Core Viewpoint - Goldman Sachs has raised its forecast for property price growth this year from 5% to 12%, attributing this increase to government visa and immigration policies that are expected to boost demand [1][3]. Property Market Outlook - Strong rental growth is anticipated, with an estimated cumulative increase of about 20% from 2023 to 2025, alongside declining mortgage rates which may encourage more individuals to transition from renting to buying [1][3]. - The removal of certain restrictions at the beginning of the 2024 fiscal year is expected to significantly lower transaction costs, potentially stimulating investment demand [1][3]. - Future government policies are projected to continue supporting population growth, income increases, and housing affordability [1][3]. Rental Market Expectations - In the core Central district, office rental prices are expected to rise by 3% year-on-year, while other areas are anticipated to remain relatively stable [1][3]. - The retail market outlook is more cautious, with rental growth expected to be modest at 2%, due to ongoing competition from local residents traveling abroad and online shopping [1][3]. Stock Recommendations - Goldman Sachs upgraded the ratings of Henderson Land Development (00012) and Sino Land Company (00083) from "Sell" to "Buy," believing both companies are well-positioned to benefit from the rising cycle in the Hong Kong residential market, with target prices raised to HKD 39 and HKD 14.6 respectively [1][3]. - The firm reiterated its "Buy" rating for Sun Hung Kai Properties (00016), with a target price increased to HKD 159; these three companies collectively hold about 36% of the market's unit inventory and have various new projects underway [1][3]. - Conversely, the rating for Wharf Real Estate Investment Company (01997) was downgraded from "Buy" to "Sell," and Link REIT (00823) was downgraded from "Buy" to "Neutral" due to their significant exposure to the retail sector and specific company-level challenges; target prices were lowered to HKD 28 and HKD 41.3 respectively [2][4]. - Lastly, the rating for MTR Corporation (00066) was downgraded from "Neutral" to "Sell," with a target price raised to HKD 36.1 [2][4].

Group 1 - Goldman Sachs has raised its forecast for property price increases this year from 5% to 12%, driven by government visa and immigration policies that are expected to boost demand [1] - Strong rental growth is anticipated, with an estimated cumulative increase of about 20% from 2023 to 2025, alongside declining mortgage rates which may encourage more people to transition from renting to buying [1] - The bank expects that government policies will continue to support population and income growth, as well as housing affordability [1] Group 2 - The bank predicts a 3% year-on-year increase in core Central District office rents, while rents in other areas are expected to remain stable [1] - A cautious outlook is provided for the retail market, with rental growth projected at a modest 2% due to competition from local travel and online shopping [1] - The bank upgraded the ratings of Henderson Land Development (00012) and Sino Land Company (00083) from "Sell" to "Buy," with target prices raised to HKD 39 and HKD 14.6 respectively, while maintaining a "Buy" rating for Sun Hung Kai Properties (00016) with a target price increased to HKD 159 [1] Group 3 - The bank downgraded Wharf Real Estate Investment Company (01997) from "Buy" to "Sell," and downgraded Link REIT (00823) from "Buy" to "Neutral," citing significant exposure to the retail sector and specific company-level challenges [2] - Target prices for Wharf Real Estate and Link REIT were reduced to HKD 28 and HKD 41.3 respectively [2] - The rating for MTR Corporation (00066) was downgraded from "Neutral" to "Sell," with a target price raised to HKD 36.1 [2]

智通财经APP获悉，恒基地产(00012)涨超3%，截至发稿，涨3.18%，报33.74港元，成交额3.69亿港元。 消息面上，高盛发布研报称，将今年香港楼价升幅预测由5%提高至12%，预计政府推出的签证及移民 政策将带动需求。另外，租金强劲增长(2023至25年间累升约两成)，加上按揭利率下降，或令更多 人"转租为买"。自2024财年初撤辣后，交易成本大为降低，亦可能刺激投资需求。该行预计未来政府政 策将继续支持人口、收入增长及住屋可负担能力。股份方面，该行将恒地评级由"沽售"一举升至"买 入"，认为更能受惠于香港住宅市场的上升周期，目标价大升至39港元。 ...

2月20日，港股市场部分本地地产股走强，其中，恒基地产、太古股份公司B涨超3%，冠君产业信托、 恒隆地产涨超2%，信和置业、太古地产、太古股份公司A涨超1%。 | 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 00012 | 恒基地产 | (0) | 3.36% | 33.800 | 1636.39亿 | | 00087 | 太古股份公司B | | 3.24% | 13.700 | 390.3亿 | | 02778 | 冠君产业信托 | | 2.73% | 2.630 | 161.36亿 | | 00101 | 恒隆地产 | | 2.15% | 9.990 | 505.16亿 | | 00083 | 信和置业 | | 1.83% | 12.820 | 1215.91亿 | | 01972 | 太古地产 | | 1.60% | 25.440 | 1464.7 Z | | 00019 | 太古股份公司A | | 1.44% | 80.850 | 629.81亿 | | 00016 | 新鸿基地产 | | 0.89% ...

Group 1 - The Hong Kong property market is showing strength, with local real estate stocks such as Henderson Land, Swire Properties B, and others experiencing gains of over 3% and 2% respectively [1] - Goldman Sachs has revised its forecast for Hong Kong property prices, increasing the expected rise from 5% to 12% due to favorable government visa and immigration policies, a 20% increase in rents over the past three years, and lower mortgage rates encouraging residents to buy instead of rent [1] - For the upcoming 2025 fiscal year, Goldman Sachs estimates a 1% decline in average earnings for covered real estate stocks, with specific companies like Kerry Properties expected to see a 44% drop in earnings due to high financial costs [1] Group 2 - Goldman Sachs has adjusted its core earnings per share forecasts for Hong Kong real estate stocks for 2025 to 2027, with changes ranging from a 15% downgrade to a 33% upgrade [2] - The ratings for Henderson Land and Sino Land have been upgraded from "Sell" to "Buy," with target prices increased significantly by 102% to HKD 39 and 95% to HKD 14.6 respectively [2] - The rating for Cheung Kong has been downgraded from "Buy" to "Neutral" due to its smaller exposure to the Hong Kong property market, while the target price has been raised by 10% to HKD 53 [2]

Core Viewpoint - Mr. Li Ka-shing has taken legal action against actress Chrissie Chau for defamation and harassment due to false rumors linking them, asserting that he has no relationship with her and believes she is the source of these rumors for personal publicity [2][5][15]. Group 1: Legal Action and Allegations - Mr. Li has filed a lawsuit in the Hong Kong High Court against Chrissie Chau and five social media channels for defamation and harassment, aiming to clarify facts and protect his family's reputation [2][12]. - The lawsuit is based on allegations that Chau has been spreading false rumors about a relationship with Mr. Li, which he claims has been ongoing for nearly a decade [15][17]. - Mr. Li believes that Chau's actions are motivated by a desire to increase her personal exposure and promote her film projects, particularly during a difficult time for his family following the death of his father [5][16]. Group 2: Financial Background - Mr. Li Ka-shing is the son of the late Li Shau-kee, founder of Henderson Land Development Company, and currently serves as the chairman and managing director of the company alongside his brother [8][12]. - According to the latest Forbes list, the Li brothers rank second among Hong Kong's wealthiest individuals, with a shared net worth of $34.9 billion (approximately 241.1 billion RMB) [12]. - Since 2025, Henderson Land's stock price has increased by 48.6%, currently trading at HKD 32.4 per share, with a total market capitalization of HKD 156.9 billion [12].

Core Viewpoint - Li Ka-shing's legal action against Chrissie Chau and five social media channels highlights the ongoing issue of defamation and online harassment, emphasizing the need for accountability in the digital space [1][10][12]. Group 1: Legal Action and Allegations - Li Ka-shing has filed a lawsuit in the Hong Kong High Court against Chrissie Chau for defamation and harassment, claiming that she initiated false rumors about him [1][10]. - The lawsuit also targets five social media channels, aiming to halt the culture of online bullying and clarify the facts to protect his and his family's reputation [1][12]. - Li Ka-shing asserts that Chau's actions are motivated by self-interest to gain publicity for her film projects, alleging that she is the source of the false rumors [1][11]. Group 2: Background and Context - Li Ka-shing is the son of the late Li Ka-shing, founder of Cheung Kong Holdings, and currently serves as the chairman and managing director of the company alongside his brother [7][10]. - The family has a net worth of approximately $34.9 billion, ranking them second on the Forbes 2026 list of Hong Kong's wealthiest individuals [10]. - Chrissie Chau, a Hong Kong actress and model, has previously denied any relationship with Li Ka-shing, stating that the rumors are baseless [5][11]. Group 3: Impact of Online Rumors - The ongoing rumors have persisted for nearly a decade, causing significant distress to Li Ka-shing and his family, especially following the recent loss of his father [12][13]. - Li Ka-shing has previously attempted to have defamatory content removed from YouTube without success, leading to the current legal action as a last resort [13][14]. - The spread of false information has not only harmed Li Ka-shing's reputation but has also placed undue pressure on his family, affecting their social standing [12][13].

各位新登記股東： 日後以電子方式發布公司通訊 為響應環保，恒基兆業地產有限公司（「本公司」）繼續提倡以電子方式發布公司通訊*，並提 供以下選項予 閣下以收取日後公司通訊： 本公司建議 閣下選擇閱覽網上版本，並透過掃描隨附回條上列印之 閣下專屬二維碼或 填寫回條並交回本公司股份登記及過戶處（見下文），以提供 閣下之有效電郵地址。如 閣下 選擇收取印刷版本，有關要求將持續有效，直至該要求經書面方式被撤回，或由收悉 閣下指 ⽰當日起計⼀年內有效（以較早者為準）。 CCS3847 HLLH 閣下有權隨時發出不少於七天的書面通知予本公司股份登記及過戶處，以更改收取公司通 訊之語言版本及／或收取方式之選擇。 請使用提供之已預付郵費之郵寄標籤將該回條寄回香港中央證券登記有限公司之下述地 址，或以電郵發送至下述電郵地址。 本公司股份登記及過戶處聯絡資料： 閣下如 有任何與本函件有 關的疑問，請致電 本公司股份登記及過戶處的查詢熱 線 (852) 2862 8555。 公司秘書 廖祥源 謹啟 二零二六年二月十三日 * 公司通訊⼀般包括由本公司刊發之(a)年報；(b)中期報告；(c)會議通告；(d)上市文件；(e)通函；及(f) ...

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: | 2026年1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: | 恒基兆業地產有限公司 | | | 呈交日期: | 2026年2月5日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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) 00012 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 4,841,387,003 0 4,841,387,003 增加 / 減少 (-) 0 0 本月底結存 4,841,387,003 0 4,841,387,003 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D ...

Core Viewpoint - UBS downgraded the rating of Henderson Land Development (00012) from "Buy" to "Neutral," citing that the risk and return have become balanced after the stock price increase driven by the recovery of the Hong Kong residential and office market [1] Group 1: Rating and Target Price - UBS raised the target price for Henderson Land from HKD 29 to HKD 30.5 [1] Group 2: Dividend Sustainability Concerns - Recent market focus has been on the sustainability of Henderson Land's dividends, with a projected negative free cash flow of HKD 4.8 billion after dividends in 2025 due to a lack of whole property transactions and the 2025 agricultural land conversion project [1] - A scenario analysis indicates that a potential 55% reduction in dividends (to HKD 0.81 per share) could achieve free cash flow balance, allowing the controlling family to receive more cash due to reduced shareholder loan contributions [1] - The probability-weighted dividend per share, assuming a 50% chance of a reduction to HKD 0.81, is calculated at HKD 1.3, resulting in a current dividend yield of 4.3%, comparable to Cheung Kong Holdings (01113), suggesting that the market has partially reflected the risk of dividend reduction [1] - UBS maintains its forecast for Henderson Land's 2025 dividend per share at HKD 1.8 [1]