Core Viewpoint - The investigation by the Hong Kong Independent Commission Against Corruption (ICAC) into the construction practices of Cheung Kong Property Holdings Limited, owned by Li Ka-shing, reveals serious allegations of corruption and substandard construction practices in a residential project in Kwun Tong [1][2] Group 1: Investigation Details - The ICAC launched an operation named "War Drum" to investigate a corruption case involving a residential development project in Kwun Tong, where subcontractors allegedly bribed engineering supervisors for lenient oversight of rebar works [1] - The project, acquired by Cheung Kong Property in May 2020 for HKD 49.5 billion, consists of six buildings providing 2,926 residential units, with at least 1,000 units sold at a 20% discount to eligible Hong Kong residents [1] - The investigation found that all six buildings had significant discrepancies in rebar configurations compared to approved plans, affecting the quantity, spacing, and quality of the rebar used [2] Group 2: Company Response and Actions - Cheung Kong Property expressed high concern regarding the case, supporting the ICAC's actions and is currently in discussions with the Hong Kong Housing Authority regarding follow-up measures [2] - The ICAC arrested 10 individuals on charges of bribery and corruption, but a risk assessment indicated that the overall structural integrity of the buildings is not in danger, prompting the request for remedial measures [2]

在商界风云变幻的舞台上，李嘉诚的一举一动向来备受瞩目。而近来，他的一系列操作，犹如巨石投入 平静湖面，激起千层浪，引发了全社会的广泛关注与热议。先是传出低价打包出售长和旗下 43 个港口 的消息，这一涉及全球多个关键战略位置港口的交易，瞬间成为舆论焦点。紧接着，又惊爆他开始着急 大降价抛售自己在北京的豪宅房产。如此密集且大规模地出售固定资产，不禁让人疑窦丛生：李嘉诚， 究竟怎么了？是深陷资金困境急需现金，还是背后隐藏着更为复杂的谋划？ 回顾历史，北京御翠园这块地，早在 2001 年就已被李嘉诚收入囊中。彼时，中国经济刚刚踏上腾飞的 征程，地价相对较低，李嘉诚拿下这块地时，平均每平方米仅花费 1750 元。本以为地块到手后，开发 进程会迅速推进，可谁能想到，直到 2024 年，"御翠园" 项目才正式开盘。在此期间，北京的房价犹如 坐上了火箭，一路飙升，该地区房价早已突破 9 万 / 平方米，部分地段甚至高达 10 万 / 平方米，涨幅 高达 50 倍。 这漫长的开发周期，不禁让人质疑，李嘉诚将房子留到 2024 年才开盘，是否是刻意为之？毕竟，早在 2010 年，中国就明确规定，所有购买的土地，开发商必须在三年 ...

Group 1 - The core point of the article is that Malaysia's palm oil exports have decreased slightly in early May compared to the same period last month [1] Group 2 - Malaysia's palm oil export volume from May 1 to May 10 is reported at 302,908 tons [1] - This figure represents a 0.6% decrease from the 301,113 tons exported during the same period last month [1]

Core Viewpoint - The Nancheng Duhui project, once backed by Li Ka-shing, has faced significant challenges, including over 5,000 unsold residential units and substantial tax debts totaling nearly 28 billion yuan, leading to a complex situation involving multiple stakeholders [1][4][10]. Group 1: Project Background - The Nancheng Duhui project was initiated by Cheung Kong Holdings in 2004, with an investment of 2.135 billion yuan and a floor price of 1,030 yuan per square meter [2]. - The project has undergone multiple ownership changes since July 2020, involving Cheung Kong, Yuzhou Group, and Chengdu Ruizhuo, creating a complicated relationship among the parties [1][2]. Group 2: Financial Issues - Shunhong Real Estate has accumulated tax debts exceeding 28 billion yuan, including over 19 billion yuan in land value-added tax and additional penalties for late payments [4][5][6]. - The company also owes approximately 1 to 2 billion yuan for infrastructure construction costs that the Chengdu High-tech Zone has already advanced [7]. Group 3: Operational Challenges - The project has been effectively stalled due to various factors, including the pandemic, legal disputes, and asset seizures, leading to a suspension of operations from April 1 to June 30, 2025 [3][10]. - Shunhong Real Estate has been involved in numerous legal cases, with 467 cases recorded, of which 348 are as defendants, totaling 3.816 billion yuan in claims [11]. Group 4: Stakeholder Conflicts - The relationship between Yuzhou Group and Chengdu Ruizhuo deteriorated, leading to accusations of financial misconduct, including the illegal seizure of company funds and documents [10][11]. - The ongoing disputes among Cheung Kong, Yuzhou Group, and Chengdu Ruizhuo have created a "three-country kill" scenario, complicating the resolution of the project's financial and operational issues [12].

以下文章来源于基本面力场 ，作者基本面力场 基本面力场 . 介绍基本面发生重大变化的股票信息 作 者 | 基本面力场 来源 | 基本面力场 导语 ：为补偿去年高价购房的老业主，开发商此次提供了两种补偿方案，其中一个是"补差 价"，按照不同户型给予80万到100万元价格不等的补贴。 不管房企在盈利端怎样表现，但市场条件摆在那里，降价促销也不是什么新鲜事。比如同在朝阳区 的中建璞园项目，也在五一期间推出了特价房源，代表是93平米的三居室房源在优惠后价格，也是 较原价便宜100万元左右。 笔者觉得，尽管当前房地产止跌回稳的趋势已经很明显了，恰如中金公司（601995.SH）此前在研 报中申明的"市场量价下行最快的时期可能已经过去"，也如高盛所评价的"中国房地产企稳反弹的大 住在北京东边的小伙伴，大多对御翠园这个楼盘项目不会陌生，这是位于北京朝阳区东四环的一个 名盘。 之所以挺出名，一方面这是李嘉诚旗下企业长实开发的高端住宅项目，可谓出身华贵，更重要的一 方面，这个楼盘更以开发缓慢"享誉"业界，长达二十余年的开发周期堪称冠绝业内，当然也不乏有 违规捂地的质疑声。 引起笔者关注的是财联社的一篇报道，御翠园项目降价促销， ...

以下文章来源于拾遗地 ，作者十一弟 拾遗地 . 我们是一家专注房地产业与财经领域的自媒体。 作者：十一弟 来源：拾遗地 两个月前，李嘉诚家族旗下的上市平台——长和，计划将其在全球23个国家的43个港口，出售给 美国大型财团贝莱德集团。 这笔对价高达1363亿的交易事项，闹得沸沸扬扬，争议不断。 在长和打包出售的港口资产里，包含了巴拿马运河两端的巴尔博亚和克里斯托瓦尔两处港口的转 让。 李嘉诚家族为何选择在此时套现退出，引发了外界的许多猜测。 但从纯商业角度来看，李超人纵横商场的七十多年里，他的嗅觉足够灵敏，眼光十分老辣。 李嘉诚又一次被置于聚光灯下，他的每一笔交易事项、每一个商业动作，都会更受关注。 在北京东四环，李嘉诚家族拥有唯一在售的豪宅项目—— 御翠园。 它是当年李嘉诚进入北京的第一个住宅项目，也是他在北京囤地捂盘到现在的最后一个住宅项 目。 目前在售的御翠园，属于逸翠园项目二期。 早在2001年，通过协议出让的方式，李嘉诚旗下的和记黄埔，以7个亿的代价，拿到了逸翠园地 块。 这块地的规划建筑面积超过了44万平米，折算下来，当时拿地的平均楼面价，还不到1600块钱/ 平米。 十年前，李嘉诚家族旗下的两家 ...

Financial Performance - Group revenue for 2024 was HKD 45,529 million, a decrease of 3.6% compared to 2023[7] - Shareholders' profit attributable to the company for 2024 was HKD 13,657 million, down 21.5% from HKD 17,340 million in 2023[7] - The group's profit before property revaluation for the year ended December 31, 2024, was HKD 11,688 million, a decrease of 15.1% compared to HKD 14,014 million in 2023[35] - Shareholders' profit for the year was HKD 13,657 million, down 20.0% from HKD 17,340 million in 2023, with earnings per share of HKD 3.89 compared to HKD 4.86 in the previous year[36] - The group's total revenue for the year was HKD 2.209 billion, down from HKD 4.475 billion in 2023, with significant declines in both Hong Kong and mainland China[54] Dividends and Share Repurchase - The group declared a final dividend of HKD 1.35 per share for 2024, a decrease of 16.5% from HKD 1.62 in 2023[8] - The proposed final dividend for 2024 is HKD 1.35 per share, a decrease of 16.7% from HKD 1.62 in 2023, resulting in a total annual dividend of HKD 1.74 per share, down 15.1% from HKD 2.05 in 2023[37] - The group repurchased 48,906,000 shares at a cost exceeding HKD 1.5 billion, reflecting confidence in long-term business prospects[39] - The company repurchased a total of 48,906,000 shares at a total cost of HKD 1.546 billion from March to July 2024, with all repurchased shares subsequently cancelled[56] Assets and Liabilities - The group's investment properties increased to HKD 150,708 million in 2024, up 2.0% from HKD 147,223 million in 2023[8] - The group reported a total asset value of HKD 460,449 million in 2024, a slight increase from HKD 457,085 million in 2023[8] - The group’s non-current liabilities increased to HKD 60,249 million in 2024, up from HKD 57,649 million in 2023[8] - The net debt to total equity ratio at the end of the year was approximately 4.0%, with credit ratings maintained at "A/stable" by S&P and "A2 stable" by Moody's, indicating financial stability[48] Property and Project Development - The group launched new residential projects, including Blue Coast II, which received strong market response[32] - Property sales revenue for 2024 decreased compared to 2023, but the group successfully sold several residential projects, including Blue Coast and Perfect Ten, amidst a challenging market[40] - The property sales revenue for the year was HKD 9.962 billion, a decrease from HKD 13.153 billion in 2023, primarily due to weaker market conditions in Hong Kong and mainland China[54] - The group completed several properties in 2024, including 504,341 square feet of the Cheung Kong Center Phase II in Central, and 2,814,114 square feet of the Yichui Garden in Beijing, both with 100% ownership[51] - The group anticipates completing properties in 2025, including 1,648,685 square feet of the High Yat Shang Cheng in Shanghai, with a 60% ownership stake[52] Revenue Streams - The rental income from the group's property leasing business showed moderate growth, supported by long-term leases in the UK social infrastructure investment portfolio[41] - The hotel and serviced apartment business recorded revenue growth, with ongoing investments in technology to enhance operational efficiency and customer experience[42] - The English pub business generated revenue of HKD 24.425 billion in 2024, an increase of HKD 1.208 billion (approximately 5.0%) compared to HKD 23.217 billion in 2023, primarily driven by optimized pricing[63] - The hotel and serviced apartment business generated revenue of HKD 4.390 billion, slightly up from HKD 4.383 billion in 2023, with an average occupancy rate of 82%[61] Sustainability and Corporate Responsibility - The group established a science-based target for greenhouse gas emissions reduction, receiving independent certification for its short-term and net-zero targets[45] - The group has received multiple green building certifications and awards in 2024, including the final Platinum rating under the Comprehensive Assessment Scheme for Green Building and the Platinum Certificate for LEED Operations and Maintenance[151] - The group emphasizes sustainable development and environmental protection, implementing resource-saving measures and waste management strategies to minimize operational environmental impact[151] - The group recognizes the importance of sustainable business practices and continuously evaluates environmental, social, and governance issues in its investment decisions[150] - The group has established corporate social responsibility, environmental policies, sustainable building guidelines, and biodiversity policies to guide its environmental protection efforts[151] Governance and Management - The company appointed independent non-executive directors with extensive experience in finance and management, including Mr. Lin Shaokang and Ms. Li Huimin, who have over 30 years and 40 years of experience respectively[90][91] - The company has established a strong governance structure with independent directors serving on various committees, ensuring compliance and oversight[90][91][92] - The management team includes professionals with advanced degrees and certifications, contributing to the company's financial and operational strategies[93][94] - The company is committed to maintaining high standards of corporate governance and financial reporting, as evidenced by the qualifications of its audit committee members[90][91] Market Outlook and Strategic Initiatives - The group expects Hong Kong's GDP to grow by 2.5% in 2024, supported by government measures to boost the economy and the real estate market[47] - The company is focused on expanding its market presence and enhancing its operational efficiency through strategic appointments and experienced leadership[90][91][92] - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[89] - The company has a commitment to expanding its business development capabilities, with a focus on mergers and acquisitions[118] Related Party Transactions - The company has established a framework for ongoing related party transactions with Cheung Kong Group since its listing in June 2015[182] - The company received HKD 666 million from leasing transactions with Cheung Kong Group for the fiscal year ending December 31, 2024[183] - The annual cap for leasing transactions with Cheung Kong Group is set at HKD 754 million for 2024[183] - The company paid HKD 35 million for project-related materials from Cheung Kong Group for the fiscal year ending December 31, 2024[184] - The annual cap for project-related materials transactions with Cheung Kong Group is set at HKD 198 million for 2024[184]

Core Points - The CSI Hong Kong Stock Connect Real Estate Index opened high and is currently at 1415.63 points, showing a decline of 7.76% over the past month, an increase of 4.84% over the past three months, and a year-to-date decline of 1.11% [1] - The index consists of up to 50 eligible Hong Kong-listed companies that reflect the overall performance of the real estate sector, with a base date of November 14, 2014, set at 3000.0 points [1] Index Holdings - The top ten weighted companies in the CSI Hong Kong Stock Connect Real Estate Index are: New World Development (13.54%), China Resources Land (12.87%), Cheung Kong Property (8.6%), China Overseas Land & Investment (8.19%), Sino Land (4.62%), Wharf Real Estate Investment (4.34%), Henderson Land Development (4.09%), Longfor Group (3.83%), China Resources Mixc Lifestyle (3.39%), and Wharf Holdings (2.92%) [1] Market Composition - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with the real estate development sector accounting for 78.01%, real estate management for 11.39%, and real estate services for 10.60% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2]

Core Insights - The China Securities Index for Hong Kong-listed real estate has seen a decline of 12.35% over the past month, 3.38% over the past three months, and 7.04% year-to-date [1] Group 1: Index Performance - The China Securities Index for Hong Kong-listed real estate opened at 408.98 points [1] - The index is part of a series that includes HKT Hong Kong Real Estate, HKT Mainland Consumption, and HKT Mainland Banking, reflecting the overall performance of related securities in the Hong Kong market [1] Group 2: Index Composition - The top ten holdings in the index are as follows: Sun Hung Kai Properties (25.79%), Link REIT (22.71%), Cheung Kong Holdings (16.38%), Wharf Real Estate Investment (8.26%), Henderson Land Development (7.79%), Swire Properties A (5.31%), Swire Properties (4.8%), Hang Lung Properties (3.02%), Hang Lung Group (2.2%), and Hysan Development (1.93%) [1] - The index is composed entirely of securities listed on the Hong Kong Stock Exchange [2] Group 3: Sector Allocation - The index's holdings are primarily in the real estate development sector (57.08%), followed by real estate investment trusts (REITs) at 22.71%, and real estate services at 20.21% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

智通财经4月10日电，据马来西亚独立检验机构AmSpec，马来西亚4月1-10日棕榈油出口量为301113 吨，较上月同期出口的197070吨增加52.79%。 ...