Core Viewpoint - The article discusses the trend of companies exiting the real estate sector due to ongoing market adjustments and financial pressures, with a focus on the strategic shifts of several firms towards more stable and profitable business models, particularly in the duty-free and tourism sectors [3][4][10]. Group 1: Company Actions - Zhuhai Duty-Free Group announced the transfer of its real estate subsidiary to focus on duty-free business, marking a significant step in its transformation [5][6]. - Hong Kong Travel announced plans to spin off its tourism real estate business, citing it as a performance drag and aiming to reduce debt levels [10][11]. - Zijiang Enterprise, a leader in the packaging industry, plans to exit the real estate sector after completing its current project, indicating a lack of future development plans in real estate [13][14]. Group 2: Financial Performance - Zhuhai Duty-Free Group's real estate business has been a consistent underperformer, with a reported loss of 3.36 billion yuan in the first half of the year [7]. - The real estate segment's revenue has been declining, with a significant drop in gross profit margins from over 40% in 2018 to 21% in 2023, leading to cumulative losses exceeding 2.7 billion yuan over two years [6][8]. - Hong Kong Travel reported a pre-tax loss of 8 million HKD in the first half of the year, with a net loss of 87 million HKD, primarily due to declines in property values [10][11]. Group 3: Market Trends - The article highlights a broader trend of companies exiting the real estate sector due to shrinking market size, increasing inventory pressure, and difficulties in land acquisition [14]. - A total of 12 companies have exited or are planning to exit the real estate business since 2020, reflecting a shift towards lighter asset models and stable cash flow businesses [3][12].

Core Viewpoint - The real estate sector is facing significant challenges, prompting several companies to divest or exit their real estate businesses in favor of more stable and profitable sectors, such as duty-free and tourism-related activities [1][2][5]. Group 1: Company Actions - Zhuhai Duty-Free Group announced the transfer of its real estate subsidiary to focus on duty-free business, marking a significant shift from its previous real estate operations [2][3]. - Hong Kong Travel announced plans to spin off its tourism real estate business due to its underperformance, which has been a drag on overall company profits [5][6]. - Zijiang Enterprise, a leader in the packaging industry, plans to exit the real estate sector after completing its current project, indicating a strategic shift away from real estate development [8][9]. Group 2: Financial Performance - Zhuhai Duty-Free Group reported a decline in real estate revenue, with a loss of 3.36 billion yuan in the first half of the year, highlighting the ongoing struggles of its real estate segment [4][5]. - Hong Kong Travel's revenue decreased by 8% to 19.74 billion HKD, with a net loss of 870 million HKD, primarily due to declines in property values and performance [6]. - Zijiang Enterprise expects a significant increase in net profit for the first three quarters of 2025, driven by the successful delivery of its Shanghai project, despite plans to exit the real estate sector [8][9]. Group 3: Industry Trends - Since 2020, 12 companies have exited the real estate sector or restructured to focus on lighter asset models, reflecting a broader trend of divestment in the industry [1][5]. - The real estate sector is experiencing a contraction, with rising inventory pressures and difficulties in project development, leading companies to refocus their investments [9].

Group 1: Core Views - The real estate sector is facing significant challenges, prompting companies like Zhuhai Jiumian Group and Hong Kong Travel to divest from their real estate businesses to focus on more stable revenue streams such as duty-free operations and tourism [1][5][6] - A total of 12 companies have exited the real estate sector since 2020, indicating a broader trend of divestment in response to market adjustments and financial pressures [1][5] - Companies are seeking to reduce debt and optimize their financial structures by shedding real estate assets, which are currently undervalued in the capital markets [1][3] Group 2: Zhuhai Jiumian Group Developments - Zhuhai Jiumian Group announced a major asset restructuring, transferring 100% of its real estate subsidiary, Zhuhai Gree Real Estate Co., to Zhuhai Toujie Holdings, marking a critical step in its transition to a duty-free business model [2][3] - The company has committed to exiting the real estate sector entirely within five years, having already divested five subsidiaries outside of Zhuhai [3][5] - The real estate business has been a significant drag on Zhuhai Jiumian's performance, with a reported net loss of over 2.7 billion yuan from 2022 to 2023 [3][4] Group 3: Hong Kong Travel's Strategy - Hong Kong Travel plans to spin off its tourism real estate business, which includes five core projects, due to its underperformance and the associated risks [5][6] - The company reported a decline in revenue and a shift from profit to loss, primarily due to the depreciation of investment properties [6] - The divestment aims to lower overall debt levels and refocus resources on tourism-related operations, which are expected to yield better profitability [6] Group 4: Industry Trends and Challenges - The real estate industry is experiencing a contraction, with increasing inventory pressures and difficulties in project development, leading many companies to exit the sector [8][9] - Companies like Zijiang Enterprises, despite currently benefiting from real estate projects, have indicated plans to exit the sector after completing existing developments [8][9] - The overall trend reflects a shift in focus for many firms, moving away from real estate towards more sustainable and less capital-intensive business models [8][9]

控股股东承诺函 年 月 日 香港中旅国际投资有限公司("香港中旅投资")拟向于 2025年【11】月【21】 ("记录日期")日名列香港中旅投资股东名册的股东分派香港中旅投资的旅游地 产业务业务("建议分派"),根据建议分派,香港中旅投资将内部重组其旅游地 产业务,使其由 CTG Wellness Retreat Holding Ltd (中旅康养度假控股有限公司) ("新地产 BVI 公司")持有并组成新地产 BVI 公司集团("新地产 BVI 公司集 团"),并透过新地产 BVI 公司股份的实物分派方式,将新地产 BVI 公司集团从 香港中旅投资集团中分拆出来。 根据建议分派,香港中旅投资股东可选择:(i)按其于记录日期在香港中旅投 资持股比例获得新地产 BVI 公司股份;或(ii)在以下情况下收取现金选择权:该 股东(1)选择不接纳及收取新地产 BVI 公司股份;(2)因适用法律及法规规定而无 法或不获准持有新地产 BVI 公司股份;和/或(3)未对有关要求其选择、接纳及收 取新地产 BVI 公司股份的请求作出回应。 建议分派完成后,新地产 BVI 公司集团将不再为香港中旅投资之附属公司, 并将由控股股 ...

(Incorporated in Hong Kong with limited liability) (Stock Code: 308) If you wish to (i) receive the Current Corporate Communications in printed form or in the language version other than your existing choice; and/or (ii) change your choice of language or means of receiving all future Corporate Communications (Note) , please complete, sign and return the enclosed Change Request Form to the Company's share registrar, Tricor Investor Services Limited at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kon ...

Dear Non-registered holder(1), 28 October 2025 China Travel International Investment Hong Kong Limited (the "Company") Notice of Publication of Circular in respect of discloseable and connected transactions (Stock Code: 308) (Incorporated in Hong Kong with limited liability) NOTIFICATION LETTER The Company's extraordinary general meeting will be held at 2:30 p.m. on Friday, 14 November 2025 at Forum Wing, C/Floor, Metropark Hotel Mongkok, 22 Lai Chi Kok Road, Kowloon, Hong Kong. The English and Chinese vers ...

（於香港註冊成立之有限公司） （股份代號：308） 代表委任表格 （適用於將於二零二五年十一月十四日舉行之股東特別大會） 本人╱吾等 （附註1） 地址為 為香港中旅國際投資有限公司（「本公司」）股本中之股份 （附註2） 共 股 之登記持有人，茲委任 （附註3） 本公司大會主席或 （姓名） 附註： 1. 請用正楷填上姓名及地址。所有聯名持有人之姓名均須予列明。 2. 請填上以 閣下名下登記與委任代表有關之本公司股份數目。如未有填上股數，則本代表委任表格將視為與所有以 閣下名義登記 之本公司股份有關。 3. 如 閣下擬委任大會主席以外之任何人士作為 閣下之代表，請刪去「本公司大會主席或」等字樣，並於有關空格上填上擬委任之代 表之全名及地址。如未有填寫，則大會主席將出任 閣下之委任代表。本代表委任表格之每項刪改，均須由簽署人簡簽示可。 4. 重要提示： 閣下如擬投票贊成任何一項決議案，請在適用之「贊成」欄內填上「✔」號。 閣下如擬投票反對任何一項決議案，請在適 用之「反對」欄內填上「✔」號。倘無註明投票意願， 閣下之委任代表可自行酌情投票。 閣下之委任代表亦有權對任何上述大會通 告所載決議案以外，於大會上適當提出之 ...

特別決議案 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告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本通告全部或任何部分內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：308） 股東特別大會通告 茲通告香港中旅國際投資有限公司（「本公司」）謹訂於二零二五年十一月十四日（星期五）下午二時三十 分假座香港九龍荔枝角道22號旺角維景酒店C樓富臨廳舉行股東特別大會，將下列決議案作為特別事 項審議及酌情通過（不論是否經修訂）。除文義另有所指外，本通告所用詞彙應與本公司日期為二零 二五年十月二十八日的通函所界定者具相同涵義： 承董事局命 香港中旅國際投資有限公司 主席 吳強 香港，二零二五年十月二十八日（星期二） 1 1. 「動議： (A) 謹此批准待本決議案(B)段所載其中一項條件獲達成，並遵守本決議案(C)段所施加任何條件 的情況下，根據香港法例第622章公司條例（「公司條例」）第5部第3分部第2次分部的規定，將 本公司股本賬內的進賬由9,222,295,000港元削減8,500,000,000港元至722,295,000港 ...

此乃要件 請即處理 閣下對本通函任何內容或應採取之行動如有任何疑問，應取得獨立專業意見或諮 詢 閣下之股票經紀或其他註冊證券商、銀行經理、律師、專業會計師或其他專業顧 問。 閣下如已售出或轉讓名下所有香港中旅國際投資有限公司股份，應立即將本通函及隨 附之代表委任表格送交買主或承讓人，或經手買賣或轉讓之銀行、股票經紀或其他代 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之內容概不負責，對 其準確性或完整性亦無發表任何聲明，且明確表示概不就因本通函全部或任何部份內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：308） 1. 以實物形式向本公司股東分派本集團旅遊地產業務； 2. 本公司的可能須予披露交易及關連交易； 3. 建議股本削減； 及 4. 股東特別大會通告 獨立董事委員會及獨立股東的獨立財務顧問 鎧盛資本有限公司 本公司謹訂於二零二五年十一月十四日（星期五）下午二時三十分假座香港九龍荔枝角道 22號旺角維景酒店C樓富臨廳舉行股東特別大會（「股東特別大會」），大會通告載於本通 函第204至206頁。無論 閣下能否出 ...

Core Viewpoint - Hong Kong Travel (00308) has proposed a physical distribution plan for its tourism real estate business, aiming to divest its loss-making segment and focus on core profitable operations [1] Group 1: Company Strategy - The proposal to distribute the tourism real estate business is intended to streamline operations and enhance profitability [1] - Citic Securities believes that this plan will improve the company's performance, increase profitability, and reduce debt levels [1] - The operational model will become more streamlined and optimized, allowing for a more focused development strategy [1] Group 2: Financial Outlook - The optimization of resource allocation is expected to unlock growth potential in the tourism scenic area business [1] - Significant improvements in financial statements are anticipated starting from 2026 [1] - The event is considered to have substantial long-term significance for the company's development, suggesting a positive investment outlook [1]