Core Viewpoint - The company reported stable underlying net profit for the first half of 2025, with a slight decrease in revenue and operating profit compared to the previous year [1] Financial Performance - Underlying net profit for the first half of 2025 was HKD 3.119 billion, compared to HKD 3.123 billion in 2024, translating to earnings per share of HKD 1.03 [1] - Total revenue decreased by 1% to HKD 6.407 billion, while operating profit fell by 5% to HKD 4.684 billion [1] - Investment property revenue decreased by 3% to HKD 5.371 billion, with operating profit down 4% to HKD 4.528 billion [1] - Hotel revenue increased by 2% to HKD 766 million, with operating profit rising to HKD 47 million [1] - Development property revenue was HKD 58 million, resulting in an operating loss of HKD 1 million [1] Dividend Announcement - The first interim dividend declared is HKD 0.66 per share, an increase from HKD 0.64 in 2024, with a total payout of HKD 2.004 billion, representing 65% of the underlying net profit from investment properties and hotels [1] Impairment and Losses - The company recorded a net impairment loss on investment properties of HKD 5.118 billion, leading to a shareholder loss of HKD 2.406 billion for the first half of 2025, compared to a loss of HKD 1.052 billion in 2024 [1] - Basic loss per share was HKD 0.79 [1] Investment Income - Investment operating profit, primarily from dividend income, increased by 2% to HKD 143 million [1]

EF001 免責聲明 | 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公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 九龍倉置業地產投資有限公司 | | 股份代號 | 01997 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至二○二五年六月三十日止半年度中期股息 | | | 公告日期 | 2025年8月7日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.66 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.66 HKD | | 匯率 | 1 HKD : 1 HKD ...

[Performance Highlights](index=1&type=section&id=Performance%20Highlights) This section provides an overview of the Group's financial performance, interim dividend declaration, and key operational achievements for the period [Group Performance](index=1&type=section&id=Group%20Performance) For the six months ended June 30, 2025, the Group's underlying net profit remained stable at HKD 3.119 billion, consistent with the prior year, but a widened revaluation loss on investment properties of HKD 5.118 billion led to an increased loss attributable to shareholders of HKD 2.406 billion, with basic loss per share at HKD 0.79 H1 2025 Performance Overview | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Underlying Net Profit | HKD 3.119 billion | HKD 3.123 billion | | Net Revaluation Loss on Investment Properties | (HKD 5.118 billion) | (HKD 4.426 billion) | | Group Loss Attributable to Shareholders | (HKD 2.406 billion) | (HKD 1.052 billion) | | Basic Earnings Per Share | HKD 1.03 | HKD 1.03 | | Basic Loss Per Share | (HKD 0.79) | (HKD 0.35) | [Interim Dividend](index=1&type=section&id=Interim%20Dividend) The Board declared a first interim dividend of HKD 0.66 per share, a 3.1% increase from the prior year, totaling HKD 2.004 billion, representing 65% of underlying net profit from Hong Kong investment properties and hotels, reflecting consistent dividend policy Interim Dividend Details | Item | Amount/Date | | :--- | :--- | | First Interim Dividend | HKD 0.66 per share (2024: HKD 0.64) | | Total Dividend Payout | HKD 2.004 billion | | Payment Date | September 11, 2025 | [Performance Highlights](index=1&type=section&id=Performance%20Highlights) Despite declining investment property income and profit, and expanded revaluation losses, the Group achieved a 27% reduction in borrowing costs and a record-low gearing ratio of 17.6% through effective financial management, maintaining robust underlying net profit and increasing interim dividend payout - **Financial Optimization**: Borrowing costs reduced by **27%**, gearing ratio decreased to a new low of **17.6%**[6](index=6&type=chunk) - **Profitability**: Underlying net profit remained stable, but revaluation loss on investment properties widened[6](index=6&type=chunk) - **Shareholder Returns**: Consistent dividend policy maintained, with an increase in interim dividend per share[6](index=6&type=chunk) [Business Review and Outlook](index=2&type=section&id=Business%20Review%20and%20Outlook) This section reviews the market environment, performance of core properties, and the Group's strategic outlook [Market Environment and Financial Management](index=2&type=section&id=Market%20Environment%20and%20Financial%20Management) Amid geopolitical tensions and economic uncertainties, Hong Kong's retail market shows initial recovery, while office and hotel sectors remain under pressure; the Group's prudent financial management reduced net debt to a post-listing low and maintained a healthy gearing ratio of 17.6%, effectively navigating market volatility - **Market Trends**: Inbound tourist arrivals increased by **12%**, retail sales decline narrowed, with positive growth in the last two months; the office market faces dual pressures of weak demand and oversupply[7](index=7&type=chunk) - **Financial Strategy**: Maintained prudent financial management and actively reduced debt[7](index=7&type=chunk) Key Financial Management Indicators | Indicator | Period-End Data | | :--- | :--- | | Net Debt | HKD 33.3 billion (Lowest since listing) | | Average Interest Cost | 4.4% | | Borrowing Cost Savings | 27% | | Gearing Ratio | 17.6% | [Core Property Performance](index=2&type=section&id=Core%20Property%20Performance) During the period, Harbour City maintained stable overall revenue and operating profit with a 93% mall occupancy rate, while Times Square's overall revenue and operating profit declined by 15% and 19% respectively due to market conditions, though its mall occupancy rate rose to 96%; both properties actively introduced top brands and new concept stores to enhance competitiveness [Harbour City](index=2&type=section&id=Harbour%20City) Harbour City's overall revenue and operating profit, including hotels, remained largely flat; the mall maintained its market-leading position by introducing several top brands' first Hong Kong stores and expanding flagship stores, achieving a 93% occupancy rate, while the office occupancy rate remained at 90% but faced rental pressure due to market competition - **Overall Performance**: Revenue and operating profit changed by less than **1%**[9](index=9&type=chunk) - **Mall Leasing**: Attracted brands like Louis Vuitton (expansion), Canali, Urban Revivo, and Bacha Coffee to open their first Hong Kong stores or concept stores[10](index=10&type=chunk) - **Occupancy Rate**: Mall at **93%**, office at **90%**[11](index=11&type=chunk) [Times Square](index=3&type=section&id=Times%20Square) Times Square's overall revenue decreased by 15% and operating profit by 19%; to address challenges, the mall actively updated its tenant mix, introducing Louis Vuitton, expanding LOEWE, and opening Cristiano Ronaldo's first global CR7® flagship store, boosting its occupancy rate to 96%, while the office occupancy rate remained at 90% but faced rental pressure from new supply Times Square Performance Changes | Indicator | Year-on-Year Change | | :--- | :--- | | Overall Revenue | -15% | | Operating Profit | -19% | - **Mall Leasing**: Introduced Louis Vuitton and Cristiano Ronaldo's first global CR7® store, strengthening the luxury brand lineup[13](index=13&type=chunk) - **Occupancy Rate**: Mall increased to **96%**, office maintained at **90%**[14](index=14&type=chunk) [Outlook](index=3&type=section&id=Outlook) Despite macroeconomic challenges, the Group maintains cautious optimism for the Hong Kong market, anticipating that capital inflows into Hong Kong stocks, the opening of Kai Tak Sports Park, and major events will boost the economy and consumer sentiment; the Group will uphold proactive management strategies and a low leverage ratio to navigate adversities and seize opportunities - **Positive Factors**: Hong Kong stocks regaining upward momentum, the opening of Kai Tak Sports Park, and major events are expected to enhance Hong Kong's attractiveness[15](index=15&type=chunk) - **Group Strategy**: Maintain proactive management and a low leverage ratio, rigorously screen capital investments, and utilize robust cash flow to seize future opportunities[15](index=15&type=chunk) [Financial Review](index=4&type=section&id=Financial%20Review) This section provides a detailed review of the Group's interim financial results, liquidity, financial resources, capital commitments, and human resources [Interim Results Review](index=4&type=section&id=Interim%20Results%20Review) The Group's total revenue slightly decreased by 1% to HKD 6.407 billion, and operating profit fell by 5% to HKD 4.684 billion, primarily due to a decline in investment property segment revenue, while hotel business revenue and profit both grew; despite an expanded revaluation loss on investment properties leading to a HKD 2.406 billion loss attributable to shareholders, underlying net profit remained stable at HKD 3.119 billion after excluding non-cash items Revenue and Operating Profit by Business Segment (HKD million) | Business Segment | Revenue (2025) | Revenue (2024) | Operating Profit (2025) | Operating Profit (2024) | | :--- | :--- | :--- | :--- | :--- | | Investment Properties | 5,371 | 5,542 | 4,528 | 4,718 | | Hotels | 766 | 748 | 47 | 24 | | Property Development | 58 | 8 | (1) | 74 | | Investments | 143 | 140 | 143 | 140 | | **Group Total** | **6,407** | **6,501** | **4,684** | **4,915** | - **Investment Property Revaluation**: Generated a **2%** revaluation loss totaling **HKD 5.15 billion**, resulting in an unrealized revaluation loss attributable to shareholders of **HKD 5.118 billion**[18](index=18&type=chunk) - **Finance Costs**: Effective annual borrowing interest rate decreased from **5.7%** to **4.4%**, primarily due to a decline in HIBOR[20](index=20&type=chunk) [Liquidity, Financial Resources, and Capital Commitments](index=5&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20and%20Capital%20Commitments) The Group's financial position is robust, with shareholders' equity at HKD 185.2 billion and total assets at HKD 234.2 billion as of period-end, 94% of which are in Hong Kong; net debt further decreased to HKD 33.3 billion, and the net debt to total equity ratio fell to 17.6%, with ample credit facilities and liquid investment portfolios, and future capital commitments primarily for Hong Kong investment properties and mainland development properties Key Financial Position Indicators (As of June 30, 2025) | Indicator | Amount/Ratio | Compared to December 31, 2024 | | :--- | :--- | :--- | | Shareholders' Equity | HKD 185.2 billion | Decreased by HKD 2.6 billion | | Total Assets | HKD 234.2 billion | Decreased by HKD 3.9 billion | | Net Debt | HKD 33.3 billion | Decreased by HKD 0.9 billion | | Net Debt to Total Equity Ratio | 17.6% | 17.8% | - **Asset Composition**: Investment property assets accounted for **93%** of operating assets, totaling **HKD 217.2 billion**[25](index=25&type=chunk) - **Credit Facilities**: Total available credit facilities and issued debt securities amounted to **HKD 44.1 billion**, with **HKD 9.4 billion** unused[32](index=32&type=chunk) - **Capital Commitments**: Estimated principal planned expenditures for the coming years are **HKD 936 million**, of which **HKD 240 million** has been committed[35](index=35&type=chunk) [Human Resources](index=8&type=section&id=Human%20Resources) As of June 30, 2025, the Group employed approximately 2,900 staff, with remuneration policies determined by job responsibilities and market trends, including discretionary bonuses linked to individual and Group performance - **Number of Employees**: Approximately **2,900** staff[37](index=37&type=chunk) - **Remuneration Structure**: Fixed remuneration plus performance-linked variable bonuses[37](index=37&type=chunk) [Consolidated Financial Statements](index=9&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's consolidated income statement, consolidated statement of comprehensive income, and consolidated statement of financial position [Consolidated Income Statement](index=9&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group recorded revenue of HKD 6.407 billion, a 1.4% year-on-year decrease; a HKD 5.15 billion decrease in fair value of investment properties resulted in a loss before tax of HKD 1.847 billion, with the ultimate loss attributable to company shareholders being HKD 2.406 billion Consolidated Income Statement Summary (HKD million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 6,407 | 6,501 | | Operating Profit | 4,684 | 4,915 | | Decrease in Fair Value of Investment Properties | (5,150) | (4,450) | | Loss Before Tax | (1,847) | (460) | | Loss Attributable to Company Shareholders | (2,406) | (1,052) | | Basic Loss Per Share | (HKD 0.79) | (HKD 0.35) | [Consolidated Statement of Comprehensive Income](index=10&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Loss for the period was HKD 2.475 billion, but positive impacts from fair value changes in equity investments, generating HKD 1.225 billion, and other foreign exchange differences, resulted in other comprehensive income of HKD 1.806 billion, narrowing the total comprehensive loss to HKD 669 million Consolidated Statement of Comprehensive Income Summary (HKD million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss for the Period | (2,475) | (1,067) | | Other Comprehensive Income for the Period | 1,806 | (1,123) | | Total Comprehensive Income for the Period | (669) | (2,190) | | Total Comprehensive Income Attributable to Company Shareholders | (777) | (2,052) | [Consolidated Statement of Financial Position](index=11&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were HKD 234.2 billion, total liabilities HKD 44.7 billion, and net assets HKD 189.5 billion, with investment properties as core assets valued at HKD 217.2 billion, and shareholders' equity at HKD 185.2 billion Consolidated Statement of Financial Position Summary (HKD million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current Assets (primarily Investment Properties) | 231,084 | 234,808 | | Total Assets | 234,219 | 238,072 | | Total Liabilities | (44,728) | (46,088) | | Net Assets | 189,491 | 191,984 | | Shareholders' Equity | 185,229 | 187,820 | [Notes to Interim Financial Information](index=12&type=section&id=Notes%20to%20Interim%20Financial%20Information) This section provides detailed segment information and other key notes to the interim financial statements [Segment Information](index=13&type=section&id=Segment%20Information) The Group's business is divided into four segments: investment properties, property development, hotels, and investments, with investment properties being the core source of revenue and profit, contributing over 80% of revenue and the vast majority of operating profit; geographically, Hong Kong is the Group's primary focus, contributing over 94% of revenue and 96% of operating profit H1 2025 Revenue and Operating Profit by Business Segment (HKD million) | Segment | Revenue | Operating Profit/(Loss) | | :--- | :--- | :--- | | Investment Properties | 5,371 | 4,528 | | Property Development | 58 | (1) | | Hotels | 766 | 47 | | Investments | 143 | 143 | | **Group Total** | **6,407** | **4,684** | H1 2025 Revenue and Operating Profit by Geographical Region (HKD million) | Region | Revenue | Operating Profit | | :--- | :--- | :--- | | Hong Kong | 6,043 | 4,504 | | Outside Hong Kong | 364 | 180 | | **Group Total** | **6,407** | **4,684** | [Other Key Notes](index=16&type=section&id=Other%20Key%20Notes) This section provides further explanations of key financial statement items, noting that operating profit is stated after deducting staff costs of HKD 583 million and direct operating expenses for investment properties of HKD 817 million; total finance costs were HKD 853 million, including HKD 749 million in total interest expenses, and total income tax was HKD 628 million; the Board declared a first interim dividend of HKD 0.66 per share - **Composition of Finance Costs**: Total finance costs of **HKD 853 million** included interest expenses on bank and other borrowings of **HKD 749 million** and fair value losses on derivative financial instruments of **HKD 74 million**[54](index=54&type=chunk) - **Income Tax**: Income tax expense for the period was **HKD 628 million**, with Hong Kong profits tax provision at **HKD 595 million**[55](index=55&type=chunk) - **Trade Receivables**: The Group's credit period typically ranges from **0 to 60 days**, with the vast majority of trade receivables aged within **30 days**[60](index=60&type=chunk) Interim Dividend Declared | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interim Dividend Per Share | HKD 0.66 | HKD 0.64 | | Total Dividend | HKD 2.004 billion | HKD 1.943 billion | [Corporate Governance and Other Matters](index=21&type=section&id=Corporate%20Governance%20and%20Other%20Matters) This section outlines the Group's adherence to corporate governance principles, details on securities transactions, and key dates related to the interim dividend [Corporate Governance and Securities Transactions](index=21&type=section&id=Corporate%20Governance%20and%20Securities%20Transactions) During the reporting period, the Company complied with all applicable provisions of the Corporate Governance Code, with the sole exception of the Chairman and Chief Executive Officer roles being held by the same individual, which the Board believes is more effective for executing long-term strategies; neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - **Governance Code Compliance**: The Company complied with the Listing Rules' Corporate Governance Code, except for the Chairman and Chief Executive Officer roles being held by the same person[64](index=64&type=chunk) - **Securities Transactions**: No purchases, sales, or redemptions of the Company's listed securities occurred during the reporting period[65](index=65&type=chunk) [Interim Dividend Related Dates](index=21&type=section&id=Interim%20Dividend%20Related%20Dates) The Company announced the key timetable for interim dividend distribution, requiring shareholders to submit share transfer documents by 4:30 p.m. on August 27, 2025, with dividends to be paid on September 11 Interim Dividend Timetable | Event | Date | | :--- | :--- | | Ex-dividend Date | August 26, 2025 | | Record Date | August 27, 2025 | | Payment Date | September 11, 2025 |

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 九龍倉置業地產投資有限公司 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01997 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | 本月底法定/註冊股本總額： HKD 500 ...

Core Viewpoint - The China Securities Hong Kong Stock Connect Real Estate Index has shown positive performance over the past month, three months, and year-to-date, indicating a strong recovery in the real estate sector [2]. Group 1: Index Performance - The China Securities Hong Kong Stock Connect Real Estate Index increased by 3.04% over the past month, 9.88% over the past three months, and 13.08% year-to-date [2]. - The index is based on a sample of up to 50 eligible Hong Kong-listed companies that reflect the overall performance of the real estate sector [2]. Group 2: Index Composition - The top ten weighted companies in the index are: Sun Hung Kai Properties (14.11%), Beike-W (12.73%), China Resources Land (10.83%), Cheung Kong Property (7.94%), China Overseas Land & Investment (6.28%), Wharf Real Estate Investment (4.72%), Sino Land (4.39%), Henderson Land Development (4.22%), Longfor Group (2.85%), and Wharf Holdings (2.83%) [2]. - The index is composed entirely of real estate companies, with 100% of its holdings in the real estate sector [3]. Group 3: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or when new companies meet the criteria for inclusion [3].

Report Industry Investment Rating - Not provided in the given content. Core Viewpoints of the Report - Despite a 25 - 30pt increase in VNKRLEs year - to - date, the valuation is still undemanding with upside potential due to SZ Metro's support and Vanke's manageable offshore debt maturities, so the buy recommendation on VNKRLEs is maintained [8]. - The recommendation on YLLGSP is changed to neutral from buy because of its unappealing valuation, although Yanlord is still considered a survivor in the sector [10]. - China's macro - policy is shifting towards economic rebalancing, focusing on boosting household consumption and addressing supply - side competition. The policy implementation window may open in 4Q25, and it may positively impact bond yields, RMB exchange rates, and Chinese stocks [14]. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, in KR, LGENSO 26 - 35s tightened 6 - 12bps after LG Energy signed a USD4.3bn battery supply contract with Tesla. In Chinese IGs, CNOOC/JD 39 - 50s long - end was 0.4 - 0.7pt lower. ZHOSHK 28 tightened 8bps. In financials, MIZUHO/SUMIBK Float 30 - 31s tightened 1bp. In insurance, NSINTW 34 and SHIKON 35 widened. Some AT1s and perpetual bonds rose. In HK, new bonds like LIFUNG 29 and LASUDE/LIHHK 26 increased. In Chinese properties, Yanlord repurchased USD46.65mn of YLLGSP, VNKRLE 27 - 29s decreased, and Vanke got a new loan from SZ Metro [1]. - This morning, LGENSO 27 - 35s widened 2 - 3bps, ZHOSHK 28 tightened 1bp, BBLTB 34 - 40s tightened 2 - 5bps. New CNH CB 30/35/55 were 0.1 - 0.3pt lower. VNKRLE 27 - 29s were 0.3 - 0.4pt lower [2]. Outside Properties - EHICAR 26/27 were up 0.4 - 1.2pts, 1.7 - 2.8pts higher week - to - date. In SE Asia, ADSEZ 27 - 31s were up 0.1 - 0.2pt, and other Adani complex bonds had a 0.1pt decrease to 0.2pt increase. VLLPM 29 lowered 0.8pt [3]. CNH Space - New CNH CCAMCL 29/30 were 0.2 - 0.6pts lower. New CNH TEMASE 30/35/55 and CHMEDA 30/35 closed 0.1 - 0.6pt lower. KCGZIG priced a 3yr CNH1.4bn bond at par. There were two - way interests in some CNH and USD new issues. SPICPD Perp was up 0.1pt [4]. Last Trading Day's Top Movers - Top performers included GWFOOD 3.258 10/29/30 with a 2.5pt increase and EHICAR 7 09/21/26 with a 1.2pt increase. Top underperformers included JMUDIV 6.9 05/30/27 with a 1.3pt decrease and MTRC 5 1/4 04/01/55 with a 1.0pt decrease [5]. Macro News Recap - On Wednesday, S&P was down 0.12%, Dow was down 0.38%, and Nasdaq was up 0.15%. The US Fed kept the benchmark interest rate unchanged. US Jul '25 ADP Non - farm employment was + 104k, higher than expected. US 2Q25 GDP was + 3.0% qoq, higher than expected. Trump mentioned a possible tariff on India, and UST yield was higher [6]. Desk Analyst Comments - Vanke obtained a secured loan of up to RMB869mn from SZ Metro with a 2.34% funding cost. Cumulatively, SZ Metro has provided RMB22.7bn in loans, about 59% unsecured. VNKRLE 3.975 11/09/27 and VNKRLE 3 1/2 11/12/29 are trading at YTM of 13.8% and 11.6% respectively [8]. - Yanlord further repurchased USD46.65mn of YLLGSP 5 1/8 05/20/26, reducing the outstanding amount to USD379.66mn. It had previous repurchases in Apr '25 and early Jul '25. YLLGSP is trading at a YTM of 5.2% [10]. China Policy - The Politburo meeting signals a shift towards economic rebalancing, focusing on boosting consumption and reducing supply - side competition. China may boost consumption through multiple measures and address supply - side issues by eliminating local protectionism, etc. The policy implementation window may open in 4Q25 [14]. Offshore Asia New Issues - No new offshore Asia issues were priced today. There is a pipeline issue from Chengdu & Europe Industrial Zone with a 3 - year tenor, a 7.3% pricing, and an unrated status [22][23]. News and Market Color - Yesterday, 66 credit bonds were issued in onshore primary issuances with an amount of RMB38bn. Month - to - date, 2,033 credit bonds were issued, raising RMB2,110bn, a 12.8% yoy increase [25]. - There are various corporate news, such as Moody's outlook revision for AAC Technologies, HSBC's subsidiary NPL change, JD's acquisition plan, etc. [25].

Core Viewpoint - Yantai City has introduced a comprehensive set of 25 policy measures aimed at accelerating the stable development of the real estate market, focusing on land supply, project development, financial support, housing subsidies, revitalization of existing stock, market regulation, and administrative services [2][3]. Group 1: Land Supply Optimization - Adjustments in land price calculations are allowed to encourage developers to enhance product quality without incurring losses due to increased costs [3]. - Strategies to revitalize idle land include using special bonds for acquisition, reclaiming land unused for over two years, allowing land swaps, and exploring land ticket trials [3]. Group 2: Project Development Support - Flexibility in land use is permitted, allowing commercial land to be converted to residential use and reducing commercial ratios in mixed-use developments [4]. - New land parcels will require simultaneous infrastructure development, addressing issues like school placements to improve project delivery quality [4]. - Support for high-quality residential projects includes lowering pre-sale thresholds and allowing flexible execution of assembly ratios [4]. Group 3: Enhancing Housing Affordability - The calculation of floor area ratio (FAR) has been optimized, with balconies up to 2 meters deep counted at 50%, increasing usable space [5]. - Developers are encouraged to price balconies at half their area during sales [6]. Group 4: Financial Support - A "white list" for financing real estate companies has been established to ensure liquidity for quality firms [7]. - The down payment for second homes using public funds has been reduced to 20%, with interest rates for first-time buyers lowered to 2.6% [7]. - New loan products targeting young buyers include low down payments and combined mortgage and renovation loans [7]. Group 5: Housing Subsidies - Tax reductions for first-time homebuyers and incentives for selling old homes to buy new ones are introduced, significantly lowering transaction costs [8]. - Talent housing subsidies are available, with significant financial support for qualified individuals [8]. Group 6: Revitalization of Existing Stock - State-owned enterprises are allowed to reduce prices to accelerate inventory turnover, and idle properties can be converted into rental apartments [9]. - Support for the renovation of old neighborhoods includes allowing the use of land for public service facilities [9]. Group 7: Market Regulation - Transparency in sales is mandated, requiring disclosure of both usable and total area, as well as detailed pricing information [10]. - Property management companies are involved early in the construction process to ensure service quality [11]. Group 8: Administrative Services - An integrated approach to administrative services is promoted to enhance efficiency and reduce burdens on enterprises [12].

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公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 董事會召開日 期 九龍倉置業地產投資有限公司（「本公司」）宣布，本公司將於二○二五年八月七日 （星期四）舉行董事會會議，藉以（其中包括）批准發放本公司截至二○二五年六月三 十日止六個月的中期業績公告，以及考慮派發一項中期股息（如有）。 九龍倉置業地產投資有限公司 公司秘書 許仲瑛 代行 香港，二○二五年七月二十八日 於本公告日期，本公司董事會的成員為吳天海先生、徐耀祥先生、凌緣庭女士和李偉中 先生，以及八位獨立非執行董事歐肇基先生、周德熙先生、蔣麗苑女士、梁君彥議員、 廖淥波先生、韋理信先生、余灼強博士和楊永強教授。 九龍倉置業－ 公告 (二○二五年七月二十八日) ...

Group 1: Market Overview - The Hang Seng Index fell by 0.96%, down 232 points, closing at 23,989 points, while the Hang Seng Tech Index decreased by 1.20% [1] - The Hong Kong stock market saw a trading volume of HKD 130.6 billion in the morning session [1] Group 2: Pharmaceutical Sector - The National Healthcare Security Administration and the National Health Commission released measures to support the high-quality development of innovative drugs, indicating that innovative drugs remain a key investment theme [1] - The Hang Seng Biotechnology Index surged by 2.79% [1] - Ascentage Pharma-B (06855) rose by 8%, Kelun-Biotech (06990) increased by 7%, and Zai Lab (09688) gained 5.21% [1] - Kangfang Biotech (09926) saw a rise of over 11% as its first dual-antibody ADC drug AK146D1 entered clinical enrollment [2] - Innovent Biologics (01801) increased by over 6% following the approval of its drug Ma Shidu Peptide for commercialization [3] - CStone Pharmaceuticals-B (02616) rose by over 11% after disclosing two dual-specific antibody drug targets, CS2013 and CS2015 [4] - Sihuan Pharmaceutical (02096) gained 4.43% after its new generation anti-VEGF monoclonal antibody "Suvetizumab" was approved for market [5] Group 3: Other Sectors - Gaming stocks continued to rise, with Macau's June gaming revenue exceeding expectations, and Citigroup predicts growth momentum will continue in the second half of the year [5] - MGM China (02282) increased by 2.6%, and Melco International Development (00200) rose by 1.75% [5] - Wheelock Properties (01997) gained 7.32% as Hong Kong's retail sales value rebounded in May, leading Morgan Stanley to upgrade the company's rating [5] - Global New Material International (06616) rose by over 5% as the acquisition of Merck's surface solutions business is nearing completion [6] - Giant Star Legend (06683) increased by over 3% after its subsidiary invested USD 8 million in the Starlight New Economy Industry Fund [7] - Kingsoft (03888) fell nearly 7% as its new game "Unrestricted Machine" entered public testing, with market attention on its performance [8]

Core Viewpoint - The China Securities Index for Hong Kong Stock Connect Real Estate has shown a mixed performance, with a recent increase over the past month but a decline over the last three months, indicating volatility in the real estate sector [2]. Group 1: Index Performance - The China Securities Index for Hong Kong Stock Connect Real Estate reported a 3.41% increase over the past month, a 0.88% decrease over the last three months, and a 7.81% increase year-to-date [2]. - The index was established on November 14, 2014, with a base value of 3000.0 points [2]. Group 2: Index Composition - The index includes a maximum of 50 eligible Hong Kong-listed companies that meet the real estate theme criteria [2]. - The top ten weighted companies in the index are: Sun Hung Kai Properties (13.77%), Beike-W (13.5%), China Resources Land (10.84%), Cheung Kong Property (7.94%), China Overseas Land & Investment (6.58%), Wharf Holdings (4.42%), Henderson Land Development (4.42%), Sino Land (4.26%), Wharf Real Estate Investment (3.23%), and China Resources Mixc Lifestyle (2.97%) [2]. Group 3: Market and Sector Allocation - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100% allocation to the real estate sector [3][4]. - The index undergoes biannual adjustments every June and December, with provisions for temporary adjustments in special circumstances [4].