
Traditional Chinese遠東發展有限公司
Simplified Chinese远东发展有限公司

FEC is mainly engaged in property development and investment, hotel development and management, car park operations and facilities management, securities and financial product investment and gaming and related operations and provision of mortgage services.[2]

The Group adopts geographical diversification and "Asian wallet" strategy, with business covering Hong Kong, Mainland China, Australia, Malaysia, Singapore, the United Kingdom, New Zealand and other European countries.

Senior leadership

FEC has been led by Deacon Chiu since the company's founding 1950, until 2011 when Deacon retired and was replaced by his son David Chiu.

List of chairmen
  1. Deacon Chiu (1950–2011)
  2. David Chiu (2011– )

List of CEOs

The position of CEO was formed in 1997.

  1. David Chiu (1997– )

Property

FEC has a residential and mixed-use project portfolio across different markets in Australia, Mainland China, Hong Kong, Malaysia, Singapore and the United Kingdom.

Hotel

The company operates 20 hotels with approximately 6,000 rooms, located in Hong Kong, mainland China, the United Kingdom, Singapore, and Malaysia.

FEC holds a strategic investment in Dorsett Hospitality International, formerly known as Kosmopolito Hotels International (HKEx Stock Code: 2266), an international hotel and hospitality organization established in 2007. Listed on the Hong Kong Stock Exchange in October 2010, the company develops, owns and manages hotels across several countries with a specific focus in the Asia region. Hotels can be found throughout Hong Kong, Malaysia (Kuala Lumpur, Johor Bahru, Labuan and Subang), China (Shanghai, Chengdu, Jiujiang and Wuhan), Singapore and the United Kingdom (London).

Car park

FEC is among the top three car parking chain brands in Australia. The market share (2015) was approximately 20%. As at 30 September 2015, the Group’s car park portfolio comprised 351 car parks with approximately 70,700 car parking bays.

This division expanded its operation to include facilities management in Australia (mainly in Brisbane, Melbourne and Adelaide) and Johor Bahru, Malaysia.

Gaming

At the end of 2014, FEC signed a consortium bid agreement with Chow Tai Fook Enterprises Limited and Star Entertainment Group Limited to bid for the development of an entertainment precinct and integrated resort in Brisbane with approximately 9.4 hectares of site area. In July 2015, Destination Brisbane Consortium was selected by the Queensland State as the preferred proponent to undertake the Project. The Project entails the development of an entertainment precinct and integrated resort as well as residential development at Queen’s Wharf Brisbane, Queensland, Australia.[3]

Far East operates three casinos in the Czech Republic under its wholly-owned subsidiary Trans World Corporation along the borders with Germany and Austria. The three casinos were later rebranded as “PALASINIO”. In 2022, FEC has been granted an online gaming license in Malta as it looks to expand its gaming interests in Europe.[4]

Mortgage services

FEC established a mortgage lending platform under BC Invest that provides residential mortgages to non-resident international property buyers, as an extension of its property development business.

BC Invest also provides investments service, it launched one of Australia’s first green mortgage funds in 2022[5] and issued seven residential mortgage-backed securities (RMBS) programs in the Australian bond market since 2020.[6]

References
  1. "Contact Us". Far East Consortium. Retrieved 10 December 2020. Far East Consortium International Limited Principal Office 16/F., Far East Consortium Building, 121 Des Voeux Road Central, Hong Kong.
  2. "Far East Consortium International Ltd, 35:HKG profile - FT.com". markets.ft.com. Retrieved 10 May 2023.
  3. "DESTINATION BRISBANE CONSORTIUM SELECTED AS THE PREFERRED PROPONENT FOR THE DEVELOPMENT OF QUEEN'S WHARF BRISBANE" (PDF).
  4. "Hong Kong's Far East Consortium granted Malta online gaming license as Europe casino revenues rise". IAG. 29 November 2022. Retrieved 10 May 2023.
  5. "Hong Kong lender taps interest in green mortgages". Australian Financial Review. 26 January 2022. Retrieved 10 May 2023.
  6. "Non-bank lender BC Invest kicks off RMBS talks, taps three brokers". Australian Financial Review. 29 March 2023. Retrieved 10 May 2023.
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