九龍倉是 WAC 的附屬公司，而九龍倉置業則由 WAC 擁有超過 30% 股權。就九龍 倉而言，WAC 集團（不包括九龍倉集團）及其聯繫人（其中包括九龍倉置業集團 和會德豐地產集團）根據《上市規則》被視為九龍倉之關連人士。就九龍倉置業 而言，WAC 集團及其聯繫人（其中包括九龍倉集團和會德豐地產集團，但不包括 九龍倉置業集團本身）根據《上市規則》被視為九龍倉置業之關連人士。 聯合公 告 持 續 關 連 交 易 － 租 賃 九龍倉集團和九龍倉置業集團在香港、中國內地和新加坡擁有或持有多項物業在 日常業務中作租賃及／或許可使用用途。另一方面，九龍倉集團和九龍倉置業集 團各有使用物業從事業務之企業需要。當符合相關 WAC 集團成員公司作為有關物 業之業主或租戶的利益時，WAC 集團成員公司之間租賃及／或許可使用物業相關 之交易可能會不時出現。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 WAC、九龍倉與九龍倉置業於二○二五年十一月二十八日訂立了新概括租 ...

Summary of Key Points Core Viewpoint - The report highlights the short-selling ratios and amounts for various companies, indicating significant bearish sentiment in the market, particularly for JD Health, Tencent, and Lenovo, which have the highest short-selling ratios. Group 1: Short-Selling Ratios - JD Health-R (86618) has the highest short-selling ratio at 100.00% [1][2] - Tencent Holdings-R (80700) follows closely with a short-selling ratio of 98.01% [1][2] - Lenovo Group-R (80992) has a short-selling ratio of 88.02% [1][2] Group 2: Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 2.651 billion [2] - Meituan-W (03690) has a short-selling amount of 1.308 billion [2] - Pop Mart (09992) follows with a short-selling amount of 979 million [2] Group 3: Short-Selling Deviation Values - Meilan Airport (00357) has the highest deviation value at 42.95% [1][2] - GF Securities (01776) has a deviation value of 38.39% [1][2] - The unnamed company has a deviation value of 36.78% [1][2]

Core Viewpoint - The article discusses the financial struggles of Hong Kong entertainment company Emperor Group, which is facing a debt crisis of HKD 16.6 billion, prompting its artists to engage in unusual promotional activities to help repay debts [1][2]. Group 1: Debt Crisis and Market Trends - Emperor Group's debt crisis is a reflection of broader challenges faced by Hong Kong real estate companies, which have been reducing their operations in mainland China [1][2]. - The article highlights a significant trend of Hong Kong real estate firms, such as Hongkong Land, downsizing their workforce and operations in mainland China, marking a shift from their previously robust presence [1][2]. Group 2: Historical Performance of Hong Kong Real Estate Firms - Hong Kong real estate companies were once known for their aggressive land acquisitions, setting records for land prices, such as Hongkong Land's acquisition of a site in Shanghai for approximately HKD 31.05 billion in 2020 [4]. - The sales performance of projects developed by Hong Kong firms has been strong, with examples like New World Development's Guangzhou project achieving a record average price of CNY 21,800 per square meter [5][6]. Group 3: Strategic Adjustments and Future Directions - Many Hong Kong real estate firms are now actively adjusting their strategies, with some opting for joint developments to leverage local expertise and resources [20]. - The shift towards a "light asset" model is emerging as a new opportunity for Hong Kong firms, allowing them to maximize their brand and operational capabilities while minimizing capital investment [23][24]. - Companies like Swire Properties and New World Development are exploring light asset collaborations to enhance their operational efficiency and financial stability [24][27]. Group 4: Market Dynamics and Competitive Landscape - The article notes that the competitive landscape in the mainland real estate market has intensified, prompting Hong Kong firms to adapt by improving their development speed and project management [16][19]. - The ongoing adjustments by Hong Kong real estate firms reflect a broader trend of market recalibration, where firms that embrace change are finding new opportunities amidst challenges [28].

Core Insights - The article discusses the transformation of Chengdu IFS from a high-end serviced apartment to residential sales, marking the first time in 18 years that the property will be sold to the public [2][3]. Group 1: Property Details - Chengdu IFS, developed by Kowloon Warehouse, was acquired in 2007 for a total price of 7.24 billion yuan, setting a record for land prices in Chengdu at that time [3]. - The property encompasses a total area of 760,000 square meters, including a shopping center and four towers, with the residential product "Guojin Haoting" set to be sold, covering approximately 76,000 square meters [3][5]. - The upcoming sale includes nearly 200 units, with sizes ranging from 250 to 400 square meters for large flat products and 600 square meters for customized products, with expected average prices exceeding 10 million yuan [5][6]. Group 2: Market Context - The high-end residential market in Chengdu is expected to see a significant increase in supply, with an estimated 4,500 to 5,000 new homes priced over 10 million yuan projected for 2025 [7]. - In the first half of the year, the transaction volume for high-end residential properties reached 983 units, a year-on-year increase of approximately 115.5%, nearing the total for the entire previous year [7]. - The average transaction price for new homes in Chengdu reached 21,128 yuan per square meter in October, marking an 11.1% month-on-month increase and a 20.95% year-on-year increase [7][8]. Group 3: Competitive Landscape - The competitive landscape for high-end properties is intensifying, with numerous projects vying for market share, necessitating upgrades in product offerings, layout, and smart home features [7][8]. - The average price in the Jinjiang District, where Chengdu IFS is located, is approximately 49,800 yuan per square meter, indicating a strong demand for high-end products in the area [8].

Core Insights - Chengdu IFS, developed by Kowloon Warehouse, is set to sell residential units for the first time in 18 years, specifically in the "Guojin Haoting" building, which includes nearly 200 luxury apartments priced at over 10 million yuan each [1][4][8] Group 1: Project Overview - The "Guojin Haoting" building will offer units ranging from 250 to 400 square meters for large flat products and a 600 square meter customized product [7] - The total investment for Chengdu IFS was approximately 17 billion yuan, covering a total area of 760,000 square meters, including a shopping center and four towers [4] - The previous function of "Guojin Haoting" was as serviced apartments, which opened in late 2016 and were only available for rent [4][8] Group 2: Market Context - The high-end residential market in Chengdu is experiencing significant growth, with an expected supply of 4,500 to 5,000 new homes priced over 10 million yuan in 2025 [9] - In the first half of this year, the transaction volume for luxury homes in Chengdu reached 983 units, a year-on-year increase of approximately 115.5% [9] - The average transaction price for new homes in Chengdu reached 21,128 yuan per square meter in October, marking a month-on-month increase of 11.1% and a year-on-year increase of 20.95% [9][10] Group 3: Competitive Landscape - The average price for new homes in the Jinjiang District, where Chengdu IFS is located, is approximately 49,800 yuan per square meter, leading the city in property prices [10] - The competitive landscape for luxury properties is intensifying, with a focus on product upgrades, smart home features, and landscape design [9][10] - The ability of "Guojin Haoting" to stand out in a crowded market of high-end products will be crucial for its success [9][10]

Core Insights - The article discusses the transformation of Chengdu IFS from a high-end serviced apartment to residential sales, marking the first time in 18 years that the property will be sold to the public [1][3][5] Group 1: Property Details - Chengdu IFS, developed by Kowloon Warehouse, was acquired in 2007 for a total price of 7.24 billion yuan, setting a record for the highest land price in Chengdu at that time [3][6] - The property includes four towers, with the 4th tower, "Guojin Haoting," now set to sell nearly 200 residential units, ranging from 250 to 400 square meters for large flat products and 600 square meters for customized products [5][6] - The expected average price for these units is projected to be no less than 10 million yuan [6] Group 2: Market Context - The high-end residential market in Chengdu is experiencing significant growth, with an estimated 4,500 to 5,000 new homes priced over 10 million yuan expected to be supplied in 2025 [7] - In the first half of the year, the transaction volume for high-end residential properties reached 983 units, a year-on-year increase of approximately 115.5% [7] - The average transaction price for new homes in October reached 21,128 yuan per square meter, marking an 11.1% month-on-month increase and a 20.95% year-on-year increase [7][8] Group 3: Competitive Landscape - The project faces challenges due to increasing competition in the high-end market, with many new products entering the market and raising the standards for space layout and smart home features [8][9] - The average price in the Jinjiang District, where Chengdu IFS is located, is approximately 49,800 yuan per square meter, indicating a competitive pricing environment [8]

Core Insights - The Chengdu IFS is transitioning from high-end serviced apartments to residential sales for the first time in 18 years, with nearly 200 luxury units expected to be launched soon [2][3][4] - The project, known as "Guojin Haoting," includes large flat products ranging from 250 to 400 square meters and custom units of 600 square meters, with average prices anticipated to exceed 10 million yuan [3][4] Property Details - The Chengdu IFS was developed by Kowloon Warehouse, which acquired the land in 2007 for a total price of 7.24 billion yuan, setting a record for Chengdu at that time [2][3] - The total investment in Chengdu IFS is approximately 17 billion yuan, covering a total area of 760,000 square meters, including a shopping center and four towers [3][4] Market Context - The luxury real estate market in Chengdu is expected to see a significant increase in supply, with an estimated 4,500 to 5,000 new homes priced over 10 million yuan projected for 2025 [5] - In the first half of this year, the transaction volume for luxury homes in Chengdu reached 983 units, marking a year-on-year increase of approximately 115.5% [5][6] Pricing Trends - The average transaction price for new homes in the Jinjiang District, where Chengdu IFS is located, was about 49,800 yuan per square meter in October, reflecting a rise of approximately 0.45 million yuan [6] - The average price of new homes in the broader Chengdu area reached 21,128 yuan per square meter in October, marking an 11.1% month-on-month increase and a 20.95% year-on-year increase [5][6] Competitive Landscape - The luxury segment is becoming increasingly competitive, with numerous projects vying for market share, necessitating product differentiation in terms of layout, smart features, and landscaping [5][6] - The upcoming launch of Guojin Haoting will face challenges from other high-end projects, as the market for million-yuan properties continues to grow rapidly [5][6]

Core Viewpoint - Hong Kong real estate stocks have collectively risen, with significant increases in major companies, indicating a positive trend in the market supported by various factors [1] Group 1: Market Performance - Henderson Land (00012) increased by 4.04% to HKD 29.38 - Wharf Holdings (00004) rose by 3.29% to HKD 21.98 - Sun Hung Kai Properties (00016) gained 0.72% to HKD 98.25 [1] Group 2: Price Recovery - Since the low in March 2025, Hong Kong residential prices have rebounded over 4% - J.P. Morgan forecasts an additional price increase of approximately 5% by the end of 2026 [1] Group 3: Supporting Factors for Recovery - Observed resilience in stock market performance, historically correlated with property prices - Release of pent-up demand leading to strong transaction volumes - Banks have raised property valuations - Decrease in the number of listings in the secondary market - Increasing number of transactions completed above valuation prices, fostering a "fear of missing out" sentiment - Anticipated further decline in interest rates - Decreasing inventory levels and rising rental prices - Steady interest from mainland buyers - Recovery in the financial sector [1] Group 4: Market Sentiment and Risks - The positive outlook is contingent on the continued resilience of the Hang Seng Index, as the real estate market is driven by sentiment - Key downside risk identified is a potential stock market crash, although this is not considered the base case by J.P. Morgan [1]

Core Viewpoint - Hong Kong real estate stocks are experiencing a collective rise, with significant increases in major companies' stock prices, indicating a positive trend in the market [1] Group 1: Market Performance - Henderson Land (00012) increased by 4.04% to HKD 29.38 - Wharf Holdings (00004) rose by 3.29% to HKD 21.98 - Sun Hung Kai Properties (00016) saw a 0.72% increase to HKD 98.25 [1] Group 2: Market Recovery Indicators - Since the low point in March 2025, Hong Kong residential prices have rebounded over 4% - Positive signs for continued recovery include resilient stock market performance, strong transaction volumes, and banks raising property valuations - The number of listings in the secondary market is decreasing, and more transactions are occurring above valuation prices, fostering a "fear of missing out" sentiment [1] Group 3: Future Predictions - JPMorgan forecasts a further rebound of approximately 5% in property prices by the end of 2026 - The outlook is contingent on the sustained resilience of the Hang Seng Index, as the real estate market is driven by sentiment [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 九龍倉集團有限公司 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） | 1. 股份分類 | | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號(如上市) | | 00004 | | 說明 | | | | | | | | | 股份期權計劃詳情 | | 上月底結存的股份期權數 目 | | 本月內變動 | | 本月底結存的股份期權數 目 | 本月內因此發行的新股數 目 (A1) | 本月内因此自庫存轉讓的 庫存股份數目 (A2 ...