Core Insights - The core viewpoint of the articles highlights the strong performance of the Kerry Jinling Huating project in Shanghai, which has set new records in the high-end residential market, reflecting the resilience and attractiveness of core assets in the city [2][3][9]. Company Performance - Kerry Construction's contract sales reached HKD 16.186 billion in the first half of the year, a 130% year-on-year increase, driven by the strong performance of the Jinling Huating project [2][5]. - The company aims to reduce its debt ratio to the low 30% range by the end of 2026 through the sales proceeds from the Jinling Huating project and other projects in Hong Kong and mainland China [2][6]. - The first phase of the Jinling Huating project sold out quickly, generating sales of approximately HKD 9.234 billion within three hours [4][5]. Market Trends - The high-end residential market in Shanghai is experiencing a surge, with 12 out of 35 upcoming projects having a registration average price exceeding CNY 100,000 per square meter [3][10]. - The overall transaction volume for new homes priced at CNY 30 million and above in Shanghai reached 1,096 units in the first half of 2025, indicating sustained demand for luxury properties [8][9]. - The market is expected to continue its upward trend due to supportive policies and the concentration of high-end projects, with analysts predicting further increases in sales volume [10][11]. Project Development - The Jinling Huating project is part of a larger mixed-use development that includes commercial and office spaces, with a total construction area of approximately 670,000 square meters [3][4]. - The project aims to revitalize the historical Jinling East Road area, contributing to urban renewal efforts in Shanghai [4][9]. - The second phase of the Jinling Huating project is set to officially launch on September 21, with expectations of strong sales performance similar to the first phase [7][10].

Group 1 - The core driving factors of the Hong Kong real estate market are interest rate fluctuations, with a downward trend in the US benchmark interest rate expected to be a certainty in the near term [1][2] - The Hong Kong real estate market has entered a new cycle driven by policy changes and structural differentiation, with a significant rebound expected following the "withdrawal of tightening" policy in February 2024 [1][2] - The total transaction volume of new and second-hand residential properties in Hong Kong is projected to reach 53,099 transactions in 2024, representing a year-on-year increase of 23.5% compared to 2023 [1] Group 2 - The recovery of the Hong Kong market is attributed to the resonance of three main factors: policy, interest rates, and demand, with a shift from suppression to full stimulation in the policy environment after February 2024 [2] - The Hong Kong Monetary Authority injected a total of HKD 129 billion into the market due to a strong Hong Kong dollar, leading to a significant drop in the 1-month HIBOR from 3.98% to 0.57% [2] - The introduction of talent recruitment plans has contributed to a year-on-year population growth in Hong Kong by June 2025, enhancing purchasing power and stabilizing the market [2] Group 3 - The current phase of the Hong Kong real estate market is characterized as an initial recovery stage, marked by a halt in price declines, a narrowing of price drops, and structural stabilization [3] - Transaction volumes have rebounded, and sentiment indicators have improved, indicating a shift in policy direction from "preventing bubbles" to "stabilizing the market" [3] - Leading indicators show a continuous decline in interest rates, increased supply, improved inventory digestion rates, and a positive impact on demand from population recovery [3]

Core Insights - The article highlights the strong demand for the Jinling Huating residential project by Kerry Properties, with a subscription rate of 190% for the second batch of sales, indicating robust market interest [1][3] - The average selling price of the units in this batch reached 205,000 RMB per square meter, setting a new record for high-rise residential prices in Shanghai for 2025 [1][2] - Kerry Properties reported a significant increase in contract sales, driven primarily by the performance of the Shanghai Jinling Road project, with a total contract sales amount of 16.186 billion HKD, a year-on-year increase of 130% [4][5] Sales Performance - The second batch of Jinling Huating included 120 units with a total saleable area of approximately 48,000 square meters, valued at around 9.8 billion RMB [2] - The average total price per unit was approximately 82 million RMB, with 17 units exceeding 100 million RMB in total price [2][3] - The highest-priced unit reached 280 million RMB, with a unit price of 326,800 RMB per square meter, surpassing previous records [2][3] Project Development - The Jinling Road project is a significant urban renewal initiative in Huangpu District, with a total investment exceeding 40 billion RMB and a development area of approximately 655,000 square meters [4][5] - Kerry Properties plans to maintain the unique architectural style of the area and create a commercial street nearly 1,000 meters long as part of the project [5] Financial Performance - For the first half of 2025, Kerry Properties reported a revenue increase of 60% year-on-year to 8.059 billion HKD, with property sales revenue growing 1.76 times to 6.42 billion HKD [6] - The company experienced a decline in shareholder profit by 22% to 612 million HKD, attributed to lower gross margins, reduced rental income, and increased costs [6] - Analysts from UBS expressed optimism regarding the sales performance of the second batch, anticipating further price increases for the remaining units [6]

Core Insights - The residential project "Jinling Huating" in Shanghai's Huangpu District is set to launch sales on September 27, with a record high price of 32.68 million yuan per square meter for a luxury unit, marking the highest recorded price for new homes in Shanghai [1][2]. Company Summary - The project is developed by the Hong Kong-based company Kerry Properties, which is launching 120 units in the second phase, with an average price of 20.5 million yuan per square meter and a total value of approximately 9.8 billion yuan [3]. - Kerry Properties reported a strong performance in the first half of the year, with revenues of 8.059 billion HKD, a 60% year-on-year increase, and a contract sales amount of 16.186 billion HKD [3]. Industry Summary - The high-end residential market in Shanghai remains robust, with 15 luxury homes sold for over 100 million yuan in the first half of the year, indicating strong purchasing power [4]. - Factors driving the demand for high-end properties include the persistent need for asset allocation among high-net-worth individuals, the increasing attractiveness of Shanghai as an international city, and continuous innovation in product offerings by developers [4].

Core Points - The new residential project in Huangpu District, Shanghai, has released a "one house, one price" list, with the highest price reaching 32.68 million yuan per square meter, setting a new record for new home registration prices in Shanghai [1][2] - The project, developed by Kerry Properties, is part of the Jinling Road project, which is the largest investment by the company in mainland China, featuring a total of 120 units with sizes ranging from 360 to 875 square meters [2][4] - The strong sales performance of the Jinling Road project has significantly boosted Kerry Properties' revenue, which reached 80.59 billion HKD in the first half of the year, a 60% increase year-on-year [4] Company Summary - Kerry Properties is launching the second phase of the Jinling Huating project, which includes 120 units with an average price of 20.5 million yuan per square meter, totaling approximately 98 billion yuan in value [2][4] - The first phase of the project saw overwhelming demand, with 130 interested buyers on the opening day, leading to a sell-out within three hours and generating 92.34 billion yuan in sales [2][4] Industry Summary - The luxury real estate market in Shanghai remains robust, with 15 transactions of properties priced over 100 million yuan in the first half of the year, indicating strong purchasing power [4] - The market for high-end residential properties is expected to see slight price increases due to the scarcity of prime locations, while secondary market prices may face downward pressure due to buyer hesitation and the influx of new high-end projects [4]

Core Viewpoint - UBS has released a research report indicating that Kerry Properties' Shanghai residential project, Jinling Huating Phase II, will launch 120 units with an expected average selling price of 205,000 yuan per square meter, representing an 8% increase from Phase I, with a total value of approximately 9.8 billion yuan [1] Group 1 - UBS expresses optimism regarding the sales of Phase II due to the strong performance of Phase I [1] - There is expected price increase potential for the remaining 40 units in Phase II [1] - UBS anticipates that Kerry's net debt ratio may decrease to 22%, with net debt potentially declining by 42% [1] Group 2 - UBS reaffirms a "Buy" rating for Kerry Properties with a target price of 24 HKD [1]

Core Viewpoint - UBS reports that Kerry Properties (00683) will launch the second phase of its Shanghai residential project, Jinling Huating, with 120 units at an average price of RMB 205,000 per square meter, an 8% increase from the first phase sold in March [1] Group 1: Project Details - The second phase of Jinling Huating will consist of 120 units, with a total estimated value of RMB 9.8 billion [1] - The average selling price for the new units is projected to be RMB 205,000 per square meter, reflecting an 8% price increase compared to the first phase [1] Group 2: Sales Performance and Financial Outlook - The strong sales performance of the first phase in March has led to an optimistic outlook for the second phase, with expectations of further price increases for the remaining 40 units [1] - Approximately half of the contracted sales revenue from the first phase is still pending recognition, which, along with the total saleable resources from the second phase, is expected to reduce the company's net debt ratio to 22% and decrease net debt by 42% [1] Group 3: Analyst Rating - UBS maintains a "Buy" rating for Kerry Properties, with a target price set at HKD 24 [1]

Core Viewpoint - UBS reports that Kerry Properties (00683) will launch the second phase of its Shanghai residential project, Jinling Huating, with 120 units at an average price of RMB 205,000 per square meter, representing an 8% increase from the first phase sold in March [1] Group 1: Sales and Pricing - The total value of the 120 units in the second phase is expected to reach RMB 9.8 billion [1] - The strong sales performance of the first phase in March supports an optimistic outlook for the second phase, with potential for further price increases on the remaining 40 units [1] Group 2: Financial Metrics - Approximately half of the contracted sales revenue from the first phase is still pending recognition [1] - With the total saleable resources from both phases, Kerry's estimated net debt ratio may decrease to 22%, and net debt could decline by 42% [1]

Core Viewpoint - UBS reports that Kerry Properties' Shanghai residential project, Jinling Huating Phase II, will launch with 120 units at an average price of 205,000 yuan per square meter, representing an 8% increase from the first phase sold in March [1] Group 1: Project Details - The total value of the 120 units in Phase II is estimated to reach 9.8 billion yuan [1] - The strong sales performance of Phase I in March has led to an optimistic outlook for the sales of Phase II [1] - An additional 40 units in Phase II are expected to have further price increase potential [1] Group 2: Financial Implications - Approximately half of the contracted sales revenue from Phase I is still pending recognition [1] - With the total saleable resources from both phases, Kerry's projected net debt ratio may decrease to 22% [1] - Net debt is also expected to decline by 42% [1] Group 3: Analyst Rating - UBS maintains a "Buy" rating for the company with a target price of 24 HKD [1]

嘉里建設有限公司* KERRY PROPERTIES LIMITED (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） website 網址: www.kerryprops.com (Stock Code 股份代號: 683) NOTIFICATION LETTER 通知信函 8 September 2025 Dear Non-registered Shareholders (Note 1), Kerry Properties Limited (the "Company") Notification of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Current Corporate Communication of the Company are available on the website of the Company at www.ker ...