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, August 25, 2025 To ensure timely receipt of future Corporate Communications and Actionable Corporate Communications**, the Company recommends you to provide your email address by scanning your personalized QR code printed on the enclosed reply form (the "Reply Form"). To make your election, please fill in t ...

THIS FORM IS FOR THE USE OF THE SHAREHOLDER(S) NAMED IN BOX A ONLY. NO ACKNOWLEDGEMENT OF RECEIPT OF THIS FORM WILL BE ISSUED. FOR THE AVOIDANCE OF DOUBT, THE COMPANY DOES NOT ACCEPT ANY OTHER INSTRUCTIONS WRITTEN ON THIS FORM. 此表格只供名列於甲欄內之股東使用。本公司不會就此表格發出收訖確認。為免存疑，任何在此表格上的額外手寫指示，本公司將不予處理。 CERTIFICATE AND/OR DIVIDEND WARRANT FOR THE ENTITLEMENT WILL BE SENT BY ORDINARY POST TO THE SHAREHOLDER(S) AT THE SHAREHOLDER'S(S') POSTAL RISK TO THE ABOVE ADDRESS. DIVIDEND WARRANT WILL BE SENT IN ACCORDANCE WITH STAND ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的持牌證券 交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下的恒隆地產有限公司股份全部售出或轉讓，應立即將本通函及隨 附的選擇表格（如有）送交買主或承讓人，或經手買賣或轉讓的銀行、持牌證券交 易商或其他代理商，以便轉交買主或承讓人。 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通函的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就因本通函全 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。 在香港境外任何地區收到本通函及╱或選擇表格的海外股東，不得將其視為參與 以股代息安排的邀約，除非本公司可毋須遵照相關司法權區任何登記或其他要求 或手續，合法地向股東作出有關邀約。任何海外股東如欲收取以股代息股份，須 自行承擔責任，遵守一切任何有關司法權區之法律規定，包括獲得任何政府或其 他同意或遵守任何規定及辦理所需手續。因海外股東違反任何相關司法管轄區的 法律而導致或產生與根據以股代息安排收取中期股息及╱或以股代息股份有關的 任何後果，將由相關海外股東獨自承擔。 釋 義 於 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The real estate sector is at a historical low in holdings, combined with interest rate cuts, which enhances the attractiveness of investments in this sector [4] - The report highlights that the fund holdings in real estate stocks have reached a historical low, with a significant drop in market value from 14.1 billion to 3 billion, a decrease of 80% [19] - The report identifies several driving factors, including low fund holdings, global policy cycles, and high base pressure in Q4 2025, which necessitate further policy support [5] Summary by Sections 1. Real Estate Heavyweight Stock Analysis: Historical Low Holdings - The number of funds holding real estate stocks has reached a five-year low, with a decline from 372 funds in Q4 2020 to 194 funds in Q4 2023 [13] - The total market value of funds holding real estate stocks has decreased significantly, reaching a historical low of 3 billion by H1 2025 [19] - The report notes that the proportion of funds overweight in real estate stocks has remained around 55% over the past five years, indicating a stable but low allocation [23] 2. Impact of US Rate Cuts on Chinese Real Estate Stocks - The report discusses the correlation between US interest rate cuts and the valuation recovery of Chinese real estate stocks, suggesting that these cuts can alleviate pressure on the Chinese yuan and provide opportunities for local rate cuts [56] - It emphasizes that the US rate cuts can improve the financing environment for Chinese real estate companies, thereby enhancing their credit profiles and market valuations [58] - The report anticipates a 92.1% probability of a rate cut by the Federal Reserve in September 2025, which could further influence the Chinese real estate market positively [61]

Group 1 - The one-month Hong Kong Interbank Offered Rate (HIBOR) has risen to over 2% after remaining low for three months, which is considered expected [1] - HIBOR is anticipated to stay within the range of 2% to 3% in the foreseeable future [1] - The Hong Kong real estate sector is expected to maintain resilience in the coming month until the government announces the Policy Address, as the market is building expectations for new policies [1] Group 2 - Following the interest rate cuts in the US, the real estate sector may experience a short-term respite [1] - The industry is believed to gradually recover over time [1] - Among rental stocks, the company is optimistic about Swire Properties, Hang Lung Properties, Kowloon Development, and Link REIT; for developers, it favors Henderson Land and Sino Land [1]

Core Viewpoint - Morgan Stanley reports that after three months of low HIBOR (below 1.2%), the one-month HIBOR has risen above 2% this week, which was anticipated. The firm believes HIBOR will likely remain in the range of 2-3% in the future [1] Group 1: Market Reaction - The rise in HIBOR has led to Hong Kong property stocks underperforming the Hang Seng Index by 4% over the past two days, which is considered a natural reaction [1] Group 2: Future Outlook - For the upcoming month (until mid-September), the property sector is expected to show resilience due to two main factors: 1) Increased market expectations for new policy support following the policy address on September 17; 2) Anticipated interest rate cuts in the US [1] - Over a 12-month horizon, Morgan Stanley predicts a gradual recovery in the Hong Kong property market, particularly in the residential and retail sectors [1] Group 3: Stock Recommendations - In the retail sector, the firm is optimistic about Swire Properties (01972), Hang Lung Properties (00101), Wharf Real Estate Investment (01997), and Link REIT (00823) [1] - In the residential sector, the firm favors Henderson Land Development (00012) and Sino Land Company (00083) [1]

Core Viewpoint - Morgan Stanley reports that after three months of HIBOR being below 1.2%, it has risen above 2% this week, which was anticipated. The bank expects HIBOR to remain in the range of 2-3% in the future [1] Group 1: Market Reaction - The rise in HIBOR has led to Hong Kong property stocks underperforming the Hang Seng Index by 4% over the past two days, which is seen as a natural reaction [1] Group 2: Future Outlook - For the upcoming month until mid-September, the property sector is expected to show resilience due to increased market expectations for new policy support from the policy address on September 17 and potential interest rate cuts in the US [1] - Over a 12-month horizon, the Hong Kong property market, particularly residential and retail sectors, is anticipated to gradually recover [1] Group 3: Stock Recommendations - In the retail sector, the bank is optimistic about Swire Properties (01972), Hang Lung Properties (00101), Wharf Real Estate Investment (01997), and Link REIT (00823) [1] - In the residential sector, the bank favors Henderson Land Development (00012) and Sino Land Company (00083) [1]

瑞银发布研报称，潜在将资产分拆为私人REIT或会改变投资者对恒隆地产(00101)的看法。该股的P/B仅 为0.29倍，任何资产剥离都将有助其缩小每股资产净值(NAV)折扣;潜在的资产剥离或有助于恒隆减轻负 债;恒隆可以通过私人REIT持续产生费用收入，并拥有私人REIT平台以便未来资本回收。该行将恒隆地 产的目标价上调14%，由8.4港元升至9.6港元，维持"买入"评级，调整今明两年盈测-4%及+3%，以反映 最新中期业绩及杭州商场的落成时间表。 ...

智通财经APP获悉，瑞银发布研报称，潜在将资产分拆为私人REIT或会改变投资者对恒隆地产(00101) 的看法。该股的P/B仅为0.29倍，任何资产剥离都将有助其缩小每股资产净值(NAV)折扣;潜在的资产剥 离或有助于恒隆减轻负债;恒隆可以通过私人REIT持续产生费用收入，并拥有私人REIT平台以便未来资 本回收。该行将恒隆地产的目标价上调14%，由8.4港元升至9.6港元，维持"买入"评级，调整今明两年 盈测-4%及+3%，以反映最新中期业绩及杭州商场的落成时间表。 ...

该行将恒隆地产的目标价由8.4港元上调至9.6港元，维持"买入"评级，调整今明两年盈测-4%及+3%，以 反映最新中期业绩及杭州商场的落成时间表。 瑞银发表研究报告指，潜在将资产分拆为私人REIT或会改变投资者对恒隆地产的看法。该股的P/B仅为 0.29倍，任何资产剥离都将有助其缩小每股资产净值(NAV)折扣；潜在的资产剥离或有助于恒隆减轻负 债；恒隆可以通过私人REIT持续产生费用收入，并拥有私人REIT平台以便未来资本回收。 ...