Group 1 - The land parcel in Ngau Tau Kok has received at least 9 bids, indicating strong interest from various developers including Sun Hung Kai Properties, China Overseas Land & Investment, and K Wah International [1] - The area is well-equipped with amenities and has seen limited supply in recent years, suggesting a high demand for residential projects [1] - The land parcel is valued between HKD 11.4 billion to HKD 18 billion, with a price per square foot ranging from HKD 4,000 to HKD 5,930 [1] Group 2 - The Town Planning Board has revised the zoning of the land from "Government, Institution or Community" to "Residential (Group A) 4," allowing for residential development [2] - The proposed project includes a 30-story residential building with 420 units, accommodating approximately 1,092 residents, and is expected to be completed by 2031/2032 [2] - The site has a total area of approximately 33,713 square feet, with a maximum residential floor area of 252,851 square feet [1][2]

Core Viewpoint - Morgan Stanley's report indicates that Sun Hung Kai Properties (00016) is expected to announce its interim results for the fiscal year ending December 2026 at the end of February, with a projected year-on-year increase of 13% in basic earnings per share to HKD 3.89, while maintaining an interim dividend of HKD 0.95 per share [1] Group 1: Financial Performance - The report anticipates a profit margin for property development projects to reach high double-digit levels due to the accounting of completed inventory at lower costs and recent price increases for new sales [1] - The expected earnings per share growth of 13% reflects strong operational performance and market conditions [1] Group 2: Project Developments - The Sierra Sea Phase 2A & 2B project is performing well, and the company is expected to launch a luxury residential project, Tianxi-Hai Phase 2, in the Kai Tak runway area [1] - The initial pricing for the second phase is anticipated to exceed HKD 45,000 per square foot, with a projected profit margin of over 15%, based on the first phase's average transaction price exceeding HKD 50,000 per square foot [1] Group 3: Investment Rating - Morgan Stanley has assigned an "Overweight" rating to Sun Hung Kai Properties, with a target price set at HKD 120 [1]

Core Viewpoint - Morgan Stanley's report indicates that Sun Hung Kai Properties (00016) is expected to announce its interim results for the fiscal year ending December 2026 at the end of February, with a projected 13% year-on-year increase in basic earnings per share to HKD 3.89, while maintaining an interim dividend of HKD 0.95 per share [1] Group 1: Financial Performance - The expected basic earnings per share for the first half of the fiscal year is projected to be HKD 3.89, reflecting a 13% increase compared to the previous year [1] - The interim dividend is anticipated to remain unchanged at HKD 0.95 per share [1] Group 2: Property Development Insights - The report highlights that the profit margin for property development projects may reach high double-digit levels due to the accounting of low-cost completed inventory and recent price increases for new sales [1] - The Sierra Sea Phase 2A & 2B projects are performing well, and the company is expected to launch a luxury project, Tianxi-Hai Phase 2, in the Kai Tak runway area [1] - The average transaction price for the first phase exceeded HKD 50,000 per square foot, with initial pricing for the second phase expected to exceed HKD 45,000 per square foot, potentially yielding a profit margin of over 15% [1] Group 3: Investment Rating - Morgan Stanley has assigned an "Overweight" rating to Sun Hung Kai Properties, with a target price set at HKD 120 [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: 2026年1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: 新鴻基地產發展有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 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) | 00016 | | 說明 | | | | | | | 多櫃檯證券代號 | 80016 | RMB 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 2,897,780,274 | | 0 | | 2,897,780,274 | | 增加 / 減少 (-) | | | | ...

Market Overview - The Hang Seng Index (HSI) closed at 26,513.11, down by 334.21 points or 1.24% [1] - The index reached a high of 26,812.73 and a low of 26,414.23 during the trading session [1] - The trading volume was 70.4034 million shares, with an average price of 26,613.48 [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 139.704, up by 0.51% compared to the previous close [2][3] - Tencent Holdings closed at HKD 552.190, down by 1.04% compared to the previous close [2][3] - Alibaba Group (W) closed at HKD 159.500, down by 0.93% [3] - AIA Group closed at HKD 90.700, up by 1.40% [3] - Xiaomi Group (W) closed at HKD 33.960, down by 1.85% [3] - Meituan (W) closed at HKD 92.150, down by 1.13% [3] - China Ping An closed at HKD 72.050, up by 1.05% [3] ADR Performance - Tencent's ADR (TCEHY) was priced at USD 552.190, reflecting a decrease of 1.04% compared to its Hong Kong counterpart [3] - Alibaba's ADR (BABA) was priced at USD 155.411, down by 2.56% compared to its Hong Kong counterpart [3] - HSBC's ADR (HSBC) was priced at USD 139.704, up by 0.51% compared to its Hong Kong counterpart [3]

Group 1: Office Rental Market Overview - The average office rental price in eight major cities (Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, Nanjing, and Wuhan) decreased by 7.35% month-on-month to 2.3 yuan/square meter/day in December 2025, with the decline accelerating compared to November's 6.28% [4] - Year-on-year, the average rental price dropped by 19.37%, with all cities except Shenzhen experiencing double-digit declines, particularly in Guangzhou, Beijing, and Nanjing [4] - The imbalance between supply and demand in the office market is evident, with a 6.7% year-on-year increase in new office space completed in 2025, while demand remains weak, primarily supported by sectors like technology and finance [4] Group 2: Supply and Demand Dynamics - A significant influx of high-quality office projects is expected in major cities like Shanghai, Beijing, Guangzhou, Hangzhou, Xi'an, and Changchun from late 2025 to early 2026 [5] - The first-tier cities' Grade A office rental prices continued to decline in Q4 2025, with varying degrees of decrease across the four cities [4] - The vacancy rate in Beijing decreased due to no new supply, while Shanghai, Guangzhou, and Shenzhen saw high vacancy rates due to new supply or high existing stock [4] Group 3: Project Developments and Market Activity - Major commercial real estate companies like China Resources Land, Oceanwide Holdings, and Hang Lung Properties are actively developing new projects and revitalizing existing assets through urban renewal [7][9] - The Shanghai China Resources Center, a key project, has a total construction area of approximately 125,000 square meters and has completed its construction registration, allowing for immediate tenant entry [8] - The operational capabilities of office space operators are crucial, with projects like the Shanghai China Resources Center attracting luxury brands like LV, indicating strong foreign investment confidence in the Shanghai market [11] Group 4: Market Expansion and Trends - The office space service sector is witnessing a gradual recovery in expansion confidence, with 12 new projects signed or opened during the reporting period, reflecting a positive trend [16] - IWG Group leads with four new openings in cities like Shenzhen and Hefei, emphasizing its deep penetration into core cities [16] - The concentration of projects in core cities and key areas is notable, with Shenzhen being the most active city, followed by Shanghai, indicating a strong demand for office space driven by small and medium enterprises [17]

Group 1 - Executive Director Feng Xiuyan has resigned for health reasons, and the board has accepted her resignation effective immediately [1][3] - Feng confirmed that there are no disagreements with the company's board [3] - Feng has been with Sun Hung Kai Properties since 1991, overseeing strategic planning, development, and management of major shopping malls in cities like Hong Kong, Shanghai, Nanjing, Beijing, and Hangzhou [5][7] Group 2 - Feng was involved in a corruption incident related to the operation of the Shanghai IAPM mall, which led to her suspension [7] - The company is currently reviewing the situation and will take appropriate follow-up actions [7] - Sun Hung Kai Properties focuses on developing high-quality residential, office buildings, and shopping malls, with landmark projects including the Hong Kong International Finance Centre and Shanghai Lujiazui [7] Group 3 - As of June last year, Sun Hung Kai Properties had a total floor area of 5.34 million square meters in Hong Kong and 6.07 million square meters in mainland China [9] - The current chairman and managing director is Guo Binglian [9] - The company's stock price has been rising, reaching HKD 123.7, with a total market capitalization of HKD 358.5 billion (approximately RMB 317.9 billion) [9]

Group 1 - The executive director Feng Xiuyan has resigned for health reasons, effective immediately, and there are no disagreements with the board [2] - Feng Xiuyan has been with Sun Hung Kai Properties since 1991, overseeing strategic planning and management of major shopping centers in cities like Hong Kong, Shanghai, Nanjing, Beijing, and Hangzhou [4] - The company is currently reviewing recent media reports regarding Feng's suspension due to alleged corruption related to the operation of the Shanghai IAPM shopping mall [4] Group 2 - As of June last year, Sun Hung Kai Properties had a total floor area of 5.34 million square meters in Hong Kong and 6.07 million square meters in mainland China [6] - The company focuses on developing high-quality residential, office buildings, shopping malls, and other non-property businesses, with landmark projects including the Hong Kong International Finance Centre and Shanghai Lujiazui IFC [4]

2026.02.04 本文字数：825，阅读时长大约1分钟 老牌房企高管"卷"入腐败疑云。 2月3日盘后，港资地产商新鸿基地产 （00016.HK） 发布公告，称因健康问题，冯秀炎已辞任公司执行 董事一职，自2月3日起生效。 据《国际金融报》，在此之前，已有多家香港媒体报道，称冯秀炎（Maureen Feng）已于2026年1月底 被停职，原因是与上海环贸IAPM商场营销活动招标、广告投放等业务环节的贪腐调查有关。 新鸿基地产对此表示"关于近日媒体报道提及的有关事项，新地正进行检视并会作出适当跟进"。昨日， 有新鸿基地产内部人士曾表示"对冯秀炎公司内部尚未发布通知"。 信息显示，冯秀炎于1991年加入新鸿基地产，此后一路晋升，日常主要负责新鸿基地产在香港、上海、 南京、北京及杭州多个主要商场的策略性规划、发展及管理，包括上海环贸IAPM、上海国金中心 IFC、南京IFC等核心商业项目。 爱企查App显示，冯秀炎是上海环贸广场房地产有限公司的法人代表及董事长、新鸿基国金中心房地产 （南京）有限公司的法人代表及董事，在集团旗下数个公司担任负责人。 | Q 爱企查 V882&MLRS | | 童老板▼ 冯秀炎 | ...

新鸿基开发的上海滨江凯旋门项目（吴典 摄） 信息显示，冯秀炎持有英国雷丁大学房地产管理理学士学位、美国东北路易斯安那大学工商管理硕士学位及香港大学房屋管理硕士（优等）学位，是 香港测量师学会及英国皇家特许测量师学会资深会员、注册专业测量师，以及中国房地产估价师，亦是香港商场管理学会创会主席。 她于1991年加入新鸿基地产，此后一路晋升。2022年8月，冯秀炎开始出任新鸿基地产执行董事，2025年7月1日获委任为公司提名委员会成员，日常 主要负责新鸿基地产在香港、上海、南京、北京及杭州多个主要商场的策略性规划、发展及管理，包括上海环贸IAPM、上海国金中心IFC、南京IFC等核 心商业项目。 老牌房企高管"卷"入腐败疑云。 2月3日盘后，港资地产商新鸿基地产发布公告，称因健康问题，冯秀炎已辞任公司执行董事一职，自2月3日起生效。 在此之前，已有多家香港媒体报道，称冯秀炎（Maureen Feng）已于2026年1月底被停职，原因是与上海环贸IAPM商场营销活动招标、广告投放等业 务环节的贪腐调查有关。 《国际金融报》记者据此联系新鸿基地产，后者表示"关于近日媒体报道提及的有关事项，新地正进行检视并会作出适当跟进 ...