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].

Core Viewpoint - The article emphasizes the importance of value investing and highlights Hang Lung Properties (HLPPY) as a strong value stock based on its financial metrics and Zacks Rank [1][2][6] Group 1: Company Overview - Hang Lung Properties (HLPPY) currently holds a Zacks Rank of 2 (Buy) and has a Value grade of A, indicating strong potential for value investors [4] - The stock has a Forward P/E ratio of 9.50, significantly lower than the industry average of 16.12, suggesting it may be undervalued [4] - Over the past 12 months, HLPPY's Forward P/E has fluctuated between a high of 12.27 and a low of 6.21, with a median of 8.61 [4] Group 2: Valuation Metrics - HLPPY has a P/B ratio of 0.21, which is attractive compared to the industry's average P/B of 0.58, indicating a favorable market value relative to its book value [5] - The P/B ratio for HLPPY has ranged from a high of 0.29 to a low of 0.17 over the past year, with a median of 0.21 [5] - These valuation metrics contribute to HLPPY's strong Value grade, suggesting it is likely undervalued at present [6]

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 ...

Core Insights - The company is intensifying efforts to collaborate with tenants to reduce energy consumption and waste, promoting a circular economy and enhancing community well-being through the "Changemakers Tenant Sustainability Partnership" program, which successfully completed its pilot phase in 2024 [1][2] - The program has engaged 49 tenants across 17 property projects in Hong Kong and mainland China, covering a total leased area of over 220,500 square meters, representing 11% of the company's total leasable area [1] Group 1 - The "Changemakers Program" was inspired by a sustainable development partnership with LVMH Group established in 2022 and incorporates best practices from early participants such as AEON, Standard Chartered Bank, and Siemens [2] - The program offers a comprehensive energy and carbon management platform, enabling tenants to monitor energy consumption in real-time and providing data-driven solutions to enhance energy efficiency and operational performance [2][3] - The chairman of the company emphasized the importance of collaboration with tenants in achieving sustainability goals, including the target of net-zero emissions by 2050 [3] Group 2 - The "Changemakers Program" allows tenants to choose between "Good" or "Excellent" participation levels, fostering a vibrant community focused on sustainability and shared knowledge [4] - The inaugural "Changemakers Tenant Sustainability Awards 2025" recognized outstanding tenants for their achievements in sustainability, with various awards presented to participants from both Hong Kong and mainland China [4] - Notable award recipients included AEON, Standard Chartered Bank, and various Longchamp locations, highlighting the program's impact across different sectors [4]

Core Viewpoint - The article emphasizes the importance of value investing and highlights Hang Lung Properties (HLPPY) as a strong value stock based on its financial metrics and Zacks Rank [2][4][6] Group 1: Investment Metrics - Hang Lung Properties (HLPPY) holds a Zacks Rank of 2 (Buy) and a Value grade of A, indicating strong potential for value investors [4] - The stock has a P/E ratio of 9.50, significantly lower than the industry average P/E of 15.03, suggesting it may be undervalued [4] - HLPPY's Forward P/E has fluctuated between 6.21 and 12.27 over the past year, with a median of 8.54, indicating variability in market perception [4] Group 2: Valuation Ratios - The P/B ratio for HLPPY is 0.21, which is favorable compared to the industry average P/B of 0.54, further supporting the undervaluation thesis [5] - Over the past 52 weeks, HLPPY's P/B has ranged from 0.17 to 0.30, with a median of 0.21, reflecting stability in its valuation [5] Group 3: Earnings Outlook - The strength of HLPPY's earnings outlook positions it as one of the market's strongest value stocks, appealing to value investors seeking undervalued opportunities [6]

Core Viewpoint - The Hang Seng High Dividend Yield Index (HSSCHKY) has shown positive performance, with significant increases in constituent stocks, indicating a potential recovery in the Hong Kong real estate market and overall economic stability [2]. Group 1: Market Performance - As of April 25, 2025, the HSSCHKY index rose by 0.85%, with notable increases in stocks such as China Resources Land (4.64%) and China Overseas Development (3.76%) [2]. - The Bosera Hang Seng High Dividend ETF (513690) increased by 1.20%, with a latest price of 0.93 yuan and a trading volume of 16.6197 million yuan [2]. - Over the past year, the Bosera Hang Seng High Dividend ETF has seen an average daily trading volume of 78.9566 million yuan [2]. Group 2: Economic Measures - A recent State Council meeting focused on stabilizing employment and the economy, emphasizing the need to maintain a stable stock market and promote healthy development in the real estate sector [2]. - Despite a slight decline in new home sales and falling second-hand home prices, historical trends suggest that the real estate sector often rebounds before the fundamentals stabilize, supported by strong expectations for new policies [2]. Group 3: ETF Performance Metrics - The Bosera Hang Seng High Dividend ETF has a current size of 3.731 billion yuan, with net inflows remaining balanced recently [3]. - The ETF's net value increased by 22.27% over the past year, with a maximum monthly return of 24.18% since inception [3]. - The ETF's Sharpe ratio for the past year is 1.48, indicating a favorable risk-adjusted return [3]. Group 4: Index Composition - As of April 24, 2025, the top ten weighted stocks in the HSSCHKY index account for 28.32% of the index, with Yanzhou Coal Mining (4.39%) and Hang Lung Properties (3.38%) being the most significant [4][6].

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' ...