Group 1 - The core viewpoint is that top shopping centers exhibit strong stability, contrary to the market perception that they are vulnerable to economic downturns and online consumption impacts [2][6] - Despite a projected decline in retail sales growth in major cities like Beijing and Shanghai, top shopping centers have managed to achieve retail sales growth, with specific centers reporting increases of 30%, 6%, and 26% year-on-year [2][3] - The success of top shopping centers is attributed to their ability to attract consumer traffic and popular brands, creating a positive cycle of customer flow and brand presence, which helps maintain rental income stability [2][4] Group 2 - High-end shopping centers are facing challenges due to economic fluctuations, but those in stable competitive environments can still achieve retail growth by attracting fast-growing brands and upgrading their offerings [3][6] - The competitive advantage of shopping centers is not solely based on location or operational capabilities, but rather on their ability to provide an engaging shopping experience, known as "walkability" [4][5] - A robust management system is crucial for commercial real estate companies, as it differentiates them in a market where operational know-how is not scarce [5][7] Group 3 - Top shopping centers and commercial real estate companies are considered valuable assets, maintaining stability even during economic downturns by leveraging their scale advantages and effective marketing strategies [6][7] - Companies that excel in commercial real estate should possess strong management capabilities, stable existing shopping centers, and the ability to successfully launch new projects [7]

根據《上市規則》第 1 3 . 5 1 ( 2 ) (l)條及第 1 3 . 5 1B( 2 )條 更新董事資料 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。 梁先生已確認除本公告所披露者外，概無根據《上市規則》第 13.51(2)(h)條至第 13.51(2)(v)條的規定而須予披露的其它資料，彼亦不知悉須提呈予本公司及本公司股東 注意的任何其它事項。 董事會認為清盤令對本集團的業務和營運沒有任何影響，亦不影響梁先生履行其作為 本公司獨立非執行董事職務的能力。 承董事會命 九龍倉置業地產投資有限公司 公司秘書 許仲瑛 香港，二○二五年八月二十日 本公告乃九龍倉置業地產投資有限公司（「本公司」）根據《香港聯合交易所有限公 司（「聯交所」）證券上市規則》（「《上市規則》」）第 13.51(2)(l)條及第 13.51B(2) 條而刊發，內容有關本公司獨立非執行董事梁君彥議員（「梁先生」）的資料更新。 本公司董事會（「董事會」）接獲梁先生通知，華南城控 ...

Core Viewpoint - Morgan Stanley has downgraded the earnings forecasts for Kowloon Development (00004) for the fiscal years 2025 to 2027 by 13%, 7%, and 9% respectively, due to weak performance in the first half of the year and challenging market conditions [1] Group 1 - The latest predictions for retail and office rental rates, occupancy rates, and interest rates have influenced the downgrade of earnings forecasts [1] - Despite the downgrade, the company is expected to maintain a stable dividend policy, projecting a dividend of HKD 0.4 per share from 2025 to 2027 [1] - Morgan Stanley has raised the target price for Kowloon Development from HKD 18.4 to HKD 19, while maintaining a "reduce" rating due to challenging operational outlook and unattractive valuation [1]

Core Viewpoint - Morgan Stanley has downgraded the earnings forecasts for Kowloon Development (00004) for the fiscal years 2025 to 2027 by 13%, 7%, and 9% respectively, due to weak performance in the first half of the year and challenging market conditions [1] Financial Performance - The company's earnings forecasts for fiscal years 2025 to 2027 have been reduced by 13%, 7%, and 9% respectively [1] - Despite the downgrades, the company is expected to maintain a stable dividend policy, projecting a dividend of HKD 0.4 per share from 2025 to 2027 [1] Market Conditions - The latest predictions for retail and office rental rates, occupancy rates, and interest rates have influenced the earnings forecast adjustments [1] - The company faces a challenging operating environment, which has been reflected in the revised earnings outlook [1] Valuation and Rating - Morgan Stanley has raised the target price for Kowloon Development from HKD 18.4 to HKD 19, while maintaining a "Reduce" rating [1] - The increase in target price reflects the strong balance sheet of the company, despite the challenging operational outlook and unattractive valuation [1]

Core Viewpoint - Morgan Stanley has downgraded the earnings forecasts for Kowloon Development for the fiscal years 2025 to 2027 due to weak performance in the first half of the year and challenging market conditions [1] Financial Performance - The basic earnings forecasts for Kowloon Development have been reduced by 13%, 7%, and 9% for the fiscal years 2025, 2026, and 2027 respectively [1] - Despite the downgrades, the company is expected to maintain a stable dividend policy, projecting a dividend of HKD 0.4 per share from 2025 to 2027 [1] Market Outlook - The target price for Kowloon Development has been raised from HKD 18.4 to HKD 19, reflecting the company's strong balance sheet but also the challenging operational outlook [1] - The company has been rated "Underweight" due to its unattractive valuation and difficult business environment [1]

Group 1 - The one-month Hong Kong Interbank Offered Rate (HIBOR) has risen to over 2% after remaining low for three months, which is considered expected [1] - HIBOR is anticipated to stay within the range of 2% to 3% in the foreseeable future [1] - The Hong Kong real estate sector is expected to maintain resilience in the coming month until the government announces the Policy Address, as the market is building expectations for new policies [1] Group 2 - Following the interest rate cuts in the US, the real estate sector may experience a short-term respite [1] - The industry is believed to gradually recover over time [1] - Among rental stocks, the company is optimistic about Swire Properties, Hang Lung Properties, Kowloon Development, and Link REIT; for developers, it favors Henderson Land and Sino Land [1]

Core Viewpoint - Morgan Stanley reports that after three months of low HIBOR (below 1.2%), the one-month HIBOR has risen above 2% this week, which was anticipated. The firm believes HIBOR will likely remain in the range of 2-3% in the future [1] Group 1: Market Reaction - The rise in HIBOR has led to Hong Kong property stocks underperforming the Hang Seng Index by 4% over the past two days, which is considered a natural reaction [1] Group 2: Future Outlook - For the upcoming month (until mid-September), the property sector is expected to show resilience due to two main factors: 1) Increased market expectations for new policy support following the policy address on September 17; 2) Anticipated interest rate cuts in the US [1] - Over a 12-month horizon, Morgan Stanley predicts a gradual recovery in the Hong Kong property market, particularly in the residential and retail sectors [1] Group 3: Stock Recommendations - In the retail sector, the firm is optimistic about Swire Properties (01972), Hang Lung Properties (00101), Wharf Real Estate Investment (01997), and Link REIT (00823) [1] - In the residential sector, the firm favors Henderson Land Development (00012) and Sino Land Company (00083) [1]

Core Viewpoint - Morgan Stanley reports that after three months of HIBOR being below 1.2%, it has risen above 2% this week, which was anticipated. The bank expects HIBOR to remain in the range of 2-3% in the future [1] Group 1: Market Reaction - The rise in HIBOR has led to Hong Kong property stocks underperforming the Hang Seng Index by 4% over the past two days, which is seen as a natural reaction [1] Group 2: Future Outlook - For the upcoming month until mid-September, the property sector is expected to show resilience due to increased market expectations for new policy support from the policy address on September 17 and potential interest rate cuts in the US [1] - Over a 12-month horizon, the Hong Kong property market, particularly residential and retail sectors, is anticipated to gradually recover [1] Group 3: Stock Recommendations - In the retail sector, the bank is optimistic about Swire Properties (01972), Hang Lung Properties (00101), Wharf Real Estate Investment (01997), and Link REIT (00823) [1] - In the residential sector, the bank favors Henderson Land Development (00012) and Sino Land Company (00083) [1]

各位非登記股東1 ： 致非登記股東之信函— 發布公司通訊之新安排 根據《香港聯合交易所有限公司證券上市規則》（「《上市規則》」）及九龍倉置業地產投資有限公司（「本公司」）之 組織章程細則，本公司謹通知 閣下，本公司將以電子形式取代印刷本發布日後所有本公司的公司通訊（「公 司通訊」2 ）。 1 「非登記股東」指其股份存放於中央結算及交收系統的人士或公司，而其已透過香港中央結算有限公司不時向本公司發出通知，表示欲收到本公司的公司 通訊（按《上市規則》所界定）。 2 「公司通訊」指本公司的年報╱中期報告書、通告、通函、代表委任表格（包括《上市規則》所界定的任何「公司通訊」）。 3 「可供採取行動的公司通訊」指本公司任何涉及要求股東指示其作為本公司股東擬如何行使其權利或作出選擇之公司通訊。為免出現疑問，股東大會通告 及代表委任表格不被視為可供採取行動的公司通訊。 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」）將登載日後所有公司通訊的中英文電子版，以取代印刷本。 閣下如欲閱覽公司通訊，可在本公司網 站主頁點擊「投資者關係」 ...

各位登記股東： 致登記股東之信函— 發布公司通訊之新安排 根據《香港聯合交易所有限公司證券上市規則》（「《上市規則》」）第2.07A條及九龍倉置業地產投資有限公司（「本公司」）之 組織章程細則，本公司謹通知 閣下，本公司將以電子形式取代印刷本發布日後所有本公司的公司通訊（「公司通訊」1 ）。 1. 在網站刊發公司通訊 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」）將登載日後所有公司通訊的中英文電子版，以取代印刷本。 閣下如欲閱覽公司通訊，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」以閱覽年報和中期報告書，及選擇「公告」或「股東通函及其它」以閱覽其 它公司通訊，或亦可瀏覽披露易網站。 2. 可供採取行動的公司通訊2 根據《上市規則》，本公司須向每名本公司股東（「股東」）個別發送可供採取行動的公司通訊。為方便以電子形式發 布可供採取行動的公司通訊，本公司建議 閣下向本公司提供有效的電郵地址。 閣下提供電郵地址即表示同意以 電子形式接收可供採取行動的公司通訊和任何其它適用文件。如 閣下未有提供有效的電 ...