Core Viewpoint - Morgan Stanley raised the target price for Hang Lung Properties from HKD 6.5 to HKD 9, upgrading the rating to "Overweight" [1] Summary by Relevant Categories Financial Performance - Tenant sales in Hang Lung's mainland shopping malls improved in July and August, with sales at Shanghai Hang Lung Plaza stabilizing after a decline [1] - Potential residential sales could generate over HKD 10 billion in revenue, which would help reduce the company's debt ratio [1] Future Prospects - Long-term benefits are expected from the growth in inbound tourism and tax rebate policies [1] - The retail portion of the new project, Hang Lung Plaza in Hangzhou, has achieved a pre-leasing rate of 81%, with an expected opening in 2026 [1]

Group 1 - Morgan Stanley raised the target price for Hang Lung Properties from HKD 6.5 to HKD 9, upgrading the rating to "Overweight" [1] - Tenant sales in mainland China improved in July and August, compared to a 4% year-on-year decline in the first half of the year [1] - Sales at Plaza 66 in Shanghai stabilized, recovering from a 4% drop in the second quarter [1] Group 2 - The long-term outlook is positive due to expected growth in inbound tourism and a rebound in consumer demand driven by tax refund policies [1] - The pre-leasing rate for the retail portion of Westlake 66 in Hangzhou has reached 81%, with an expected opening in 2026 [1] - The company is leasing an additional 452,000 square feet of space to expand the street-facing area of the mall [1] Group 3 - Potential residential unit sales could generate over HKD 10 billion in revenue, reducing the debt ratio by more than 5 percentage points [1] - The current dividend yield stands at 6.5%, which is higher than peers [1] - The dilution of shares from scrip dividends is expected to cease after the full-year results announcement in 2025 [1]

EF003 | 記錄日期 | 2025年8月15日 | | --- | --- | | 股息派發日 | 2025年9月24日 香港中央證券登記有限公司 | | 股份過戶登記處及其地址 | | | | 皇后大道東183號 | | | 合和中心 | | | 17樓1712-1716號舖 | | | 灣仔 | | | 香港 | | 代扣所得稅信息 | | | 股息所涉及的代扣所得稅 | 不適用 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公布日期，恒隆地產有限公司之董事會包括： | | | 執行董事： | | | 陳文博先生 | | | 盧韋柏先生 | | | 趙家駒先生 | | | 獨立非執行董事： | | | 袁偉良先生 | | | 陳南祿先生 | | | 陳嘉正博士 | | | 馮婉眉女士 | | | 李天芳女士 | | EF003 第 2 頁 共 2 頁 v 1.1.1 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， ...

恒隆 地 產有 限 公司 HANG LUNG PROPERTIES LIMITED (Incorporated in Hong Kong with limited liability) ( 於香港註冊成立之有限公司 ) (Stock Code 股份代號: 00101) N O T I F I C AT I O N L E T T E R 通知信函 August 25, 2025 Dear Non-registered Shareholder* , Hang Lung Properties Limited (the "Company") - Notice of Publication of Circular of Scrip Dividend Arrangement in relation to the Interim Dividend for the six months ended June 30, 2025 (the "Current Corporate Communication") We are pleased to inform you that the English and Chinese ve ...

恒隆 地 產有 限 公司 HANG LUNG PROPERTIES LIMITED (Incorporated in Hong Kong with limited liability) ( 於香港註冊成立之有限公司 ) (Stock Code 股份代號: 00101) N O T I F I C AT I O N L E T T E R 通知信函 Dear Registered Shareholder, August 25, 2025 To ensure timely receipt of future Corporate Communications and Actionable Corporate Communications**, the Company recommends you to provide your email address by scanning your personalized QR code printed on the enclosed reply form (the "Reply Form"). To make your election, please fill in t ...

THIS FORM IS FOR THE USE OF THE SHAREHOLDER(S) NAMED IN BOX A ONLY. NO ACKNOWLEDGEMENT OF RECEIPT OF THIS FORM WILL BE ISSUED. FOR THE AVOIDANCE OF DOUBT, THE COMPANY DOES NOT ACCEPT ANY OTHER INSTRUCTIONS WRITTEN ON THIS FORM. 此表格只供名列於甲欄內之股東使用。本公司不會就此表格發出收訖確認。為免存疑，任何在此表格上的額外手寫指示，本公司將不予處理。 CERTIFICATE AND/OR DIVIDEND WARRANT FOR THE ENTITLEMENT WILL BE SENT BY ORDINARY POST TO THE SHAREHOLDER(S) AT THE SHAREHOLDER'S(S') POSTAL RISK TO THE ABOVE ADDRESS. DIVIDEND WARRANT WILL BE SENT IN ACCORDANCE WITH STAND ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的持牌證券 交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下的恒隆地產有限公司股份全部售出或轉讓，應立即將本通函及隨 附的選擇表格（如有）送交買主或承讓人，或經手買賣或轉讓的銀行、持牌證券交 易商或其他代理商，以便轉交買主或承讓人。 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通函的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就因本通函全 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。 在香港境外任何地區收到本通函及╱或選擇表格的海外股東，不得將其視為參與 以股代息安排的邀約，除非本公司可毋須遵照相關司法權區任何登記或其他要求 或手續，合法地向股東作出有關邀約。任何海外股東如欲收取以股代息股份，須 自行承擔責任，遵守一切任何有關司法權區之法律規定，包括獲得任何政府或其 他同意或遵守任何規定及辦理所需手續。因海外股東違反任何相關司法管轄區的 法律而導致或產生與根據以股代息安排收取中期股息及╱或以股代息股份有關的 任何後果，將由相關海外股東獨自承擔。 釋 義 於 ...

Core Viewpoint - UBS's report suggests that the potential spin-off of assets into a private REIT could change investor perceptions of Hang Lung Properties (00101) [1] Group 1: Financial Metrics - The stock's price-to-book (P/B) ratio is only 0.29 times, indicating a significant discount to net asset value (NAV) [1] - Any asset divestiture could help narrow the NAV discount per share [1] Group 2: Debt and Revenue Implications - Potential asset spin-off may assist Hang Lung in reducing its debt burden [1] - Hang Lung could generate ongoing fee income through a private REIT and establish a platform for future capital recovery [1] Group 3: Target Price and Earnings Forecast - UBS raised the target price for Hang Lung Properties by 14%, from HKD 8.4 to HKD 9.6, while maintaining a "Buy" rating [1] - Adjustments to earnings forecasts for the next two years are -4% and +3%, reflecting the latest interim results and the timeline for the completion of the Hangzhou mall [1]

Core Viewpoint - UBS's report suggests that the potential spin-off of assets into a private REIT could change investor perceptions of Hang Lung Properties (00101) [1] Group 1: Financial Metrics - The stock's price-to-book (P/B) ratio is only 0.29 times, indicating a significant discount to net asset value (NAV) [1] - Any asset divestiture could help narrow the NAV discount per share [1] Group 2: Debt and Revenue Generation - Potential asset spin-offs may assist Hang Lung in reducing its liabilities [1] - The company could generate ongoing fee income through a private REIT and maintain a platform for future capital recovery [1] Group 3: Target Price and Earnings Forecast - UBS raised the target price for Hang Lung Properties by 14%, from HKD 8.4 to HKD 9.6, while maintaining a "Buy" rating [1] - Earnings estimates for the next two years have been adjusted by -4% and +3% to reflect the latest interim results and the completion timeline of the Hangzhou mall [1]

Group 1 - UBS's research report suggests that a potential asset spin-off into a private REIT could change investors' perception of Hang Lung Properties [1] - The stock's P/B ratio is only 0.29 times, and any asset divestiture would help narrow the discount to net asset value (NAV) per share [1] - Potential asset spin-offs may assist Hang Lung in reducing its debt [1] Group 2 - Hang Lung can generate fee income through a private REIT and has a platform for future capital recovery [1] - UBS raised the target price for Hang Lung Properties from HKD 8.4 to HKD 9.6, maintaining a "Buy" rating [1] - Earnings estimates for the next two years have been adjusted by -4% and +3% to reflect the latest interim results and the completion timeline of the Hangzhou mall [1]