智通财经APP讯，新鸿基地产(00016)发布公告，将于2025年11月20日派发截至2025年6月30日止年度的 末期股息每股2.8港元。 ...

Group 1 - The company, Sun Hung Kai Properties (00016), announced a final dividend of HKD 2.8 per share for the year ending June 30, 2025, to be distributed on November 20, 2025 [1]

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。 (於香港註冊成立之有限公司) 股份代號 : 16 ( 港幣櫃台 ) 及 80016 ( 人民幣櫃台 ) 建議採納新組織章程細則 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，新鴻基地產發展有限公司（「本公司」）謹此宣布， 本公司董事局 （「董事局」 ）建議採納一套新的本公司組織章程細則 （「 新 章程細則 」 ），以納入對本公司現有組織章程細則 （「現有 章程細則 」 ）之 若干修訂 （「 建議修訂」 ）， 旨 在 （其中包括 ） (i) 使其與 近 期 修訂之公司條例 （香港法例第六百二十二章 ） （「公司條例 」 ）（有關對在香港註冊 成立之上市發行人實施庫存 股 份 機 制 及採納默示同意機制透過網站發布 公司通訊 ）一致，該修 訂於二○二五年四月十七日 起 生效； (ii) 反 映 自 二○二三年十二月 三十一日起生效 的上市規則有關擴大無紙化上市 ...

Core Viewpoint - Sun Hung Kai Properties (00016) reported a revenue of HKD 79.721 billion for the fiscal year 2024/25, representing an increase of 11.49% year-on-year, with a net profit attributable to shareholders of HKD 19.277 billion, up 1.21% year-on-year [1] Financial Performance - The profit from property sales for the year was HKD 8.29 billion, compared to HKD 7.85 billion the previous year [1] - The total contract sales amount for the year was approximately HKD 46.6 billion based on equity [1] - Basic earnings per share were HKD 6.65, with a proposed final dividend of HKD 2.8 per share [1] Land Bank and Development Projects - As of June 30, 2025, the company's land bank in Hong Kong is approximately 57.4 million square feet, of which about 13.3 million square feet are under development and available for sale [1] - The company has sufficient development projects to meet its needs for the next six to seven years [1] - The remaining portion of the land bank, approximately 37.7 million square feet, consists of diversified completed properties, primarily used for leasing and long-term investment, generating substantial recurring income for the company [1] Future Strategy - The company will continue to adhere to its prudent financial management principles and will seek to replenish its land bank in Hong Kong at appropriate times to drive future business growth [1]

Core Viewpoint - New World Development Company Limited reported a revenue of HKD 79.721 billion for the fiscal year 2024/25, reflecting a year-on-year increase of 11.49% [1] - The company's attributable profit to shareholders was HKD 19.277 billion, up 1.21% year-on-year, with basic earnings per share at HKD 6.65 [1] - A final dividend of HKD 2.8 per share is proposed [1] Group 1: Financial Performance - The profit from property sales amounted to HKD 8.29 billion, compared to HKD 7.85 billion in the previous year [1] - The total contract sales achieved during the year were approximately HKD 46.6 billion based on the company's equity [1] Group 2: Land Reserves and Development - As of June 30, 2025, the company's land reserves in Hong Kong are approximately 57.4 million square feet, with about 13.3 million square feet being developed and available for sale [1] - The company has sufficient development projects to meet its needs for the next six to seven years [1] - The remaining land reserves consist of approximately 37.7 million square feet of diversified completed properties, primarily used for rental and long-term investment, generating substantial recurring income [1] - The company plans to continue its prudent financial management and will seek to replenish its land reserves in Hong Kong at appropriate times to drive future business growth [1]

免責聲明 | 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 | | | --- | --- | | 公告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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 新鴻基地產發展有限公司 | | 股份代號 | 00016 | | 多櫃檯股份代號及貨幣 | 80016 RMB | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止年度之末期股息 | | 公告日期 | 2025年9月4日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年6月30日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 2.8 HKD | | 股東批准日期 | 2025年11月6日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 2.8 HKD | | 匯率 | 1 HKD : 1 ...

Chairman's Report [Performance](index=1&type=section&id=Performance) The group's underlying profit attributable to shareholders slightly increased to **HK$21.855 billion**, with reported profit also up despite a fair value decrease in investment properties Key Performance Indicators | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Underlying Profit Attributable to Shareholders | 21,855 | 21,739 | Increase 116 | | Basic Underlying EPS | $7.54 | $7.50 | Increase $0.04 | | Reported Profit Attributable to Shareholders | 19,277 | 19,046 | Increase 231 | | Reported EPS | $6.65 | $6.57 | Increase $0.08 | | Decrease in Fair Value of Investment Properties (net of deferred tax and non-controlling interests) | 742 | 2,412 | Decrease 1,670 | [Dividends](index=1&type=section&id=Dividends) The Board proposed a final dividend of **HK$2.80 per share**, maintaining the full-year dividend at **HK$3.75 per share** for the year ended June 30, 2025 Dividend Details | Dividend Type | Amount Per Share (HK$) | Payment Date | | :--- | :--- | :--- | | Final Dividend (2025) | $2.80 | November 20, 2025 | | Interim Dividend | $0.95 | (Already Paid) | | Total Annual Dividend | $3.75 | | [Property Development Profit and Rental Income](index=2&type=section&id=Property%20Development%20Profit%20and%20Rental%20Income) Profit from property sales increased to **HK$8.29 billion**, with total contract sales attributable to the group's interest at approximately **HK$46.6 billion**, while total rental income decreased by 2% Property Business Financials | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Property Sales Profit | 8,290 | 7,850 | Increase 440 | | Total Contract Sales | 46,600 | (Not Provided) | | | Total Rental Income | 24,461 | (Not Provided) | Decrease 2% | | Net Rental Income | 18,392 | (Not Provided) | Decrease 3% | [Hong Kong Property Business](index=2&type=section&id=Hong%20Kong%20Property%20Business) The group expanded its Hong Kong land bank by acquiring five residential sites, achieved **HK$42.3 billion** in contract sales, and managed rental properties amidst economic uncertainties [Land Bank (Hong Kong)](index=2&type=section&id=Land%20Bank%20(Hong%20Kong)) The group acquired five new residential sites with a total attributable gross floor area of approximately **1.6 million sq ft**, bringing its Hong Kong land bank to **57.4 million sq ft** - Five new residential sites added, with a total gross floor area of approximately **1.6 million sq ft**[6](index=6&type=chunk) New Residential Land Acquisitions | Location | Property Use | Group's Interest (%) | Attributable Gross Floor Area (sq ft) | | :--- | :--- | :--- | :--- | | Hung Shui Kiu Town Lot No. 5 | Residential/Retail | 50 | 524,000 | | Tung Chung Town Lot No. 55 | Residential | 100 | 401,000 | | Fanling North Fanling/Sheung Shui Town Lot No. 307 | Residential/Retail | 100 | 308,000 | | Tai Wai Sha Tin Town Lot No. 651 | Residential | 100 | 194,000 | | Siu Lek Yuen Sha Tin Town Lot No. 623 | Residential | 100 | 157,000 | | **Total** | | | **1,584,000** | - As of June 30, 2025, Hong Kong land bank was approximately **57.4 million sq ft**, with **13.3 million sq ft** for residential development, sufficient for 6-7 years of development[7](index=7&type=chunk) - Government resumption of land in Hung Shui Kiu/Ha Tsuen New Development Area is expected to generate approximately **HK$3 billion** in cash compensation, recognized in FY2024/25[8](index=8&type=chunk) [Property Development (Hong Kong)](index=3&type=section&id=Property%20Development%20(Hong%20Kong)) Hong Kong's residential market stabilized, leading to **HK$42.3 billion** in contract sales, the highest in five years, with **HK$35.6 billion** in unbooked sales - Hong Kong's residential market stabilized, driven by relaxed mortgage restrictions, falling local mortgage rates, and continuous inflow of talent and students[9](index=9&type=chunk) - Hong Kong contract sales reached approximately **HK$42.3 billion**, the highest in the past five financial years, primarily from projects like Grand Mayfair Phase 1, Pak Shek Kok Development Phase 1A(2) and 1B Sierra Sea[10](index=10&type=chunk) Completed Development Projects (Hong Kong) | Project | Location | Property Use | Group's Interest (%) | Attributable Gross Floor Area (sq ft) | | :--- | :--- | :--- | :--- | :--- | | YOHO WEST Phase 1 | Tin Shui Wai | Residential/Retail | Joint Development | 748,000 | | NOVO LAND Phase 3A and 3B | Tuen Mun | Residential | 100 | 694,000 | | Pak Shek Kok GO PARK | Pak Shek Kok | Retail | 100 | 108,000 | | The Horizon Phase 2 | Castle Peak Road - Tai Lam | Residential | 59.1 | 104,000 | | **Total** | | | | **1,654,000** | - As of June 30, 2025, unbooked Hong Kong contract sales were approximately **HK$35.6 billion**, with about **HK$30.1 billion** expected to be recognized in FY2025/26[11](index=11&type=chunk) [Property Investment (Hong Kong)](index=4&type=section&id=Property%20Investment%20(Hong%20Kong)) Hong Kong rental income slightly declined by 2% to **HK$17.531 billion**, but overall occupancy remained satisfactory, with new retail concepts and office market consolidation - Hong Kong rental business total rental income slightly decreased by **2%** year-on-year to **HK$17.531 billion**, with overall occupancy maintained at a satisfactory level[12](index=12&type=chunk) - The retail property portfolio recorded an occupancy rate of approximately **95%**, with a significant narrowing of tenant sales decline in the first half of 2025[13](index=13&type=chunk) - Pak Shek Kok GO PARK, Hong Kong's first sports-themed commercial complex, has attracted over **2 million visitors** since its opening in early 2025[14](index=14&type=chunk) - The Point mall membership program has over **3 million members**, with the launch of "The Point Gold" VIP membership to enhance customer loyalty[15](index=15&type=chunk) - Hong Kong's Grade A office market maintained an average occupancy rate of approximately **90%**, with downward adjustments in renewal rents, though landmark projects IFC and ICC achieved about **92%** occupancy[17](index=17&type=chunk)[18](index=18&type=chunk) - Over the next two to three years, new malls like Kwun Tong Scramble Hill will open in phases from H2 2025, and Kai Tak Grand Mayfair Mall is planned to open in phases from Q4 2025[19](index=19&type=chunk)[20](index=20&type=chunk) - The group is committed to developing West Kowloon into another core business district outside Central, with pre-leasing underway for the High Speed Rail West Kowloon Station Development Project office tower IGC, scheduled for tenant handover in early 2026[21](index=21&type=chunk)[22](index=22&type=chunk) [Mainland China Property Business](index=8&type=section&id=Mainland%20China%20Property%20Business) As of June 30, 2025, the group's Mainland land bank was approximately **65.3 million sq ft**, with **RMB4 billion** in contract sales, and rental income slightly decreased [Land Bank (Mainland China)](index=8&type=section&id=Land%20Bank%20(Mainland%20China)) As of June 30, 2025, the group's Mainland land bank totaled approximately **65.3 million sq ft**, with **44.2 million sq ft** under development - As of June 30, 2025, Mainland land bank was approximately **65.3 million sq ft**, with **44.2 million sq ft** under development[23](index=23&type=chunk) [Property Development (Mainland China)](index=8&type=section&id=Property%20Development%20(Mainland%20China)) The Mainland residential market benefited from supportive policies, leading to approximately **RMB4 billion** in contract sales and **RMB8.1 billion** in unbooked sales - The Mainland residential market was supported by positive policies such as reduced loan prime rates, lower reserve requirement ratios, and relaxed home purchase restrictions[24](index=24&type=chunk) - Mainland contract sales were approximately **RMB4 billion**, primarily from the joint development project Suzhou Lakeside Seasons Phase 2, and new residential units at Guangzhou Royal Park and The Cullinan[24](index=24&type=chunk) Completed Development Projects (Mainland China) | Project | Location | Property Use | Group's Interest (%) | Attributable Gross Floor Area (sq ft) | | :--- | :--- | :--- | :--- | :--- | | Royal Park Phase 3A | Huadu District, Guangzhou | Residential | 100 | 477,000 | | Arch Central Phase 3 | Lujiazui, Shanghai | Residential | 100 | 465,000 | | The Cullinan Phase 1A and 1B | Panyu District, Guangzhou | Residential | 100 | 347,000 | | The Paragon Phase 6B | Chancheng District, Foshan | Residential | 50 | 245,000 | | **Total** | | | | **1,534,000** | - As of June 30, 2025, unbooked Mainland contract sales reached **RMB8.1 billion**, with most expected to be recognized in FY2025/26[25](index=25&type=chunk) [Property Investment (Mainland China)](index=9&type=section&id=Property%20Investment%20(Mainland%20China)) Mainland rental property portfolio's total rental income decreased by 2% to **RMB5.713 billion**, but key malls maintained competitiveness and high occupancy rates - Mainland rental property portfolio's total rental income decreased by **2%** year-on-year to **RMB5.713 billion**[26](index=26&type=chunk) - Shanghai IFC Mall actively adapts to market trends by offering premium services, art installations, and diverse events to create immersive experiences[27](index=27&type=chunk) - Guangzhou Parc Central and IGC malls leverage outdoor spaces and expand the pet economy, while Nanjing IFC Mall's occupancy has risen since its July 2024 opening, contributing new revenue[28](index=28&type=chunk) - The Mainland office market faces challenges, but the group's ITC Phase 3 Tower A achieved an occupancy rate of nearly **80%**, contributing to recurring income[29](index=29&type=chunk) - The remaining parts of the large-scale Shanghai ITC Phase 3 project (Tower B office building, flagship mall ITC Maison, and Andaz Shanghai Xujiahui) are expected to be completed by the end of 2025[30](index=30&type=chunk) [Other Businesses](index=11&type=section&id=Other%20Businesses) The group's diverse businesses, including hotels, telecommunications, and infrastructure, showed stable performance and strategic growth [Hotels](index=11&type=section&id=Hotels) Hong Kong hotel business performed satisfactorily due to increased tourism and events, with Mainland hotels also growing steadily and new openings planned - Hong Kong hotel business benefited from increased overseas and Mainland visitors, major events, and the "concert economy," leading to continuous improvement in room revenue and high occupancy rates[32](index=32&type=chunk) - Driven by expanded visa-free policies in Mainland China, international visitor numbers increased, and The Ritz-Carlton Shanghai, Pudong maintained high occupancy[33](index=33&type=chunk) - The Andaz Shanghai Xujiahui, part of the ITC Phase 3 integrated project, is expected to open by the end of 2025[33](index=33&type=chunk) [Telecommunications and Information Technology](index=11&type=section&id=Telecommunications%20and%20Information%20Technology) SmarTone maintained stable performance with improved profitability and network quality, while SUNeVision's data center business saw strong growth with new facilities - SmarTone maintained stable performance with further improved profitability, offering the highest per-customer available spectrum resources in Hong Kong[34](index=34&type=chunk) - SmarTone launched new services, including high-speed 5G home broadband supporting WiFi 7, and uses AI to test network blind spots[34](index=34&type=chunk) - SUNeVision's business showed strong growth, with robust demand for data center services, and MEGA IDC Phase 1 in Tseung Kwan O commenced operations in Q2 2024[36](index=36&type=chunk) [Infrastructure and Other Businesses](index=12&type=section&id=Infrastructure%20and%20Other%20Businesses) The group's infrastructure and transport businesses remained resilient, with stable performance in parking and aviation, and YATA focusing on supermarket operations - The group's infrastructure and transport businesses continued to perform resiliently, with Wilson Group's car park and tunnel management businesses recording stable results[38](index=38&type=chunk) - Hong Kong Business Aviation Centre's business performance was stable, with flight movements nearing pre-pandemic levels, and major terminal upgrade works nearing completion[38](index=38&type=chunk) - YATA has adjusted its operating model to focus on its more stable supermarket business, optimizing product mix and introducing new specialty products[39](index=39&type=chunk) [Group Financials](index=13&type=section&id=Group%20Financials) The group maintained a robust financial position with a net debt-to-equity ratio of **15.1%** and interest coverage of **6 times**, showing improvement from the previous year - The group's financial position remained robust, with a net debt-to-equity ratio of **15.1%** and interest coverage of **6 times**, indicating improved financial ratios year-on-year[40](index=40&type=chunk) - The group's A1 rating was affirmed by Moody's with an upgraded outlook to stable, while S&P maintained its A+ rating (outlook negative)[40](index=40&type=chunk) - The group successfully secured sufficient RMB financing, including a **RMB700 million** three-year offshore RMB bond and a second batch of **RMB2 billion** commercial mortgage-backed securities, to lower borrowing costs and balance RMB assets and liabilities[40](index=40&type=chunk) - The group does not engage in speculative derivative or structured product trading, with all USD borrowings hedged via cross-currency swaps, and RMB debt naturally hedged by Mainland assets[41](index=41&type=chunk) [Corporate Governance](index=14&type=section&id=Corporate%20Governance) The group upholds high corporate governance standards with an 18-member board, including seven independent non-executive directors, ensuring diverse experience and independent oversight - The Board comprises **18 members**, including **7 Independent Non-Executive Directors**, whose diverse experience, expertise, and backgrounds meet the group's strategic, governance, and business needs[42](index=42&type=chunk) - The Board delegates specific roles to four committees: Executive Committee, Remuneration Committee, Nomination Committee, and Audit and Risk Management Committee, each with clearly defined terms of reference[43](index=43&type=chunk) - The group received multiple major awards from leading financial publications during the year, including being named "Overall Best Developer" in Hong Kong, China, Asia Pacific, and globally by Euromoney[43](index=43&type=chunk) [Sustainability](index=15&type=section&id=Sustainability) The group achieved an improved MSCI ESG rating of **AA**, focusing on sustainable building practices, renewable energy, and active community engagement - The group's MSCI ESG rating was upgraded to **AA**, and it received recognition from several major global indices, including inclusion in the Dow Jones Sustainability Asia Pacific Index and S&P Global Sustainability Yearbook 2025 (and its China edition)[44](index=44&type=chunk) [Environment](index=15&type=section&id=Environment) The group prioritizes sustainable construction, aiming for LEED Gold or Platinum certification for new core commercial projects, and has installed approximately **20,000 solar panels** - The group places high importance on sustainable construction, aiming for LEED Gold or Platinum certification for all new core commercial projects, and has obtained approximately **150 green building certifications** in Hong Kong as of end-June 2025[45](index=45&type=chunk) - International Commerce Centre became the first building in Asia to receive **LEED v5.0 Existing Buildings: Operations & Maintenance Platinum certification**[45](index=45&type=chunk) - The group has installed approximately **20,000 solar panels** across its managed properties and construction sites, forming Hong Kong's largest solar power network, and is building the city's first private solar farm on a landfill with a joint venture partner[45](index=45&type=chunk) - To promote low-carbon transportation, the group has installed nearly **100 EV fast-charging devices** across all 18 districts in Hong Kong and plans to further expand its network[46](index=46&type=chunk) [Society](index=16&type=section&id=Society) The group actively fulfills its corporate social responsibility by providing free venues for community services, promoting youth education, and advocating for sports and cultural exchange - The group provides free venues for operating the "Ko Shan Road Community Living Room," offering facilities and services to families living in subdivided units[47](index=47&type=chunk) - The group continues to promote reading and STEM education among youth through the "Reading Club" and organizes aerospace-themed activities[47](index=47&type=chunk) - Pak Shek Kok GO PARK, the group's unique sports-themed commercial complex, offers international standard professional facilities for over ten popular and emerging sports, and has hosted over **160 sports events**[48](index=48&type=chunk) - Ma Wan Park Phase 2 "Ma Wan 1868" officially opened, integrating conservation, nature, art, culture, and leisure, and supports young entrepreneurs with rent-free shops through the "Co-create Entrepreneur 2.0" program[49](index=49&type=chunk) [Outlook](index=17&type=section&id=Outlook) Despite global economic volatility, the group anticipates economic growth driven by accommodative monetary policies and AI, with confidence in Hong Kong and Mainland China's long-term prospects - The global economic environment is expected to remain volatile and uncertain, but accommodative monetary policies in major economies and rising expectations of US interest rate cuts are conducive to economic growth[50](index=50&type=chunk) - Mainland China's economy shows good performance in key indicators and is expected to maintain stable and positive development, with proactive fiscal and moderately loose monetary policies fostering a favorable business environment[50](index=50&type=chunk) - Hong Kong's economy is in a transition phase, with an active financial market and improving tourism expected to drive moderate growth in the short term, and buyer confidence and residential transaction volumes anticipated to improve[51](index=51&type=chunk) - The group is committed to enhancing asset turnover in its property development business to maintain strong cash flow, while preserving substantial recurring income through a diversified portfolio of rental properties and non-property businesses[52](index=52&type=chunk) - Over the next ten months, the group plans to launch existing units of Grand Mayfair Phase 2 and Grand Mayfair Sea Phase 2 in Kai Tak, and major residential projects like Pak Shek Kok Development Phase 2A and 2B in Hong Kong[53](index=53&type=chunk) - Over the next two to three years, newly completed investment properties in Hong Kong and Mainland China, including the new Kwun Tong mall Scramble Hill and Kai Tak Grand Mayfair Mall, will progressively contribute to the group's recurring income[55](index=55&type=chunk) [Acknowledgements](index=19&type=section&id=Acknowledgements) The Chairman extends sincere gratitude to all employees for their resilience in a dynamic market, the Board for their guidance, and shareholders and customers for their enduring trust and support - The Chairman thanks all employees for their dedication and tireless efforts, the Board members for their wise guidance, and shareholders and customers for their enduring trust and support for the group[57](index=57&type=chunk) Notices [Consolidated Income Statement](index=20&type=section&id=Consolidated%20Income%20Statement) For the year ended June 30, 2025, the group's revenue increased to **HK$79.721 billion**, with operating profit at **HK$26.078 billion**, and profit attributable to shareholders at **HK$19.277 billion** Consolidated Income Statement Summary | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | | :--- | :--- | :--- | | Revenue | 79,721 | 71,506 | | Operating Profit | 26,078 | 26,752 | | Change in Fair Value of Investment Properties | (2,730) | (1,481) | | Net Finance Costs | (2,485) | (3,567) | | Profit Before Tax | 24,753 | 23,583 | | Profit for the Year | 19,884 | 19,605 | | Profit Attributable to Company Shareholders | 19,277 | 19,046 | | Basic Underlying EPS | $7.54 | $7.50 | | Reported EPS | $6.65 | $6.57 | [Consolidated Statement of Comprehensive Income](index=21&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) For the year ended June 30, 2025, the group's total comprehensive income significantly increased to **HK$22.519 billion**, primarily due to a reversal from loss to gain in exchange differences from Mainland subsidiaries Consolidated Statement of Comprehensive Income Summary | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | | :--- | :--- | :--- | | Profit for the Year | 19,884 | 19,605 | | Exchange Differences on Translation of Mainland Subsidiaries' Accounts | 1,810 | (355) | | Other Comprehensive Income/(Loss) for the Year | 2,635 | (944) | | Total Comprehensive Income for the Year | 22,519 | 18,661 | | Total Comprehensive Income Attributable to Company Shareholders | 21,889 | 18,089 | [Consolidated Statement of Financial Position](index=22&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the group's total non-current assets were **HK$581.181 billion**, with total equity attributable to shareholders at **HK$617.851 billion** Consolidated Statement of Financial Position Summary | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | | :--- | :--- | :--- | | Non-Current Assets | 581,181 | 569,431 | | Current Assets | 235,712 | 248,663 | | Current Liabilities | (70,092) | (62,012) | | Net Assets | 622,374 | 611,071 | | Equity Attributable to Shareholders | 617,851 | 606,717 | | Bank Balances and Cash | 16,919 | 16,221 | [Notes to the Consolidated Financial Statements](index=23&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section details the basis of preparation, segment information, other net income, net finance costs, taxation, earnings per share, dividends, investment property valuation, and trade receivables/payables [Basis of Preparation](index=23&type=section&id=Basis%20of%20Preparation) The consolidated financial statements are prepared under HKFRS and the Companies Ordinance, primarily using historical cost, with no significant impact from new accounting standards - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants, and the disclosure requirements of the Hong Kong Companies Ordinance (Cap. 622) and the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[63](index=63&type=chunk) - Except for investment properties and certain financial instruments measured at fair value, these consolidated financial statements are prepared on a historical cost basis[63](index=63&type=chunk) - During the year, the group adopted several amendments to Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants, with no significant impact on the group's financial statements[64](index=64&type=chunk) [Segment Information](index=24&type=section&id=Segment%20Information) The group operates across property development, investment, hotels, telecom, infrastructure, data centers, and other businesses, with Hong Kong contributing **83%** of total revenue Segment Revenue and Results | Segment | 2025 Revenue (HK$ million) | 2025 Results (HK$ million) | 2024 Revenue (HK$ million) | 2024 Results (HK$ million) | | :--- | :--- | :--- | :--- | :--- | | Property Development | 33,880 | 8,007 | 25,106 | 6,563 | | Property Leasing | 19,855 | 14,892 | 20,366 | 15,504 | | Hotel Operations | 4,416 | 486 | 4,421 | 521 | | Telecommunications | 6,253 | 752 | 6,221 | 701 | | Transport Infrastructure and Logistics | 4,441 | 1,188 | 4,571 | 1,294 | | Data Centre Operations | 2,938 | 1,489 | 2,674 | 1,266 | | Other Businesses | 7,938 | 959 | 8,147 | 1,125 | | **Total Segments** | **79,721** | **27,773** | **71,506** | **26,974** | Geographical Revenue Breakdown | Region | 2025 Revenue (HK$ million) | 2024 Revenue (HK$ million) | | :--- | :--- | :--- | | Hong Kong | 66,165 | 65,267 | | Mainland China | 13,495 | 6,187 | | Other | 61 | 52 | | **Total** | **79,721** | **71,506** | [Other Net Income](index=26&type=section&id=Other%20Net%20Income) Other net income was **HK$288 million**, including **HK$1.137 billion** from land resumption and **HK$390 million** from investment property sales, partially offset by **HK$1.384 billion** in impairment provisions Other Net Income Components | Item | 2025 (HK$ million) | 2024 (HK$ million) | | :--- | :--- | :--- | | Gain on Land Resumption | 1,137 | 1,095 | | Profit on Disposal of Investment Properties | 390 | 343 | | Impairment Provision for Development Properties | (1,384) | - | | Others | 145 | 328 | | **Total** | **288** | **1,766** | - The impairment provision for development properties was primarily attributable to the Grand Mayfair residential project[71](index=71&type=chunk) [Net Finance Costs](index=26&type=section&id=Net%20Finance%20Costs) Net finance costs significantly decreased to **HK$2.485 billion** from **HK$3.567 billion** last year, mainly due to reduced interest expenses on bank and other borrowings Net Finance Costs Breakdown | Item | 2025 (HK$ million) | 2024 (HK$ million) | | :--- | :--- | :--- | | Interest and Other Finance Expenses on Bank and Other Borrowings | 4,604 | 6,090 | | Less: Amount Capitalized | (1,895) | (2,199) | | Interest Income from Bank Deposits | (371) | (479) | | **Net Finance Costs** | **2,485** | **3,567** | [Profit Before Tax](index=27&type=section&id=Profit%20Before%20Tax) Profit before tax was **HK$24.753 billion**, with key deductions including property sales costs and employee expenses, and income from investments Profit Before Tax Components | Item | 2025 (HK$ million) | 2024 (HK$ million) | | :--- | :--- | :--- | | Cost of Properties Sold | 22,612 | 16,480 | | Employee Expenses (including directors' emoluments and retirement scheme contributions) | 10,559 | 10,605 | | Depreciation of Property, Plant and Equipment | 3,105 | 3,088 | | Dividend Income from Investments | 67 | 75 | | Interest Income from Investments | 32 | 69 | [Taxation](index=28&type=section&id=Taxation) Total income tax expense was **HK$4.869 billion**, comprising **HK$2.423 billion** in Hong Kong profits tax and **HK$3.372 billion** in overseas taxes, with a deferred tax credit of **HK$926 million** Taxation Breakdown | Item | 2025 (HK$ million) | 2024 (HK$ million) | | :--- | :--- | :--- | | Hong Kong Profits Tax | 2,439 | 2,549 | | (Overprovision)/Underprovision in Prior Years | (16) | 14 | | Taxation Outside Hong Kong | 3,372 | 1,336 | | Deferred Tax (Credit)/Expense | (926) | 79 | | **Total Income Tax Expense** | **4,869** | **3,978** | [Earnings Per Share](index=28&type=section&id=Earnings%20Per%20Share) Reported basic and diluted earnings per share was **HK$6.65**, while underlying earnings per share was **HK$7.54**, excluding fair value changes of investment properties Earnings Per Share Metrics | Indicator | 2025 (HK$) | 2024 (HK$) | | :--- | :--- | :--- | | Reported EPS (Basic and Diluted) | $6.65 | $6.57 | | Underlying EPS (Basic and Diluted) | $7.54 | $7.50 | - Basic and diluted earnings per share are the same as there were no dilutive potential ordinary shares during the year[74](index=74&type=chunk) [Dividends (Notes)](index=30&type=section&id=Dividends%20(Notes)) The Board proposed a final dividend of **HK$2.80 per share**, bringing the full-year dividend to **HK$3.75 per share**, consistent with the prior year Dividend Declaration Details | Dividend Type | Amount Per Share (HK$) | Total Amount (HK$ million) | | :--- | :--- | :--- | | Interim Dividend Declared and Paid | $0.95 | 2,753 | | Proposed Final Dividend | $2.80 | 8,114 | | **Total Annual Dividend** | **$3.75** | **10,867** | [Investment Properties (Notes)](index=30&type=section&id=Investment%20Properties%20(Notes)) As of June 30, 2025, total investment properties were valued at **HK$417.045 billion**, with a fair value decrease of **HK$2.730 billion** for the year Investment Property Values | Item | 2025 (HK$ million) | 2024 (HK$ million) | | :--- | :--- | :--- | | Completed Investment Properties | 351,394 | 349,214 | | Investment Properties Under Development | 65,651 | 59,210 | | **Total Investment Properties** | **417,045** | **408,424** | | Decrease in Fair Value | (2,730) | (1,481) | - The group's investment properties were revalued at market value as of June 30, 2025, and June 30, 2024, by Knight Frank Petty Limited (an independent qualified surveyor)[79](index=79&type=chunk) - Completed investment properties are valued using the income capitalization approach, while investment properties under development are valued using the residual method[79](index=79&type=chunk) [Trade and Other Receivables](index=32&type=section&id=Trade%20and%20Other%20Receivables) Trade receivables totaled **HK$3.252 billion**, with **59%** less than 30 days old and **18%** over 90 days - Trade receivables amounted to **HK$3.252 billion** (2024: HK$3.645 billion), with an aging analysis showing **59%** less than 30 days, **13%** between 31 and 60 days, **10%** between 61 and 90 days, and **18%** over 90 days[81](index=81&type=chunk) [Trade and Other Payables](index=32&type=section&id=Trade%20and%20Other%20Payables) Trade payables totaled **HK$2.476 billion**, with **59%** less than 30 days old and **31%** over 90 days - Trade payables amounted to **HK$2.476 billion** (2024: HK$3.07 billion), with an aging analysis showing **59%** less than 30 days, **7%** between 31 and 60 days, **3%** between 61 and 90 days, and **31%** over 90 days[82](index=82&type=chunk) Financial Review [Review of 2024/25 Results](index=33&type=section&id=Review%20of%202024%2F25%20Results) Underlying profit attributable to shareholders increased by **HK$116 million** to **HK$21.855 billion**, driven by higher property development and investment property sales profit and reduced finance costs, with total revenue up 8% Key Financial and Operational Metrics | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Underlying Profit Attributable to Shareholders | 21,855 | 21,739 | Increase 116 | | Reported Profit Attributable to Shareholders | 19,277 | 19,046 | Increase 231 | | Total Revenue (including joint ventures and associates) | 90,119 | 83,636 | Increase 8% | | Property Development Revenue (including joint ventures and associates) | 34,556 | 27,422 | Increase 26% | | Overall Rental Income (including joint ventures and associates) | 24,461 | 24,991 | Decrease 2% | | Property Development Profit (including joint ventures and associates) | 8,290 | 7,850 | Increase 6% | | Recurring Profit | 23,898 | 24,509 | Decrease | | Net Rental Income | 18,392 | 19,000 | Decrease | - Hong Kong property development profit decreased by **51%** to **HK$3.2 billion**, primarily due to a decline in gross profit margin to **12%**[86](index=86&type=chunk) - Mainland China property development revenue increased by **214%** to **HK$8.417 billion**, with profit increasing by **281%** to **HK$5.09 billion**, mainly from higher profits on the sale of Arch Central Phase 3 residential units[87](index=87&type=chunk) - As of June 30, 2025, the group's unrecognised contract sales revenue from properties (including investment properties and attributable share of joint ventures) amounted to **HK$44.4 billion**[87](index=87&type=chunk) - Hong Kong property investment rental income decreased by **2%** to **HK$17.531 billion**, with net rental income decreasing by **3%** to **HK$12.956 billion**; residential and serviced apartment property portfolio rental income increased by **12%** year-on-year[88](index=88&type=chunk) - Mainland China investment property portfolio rental income, in HKD terms, decreased by **2%** to **HK$6.173 billion**, with net rental income decreasing by **3%** to **HK$4.864 billion**[89](index=89&type=chunk) - The hotel segment recorded stable revenue of **HK$5.25 billion**, with improved room revenue and high occupancy rates, averaging **90%**[89](index=89&type=chunk) - SmarTone's operating profit increased by **7%** to **HK$752 million**, mainly from a one-off gain on the disposal of its Macau business and reduced service costs and operating expenses through cost control and efficiency measures[90](index=90&type=chunk) - SUNeVision's revenue increased by **10%** to **HK$2.938 billion**, with operating profit increasing by **18%** to **HK$1.489 billion**, primarily due to new customers moving into newly completed data centers, enhancing utilization[90](index=90&type=chunk) - The group (including its share of joint ventures and associates) recorded a net decrease in fair value of investment properties of **HK$1.557 billion**, with Hong Kong decreasing by **HK$1.105 billion**, Mainland China by **HK$1.232 billion**, and Singapore increasing by **HK$780 million**[92](index=92&type=chunk) - The group's net finance costs before capitalization decreased by **24%** to **HK$4.38 billion**, with the average cost of debt falling to **3.7%**; interest coverage ratio was **6 times**[93](index=93&type=chunk) [Financial Management](index=37&type=section&id=Financial%20Management) The group adopts a proactive and prudent financial management approach, maintaining a robust balance sheet and diversified funding sources [Gearing Ratio](index=37&type=section&id=Gearing%20Ratio) As of June 30, 2025, net debt decreased by **16%** to **HK$93.298 billion**, resulting in a gearing ratio of **15.1%**, reflecting improved financial health Gearing Ratio and Debt Profile | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Total Shareholders' Equity | 617,851 | 606,717 | Increase 11,134 | | Net Debt | 93,298 | 110,866 | Decrease 17,568 (16%) | | Gearing Ratio | 15.1% | 18.3% | Improvement | - The group's total debt amounted to **HK$110.217 billion**, with **63%** from bank borrowings and **37%** from notes and bonds[98](index=98&type=chunk) - The group's debt maturity profile remains healthy, with approximately **70%** of debt repayable in over two years, and the weighted average repayment period for the total debt portfolio is **3.1 years**[98](index=98&type=chunk) [Financial Resources](index=39&type=section&id=Financial%20Resources) The group's strong financial strength enables it to raise long-term funds at competitive rates and maintain ample unutilized committed bank facilities with a balanced maturity structure - The group's strong financial strength enables it to raise long-term funds at competitive rates through various channels[101](index=101&type=chunk) - The group consistently ensures ample unutilized committed bank facilities, mostly arranged on a medium-to-long-term basis with a balanced maturity structure, which helps reduce refinancing risk and enhance financing flexibility[101](index=101&type=chunk) [Foreign Exchange Risk Management](index=39&type=section&id=Foreign%20Exchange%20Risk%20Management) The group has minimal foreign exchange risk due to its HKD-denominated asset base, with Mainland net investments naturally hedged by RMB borrowings, and uses derivatives for risk management - The group has minimal foreign exchange risk due to its substantial HKD-denominated asset base and business cash flows[102](index=102&type=chunk) - The group does not use foreign currency derivatives to hedge the translation risk of its Mainland investments and maintains adequate RMB financial resources to meet funding needs[102](index=102&type=chunk) - The appreciation of RMB against HKD by approximately **2.3%** resulted in an exchange gain of approximately **HK$2.4 billion** when these RMB assets were translated into HKD at the June 30, 2025 exchange rate[102](index=102&type=chunk) - The group entered into interest rate swap agreements, cross-currency interest rate swap agreements, and foreign exchange forward contracts with a total notional principal of **HK$16.389 billion** to manage interest rate and foreign exchange risks, without engaging in speculative derivative or structured product trading[103](index=103&type=chunk) [Bank Balances and Cash](index=40&type=section&id=Bank%20Balances%20and%20Cash) As of June 30, 2025, bank balances and cash totaled **HK$16.919 billion**, with **61%** in HKD and **28%** in RMB, all held with high-credit-rated banks - As of June 30, 2025, the group's bank balances and cash amounted to **HK$16.919 billion**, with **61%** in HKD and **28%** in RMB[104](index=104&type=chunk) - All deposits are held with high-credit-rated banks, with appropriate credit limits set based on their credit ratings, and risks of financial counterparties are regularly monitored[104](index=104&type=chunk) [Pledged Assets](index=40&type=section&id=Pledged%20Assets) Group subsidiaries pledged **HK$45 million** in bank deposits as security for bank guarantees and **HK$17.492 billion** in other assets as security for bank borrowings - Group subsidiaries pledged bank deposits totaling **HK$45 million** as security for bank guarantees[105](index=105&type=chunk) - Group subsidiaries pledged certain assets with a total book value of **HK$17.492 billion** as security for bank borrowings[105](index=105&type=chunk) [Contingent Liabilities](index=40&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the group's contingent liabilities totaled **HK$1.955 billion**, primarily comprising guarantees for joint venture borrowings and other guarantees - As of June 30, 2025, the group's contingent liabilities amounted to **HK$1.955 billion**, primarily related to guarantees for bank borrowings granted to joint ventures and other guarantees[106](index=106&type=chunk) Other Corporate Information [Group Remuneration Policy and Long-Term Incentive Schemes](index=41&type=section&id=Group%20Remuneration%20Policy%20and%20Long-Term%20Incentive%20Schemes) The group employs over **38,000 staff** with total remuneration of approximately **HK$15.122 billion**, based on market levels, individual performance, and comprehensive benefits - As of June 30, 2025, the group employed over **38,000 staff**, with total employee remuneration before reimbursement of expenses amounting to approximately **HK$15.122 billion** for the year[107](index=107&type=chunk) - The group's remuneration policy is determined based on market levels, individual employee performance, and contributions, with widespread use of performance-based bonuses[107](index=107&type=chunk) [Criteria for Determining Directors' Remuneration](index=41&type=section&id=Criteria%20for%20Determining%20Directors'%20Remuneration) Directors' remuneration is determined by market benchmarks, individual capabilities and contributions, and the company's affordability, with appropriate benefits for executive directors - In determining the remuneration level for each director, the company considers market benchmarks, individual capabilities and contributions, and the company's affordability[108](index=108&type=chunk) [Dividends (Company Announcement)](index=41&type=section&id=Dividends%20(Company%20Announcement)) The Board proposed a final dividend of **HK$2.80 per share**, maintaining the full-year dividend at **HK$3.75 per share**, payable on November 20, 2025 - The Board of Directors proposed a final dividend of **HK$2.80 per share** for the year ended June 30, 2025, which, together with the interim dividend of **HK$0.95 per share** paid on March 20, 2025, brings the total annual dividend for the year ended June 30, 2025, to **HK$3.75 per share**, the same as last year[109](index=109&type=chunk) - If the proposed final dividend is approved at the upcoming Annual General Meeting, it will be paid in cash on **Thursday, November 20, 2025**, to shareholders whose names appear on the company's register of members on **Wednesday, November 12, 2025**[109](index=109&type=chunk) [Annual General Meeting](index=41&type=section&id=Annual%20General%20Meeting) The 2025 Annual General Meeting will be held on November 6, 2025, with the relevant notice to be sent to shareholders in due course - The 2025 Annual General Meeting will be held on **Thursday, November 6, 2025**[110](index=110&type=chunk) [Closure of Register of Members](index=42&type=section&id=Closure%20of%20Register%20of%20Members) The company's register of members will be closed from November 3 to November 6, 2025, to determine eligibility for the AGM, and on November 12, 2025, for final dividend entitlement - To ascertain eligibility to attend and vote at the 2025 Annual General Meeting, the company's register of members will be closed from **Monday, November 3, 2025, to Thursday, November 6, 2025** (both dates inclusive)[114](index=114&type=chunk) - To ascertain entitlement to the proposed final dividend, the company's register of members will be closed on **Wednesday, November 12, 2025**[114](index=114&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=42&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities during the year ended June 30, 2025 - During the year ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[112](index=112&type=chunk) [Audit and Risk Management Committee](index=42&type=section&id=Audit%20and%20Risk%20Management%20Committee) The annual results for the year ended June 30, 2025, were reviewed by the Audit and Risk Management Committee, and the consolidated financial statements were audited with an unmodified opinion - The annual results for the year ended June 30, 2025, have been reviewed by the company's Audit and Risk Management Committee, and the group's consolidated financial statements have been audited by the company's auditor, Deloitte Touche Tohmatsu, who issued an unmodified opinion[113](index=113&type=chunk) [Compliance with Corporate Governance Code](index=43&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company complied with the Corporate Governance Code, with the exception of combining Chairman and CEO roles, which the board deems balanced due to independent oversight - During the year ended June 30, 2025, the company complied with the applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules, except that the company did not separate the roles of Chairman and Chief Executive Officer as required by code provision C.2.1[115](index=115&type=chunk) - The Board includes two Non-Executive Directors and seven Independent Non-Executive Directors, who provide diverse experience, expertise, independent advice, and perspectives, thus the Board believes that the power distribution is balanced and adequately safeguarded[115](index=115&type=chunk) [Annual Report](index=43&type=section&id=Annual%20Report) The 2024-2025 Annual Report, containing all financial and other relevant information, will be published by the end of October 2025 on HKEX and company websites and sent to shareholders - The 2024-2025 Annual Report, containing all financial and other relevant information as required by the Listing Rules, will be published by the end of October 2025 on the website of Hong Kong Exchanges and Clearing Limited (www.hkexnews.hk) and the company's website (www.shkp.com), and sent to shareholders[116](index=116&type=chunk)

Group 1 - The top three stocks with the highest short-selling ratios are China Resources Beer (100.00%), Lenovo Group (100.00%), and Anta Sports (100.00%) [1][2] - The top three stocks with the highest short-selling amounts are Alibaba (2.283 billion), Tencent Holdings (1.289 billion), and Xiaomi Group (1.113 billion) [1][2] - The top three stocks with the highest deviation values are China Resources Beer (50.97%), Lenovo Group (46.84%), and Tencent Holdings (44.51%) [1][2] Group 2 - The top ten short-selling ratio rankings include China Resources Beer, Lenovo Group, and Anta Sports, all at 100.00% [2] - The top ten short-selling amounts show Alibaba leading with 22.83 billion, followed by Tencent Holdings and Xiaomi Group [2] - The top ten deviation values highlight China Resources Beer and Lenovo Group with significant deviations from their average short-selling ratios [2]

Market Overview - The Hang Seng Index fell by 153.12 points, a decrease of 0.6%, closing at 25,343.43 points [1] - The total turnover for the day on the main board was 267.647 billion HKD [1] - The Hang Seng China Enterprises Index dropped by 58.1 points, closing at 9,050.02 points, a decline of 0.64% [1] - The Hang Seng Tech Index decreased by 44.72 points, closing at 5,683.74 points, a drop of 0.78% [1] Blue Chip Stocks - Tencent Holdings fell by 0.33%, closing at 598.5 HKD [1] - Hong Kong Exchanges and Clearing decreased by 1.35%, closing at 437.6 HKD [1] - China Mobile increased by 0.12%, closing at 85.7 HKD [1] - HSBC Holdings declined by 0.6%, closing at 99.15 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings dropped by 1.41%, closing at 36.42 HKD [1] - Sun Hung Kai Properties fell by 1.66%, closing at 92.1 HKD [1] - Henderson Land Development decreased by 1.35%, closing at 26.3 HKD [1] Chinese Financial Stocks - Bank of China fell by 0.92%, closing at 4.31 HKD [1] - China Construction Bank decreased by 0.91%, closing at 7.63 HKD [1] - Industrial and Commercial Bank of China dropped by 1.2%, closing at 5.74 HKD [1] - Ping An Insurance increased by 0.09%, closing at 56.5 HKD [1] - China Life Insurance fell by 0.77%, closing at 23.16 HKD [1] Oil and Petrochemical Stocks - Sinopec fell by 0.92%, closing at 4.29 HKD [1] - PetroChina increased by 0.91%, closing at 7.74 HKD [1] - CNOOC dropped by 0.95%, closing at 19.87 HKD [1]

Market Overview - The Hang Seng Index (HSI) closed at 25,485.70, down by 10.85 points or 0.04% as of September 2, 16:00 Eastern Time [1] - The index reached a high of 25,496.61 and a low of 25,284.62 during the trading session, with a trading volume of 95.8438 million [1] - The 52-week high for the index is 25,778.47, while the 52-week low is 17,034.99, indicating a trading range of 0.83% [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 100.038, up by 0.29% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 603.227, reflecting an increase of 0.45% from the Hong Kong close [2] Individual Stock Movements - Tencent Holdings (00700) latest price is HKD 600.500, down by HKD 4.500 or 0.74% [3] - Alibaba Group (09988) latest price is HKD 134.700, down by HKD 2.400 or 1.75% [3] - China Construction Bank (00939) latest price is HKD 7.700, up by HKD 0.150 or 1.99% [3] - Xiaomi Group (01810) latest price is HKD 55.850, up by HKD 1.850 or 3.43% [3] - AIA Group (01299) latest price is HKD 72.700, down by HKD 1.400 or 1.89% [3] - Hong Kong Exchanges and Clearing (00388) latest price is HKD 443.600, down by HKD 4.400 or 0.98% [3] - JD.com (09618) latest price is HKD 119.600, down by HKD 1.800 or 1.48% [3]