Group 1 - The company announced a first interim dividend of HKD 1.10 per share for the year 2019 [1] - The dividend will be forfeited and revert to the company if unclaimed by October 9, 2025 [1]

Core Viewpoint - Kowloon Warehouse Holdings (01997.HK) announced that any dividends not claimed within six years from the declaration date will be forfeited and returned to the company [1] Summary by Relevant Sections - Dividend Declaration: The company declared an interim dividend of HKD 1.10 per share on August 6, 2019 [1] - Forfeiture Clause: If the declared dividend remains unclaimed by October 9, 2025, it will be forfeited and revert to the company [1]

Core Viewpoint - Kowloon Development (01997) announced a first interim dividend of HKD 1.10 per share for 2019, which will be forfeited and revert to the company if unclaimed by October 9, 2025 [1] Summary by Category - **Dividend Announcement** - The company declared a first interim dividend of HKD 1.10 per share for the year 2019 [1] - **Unclaimed Dividend Policy** - Any unclaimed dividends by October 9, 2025, will be forfeited and returned to the company [1]

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。 沒收未領取之 二○一 九 年 第 一 次中期 股 息 根據九龍倉置業地產投資有限公司（「本公司」）經第二次修訂及重列的組織章程細 則第140條，任何在宣派日期起計六年後仍未有人領取的股息會被沒收並歸本公司所 有。本公司董事會（「董事會」）謹知會本公司股東（「股東」），在二○一九年八 月六日宣派每股港幣1.10元的二○一九年第一次中期股息（「二○一九年第一次中期 股息」），若在二○二五年十月九日仍然無人領取，將被沒收並歸本公司所有。 凡有權收取但仍未收到二○一九年第一次中期股息之款項或尚未兌現相關股息單的股 東，務請不遲於二○二五年十月八日（星期三）下午四時三十分聯絡本公司的香港股 份過戶登記分處卓佳證券登記有限公司，其地址為香港夏慤道16號遠東金融中心17 樓。 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○二五年九月八日 於本公告日期，董事會的成員為吳天海先生、徐耀祥先生、凌緣庭 ...

截至月份: 2025年8月31日 狀態: 新提交 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 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9月3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 ...

Summary of the Conference Call Industry Overview - **Industry**: Property Market in Mainland China and Hong Kong SAR - **Key Insights**: The property market is experiencing mixed signals with leading indicators in Mainland China showing declines while Hong Kong sees strong tourist arrivals. Mainland China Property Market - **Leading Indicators**: - Centaline tier-1 cities' secondary asking price index decreased from 19.4 to 18.5, marking the lowest since May 2024 [4] - Centaline manager confidence index fell from 45 to 44, reaching a new low since October 2024 [4] - **Sales Performance**: - 60-city primary sales increased by 1% year-over-year, recovering from a previous decline of 8% [4] - Sales registrations in Beijing improved by 17% year-over-year following policy easing on August 7, but asking prices remained stable [4] - 12-city secondary sales year-over-year growth improved from 4% to 6% [4] - **Market Dynamics**: - The sector's share price rose by 3% last week, with Vanke outperforming at +9% [4] - Notable underperformers included Shimao (-14%) and A-Living (-7%) [4] - **Investment Recommendations**: - Top picks include CR Land, CR Mixc, and Jinmao, with potential upside in laggards like COLI, COPH, and Longfor [4] Hong Kong Property Market - **Tourism Impact**: - Tourist arrivals increased by 1% week-over-week to 1.24 million, the highest year-to-date, with a year-over-year growth of 19% [4] - **Residential Sales**: - Residential sell-through rates have slowed, with Blue Coast II achieving a 56% sell-through rate, lower than expected [4] - Home price index fell by 0.5% week-over-week [4] - **Market Indicators**: - Centa Valuation Index rose to 65.2, indicating banks are revising up valuations, which supports price stabilization [4] - Secondary transactions in top 35 estates increased by 52% week-over-week to 82 units [4] - **Investment Recommendations**: - Among landlords, top picks include Swire Prop, Hang Lung, Wharf REIC, and Link REIT; among developers, Henderson and Sino are favored [4] Additional Insights - **Market Sentiment**: - The overall sentiment in the property market remains cautious, with leading indicators suggesting potential challenges ahead [4] - **Credit Views**: - Vanke reported a quarterly net loss of RMB 6 billion, with net gearing rising to 90% in Q2 2025, but is not expected to default due to support from Shenzhen Metro [9] - **Share Price Movements**: - The property sector in Mainland China and Hong Kong showed varied performance, with some companies experiencing significant fluctuations in share prices [4][55] This summary encapsulates the key points from the conference call regarding the property markets in Mainland China and Hong Kong, highlighting both challenges and opportunities for investors.

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]