Core Insights - The article highlights the competitive landscape of foreign-funded commercial real estate companies in mainland China, showcasing their unique strategies and project developments in the market [1]. Group 1: Company Strategies and Developments - Swire Properties has established a strong presence in mainland China with its "Swire" brand, focusing on high-quality commercial projects [1]. - New World Development has successfully launched several landmark commercial complexes in key cities, leveraging its experience from Hong Kong [5]. - K11 Group emphasizes a "Cultural Commerce" model, integrating art and culture into its commercial spaces, with multiple projects already operational [9][12]. - Hongkong Land has introduced a new series of high-end commercial brands, targeting affluent consumers in major cities [21]. - Hysan Development is expanding its footprint with a focus on high-end retail and mixed-use developments [1]. Group 2: Project Launches and Future Plans - In 2023, at least 14 new projects are expected to enter the market from various foreign-funded companies, with a significant focus on non-first-tier cities [1]. - Swire Properties plans to launch six new projects in the coming years, including major developments in Beijing and Shanghai [18]. - New World Development has six upcoming projects, including the largest commercial complex in Shanghai [7]. - K11 Group aims to open 30 new cultural commercial projects over the next five years, expanding its unique brand further [12]. - Hongkong Land is set to launch multiple new projects, including a significant development in Nanjing [24]. Group 3: Market Trends and Insights - The article notes a trend of foreign companies diversifying their product lines and adjusting their market strategies to cater to local consumer preferences [1]. - There is a growing emphasis on integrating cultural and artistic elements into commercial spaces, as seen with K11 and other brands [9][12]. - The competitive landscape is characterized by a mix of high-end and mid-range offerings, with companies like Swire and New World focusing on premium developments while others explore more accessible options [1][5].

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布的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公布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。 恒隆地產有限公司 HANG LUNG PROPERTIES LIMITED (於香港註冊成立之有限公司) (股份代號 ﹕00101) | | 普通決議案 | 票數 (%) | | | --- | --- | --- | --- | | | | 贊成 | 反對 | | 7. | 批准將回購的本公司股份加入第6項決議案之一般性 | 3,230,391,130 | 485,903,134 | | 授權 | | (86.9251%) | (13.0749%) | | 通決議案。 | 由於第1至第7項決議案各自之贊成票數均超過百分之五十，因此該等決議案皆獲通過為普 | | | 承董事會命 公司秘書 馬婉華 香港，2025年4月30日 2025年4月30日舉行之股東周年大會 投票表決結果 恒隆地產有限公司（「本公司」）欣然宣布，於2025年4月30日舉行之股東周年大會（「周 年大會」）上，載於2025年3月21日之 ...

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Core Viewpoint - The commercial real estate industry in 2024 faces a dual challenge, with sales-driven developers experiencing significant profit declines and asset impairments, while operation-oriented companies see stable rental growth and improved financial structures [1] Group 1: Profit Divergence and Cash Flow - The financial reports of commercial real estate in 2024 show a stark contrast, with some companies facing substantial losses while others maintain profitability through consistent rental income [2][3] - Sales-driven companies like Vanke and Baolong are struggling, with Vanke reporting a net loss of 49.4 billion yuan, marking its first significant loss since listing, and Baolong's loss expanding to 5.5 billion yuan [3] - In contrast, companies like China Resources Land and Longfor Group are maintaining profitability, with China Resources Land achieving a net profit of 25.42 billion yuan, despite an 8.5% year-on-year decline [3] Group 2: Rental Income and EBITDA - Rental income has become a critical cash flow source, with China Resources Land reporting rental income of 23.3 billion yuan, a year-on-year increase of 8.4% [4] - EBITDA is emerging as a new valuation anchor, with Longfor Group's operating cash flow exceeding 6 billion yuan, indicating strong operational stability [5][6] - Companies like Baolong and New Town Holdings show weaker EBITDA coverage, relying on asset disposals or financing to sustain operations [5] Group 3: Financial Structure and Risk Resistance - The net debt ratio has become a key indicator of a company's ability to withstand risks, with companies like Swire Properties maintaining a low net debt ratio of 4.4% [8] - A cash-to-short-debt ratio above 1.2x indicates a strong ability to cover short-term liabilities, while ratios below 0.8x may lead to credit rating changes [11] - Companies with a net debt ratio above 70% face high risks and may rely on asset sales for survival [8] Group 4: Strategic Models and Organizational Capability - The industry is witnessing a shift from project-based thinking to systematic capabilities, with companies needing to establish replicable cash flow models to enhance future valuations [23][30] - Three strategic models are emerging: long-term operational, mixed development and holding, and transitioning from heavy to light asset structures [24] - Companies like Swire and Hang Lung are exemplifying pure operational strategies, while others like Vanke and Baolong are struggling to find a clear path in their transitions [25][27] Group 5: Valuation Logic and Market Perception - The valuation logic in commercial real estate is shifting from land appreciation expectations to the sustainability of cash flows, with investors focusing on the ability to generate predictable cash [31][35] - Shopping centers are becoming the few assets still attracting positive valuation expectations, with China Resources Land's shopping center rental income reaching 19.3 billion yuan, a year-on-year increase of 8.4% [32] - The ability to securitize rental income is becoming crucial for future valuations, with companies needing to demonstrate clear cash flow structures and exit mechanisms [35][36] Group 6: Future Outlook and Recommendations - The future of companies in the commercial real estate sector will depend on their ability to convert properties into predictable cash flows and establish robust organizational capabilities [45][46] - Companies are advised to shift focus from project-centric strategies to developing standardized cash flow and asset securitization models [43] - Investors should prioritize evaluating EBITDA, rental recovery cycles, and interest coverage capabilities over traditional metrics like sales and profit margins [43]

Core Viewpoint - The company is optimistic about the mainland market, which currently accounts for 70% of its overall revenue, and sees it as a significant consumer market with great potential [2] Group 1: Business Strategy - The company is focusing on high-end commercial complexes, having established landmark projects in cities like Shanghai, Wuxi, Kunming, and Dalian, which has led to steady performance [3] - The company adopts a "commercial first" approach, contrasting with many mainland developers who follow a "residential to support commercial" model [3][4] - The company aims to optimize existing assets and enhance operational efficiency rather than pursuing blind expansion, with a focus on vertical growth [6] Group 2: Market Positioning - The company has positioned itself as a market leader in second-tier cities, which allows it to attract high-end consumer spending from surrounding areas [4] - The company believes that once it secures a leading position in high-end brands in second-tier markets, it becomes difficult for new entrants to disrupt its dominance [4] Group 3: Financial Performance - The company generates stable rental income of approximately 10 billion yuan annually, with a net profit of around 3 billion yuan, which could potentially increase to 4-5 billion yuan with operational optimization [7][8] - The company has a total saleable residential value of about 20 billion yuan in Hong Kong and mainland China, which can provide an average annual cash flow of around 4 billion yuan over a five-year sales cycle [7][8] Group 4: Future Outlook - The company plans to accelerate the sales pace of residential projects in 2025 to enhance cash flow and will not make hasty decisions due to short-term financial pressures [8] - The company anticipates a "golden return period" from 2027 to 2031 as projects like Hangzhou Henglun Plaza begin to yield returns [9]

Core Viewpoint - The event marked the 15th anniversary of the Tsinghua University-Henglong Real Estate Research Center, highlighting its role in promoting sustainable development in the real estate industry and its collaboration with Henglong Group [1][2] Group 1: Research Center Achievements - The research center has published over 500 high-quality papers, contributing significantly to academic research, policy-making, and industry practices, particularly in green building and sustainable development [1] - Henglong Group has donated a total of 33 million RMB to Tsinghua University since 2010 to support the center's academic development and practical innovation [1] - The center has successfully organized over 90 seminars, providing a vital platform for industry exchange and development [1] Group 2: Strategic Goals and Industry Trends - The research center aims to align with China's "dual carbon" goals, focusing on high-quality living demands and enhancing strategic cooperation with industry partners to support sustainable development [2] - The real estate industry is transitioning from expansion to operational efficiency, with new challenges and opportunities arising from carbon neutrality goals [3] - Henglong's plan includes eight core actions to achieve net-zero emissions by 2050, reducing greenhouse gas emissions from nearly 1 million tons in 2023 to below 100,000 tons [3] Group 3: Forum Discussions - The forums addressed urgent challenges and potential development directions in the industry, focusing on the transition from expansion to operational efficiency and the need for housing solutions for new citizens and the aging population [4] - Discussions included green building technologies, carbon reduction measures, and policy mechanisms under the carbon neutrality goals [4] - Experts from industry associations, academia, and enterprises participated, sharing insights and practical experiences to foster sustainable development in the real estate sector [4]

N O T I F I C AT I O N L E T T E R 通知信函 Dear Non-registered Shareholder* , March 21, 2025 Hang Lung Properties Limited (the "Company") - Notice of Publication of (i) 2024 Annual Report; (ii) Circular containing the Notice of Annual General Meeting; (iii) Proxy Form (collectively the "Current Corporate Communications"); and (iv) 2024 Sustainability Report We are pleased to inform you that the English and Chinese versions of the Current Corporate Communications of the Company are now available on the Company' ...

恒隆 地 產有 限 公司 HANG LUNG PROPERTIES LIMITED (Incorporated in Hong Kong with limited liability) ( 於香港註冊成立之有限公司 ) (Stock Code 股份代號: 00101) N O T I F I C AT I O N L E T T E R 通知信函 Dear Registered Shareholder, Hang Lung Properties Limited (the "Company") - Notice of Publication of (i) 2024 Annual Report; (ii) Circular containing the Notice of Annual General Meeting; (iii) Proxy Form (collectively the "Current Corporate Communications"); and (iv) 2024 Sustainability Report We are pleased to inform you that the Eng ...

恒隆 地 產有 限 公司 HANG LUNG PROPERTIES LIMITED (Incorporated in Hong Kong with limited liability) ( 於香港註冊成立之有限公司 ) (Stock Code 股份代號: 00101) 各位新登記股東： 收取公司通訊語言版本及方式之選擇 隨函附上恒隆地產有限公司（「本公司」）2024 年報（英文及中文版）、載有股東周年大會通告的通函及代表委任書，以供 閱覽。 本公司謹訂於 2025 年 4 月 30 日（星期三）上午 10 時正假座香港金鐘道 88 號太古廣場港麗酒店大堂低座港麗大禮堂召 開股東周年大會。 根據《香港聯合交易所有限公司證券上市規則》及本公司的組織章程細則，本公司將向 閣下提供下述方案，選擇以下 列方式收取本公司所有日後公司通訊*， 閣下可選擇： 就有關所有日後公司通訊， 閣下可以隨時根據有關法例及規例經股票過戶及登記處給予本公司書面通知，或電郵至 hlp.ecom@computershare.com.hk，以更改收取公司通訊語言版本及收取方式之選擇。 閣下收取印刷本之有關要求將一直維持有 效，直至該指示被撤銷、 ...

恒隆地產有限公司 HANG LUNG PROPERTIES LIMITED 使用者名稱: 列印於本信函（英文版）右上角條碼下方，以字母「C」為首之 閣下之十位數字股東參考 編號 密碼： 列印於股東參考編號下之五位數字個人識別號碼 個人識別號碼 (列印於本信函英文版) 各位股東： 恒隆地產有限公司（「本公司」） - 2025 年股東周年大會（「股東周年大會」） 本公司謹訂於 2025 年 4 月 30 日（星期三）上午 10 時正假座香港金鐘道 88 號太古廣場港麗酒店 大堂低座港麗大禮堂召開股東周年大會。 擬不親身出席股東周年大會之股東可於 https://edge.media-server.com/mmc/p/999mqk87（「網上直播 連結」）觀看股東周年大會之網上直播。網上直播將於股東周年大會開始前約 30 分鐘開放予股東透過 連接至互聯網之智能電話、平板裝置或電腦在任何地點登入。倘股東就如何觀看網上直播有任何疑問， 請參閱已刊載於本公司網頁的使用者指引。股東可儘快按代表委任書上之指示填妥，並於股東周年大會 （或其任何續會）指定舉行時間不少於 48 小時前交回本公司之股票過戶及登記處香港中央證券登記有 ...