建議採納新組織章程細則 恒基兆業地產有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 （「《上市規則》」）第 13.51(1)條發出本公佈。 於香港註冊成立之有限公司 (股份代號 ﹕12) 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佈的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份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。 承董事局命 公司秘書 廖祥源 謹啟 香港，二零二六年三月三⼗日 於本公佈日期，本公司董事局成員包括︰ (1) 執行董事︰ 李家傑 ( 主席兼董事總經理 ) 、李家誠 ( 主席兼 董事總經理 ) 、林高演 ( 副主席 ) 、葉盈枝、馮李煥琼、郭炳濠、孫國林、黃浩明及馮孝忠； (2) 非執行董事︰ 李王佩玲；以及 (3) 獨立非執行董事︰ 鄺志強、高秉強、胡經昌、胡家驃、潘宗光及歐肇基。 本公司董事局（「董事局」）建議採納本公司的新訂組織章程細則（「新組織章程細則」）， 以將若干修訂納入本公司現有組織章程細則，旨在（其中包括）：(i)使其與香港法例 第 622 章《公司條例》有關為香港註冊成立之上市發行人實施 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3][4]. Core Insights - The real estate market is showing signs of recovery with an increase in new home transactions, particularly in first and second-tier cities, while third and fourth-tier cities are experiencing a decline [3][4]. - Recent government policies are aimed at stabilizing the real estate market, including interest rate adjustments and housing subsidies [28][29]. - The report highlights the potential for quality real estate companies to recover profits more quickly due to improved market conditions and lower valuations [3][4]. Industry Data Summary New Home Transactions - In the week of March 21-27, 2026, new home sales in 34 key cities totaled 3.691 million square meters, a week-on-week increase of 42.8% [3][4]. - Year-on-year, new home sales in March 2026 decreased by 12.6% compared to March 2025, with first and second-tier cities down 8.4% and third and fourth-tier cities down 49.2% [5][6]. Second-Hand Home Transactions - In the same week, second-hand home sales in 13 key cities reached 1.338 million square meters, a week-on-week increase of 3.9% [11][12]. - Cumulatively, second-hand home sales in March 2026 decreased by 18.9% compared to March 2025 [11][12]. Inventory and Supply - In the week of March 21-27, 2026, 15 key cities launched 550,000 square meters of new homes, with total sales of 1.4 million square meters, resulting in a sales-to-launch ratio of 2.54 [21][22]. - The total available residential area in these cities was 87.142 million square meters, a decrease of 0.96% week-on-week [21][22]. Policy and News Tracking - The People's Bank of China announced the one-year Loan Prime Rate (LPR) at 3.0% and the five-year LPR at 3.5% [28][29]. - Various cities, including Guangzhou and Hangzhou, have introduced housing purchase subsidies, with the highest reaching 100,000 yuan per unit [28][29]. - The first land auction in Xiamen for 2026 concluded with three residential plots sold for a total of 3.96 billion yuan [28][29]. Company Performance - Several real estate companies reported their 2025 annual performance, with notable results including: - Kerry Properties: Total revenue of 19.57 billion HKD (+0.4%), net profit of 0.94 billion HKD (+16%) [34][35]. - China Overseas: Total revenue of 36.87 billion CNY (-19.7%), net profit of 0.31 billion CNY (-68.1%) [34][35]. - Longfor Group: Total revenue of 97.3 billion CNY (-23.7%), net profit of 1.02 billion CNY (-90.2%) [34][35].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3][4]. Core Insights - The report indicates that the real estate sector is approaching a bottom in its fundamentals after a deep adjustment, with recent policies aimed at stabilizing the market [3][4]. - The report highlights a significant increase in new home transactions, with a week-on-week increase of 42.8% in 34 key cities, and a notable recovery in first and second-tier cities [4][5]. - The report emphasizes the importance of quality real estate companies and commercial properties, recommending several firms for investment [3][4]. Industry Data Summary New Home Transaction Volume - In the week of March 21-27, 2026, new home transactions in 34 key cities totaled 3.691 million square meters, a week-on-week increase of 42.8% [4][5]. - Year-on-year, new home transactions in March 2026 decreased by 12.6% compared to March 2025, with first and second-tier cities showing a decline of 8.4% [5][6]. Second-Hand Home Transaction Volume - In the same week, second-hand home transactions in 13 key cities reached 1.338 million square meters, reflecting a week-on-week increase of 3.9% [11][12]. - Cumulatively, second-hand home transactions in March 2026 decreased by 18.9% compared to March 2025 [11][12]. Inventory and Supply - In the week of March 21-27, 2026, 15 key cities launched 550,000 square meters of new homes, with total sales of 1.4 million square meters, resulting in a sales-to-launch ratio of 2.54 [22][23]. - The available residential area in these cities was 87.142 million square meters, showing a week-on-week decrease of 0.96% [22][23]. Policy and News Tracking - The People's Bank of China announced the loan market quotation rate (LPR) for one year at 3.0% and for five years at 3.5% [30][31]. - Various local governments have introduced policies to stimulate home purchases, including subsidies of up to 100,000 yuan per unit in Hangzhou [30][31]. - The report notes the successful auction of residential land in Xiamen, with total sales amounting to 3.96 billion yuan [30][31]. Company Performance Overview - Several real estate companies reported their 2025 annual performance, with notable figures including Kerry Properties with a total revenue of HKD 19.57 billion (+0.4%) and a net profit of HKD 0.94 billion (+16%) [36][37]. - China Overseas Land & Investment reported a revenue of 36.87 billion yuan (-19.7%) and a net profit of 0.31 billion yuan (-68.1%) [36][37]. - Longfor Group's revenue was 97.3 billion yuan (-23.7%) with a net profit of 1.02 billion yuan (-90.2%) [36][37].

Group 1 - The core viewpoint of the report is that the target price for Henderson Land Development (00012) is maintained at HKD 32.68, reflecting a significant discount of approximately 50% to the projected net asset value per share for 2026, and the rating remains "Buy" [2] - The financial condition of Henderson Land is considered stable, with the net debt ratio expected to decrease from 21.1% at the end of 2024 to 18.7% by the end of 2025, with net debt amounting to HKD 602.19 billion [2] - Future prospects are supported by Hong Kong government initiatives aimed at developing the Northern Metropolis, attracting talent, and establishing educational hubs, which are anticipated to bolster the local economy and real estate market [2] Group 2 - Henderson Land has substantial land reserves and flagship commercial projects that are approaching the harvest phase, indicating potential for future revenue generation [2] - The company’s 2025 performance is projected to be below expectations, leading to a more conservative dividend policy, with an annual dividend of HKD 1.26 per share, representing a year-on-year decrease of approximately 30% [2]

Core Viewpoint - The report from CMB International maintains a target price of HKD 32.68 for Henderson Land Development (00012), reflecting a discount of approximately 50% to the projected net asset value per share for 2026, and reiterates a "Buy" rating [1] Financial Performance - The company's financial position remains robust, with the net debt ratio expected to decrease from 21.1% at the end of 2024 to 18.7% by the end of 2025, with net debt amounting to HKD 60.219 billion [1] - The company's full-year dividend is projected at HKD 1.26 per share, representing a year-on-year decline of approximately 30% [1] Market Outlook - The Hong Kong government's initiatives to promote the Northern Metropolis, talent attraction, and educational hubs are anticipated to provide support to the local economy and real estate market [1] - Henderson Land Development possesses ample land reserves and flagship commercial projects that are approaching the harvest phase, indicating potential for future growth [1]

Investment Rating - The report maintains an "Overweight" rating for Henderson Land Development Company Limited (恒基地产) [1] Core Insights - The report indicates that Henderson Land has a historical tendency to maintain stable dividends rather than a fixed payout ratio since 2018, leading to expectations that the dividend per share will remain unchanged in the coming years [1] - It is anticipated that the company's stock price may come under pressure following a dividend cut, suggesting that investors may find opportunities to buy at lower prices [1] - The forecasted compound annual growth rate (CAGR) for the company's earnings from 2025 to 2028 is projected to be 19% [1] - The target price for the stock has been adjusted down from HKD 39 to HKD 35 due to high uncertainty regarding the current interest rate outlook [1] Financial Projections - A 38% year-on-year decline in core earnings for 2025 is expected, which the market is unlikely to find surprising [1] - The 30% reduction in dividends is seen as a measure that alleviates some uncertainties [1] - Management aims to stabilize dividends by 2026, with earnings expected to rebound by 28% in the same year, particularly with profit margins from development properties in Hong Kong anticipated to recover to mid-teens (approximately 13% to 17%) [1] - The report suggests that these targets should be achievable as long as the macroeconomic environment does not significantly deteriorate [1]

Core Viewpoint - Henderson Land Development Company Limited reported a revenue of HKD 25.741 billion for the fiscal year 2025, reflecting a year-on-year increase of 1.92%. However, the profit attributable to shareholders decreased by 10.21% to HKD 5.653 billion, primarily due to lower gains from land acquisitions compared to the previous year [3]. Group 1: Financial Performance - The company achieved a revenue of HKD 25.741 billion, up 1.92% year-on-year [3]. - Profit attributable to shareholders was HKD 5.653 billion, down 10.21% from the previous year [3]. - Basic earnings per share were HKD 1.17, with a proposed final dividend of HKD 0.76 per share [3]. Group 2: Property Sales and Projects - The company successfully launched several high-end residential projects, including "The Peak" and multiple waterfront projects in Kai Tak [3]. - Total contract sales in Hong Kong amounted to approximately HKD 19.271 billion, representing a 71% increase compared to the previous year [3]. - The company reported that nearly all units in the "Leo Square" series in Mong Kok were sold out [3]. Group 3: Land Acquisition and Holdings - As of December 2025, the company had unrecognized contract sales totaling approximately HKD 10.926 billion, with about HKD 8.846 billion expected to be recognized in 2026 [4]. - The company acquired approximately 570,000 square feet of new territory land during the year [4]. - The company holds approximately 40.5 million square feet of land reserves in the New Territories, maintaining its position as the developer with the largest land holdings in this area [4].

Group 1 - The company, Henderson Land Development (00012), announced a final dividend of HKD 0.76 per share for the year ending December 31, 2025, to be distributed on June 23, 2026 [2]

Group 1 - Morgan Stanley reports that based on Hang Lung Properties' (00012) historical tendency to maintain stable dividends rather than a fixed payout ratio since 2018, it expects the future dividends per share to remain unchanged over the next few years [3] - The bank anticipates that the company's stock price may come under pressure following a dividend cut, suggesting investors take advantage of lower prices, with a projected annual compound growth rate of 19% for earnings from 2025 to 2028 [3] - Hang Lung Properties is expected to see a 38% year-on-year decline in basic earnings for 2025, which the market is unlikely to find surprising, while a 30% reduction in dividends has somewhat alleviated uncertainties [3] Group 2 - Management indicated during the earnings call that the goal is to stabilize dividends by 2026, with earnings expected to rebound by 28% in 2026, and the profit margin from development properties in Hong Kong is projected to recover to mid-teens (approximately 13% to 17%) [3] - The bank believes that as long as the macroeconomic environment does not significantly deteriorate, the stated targets should be achievable [3]

Group 1 - The core viewpoint of the article highlights that Hang Lung Properties (00012) experienced a nearly 4% increase in stock price following the release of its 2025 annual results, with a current price of HKD 30.6 and a trading volume of HKD 607 million [3] - For the fiscal year 2025, the company reported revenue of HKD 25.741 billion, representing a year-on-year increase of 1.92%, while the profit attributable to shareholders decreased by 10.21% to HKD 5.653 billion, with basic earnings per share at HKD 1.17 and a proposed final dividend of HKD 0.76 per share [3] - The decline in underlying profit is attributed to last year's one-time gains from the government's acquisition of certain New Territories land and the sale of controlling interests in investment properties, which contributed approximately HKD 4.768 billion to profits, compared to only HKD 599 million this year from land acquisition [3] Group 2 - Goldman Sachs released a report indicating that due to the absence of significant one-time gains from the Hong Kong government's acquisition of New Territories farmland in 2024, Hang Lung Properties' underlying profit is expected to decline by 38% year-on-year to HKD 6.1 billion, aligning with market expectations [3] - The firm views Hang Lung Properties as one of the stocks that will benefit from the upward cycle of the Hong Kong residential market, anticipating a strong recovery in profits with a projected compound annual growth rate of over 20% from 2026 to 2028, primarily due to the company's substantial saleable resources [3] - The company holds 40.5 million square feet of farmland that can be monetized or exchanged for development, which can be combined with adjacent plots for future development [3]