Core Viewpoint - UBS reports that Alibaba-W (09988) is considering acquiring the "One Island East" in Causeway Bay, which consists of 13 floors and naming rights, potentially impacting the rental market in the area [1] Group 1: Alibaba's Potential Move - Alibaba is currently leasing 170,000 square feet at Times Square, with the lease expiring in 2028 [1] - If Alibaba relocates, Times Square's vacancy rate could increase by 16 percentage points, with a current occupancy rate of 90% as of June this year [1] Group 2: Impact on Kowloon-Canton Railway Holdings - UBS estimates that Kowloon-Canton Railway Holdings (01997) could face an annual rental income loss of HKD 110 million, which is equivalent to 1% of last year's profit, based on a rental rate of HKD 54 per square foot [1] - The anticipated asset enhancement works at Hysan Development (00014) in Causeway Bay are expected to be completed between 2026 and 2027, which may continue to pressure both retail and office sectors at Times Square [1] Group 3: Market Implications - If the acquisition is successful, it could have a positive impact on the local office market, as the exit yield for the transaction is only 2.5%, lower than the level achieved by Land & Properties in April this year [1] - Reports indicate that Alibaba may acquire 270,000 square feet, increasing its current office space by 100,000 square feet [1]

至于领展房产基金(00823)与九龙仓置业(01997)可能逊于同行，因REIT互联互通进展有限，而且吸引旅 客的措施不足;分别予"买入"及"中性"评级，目标价为44.2港元及20港元。 瑞银发布研报称，新一份《施政报告》未有如该行预期中削减住宅印花税，"房地产互联互通"没有任何 进展，亦没有REIT互联互通的时间表。符合该行预测的是，政府加速推进北部都会区发展，并将3,000 万至5,000万港元的豪宅投资纳入新资本投资者入境计划。对私人住宅市场而言，政府未有推出公屋租 置计划，并将居屋白表配额由60%降至50%，均属正面讯号。 该行预期，地产商股价将因缺乏减税措施而轻微承压，但恒基地产(00012)表现或好过同行，因其受惠 于农地收回加速、补地价付款灵活性提升，以及市区重建项目获批更高容积率，现予"买入"评级，目标 价29港元。 ...

该行预期，地产商股价将因缺乏减税措施而轻微承压，但恒基地产(00012)表现或好过同行，因其受惠 于农地收回加速、补地价付款灵活性提升，以及市区重建项目获批更高容积率，现予"买入"评级，目标 价29港元。 至于领展房产基金(00823)与九龙仓置业(01997)可能逊于同行，因REIT互联互通进展有限，而且吸引旅 客的措施不足;分别予"买入"及"中性"评级，目标价为44.2港元及20港元。 智通财经APP获悉，瑞银发布研报称，新一份《施政报告》未有如该行预期中削减住宅印花税，"房地 产互联互通"没有任何进展，亦没有REIT互联互通的时间表。符合该行预测的是，政府加速推进北部都 会区发展，并将3,000万至5,000万港元的豪宅投资纳入新资本投资者入境计划。对私人住宅市场而言， 政府未有推出公屋租置计划，并将居屋白表配额由60%降至50%，均属正面讯号。 ...

Group 1 - The recent government policy report did not introduce significant surprises for the real estate market, as measures like stamp duty exemptions and the "Home Purchase Scheme" were not implemented, which is not expected to cause downward pressure [1] - The only slightly positive easing measure is the relaxation of the new "Capital Investor Scheme," allowing residential units valued over HKD 30 million to qualify, which aligns with expectations [1] - Following the policy report, Hong Kong real estate stocks reacted mildly, with the sector underperforming the Hang Seng Index by 2% on September 17 [1] Group 2 - Despite the lack of strong easing policies in the report, the company believes the real estate market may stabilize in the second half of 2025, with property prices expected to rise by 3-5% in 2026 [1] - Preferred developers include Henderson Land Development (00012) and Sino Land Company (00083) [1] - Among property owners, the most favored are Swire Properties (01972) and Hang Lung Properties (00101), followed by Wharf Real Estate Investment Company (01997) and Link REIT (00823) [1]

Group 1 - The recent policy report from the government does not present significant surprises for the real estate market, as measures like stamp duty exemptions and the "Home Purchase Scheme" have not been implemented, which is not expected to cause downward pressure [1] - The only slightly positive easing measure is the relaxation of the new "Capital Investor Scheme," allowing residential units valued over HKD 30 million to qualify, which aligns with expectations [1] - Following the policy report, Hong Kong real estate stocks reacted mildly, with the sector underperforming the Hang Seng Index by 2% on September 17 [1] Group 2 - Despite the lack of strong easing policies in the report, the company believes the real estate market may stabilize in the second half of 2025, with property prices expected to rise by 3-5% in 2026 [1] - Preferred developers include Henderson Land Development (00012) and Sino Land Company (00083), while the most favored landlords are Swire Properties (01972) and Hang Lung Properties (00101), followed by Wharf Real Estate Investment Company (01997) and Link REIT (00823) [1]

Core Viewpoint - UBS indicates that the Hong Kong government's new Policy Address did not meet expectations regarding the reduction of residential stamp duty, and there has been no progress on real estate connectivity or a timetable for REIT connectivity [1] Group 1: Government Policy Impact - The government is accelerating the development of the Northern Metropolis and has included luxury home investments of HKD 30 million to 50 million in the new capital investment immigration scheme [1] - The absence of a public housing purchase plan and the reduction of the White Form allocation for subsidized housing from 60% to 50% are seen as positive signals for the private residential market [1] Group 2: Company Ratings and Expectations - Real estate developers' stock prices are expected to be slightly pressured due to the lack of tax reduction measures, but Henderson Land is likely to perform better than peers due to accelerated land resumption, increased flexibility in land premium payments, and higher plot ratios approved for urban redevelopment projects [1] - UBS maintains a "Buy" rating for Henderson Land with a target price of HKD 29 [1] - Sun Hung Kai Properties may face pressure due to lower dividend yield and the absence of stamp duty reduction, also receiving a "Buy" rating with a target price of HKD 96 [1] - Link REIT and Wharf Real Estate Investment may underperform peers due to limited progress on REIT connectivity and insufficient measures to attract tourists, receiving "Buy" and "Neutral" ratings with target prices of HKD 44.2 and HKD 20 respectively [1]

Dear Non-registered Shareholders1 , 12 September 2025 Notification of Publication of Interim Report 2025 (the "Interim Report") We hereby notify you that the Interim Report of Wharf Real Estate Investment Company Limited (the "Company"), in both English and Chinese, has been published and is now available on the Company's website at www.wharfreic.com and Hong Kong Exchanges and Clearing Limited's website at www.hkexnews.hk (the "HKEXnews website") (together, the "Websites"). You may access the Interim Repor ...

Dear Shareholders, 12 September 2025 二○二五年中期報告書（「中期報告書」）已予以刊發的通知 九 龍 倉 置 業 地 產 投 資 有 限 公 司（「 本 公 司 」）現 謹 通 知 閣 下 ， 本 公 司 中 期 報 告 書 的 中 英 文 版 現 已 刊 發 並 上 載 到 本 公 司 網 站www.wharfreic.com 和香港交易及結算所有限公司網站www.hkexnews.hk（「披露易網站」）（統稱「該等網站」）。如要閱覽中期報告書，可 在本公司網站主頁點擊「投資者關係」欄，然後選擇「財務報告」，或可瀏覽披露易網站。若 閣下之前要求以印刷本方式收取本公司的公 司通訊（「公司通訊」），則隨函附上中期報告書印刷本。 Notification of Publication of Interim Report 2025 (the "Interim Report") We hereby notify you that the Interim Report of Wharf Real Estate Investment Company Limited (the "Comp ...

二○二五年中期報告書 乘資產值下滑 持續減債 摘要 集團業績 未經審核基礎淨盈利保持穩定，為港幣三十一億一千九百萬元（二○二四年：港幣三十一億二千 三百萬元），相當於每股港幣1.03元（二○二四年：港幣1.03元）。 若計入投資物業重估減值淨額港幣五十一億一千八百萬元（二○二四年：港幣四十四億二千六百 萬元），股東應佔集團虧損為港幣二十四億零六百萬元（二○二四年：港幣十億五千二百萬元）。 每股基本虧損為港幣0.79元（二○二四年：港幣0.35元）。 中期股息 第一次中期股息每股港幣0.66元（二○二四年：港幣0.64元）將於二○二五年九月十一日派付予在 二○二五年八月二十七日下午六時正名列股東登記冊內的股東。派息總額為港幣二十億零四百萬 元（二○二四年：港幣十九億四千三百萬元），佔香港投資物業及酒店基礎淨盈利的65%。 1 九龍倉置業地產投資有限公司 二○二五年中期報告書 H2遇H1， 請取消H2段前！ H2遇table，請用 02 H2 (Table) 的段落樣式！ H2遇H1， 請取消H2段前！ H2遇table，請用 02 H2 (Table) 的段落樣式！ • 投資物業收入和營業盈利下跌 • 借貸成本 ...

Group 1 - The Hong Kong government is expected to announce its policy address next Wednesday, with low likelihood for the immediate launch of the "Home Purchase Fund" and no expectation for a nationwide plan in the short term [1] - The potential for further relaxation of investment restrictions for capital investors in luxury properties is considered moderate [1] - There is an expectation that the "multiple-entry" individual travel visa may be expanded to residents of other Greater Bay Area cities beyond Shenzhen [1] Group 2 - The new policy address is anticipated to benefit developers such as Henderson Land, Sun Hung Kai Properties, and Sino Land [1] - An increase in mainland tourists visiting Hong Kong is expected to support regional mall owners, including Wharf Real Estate Investment, Hysan Development, and New World Development [1] - Concerns over capital expenditure may negatively impact the development of North District for MTR, but could accelerate the reclamation of agricultural land, which is seen as positive for Henderson Land [1] - Progress in the inclusion of REITs in the mutual market access is expected to have a positive impact on Link REIT [1]