Core Viewpoint - Li Ka-shing is rapidly selling off properties in the Bay Area at significantly discounted prices, signaling a strategic retreat rather than a typical business operation [3][4][6]. Group 1: Asset Disposal Strategy - At 97 years old, Li Ka-shing is executing asset sales at an unprecedented pace, reflecting his lifelong capital philosophy [4]. - His approach is characterized by a unique asset value arbitrage model, which is now being challenged by changing market conditions [8]. - The strategy of "buying low, holding long, and selling high" has been effective, but recent policy shifts are altering the landscape [10][17]. Group 2: Market Conditions and Policy Changes - The Chinese government's 2025 directive to "activate idle land" is fundamentally changing the rules for property developers, ending the era of land hoarding [17][18]. - Longfor Group's land reserves in mainland China have decreased from 6.59 million square meters in 2020 to 5.57 million square meters in 2024, marking a historical low [20]. - The company's sales in mainland China plummeted over 90% from their peak in 2020, indicating a shift from expansion to strategic contraction [22]. Group 3: Recent Sales and Financial Implications - Longfor Group's recent sale of 400 properties at "fire sale" prices, with some starting at approximately 400,000 yuan, reflects a shift towards minimizing risk and ensuring cash flow [25]. - Since 2013, Li Ka-shing has liquidated over 200 billion yuan in assets, with 70% of these sales occurring in mainland China, indicating a significant capital reallocation [27]. - The company is also divesting from politically sensitive assets, such as global ports, while investing heavily in stable public utility sectors in the UK [29][31]. Group 4: Long-term Goals and Wealth Preservation - Li Ka-shing's recent actions are not panic-driven but rather a calculated strategic shift aimed at wealth preservation and ensuring a stable legacy for his family [33]. - The ongoing global capital flow signifies the end of a specific business model in China and raises questions about the future of accumulated wealth and the role of new investors [35].

该行指，香港发展商股价在拆息低企期间跑赢恒指，预期拆息回复至预测水平及香港浮息按揭重新定价 至P按上限3.5厘，有关股份将经历一轮疲软。整体预期香港住宅楼市缓慢反弹的观点维持，预计今年楼 价持平，未来两年反弹5%及6%。该行维持对长实集团(01113)及新鸿基地产(00016)"买入"评级，以及对 恒基地产(00012)和信和置业(00083)"沽售"评级。 高盛发布研报称，香港银行同业拆息(HIBOR)昨(18日)回升至2厘，为5月初以来首次。银行体系结余由 高峰期1,770亿港元降至530亿港元，对比流动性涌入前的440亿港元。有关情况符合该行预期。 ...

Core Viewpoint - The report from Credit Lyonnais indicates that the basic profit of the company increased by 1.2% year-on-year in the first half of the year, aligning with the interim dividend [1] Group 1: Financial Performance - Despite a decline in rental income, the company's recurring income remained stable due to robust growth in bar operations and infrastructure projects [1] - The target price for the company has been raised from HKD 31.3 to HKD 34.1, while maintaining a "Hold" rating [1] Group 2: Future Outlook - It is believed that the profit drag from residential properties in Hong Kong will decrease starting in 2026, as the company plans to launch major projects by the end of 2025 [1] - Sufficient provisions have been made for these projects, including Blue Coast and Flower Language Sea, which are both high-cost land projects [1]

Core Viewpoint - Citic Securities has raised the target price for Cheung Kong Holdings (01113) by 9% from HKD 31.3 to HKD 34.1 while maintaining a "Hold" rating, reflecting a more favorable outlook for the company [1] Financial Performance - The group's core profit is expected to increase by 1.2% year-on-year in the first half of 2025, with interim earnings per share dividends remaining flat, aligning with expectations [1] - Despite a decline in rental income, recurring revenue remains resilient due to robust growth in bar operations and infrastructure projects [1] Market Outlook - The valuation has been extended to 2026, with the necessary yield spread reduced by 1 percentage point to 1%, indicating higher expectations for interest rate cuts and a diminishing drag from Hong Kong residential properties [1] - It is anticipated that the drag from Hong Kong residential properties on profitability will lessen starting in 2026, as the group plans to launch major projects and build sufficient provisions by the end of 2025 [1]

Core Viewpoint - CITIC Securities has raised the target price for Cheung Kong Holdings (01113) by 9% from HKD 31.3 to HKD 34.1 while maintaining a "Hold" rating, reflecting a more favorable outlook for the company's performance [1] Summary by Relevant Sections - **Target Price Adjustment**: The target price for Cheung Kong Holdings has been increased to HKD 34.1, which is a 9% increase from the previous target price of HKD 31.3 [1] - **Valuation Extension**: The valuation has been extended to 2026, with a necessary yield spread reduction of 1 percentage point to 1%, indicating higher expectations for interest rate cuts and a decrease in the drag from Hong Kong residential properties [1] - **Profit and Dividend Performance**: The group's core profit is expected to grow by 1.2% year-on-year in the first half of 2025, with interim dividends per share remaining stable, aligning with expectations [1] - **Revenue Resilience**: Despite a decline in rental income, the group's recurring revenue remains resilient due to robust growth in bar operations and infrastructure projects [1] - **Future Outlook**: It is anticipated that the drag from Hong Kong residential properties on profitability will lessen starting in 2026, as the group plans to launch major projects and make sufficient provisions by the end of 2025 [1]

你们敢信吗？大湾区竟然有房子卖到40万一套，月供才1500块钱起，连香港人都疯了似地抢购，这背后 到底啥情况？更劲爆的是，这批"白菜价"房源的主人公，竟然是97岁的商界大佬李嘉诚！这位曾经靠囤 地赚得盆满钵满的"超人"，咋突然开始大甩卖了？是市场变天了，还是他嗅到了啥危机？今天咱就来扒 一扒这事儿，看看这波操作是啥路数。作为一个普通人，我对李嘉诚的商业手腕是既佩服又好奇，咱不 带任何偏见，纯粹从事实聊聊这背后的门道。 这波抢房热潮，简直堪称"全民狂欢"。在惠州，大湾区的一角，李嘉诚旗下长实集团甩出了400套房 源，最便宜的才40万一套，算下来单价也就7000块钱一平米。啥概念？香港随便一套破旧小公寓，动辄 七八万一平米，这价格连人家的零头都不到！香港的中产阶级一听，眼睛都绿了，纷纷拿起电话轰炸中 介："喂，还有房吗？赶紧给我留一套！"中介那头都快忙成狗了，天天接粤语电话，耳朵都快起茧子。 我有个在香港工作的朋友，平时挤在几十平米的"鸽子笼"里，听到这消息直接两眼放光，跟我说："攒 一辈子也买不起香港一间厕所，现在能在大湾区买套房，简直太香了！"根据最新房地产市场数据，香 港房价是大湾区部分楼盘的10倍以上，这 ...

Core Viewpoint - The company, Cheung Kong Holdings, reported an increase in revenue but a decrease in profit for the first half of 2025, attributed to significant markdowns and promotional discounts in a weak market environment [2][4]. Financial Performance - The company recorded a revenue of approximately HKD 25.386 billion, a year-on-year increase of 15.3% [2]. - Shareholder net profit was approximately HKD 6.302 billion, a decrease of 26.2% compared to the previous year [3]. - Before property revaluation, net profit was approximately HKD 6.805 billion, reflecting a slight increase of 1.6% [3]. Property Sales - Property sales revenue reached approximately HKD 7.366 billion, a significant increase of 58.92% from HKD 4.635 billion in the same period last year [3]. - However, overall property sales revenue decreased by 2.91% to approximately HKD 1.768 billion, with Hong Kong property sales dropping by 92.91% to about HKD 74 million [4]. - The mainland market showed strong growth, with property sales revenue of approximately HKD 1.469 billion, a year-on-year increase of 106.9% [4]. Discount Strategies - The company implemented various discount promotions to stimulate sales in a sluggish market, leading to lower revenue per sale [4]. - A notable promotional campaign in the Greater Bay Area was launched, highlighting that property prices are significantly lower than in Hong Kong [5]. Land Reserves - The company's land reserves have been decreasing, with approximately 67 million square feet available for development, including 6 million square feet in Hong Kong and 58 million square feet in mainland China [6]. - The company plans to continue a cautious strategy in land acquisition, focusing on quality land for future development [7]. Future Outlook - The management indicated that several projects, including those in Singapore and Beijing, are expected to contribute profits in the second half of the year, while some projects may incur losses [7].

打折促销之后，香港老牌房企长实集团"增收不增利"。 近日，长实集团公布了2025年中期业绩。财报显示，今年上半年，该公司收入约253.86亿港元，同比增长15.3%； 受投资物业估值大幅缩减影响，股东应占净利润约63.02亿港元，同比减少26.2%。投资物业重估前，净利润约 68.05亿港元，同比增长1.17%。 长实集团为何会"增收不增利"？"打折促销"对业绩影响几何？ | 截至6月30日止六個月 | 2025 年 | 2024 年 | 2025 年 | 2024年 | | | --- | --- | --- | --- | --- | --- | | | 百萬港元 | 百萬港元 | 每股港元 | 每股港元 | 變幅 | | 投資物業重估前溢利 | 6,805 | 6,726 | 1.94 | 1.91 | +1.6% | | 投資物業重估 (扣除稅項及非控股股東權益) | (503) | 1,877 | (0.14) | 0.53 | | | 股東應佔溢利 | 6,302 | 8,603 | 1.80 | 2.44 | -26.2% | | 中期股息 | | | 0.39 | 0.39 | | 图/长实集 ...

Core Viewpoint - The company, Cheung Kong Property Holdings, has seen a significant increase in property sales revenue in the first half of the year, but profits have declined due to aggressive discounting strategies to stimulate sales in a weak market [1][3]. Sales Performance - Property sales revenue increased by 58.92% year-on-year, reaching HKD 7.366 billion [1] - The company reported a 117.32% increase in sales from mainland projects, totaling HKD 3.827 billion [3] - Notable discounts included a 30% reduction on properties in Beijing and discounts of 50% to 66% on projects in the Greater Bay Area [4] Profitability - Despite the increase in sales revenue, net profit fell by 2.91% to HKD 1.768 billion [1] - Shareholder profit decreased by 26.2% to HKD 6.302 billion, marking the lowest level in the past decade [3][7] - The profit from property sales was significantly lower than rental income, which generated HKD 3.002 billion with a profit of HKD 2.315 billion [6] Market Conditions - The Hong Kong market showed a slight increase in property sales, with a 7.76% rise in revenue to HKD 2.803 billion, but profits plummeted by 92% to HKD 0.074 billion [4] - The overall property market in Hong Kong has seen a nearly 30% decline since the peak in September 2021 [4] Future Outlook - The company plans to continue its discounting strategy to clear inventory and maintain cash flow [7] - The management expressed a cautious outlook on future profit contributions from property development, focusing instead on stable recurring income [8] - The company holds significant land reserves, with 67 million square feet available for development, primarily in mainland China [7]

Core Viewpoint - The company anticipates that the revenue from its development business will not be significantly notable in the coming years, despite a rise in property sales revenue in the first half of the year [1] Group 1: Financial Performance - In the first half of the year, the company confirmed property sales revenue of HKD 73.66 billion, a nearly 59% increase year-on-year, with the mainland market contributing approximately 52% [1] - The revenue from property sales was HKD 17.68 billion, down from HKD 18.21 billion in the same period last year, primarily due to a significant decline in the Hong Kong market [1] - The company reported total revenue of HKD 253.86 billion, a year-on-year increase of 15.35%, but the net profit attributable to shareholders fell by 26.75% to HKD 63.02 billion [5] Group 2: Market Strategy - The company has adopted a "grab sales" strategy, offering discounts to stimulate sales in a weak market, which has led to lower revenue margins [1][3] - In Hong Kong, the company launched the "Greater Bay Area Dual Residence" plan to attract buyers from Hong Kong to invest in properties in the Greater Bay Area, with positive buyer feedback [2] - The company plans to continue its flexible pricing strategy to reduce inventory, indicating ongoing discount sales in the near future [3] Group 3: Future Outlook - The company expects that the profit contribution from property development will be limited in the coming years, despite several projects in Hong Kong, Beijing, and Singapore [3] - The company holds approximately 67 million square feet of land reserves for future development, with a focus on acquiring quality land [3] - The company remains interested in investing in new projects and commercial properties in Hong Kong if the returns and prices are attractive [4] Group 4: Rental Income - The company generated rental income of HKD 30.02 billion, slightly down from HKD 31.18 billion year-on-year, while hotel and serviced apartment income was HKD 21.92 billion, with a slight increase but a decline in corresponding profits [5] - The average occupancy rates for hotels and serviced apartments were 89% and 88%, respectively, indicating stable performance in the rental segment [5]