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。 恒隆集團有限公司 HANG LUNG GROUP LIMITED （於香港註冊成立之有限公司） 恒隆地產有限公司 HANG LUNG PROPERTIES LIMITED （股份代號﹕00010） （於香港註冊成立之有限公司） （股份代號﹕00101） 聯合公布 行政總裁及執行董事榮休 恒隆集團有限公司 (「恒隆集團」) 及恒隆地產有限公司 ( (「恒隆地產」) ，連同恒隆集團統稱 「本集團」) 董事會 (「董事會」) 謹此聯合宣布，盧韋柏先生 (「盧先生」) 將於2026 年 8 月 31 日或之前榮休，並不再擔任本集團行政總裁及執行董事之職位。 董事會正在進行全面的甄選，以物色盧先生的繼任人，而盧先生將協助並促進領導層順利交接。 盧先生在任期間，憑誠信、遠見卓識、以及對卓越的不懈追求，帶領本集團前行。董事會對盧 先生的領導及對本集團堅定不移的貢獻，表達深切的謝意，並同時期待盧先生榮休後，能以待 定的 ...

Core Insights - Hang Lung Group is transitioning its business model from incremental development to optimizing existing assets, marking a significant shift in its strategy [1][2][7] - The company has signed a 20-year lease for the Nanjing West Road 1038 commercial property, which will add approximately 96,000 square meters to its portfolio, increasing its total area by 44% to about 312,335 square meters [1][8] - The new strategy, referred to as "V.3," focuses on light-asset operations, including leasing and upgrading existing properties, to adapt to market changes and consumer preferences [1][9] Company Developments - Hang Lung has recently engaged in multiple commercial projects in Hangzhou, Wuxi, and Shanghai, utilizing a similar operational logic of leasing and asset enhancement [1][3] - The company plans to invest at least 500 million yuan in renovations for the Nanjing West Road 1038 project, which is part of a total investment of 2.2 billion yuan [3][4] - The new company formed for the Nanjing project includes shareholders from Shanghai Jiubai and Hang Lung's subsidiary, with respective investments of 258 million yuan, 86 million yuan, and 516 million yuan [3] Market Context - The Nanjing West Road area is undergoing a transformation from single-point commercial entities to a comprehensive high-end consumer zone, supported by local government policies [8] - The rental income for the former Meilong Town Plaza has seen a decline since 2020, indicating the need for revitalization and strategic repositioning [3][7] - The overall rental levels in the Nanjing West area have fluctuated, with the former Meilong Town Plaza's rental income dropping to around 2,100 yuan per square meter per month by 2023 [3] Leadership and Strategy - Chen Wenbo, the third-generation successor, is leading the company's transformation efforts, having previously held various positions within the organization and successfully managed significant renovation projects [5][6] - The company's strategy aims to balance high-end luxury with emerging trends in consumer behavior, shifting from pure luxury to a blend of trendy and experiential retail [7][9] - The light-asset model is expected to mitigate market risks while allowing Hang Lung to maintain operational control and reduce financial pressure [9]

Group 1 - The core viewpoint of the news is the performance and details of the Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117), which closed with a slight increase of 0.10% on December 17, with a trading volume of 6.0187 million yuan [1] - The fund was established on September 30, 2025, with an annual management fee of 0.30% and a custody fee of 0.10%, and its performance benchmark is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1] - As of December 16, the latest share count for the ETF is 155 million shares, with a total size of 158 million yuan [1] - The ETF has shown liquidity with a cumulative trading amount of 97.7976 million yuan over the last 20 trading days, averaging 4.8899 million yuan per day [1] Group 2 - The latest report indicates that the ETF's top holdings include companies such as Hang Lung Properties, Jiangxi Copper, China Shenhua, and others, with specific holding percentages and market values detailed [2] - The top holdings and their respective percentages are as follows: Hang Lung Properties at 1.08% with a market value of 4.0664 million yuan, Jiangxi Copper at 1.08% with a market value of 4.0565 million yuan, and China Shenhua at 1.05% with a market value of 3.9728 million yuan, among others [2]

Group 1 - Henglong Real Estate announced the acquisition of a 20-year operational lease for the former Meilong Town Square project, which will be developed into a comprehensive commercial landmark integrating retail, hotel, and office spaces targeting a new generation of consumers [1] - The project will increase Henglong's total building area in the Nanjing West Road business district by approximately 96,000 square meters, expanding the area by about 44% [6] - Henglong's strategy includes expanding existing projects to enhance business operations and strengthen its position in the market, as seen in its previous expansions in Hangzhou and Wuxi [8] Group 2 - The luxury retail market is experiencing a shift, with brands like Dolce&Gabbana returning to Henglong Plaza, indicating a trend of luxury brands seeking stability in challenging market conditions [3][4] - The introduction of high-end outdoor brands like Descente into Henglong Plaza reflects a broader acceptance of diverse retail categories within luxury shopping environments, catering to evolving consumer preferences [10][12] - The competitive landscape is shifting from merely providing a wide range of products to enhancing customer experience and meeting diverse lifestyle needs, as seen in the upcoming expansion of Henglong Plaza [16][20]

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) experienced a decline of 1.46% in its closing price on December 16, with a trading volume of 8.09 million yuan [1]. Group 1: Fund Overview - The fund was established on September 30, 2025, and is officially named Penghua S&P Hong Kong Stock Connect Low Volatility Dividend ETF [1]. - The management fee for the fund is set at 0.30% annually, while the custody fee is 0.10% annually [1]. - The fund's performance benchmark is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1]. Group 2: Fund Size and Liquidity - As of December 15, the latest share count for the ETF is 155 million shares, with a total size of 160 million yuan [1]. - Over the past 20 trading days, the cumulative trading amount for the ETF reached 100 million yuan, with an average daily trading amount of 5.01 million yuan [1]. Group 3: Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception on September 30, 2025, achieving a return of 3.58% during their tenure [1]. Group 4: Top Holdings - The ETF's top holdings include: - Hang Lung Properties: 1.08% holding, 496,000 shares valued at 4.07 million yuan - Jiangxi Copper: 1.08% holding, 122,000 shares valued at 4.06 million yuan - China Shenhua: 1.05% holding, 110,000 shares valued at 3.97 million yuan - Far East Horizon: 0.99% holding, 588,000 shares valued at 3.72 million yuan - CNOOC: 0.96% holding, 210,000 shares valued at 3.62 million yuan - Sino Land: 0.94% holding, 384,000 shares valued at 3.54 million yuan - PetroChina: 0.87% holding, 496,000 shares valued at 3.29 million yuan - Hengan International: 0.87% holding, 134,500 shares valued at 3.26 million yuan - Henderson Land: 0.81% holding, 122,000 shares valued at 3.05 million yuan - Bank of China Hong Kong: 0.81% holding, 91,000 shares valued at 3.06 million yuan [2].

Core Viewpoint - Morgan Stanley has set a target price of HKD 10 for Hang Lung Properties (00101) and assigned an "Overweight" rating, highlighting the company's potential for growth due to recent lease agreements and attractive valuation [1][5]. Group 1: Company Developments - Hang Lung Properties has successfully secured long-term operating leases for the expansion projects at 1038 Nanjing West Road in Shanghai and Hang Lung Plaza in Wuxi [1][5]. - The management indicated that the projected internal rate of return (IRR) for each new light-asset project is in the double-digit percentage range, with a payback period within ten years [1][5]. - The recent addition of three light-asset leases has increased the company's property portfolio by 185,000 square meters [1][5]. Group 2: Market Outlook - Morgan Stanley considers Hang Lung Properties as one of its preferred stocks due to the continuous improvement in tenant sales in mainland China [1][5]. - The company anticipates that the light-asset operating leases will start contributing to growth in the fiscal year 2028/29, providing new growth momentum [1][5]. - The stock is viewed as attractively valued, with a dividend yield of 5.8% and high certainty in dividend payouts [1][5].

Core Viewpoint - Morgan Stanley has set a target price of HKD 10 and an "Overweight" rating for Hang Lung Properties (00101) following the successful acquisition of long-term operating leases for expansion projects in Shanghai and Wuxi [1] Group 1: Company Developments - The company has successfully secured long-term operating leases for the expansion projects at 1038 Nanjing West Road in Shanghai and Hang Lung Plaza in Wuxi [1] - The management indicated that the projected internal rate of return (IRR) for each new light-asset project is in the double-digit percentage range, with a payback period within ten years [1] - The recent addition of three light-asset leases has increased the company's property portfolio by 185,000 square meters [1] Group 2: Market Outlook - Hang Lung Properties remains one of Morgan Stanley's preferred stocks due to the continuous improvement in tenant sales in mainland China [1] - The company anticipates that the light-asset operating leases will start contributing to growth in the fiscal year 2028/29, providing new growth momentum [1] - The stock is considered attractively valued, with a dividend yield of 5.8% and high certainty in dividend payouts [1]

Core Viewpoint - Morgan Stanley's research report indicates that Hang Lung Properties has successfully secured long-term operating leases for expansion projects in Shanghai and Wuxi, with projected internal rates of return (IRR) for each new light-asset project reaching double-digit percentages and payback periods within ten years [1] Group 1 - The recent addition of three light-asset leases has increased the company's property portfolio by 185,000 square meters [1] - Hang Lung Properties remains a preferred stock due to the continuous improvement in tenant sales in mainland China [1] - The light-asset operating leases are expected to start contributing to growth in the fiscal year 2028/29, providing new growth momentum [1] Group 2 - The stock valuation is attractive, with a dividend yield of 5.8% and high certainty in dividend payouts [1] - The target price set by Morgan Stanley is HKD 10, with a "Buy" rating [1]

Investment Rating - The report maintains a "Positive" rating for the real estate sector, highlighting opportunities in shopping center value reassessment and new housing tracks [4][22][39] Core Insights - The investment side of the real estate sector continues to weaken, with cumulative investment from January to November 2025 down by 15.9% year-on-year, and a significant drop of 30.3% in November alone [4][21] - The sales side is also under pressure, with cumulative sales area down by 7.8% year-on-year and a notable decline of 25.1% in November [22][35] - Funding sources are tightening, with total funding for real estate development down by 11.9% year-on-year, and a sharp decline of 32.5% in November [40] Investment Side Summary - Cumulative real estate development investment from January to November 2025 reached 785.91 billion yuan, down 15.9% year-on-year, with November's single-month investment declining by 30.3% [5][21] - New construction starts fell by 20.5% year-on-year, with a 27.6% drop in November [19][21] - The report forecasts continued weakness in investment, with predictions for 2025-2026 showing construction starts down by 18.0% and total investment down by 14.2% [4][21] Sales Side Summary - Cumulative sales area for real estate from January to November 2025 was 790 million square meters, down 7.8% year-on-year, with November's sales area declining by 17.3% [22][35] - Cumulative sales revenue reached 7.5 trillion yuan, down 11.1% year-on-year, with a 25.1% drop in November [22][35] - The average selling price of properties decreased by 3.4% year-on-year, with a notable decline of 9.5% in November [34][35] Funding Side Summary - Total funding sources for real estate development amounted to 850 billion yuan, down 11.9% year-on-year, with November showing a 32.5% decline [40] - Domestic loans decreased by 2.5% year-on-year, with a 10.4% drop in November [40] - Self-raised funds fell by 11.9% year-on-year, with a significant 30.7% decline in November [40]

Core Viewpoint - The luxury retail landscape in Shanghai is undergoing significant changes, with traditional players like Shanghai Hang Lung Plaza facing challenges from new entrants and changing consumer preferences. The partnership between Hang Lung Properties and Shanghai Jiubai to manage the Meilong Town Plaza is a strategic move to expand their market presence and adapt to these shifts [2][8][16]. Group 1: Strategic Moves - Hang Lung Properties has announced a collaboration with Shanghai Jiubai to take over the commercial operations of Meilong Town Plaza, expanding its retail footprint by approximately 96,000 square meters, increasing the total area of Shanghai Hang Lung Plaza by 44% to about 312,300 square meters [2][5]. - The partnership is described as having "epoch-making significance" by Hang Lung's CEO, indicating the importance of this move in the context of Shanghai's luxury retail market [2][5]. - The renovation of Meilong Town Plaza is set to transform it into a comprehensive commercial landmark, incorporating retail, hotel, and office spaces, with plans to introduce a luxury hotel for the first time [7][11]. Group 2: Market Challenges - The luxury retail sector in Shanghai has faced a downturn, with Hang Lung Plaza experiencing a 24% decline in tenant sales in 2022 and a further 8% drop in the first half of 2023 [9][10]. - The limited size of Hang Lung Plaza, at 53,700 square meters, is seen as a constraint on its ability to accommodate larger brand offerings and meet consumer demand [10]. - The competitive landscape is intensifying, with new luxury retail developments in Shanghai, such as the Louis Vuitton flagship and other high-end brands, challenging the traditional dominance of Hang Lung Plaza [16]. Group 3: Financial Performance - Hang Lung Properties reported a 6% decline in overall rental income for 2024, marking the first drop after 24 years of continuous growth, with mainland rental income down by 5% [12][13]. - The company is shifting its strategy towards a lighter asset model, focusing on existing projects rather than expanding into new cities, as indicated by its "Hang Lung V.3" strategy [13][14]. - Recent acquisitions, such as the 20-year operating rights for Hangzhou Department Store and Wuxi New World Department Store, reflect a strategic pivot to enhance existing market positions rather than aggressive expansion [15][16].