Core Viewpoint - UBS indicates that the Hong Kong government's new Policy Address did not meet expectations regarding the reduction of residential stamp duty, and there has been no progress on real estate connectivity or a timetable for REIT connectivity [1] Group 1: Government Policy Impact - The government is accelerating the development of the Northern Metropolis and has included luxury home investments of HKD 30 million to 50 million in the new capital investment immigration scheme [1] - The absence of a public housing purchase plan and the reduction of the White Form allocation for subsidized housing from 60% to 50% are seen as positive signals for the private residential market [1] Group 2: Company Ratings and Expectations - Real estate developers' stock prices are expected to be slightly pressured due to the lack of tax reduction measures, but Henderson Land is likely to perform better than peers due to accelerated land resumption, increased flexibility in land premium payments, and higher plot ratios approved for urban redevelopment projects [1] - UBS maintains a "Buy" rating for Henderson Land with a target price of HKD 29 [1] - Sun Hung Kai Properties may face pressure due to lower dividend yield and the absence of stamp duty reduction, also receiving a "Buy" rating with a target price of HKD 96 [1] - Link REIT and Wharf Real Estate Investment may underperform peers due to limited progress on REIT connectivity and insufficient measures to attract tourists, receiving "Buy" and "Neutral" ratings with target prices of HKD 44.2 and HKD 20 respectively [1]

Group 1 - The core driving factors of the Hong Kong real estate market are interest rate fluctuations, with a downward trend in the US benchmark interest rate expected to be a certainty in the near term [1][2] - The Hong Kong real estate market has entered a new cycle driven by policy changes and structural differentiation, with a significant rebound expected following the "withdrawal of tightening" policy in February 2024 [1][2] - The total transaction volume of new and second-hand residential properties in Hong Kong is projected to reach 53,099 transactions in 2024, representing a year-on-year increase of 23.5% compared to 2023 [1] Group 2 - The recovery of the Hong Kong market is attributed to the resonance of three main factors: policy, interest rates, and demand, with a shift from suppression to full stimulation in the policy environment after February 2024 [2] - The Hong Kong Monetary Authority injected a total of HKD 129 billion into the market due to a strong Hong Kong dollar, leading to a significant drop in the 1-month HIBOR from 3.98% to 0.57% [2] - The introduction of talent recruitment plans has contributed to a year-on-year population growth in Hong Kong by June 2025, enhancing purchasing power and stabilizing the market [2] Group 3 - The current phase of the Hong Kong real estate market is characterized as an initial recovery stage, marked by a halt in price declines, a narrowing of price drops, and structural stabilization [3] - Transaction volumes have rebounded, and sentiment indicators have improved, indicating a shift in policy direction from "preventing bubbles" to "stabilizing the market" [3] - Leading indicators show a continuous decline in interest rates, increased supply, improved inventory digestion rates, and a positive impact on demand from population recovery [3]

Core Viewpoint - The collaboration between Henderson Land Development Company Limited and New World Development Company Limited to develop a luxury residential project named "THE LEGACY" in Hong Kong highlights their commitment to high-quality real estate development and innovation in the luxury housing sector [1] Group 1: Project Overview - The project consists of two residential towers developed in two phases, with a total floor area exceeding 400,000 square feet [1] - Located in the Mid-Levels area of Hong Kong, the project is connected to the Central business district, enhancing its appeal [1] Group 2: Design and Development Philosophy - The architectural and interior design of the project is managed by the renowned Italian architectural firm ACPV ARCHITECTS, led by Antonio Citterio and Patricia Viel, emphasizing a high standard of design [1] - The project reflects the development philosophy of Henderson Land Development, focusing on excellence and timeless value in high-end residential projects [1]

整体而言，大摩预期新鸿基地产(00016)及恒基地产(00012)可能最大程度受惠于任何潜在楼市支持政 策，均予"增持"评级;虽然近期HIBOR回升，但美联储可能减息亦将带来支持。大摩较不看好九龙仓置 业(00004)认为其中国业务面临挑战，予"减持"评级。 摩根士丹利发布研报称，虽然住宅物业及零售市况趋稳，但市场普遍仍期待9月17日公布的新一份施政 报告会公布利好楼市的措施，当中包括将进一步削减楼价600万元以下住宅物业印花税、放宽资本投资 者入境计划要求以刺激豪宅投资需求、设立"购房资金通"计划，以及加快北部都会区土地收回及基建建 设。 零售市场方面，大摩指出虽然出台刺激措施的可能性较低，但若推出消费券等计划，通常可带动零售销 售，尤其利好领展房产基金(00823)旗下商场。该行又指，启德体育园开幕后本港不时举办大型体育及 娱乐活动，有助吸引各地旅客访港。 ...

Group 1 - Morgan Stanley's research report indicates that while the residential property and retail market conditions are stabilizing, there are expectations for the Hong Kong government to announce favorable measures for the property market in the upcoming policy address on September 17 [1] - Proposed measures include further reducing stamp duty for residential properties priced below HKD 6 million, relaxing requirements for capital investors to stimulate luxury property investment demand, establishing a home purchase fund scheme, and accelerating land reclamation and infrastructure development in the Northern Metropolis [1] - Overall, Morgan Stanley anticipates that New World Development and Henderson Land Development may benefit the most from any potential property market support policies, maintaining an "overweight" rating for these companies [1] Group 2 - Despite the recent rise in HIBOR, the potential for interest rate cuts by the Federal Reserve is expected to provide support for the market [1] - Morgan Stanley holds a less favorable view on Wharf Real Estate Investment Company, citing challenges in its mainland operations and assigning a "underweight" rating [1]

Market Performance - The Hang Seng Index rose by 262.13 points, an increase of 1.01%, closing at 26,200.26 points with a total turnover of HKD 288.21 billion [1] - The National Enterprises Index increased by 85.76 points, closing at 9,328.16 points, a rise of 0.93% [1] - The Hang Seng Tech Index gained 73.95 points, closing at 5,902.69 points, reflecting a growth of 1.27% [1] Blue Chip Stocks - Tencent Holdings increased by 1.04%, closing at HKD 633.5 [1] - Hong Kong Exchanges and Clearing rose by 1.37%, closing at HKD 444.6 [1] - China Mobile saw a rise of 0.35%, closing at HKD 87.05 [1] - HSBC Holdings increased by 1.95%, closing at HKD 104.4 [1] Local Hong Kong Stocks - Cheung Kong Holdings rose by 1.49%, closing at HKD 38.1 [1] - Sun Hung Kai Properties increased by 4.28%, closing at HKD 97.5 [1] - Henderson Land Development rose by 2.37%, closing at HKD 27.68 [1] Chinese Financial Stocks - Bank of China increased by 2.06%, closing at HKD 4.46 [1] - China Construction Bank rose by 2.84%, closing at HKD 7.97 [1] - Industrial and Commercial Bank of China increased by 1.87%, closing at HKD 6 [1] - Ping An Insurance rose by 0.69%, closing at HKD 56.55 [1] - China Life Insurance increased by 1.85%, closing at HKD 23.12 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 0.95%, closing at HKD 4.23 [1] - China National Petroleum Corporation increased by 0.81%, closing at HKD 7.45 [1] - CNOOC Limited saw a rise of 0.2%, closing at HKD 20.18 [1]

各位非登記股東 1： 恒基兆業地產有限公司（「本公司」） 刊發 2025 中期報告（「中期報告」） 謹通知 閣下本公司之中期報告現已刊發於本公司網站及香港交易所披露易網站。 閣下 可在本公司網站 www.hld.com 主頁按「投資者資訊」之連結或瀏覽香港交易所披露易網 站 www.hkexnews.hk，以閱覽中期報告。若 閣下已選擇收取公司通訊 2 之印刷本，現附 上中期報告之印刷本以供 閣下細閱。 電郵地址 : HendersonLand.ecom@computershare.com.hk 電話 : (852) 2862 8555（星期一至星期五（香港公眾假期除外） 上午九時正至下午六時正辦公時間內） 公司秘書 廖祥源 謹啟 二零二五年九月十一日 附註： HLLH-110925 為響應環保，本公司建議 閣下選擇於網站閱覽日後公司通訊以代替收取印刷本。作為非 登記股東，若 閣下選擇於網站閱覽公司通訊， 閣下應聯絡代 閣下持有股份之銀行、 經紀、託管商、代理人或香港中央結算（代理人）有限公司（統稱「中介公司」），並向 閣下之中介公司提供 閣下之電郵地址以收取網站上相關發布的電郵通知。 若 閣下選擇收取中期報 ...

各位登記股東： 恒基兆業地產有限公司（「本公司」） 刊發 2025 中期報告（「中期報告」） 謹通知 閣下本公司之中期報告現已刊發。 對於尚未選擇公司通訊*之收取方式及已選擇收取公司通訊之印刷本的股東，現附上中期 報告之印刷本以供 閣下細閱。為響應環保，本公司建議 閣下選擇於本公司網站 www.hld.com 或香港交易所披露易網站 www.hkexnews.hk 閱覽日後公司通訊以代替收 取印刷本。請透過掃描背頁回條上列印之 閣下專屬二維碼或填寫回條並交回本公司股份 登記及過戶處（見下文），以提供 閣下之電郵地址，以便收取公司通訊於網站上發布的電 郵通知。 對於已選擇（或被視為已同意）通過本公司網站閱覽公司通訊的股東，請在本公司網站 www.hld.com 主 頁 按 「 投 資 者 資 訊 」 之 連 結 或 瀏 覽 香 港 交 易 所 披 露 易 網 站 www.hkexnews.hk，以閱覽中期報告。 閣下有權隨時發出不少於七天的書面通知予本公司股份登記及過戶處，以更改收取公司通 訊之語言版本及／或收取方式之選擇。 閣下收取公司通訊印刷本之要求將持續有效，直 至該要求經書面方式被撤回，或由收悉 閣下指 ...

目錄 | 2 | 二零二五年中期業績摘要 | | --- | --- | | 3 | 董事局主席報告 | | 3 | 中期業績及股息 | | 3 | 暫停辦理股份過戶登記 | | 4 | 業務回顧 | | 4 | 香港 | | 19 | 中國內地 | | 24 | 恒基兆業發展有限公司 | | 25 | 美麗華酒店企業有限公司 | | 27 | 聯營公司 | | 27 | 香港中華煤氣有限公司 | | 30 | 香港小輪（集團）有限公司 | | 31 | 陽光房地產投資信託基金 | | 32 | 集團財務 | | 32 | 可持續發展 | | 32 | 展望 | | 34 | 財務回顧 | | 47 | 獨立核數師審閱報告 | | | 簡明中期財務報表 | | 48 | 綜合損益表 | | 49 | 綜合損益及其他全面收益表 | | 50 | 綜合財務狀況表 | | 52 | 綜合權益變動表 | | 54 | 簡明綜合現金流量表 | | 55 | 簡明中期財務報表（未經審核）附註 | | 96 | 其他資料 | 99 披露權益資料 1 2025 中期報告 恒基兆業地產有限公司 二零二五年中期業績摘要 | | ...

Group 1 - The Hong Kong government is expected to announce its policy address next Wednesday, with low likelihood for the immediate launch of the "Home Purchase Fund" and no expectation for a nationwide plan in the short term [1] - The potential for further relaxation of investment restrictions for capital investors in luxury properties is considered moderate [1] - There is an expectation that the "multiple-entry" individual travel visa may be expanded to residents of other Greater Bay Area cities beyond Shenzhen [1] Group 2 - The new policy address is anticipated to benefit developers such as Henderson Land, Sun Hung Kai Properties, and Sino Land [1] - An increase in mainland tourists visiting Hong Kong is expected to support regional mall owners, including Wharf Real Estate Investment, Hysan Development, and New World Development [1] - Concerns over capital expenditure may negatively impact the development of North District for MTR, but could accelerate the reclamation of agricultural land, which is seen as positive for Henderson Land [1] - Progress in the inclusion of REITs in the mutual market access is expected to have a positive impact on Link REIT [1]