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].

Core Viewpoint - The company reported an increase in revenue but a significant decrease in net profit, indicating a "revenue growth without profit growth" scenario due to discount promotions and property valuation adjustments [1]. Financial Performance - For the first half of 2025, the company achieved a revenue of approximately HKD 25.386 billion, a year-on-year increase of 15.3% [1]. - The net profit attributable to shareholders was approximately HKD 6.302 billion, a decrease of 26.2% compared to the previous year [2]. - Before property revaluation, the net profit was approximately HKD 6.805 billion, reflecting a slight increase of 1.6% year-on-year [2]. Property Sales - The company reported property sales revenue of approximately HKD 7.366 billion, a significant increase of 58.92% compared to HKD 4.635 billion in the same period last year [3]. - However, the overall property sales revenue decreased by 2.91% to approximately HKD 1.768 billion, with Hong Kong property sales dropping by 92.91% [3]. - The mainland market showed a strong performance with property sales revenue of approximately HKD 1.469 billion, a year-on-year increase of 106.9% [3]. Discount Promotions - The company has been implementing discount promotions to stimulate sales in a weak market, which has led to lower revenue per sale [3][4]. - The company launched a "Greater Bay Area Dual Residence Life" plan, promoting properties at significantly lower prices compared to Hong Kong [5]. Land Reserves and Strategy - 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 prudent strategy in land acquisition, focusing on quality land for future development [6]. - Management indicated that several projects are expected to contribute profits in the second half of the year, while one project is anticipated to incur losses [6].

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]

Core Viewpoint - The company reported a mixed performance for the first half of 2025, with increased property sales revenue but declining sales profit due to market weakness and discounting strategies [2][3][4]. Group 1: Financial Performance - The company achieved a revenue of HKD 25.386 billion, representing a year-on-year growth of 15.3% [2]. - Shareholder profit was HKD 6.302 billion, a decrease of 26.7% compared to the previous year, with a loss of HKD 0.503 billion from the revaluation of investment properties [2]. - 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]. Group 2: Market Dynamics - The company adopted a strategy of offering discounts to stimulate sales amid cautious market sentiment, leading to a decline in sales profit despite increased revenue [4][5]. - In the Hong Kong market, property sales revenue increased by 7.77%, but sales profit plummeted by 92.91% from HKD 1.044 billion to HKD 0.074 billion [4]. - The company is focusing on clearing inventory, which is expected to continue influencing pricing strategies [8]. Group 3: Future Outlook - The company anticipates a significant increase in revenue in the second half of 2025, with approximately HKD 28.553 billion in signed but unrecognized property sales expected to contribute around HKD 22.898 billion in revenue [9]. - The company holds a land reserve of approximately 67 million square feet, with expectations for stable profit contributions from property development in the coming years [9]. - The company is exploring new investment opportunities, particularly in commercial and retail properties in Hong Kong, leveraging its financial strength and low capital debt ratio [10][11].

Core Viewpoint - Li Ka-shing, a prominent Chinese businessman, is rapidly divesting his assets in China, leading to a shift in public perception about him [3][7]. Group 1: Asset Liquidation - In July, Li Ka-shing's Cheung Kong Group sold 400 residential units across four projects, with prices starting as low as 400,000 HKD, which is about one-third of the down payment for similar properties in Hong Kong [5][7]. - By early August, reports indicated a surge in demand from Hong Kong buyers, with many properties selling out quickly [6][7]. Group 2: Market Strategy - Historically, Li Ka-shing has been known for buying land during market downturns and selling during peaks. However, his recent asset liquidation during a market low raises questions about his strategy and intentions [7][10]. - The "art" of land hoarding and slow development has been a hallmark of Li's approach, exemplified by the South City Hub project in Chengdu, where he profited significantly by delaying construction and selling off portions of the project [10][11][15]. Group 3: Regulatory Environment - Since 2015, China's tightening real estate regulations have impacted Li Ka-shing's land hoarding strategies, leading to increased scrutiny and penalties for such practices [25][26]. - The shift in policy indicates a move towards addressing the imbalance in real estate supply and promoting more sustainable development practices [26][28]. Group 4: Broader Implications - Li Ka-shing's rise and current challenges reflect the changing dynamics of the business environment in China, where the focus is shifting towards long-term, sustainable growth rather than speculative practices [30][31]. - The ongoing geopolitical tensions and economic shifts are prompting a reevaluation of capital operations, with a growing emphasis on aligning business practices with national interests and social equity [34][35].