Core Viewpoint - Hang Lung Group is making a significant investment in the luxury market of Hangzhou by signing a major leasing contract for the Hangzhou Department Store, indicating a strategic move to strengthen its presence in the high-end retail sector [2][5][11]. Group 1: Leasing Agreement Details - The leasing contract involves the property located at 546 Yan'an Road, Hangzhou, with a total area of approximately 42,000 square meters, set to be leased to Hang Lung Business Operation (HK) Limited for 20 years starting from April 1, 2028 [5][6]. - The rental fee is set at RMB 37.5 million per quarter, with a 4.5% increase every three years, amounting to a total rental payment of over RMB 3 billion over the 20-year period [5][8]. - The rental agreement includes a rent waiver for the first two years, allowing for three months of rent to be waived each year [5][6]. Group 2: Market Context and Competition - The luxury retail market in Hangzhou is competitive, with established players such as Hangzhou Tower, Hangzhou MixC, and Lakeside Yintai in77, all of which have reported significant sales figures [14][16][18]. - Hangzhou Tower achieved sales of RMB 14 billion in 2023, while Hangzhou MixC reported sales of RMB 11.2 billion in the same year, indicating a robust luxury market [16][18]. - The upcoming Hang Lung Plaza, located near the leased property, is expected to create a combined luxury retail space of over 300,000 square meters, further intensifying competition in the area [11][29]. Group 3: Strategic Implications for Hang Lung - Hang Lung's decision to invest heavily in Hangzhou reflects its confidence in the city's economic potential, driven by a strong consumer base and a favorable business environment [31][35]. - The company has a history of successful operations in mainland China, with a significant portion of its revenue derived from retail leasing, which underscores its strategic focus on high-end commercial properties [30][35]. - The expansion in Hangzhou is part of a broader strategy to enhance its market position in key cities, leveraging its existing assets and brand reputation to capture a larger share of the luxury retail market [35].

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。 董事會召開日期 恒隆地產有限公司（「本公司」）謹定於2025年7月30日（星期三）舉行董事會會議， 藉以批准（其中包括）本公司及其附屬公司截至2025年6月30日止六個月之中期業 績，以及考慮派發中期股息（如適用）。 承董事會命 公司秘書 馬婉華 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） 香港，2025年7月3日 於本公布日期，本公司董事會包括： 執行董事： 陳文博先生、盧韋柏先生及趙家駒先生 獨立非執行董事： 袁偉良先生、陳南祿先生、陳嘉正博士、馮婉眉女士及李天芳女士 ...

Company Overview - The company has organized investor visits to Hong Kong to conduct research on local developers and projects [1] - The retail revenue in mainland China has been under pressure, with a year-on-year decline of 14% and a quarterly decline of 11% in Q4 2024 [1] - There are signs of easing pressure in mainland shopping malls, with expectations of a narrowing decline in retail revenue compared to Q4 2023 [1] Mainland Market Insights - The overall consumption environment in mainland China is improving, which is expected to positively impact the company's retail performance [1] - The performance of mid-range shopping malls is anticipated to outperform high-end projects in Shanghai, particularly in competitive cities like Wuhan and Shenyang [1] - Rental income is expected to perform better than retail revenue due to the high fixed rental proportion, although a slight decline in rental income is anticipated for the year [1] Hong Kong Market Insights - The rental income from Hong Kong properties is projected to decline by 9% in 2024 due to adjustments in major tenant lease renewals, with a minor decline of 1-2% when excluding this impact [2] - The company is selling a luxury apartment in the Yu Feng project for HKD 160 million, which may help in capital recovery and stabilizing financial statements [2] - The sales of residential projects in Hong Kong are in a steady selling phase, contributing a smaller overall income and profit [2] Capital Expenditure and Debt Management - Capital expenditure is expected to peak in 2025 as projects in Hangzhou are completed, with a gradual decline anticipated thereafter [2] - The company is likely to continue its scrip dividend plan to alleviate net debt pressure, with a projected increase in net debt ratio by the end of 2025, remaining below 40% [2] Profit Forecast and Valuation - The profit forecast remains unchanged, with an upgraded target price of HKD 8 per share, reflecting a 13.6 times core P/E for 2025 and a 6.5% target dividend yield [3] - The company is currently trading at a 7.5% dividend yield, providing strong attractiveness in the current market environment [3] - The easing of fundamental pressures and the decline in HIBOR are expected to positively impact interest expenses [3]

Group 1 - CICC raised the target price for Hang Lung Properties (00101) by 8% to HKD 8, maintaining an "outperform" rating, reflecting unchanged profit forecasts for the company [1] - CICC expects the company's net debt ratio to rise slightly by the end of 2025 compared to 33.4% at the end of 2024, but will remain below 40% [1] - Retail sales in mainland China for Hang Lung Properties have been under pressure, with a year-on-year decline of 14% last year and an 11% drop in Q4 2024; however, the decline is expected to narrow in 2025 due to an improving consumption environment [1] Group 2 - Hong Kong's rental income is projected to decline by 9% in 2024 due to the renewal of large-scale leases in certain retail properties and offices; excluding this impact, the decline is expected to be only 1-2% [2] - Capital expenditures for the company are expected to peak in 2025, with a gradual decline starting in 2026 as projects in Hangzhou are completed [2] - The company is likely to continue its scrip dividend plan this year to alleviate net debt ratio pressure, with a reassessment of this plan's necessity expected in 2026 [2]

表格類別： 股票 狀態： 新提交 公司名稱： 恒隆地產有限公司 呈交日期： 2025年6月16日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00101 | 說明 | 不適用 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫 ...

| 記錄日期 | 2025年5月9日 | | --- | --- | | 股息派發日 | 2025年6月16日 香港中央證券登記有限公司 | | 股份過戶登記處及其地址 | | | | 皇后大道東183號 | | | 合和中心 | | | 17樓1712-1716號舖 | | | 灣仔 | | | 香港 | | 代扣所得稅信息 | | | 股息所涉及的代扣所得稅 | 不適用 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公布日期，恒隆地產有限公司之董事會包括： | | | 執行董事： | | | 陳文博先生 | | | 盧韋柏先生 | | | 趙家駒先生 | | | 獨立非執行董事： | | | 袁偉良先生 | | | 陳南祿先生 | | | 陳嘉正博士 | | | 馮婉眉女士 | | | 李天芳女士 | | EF003 第 2 頁 共 2 頁 v 1.1.1 EF003 免責聲明 | 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告的內容概不負責，對 ...

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 May 19, 2025 Dear Non-registered Shareholder* , Hang Lung Properties Limited (the "Company") - Notice of Publication of Circular of Scrip Dividend Arrangement in relation to the Final Dividend for the year ended December 31, 2024 (the "Current Corporate Communication") We are pleased to inform you that the English and Chinese versions ...

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, May 19, 2025 Hang Lung Properties Limited (the "Company") - Notice of Publication of Circular of Scrip Dividend Arrangement in relation to the Final Dividend for the year ended December 31, 2024 (the "Current Corporate Communication") We are pleased to inform you that the English and Chinese versions of the ...

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）送交買方或承讓人，或經手買賣或轉讓的銀行、持牌證券交 易商或其他代理商，以便轉交買方或承讓人。 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，不得將其視為選擇 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末期股息及╱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。 有關截至 ...