公告发布后，恒隆地产股价下跌，但该行认为这是一个良好的买入时机，因为行政总裁退休并未改变该 行对恒隆地产的"增持"观点。该观点基于：内地租户销售额改善(得益于奢侈品零售销售趋于稳定)；来 自轻资产营运租赁(杭州/无锡/上海)的新增长动力；以及具高确定性且要求不高的6%股息收益率。该行 对其目标价为10港元。 摩根大通发表报告，指恒隆地产行政总裁卢韦柏退休，对该行而言是一个意外，因为公司在宣布行政总 裁退休前并未确定继任者，且卢韦柏现年54岁，早于通常的退休年龄。目前，该行认为这对恒隆地产的 营运影响甚微，因为主要决策(例如策略与股息)仍由家族作出；恒隆地产目前没有任何依赖卢韦柏执行 的重大举措或战略转向。 ...

恒隆地产(00101)午后走低，现跌超3%领跌蓝筹。截至发稿，跌3.02%，报8.67港元，成交额8060.36万 港元。 消息面上，今日午间，恒隆集团、恒隆地产联合公告宣布卢韦柏将于2026年8月31日或之前荣休，并不 再担任集团行政总裁及执行董事的职位。董事会正在进行全面的甄选，以物色卢先生的继任人，而卢韦 柏将协助并促进领导层顺利交接。卢韦柏确认彼与董事会并无任何意见分歧，亦不知悉任何关于彼退休 的事宜须提请集团股东注意。 ...

消息面上，今日午间，恒隆集团、恒隆地产联合公告宣布卢韦柏将于2026年8月31日或之前荣休，并不 再担任集团行政总裁及执行董事的职位。董事会正在进行全面的甄选，以物色卢先生的继任人，而卢韦 柏将协助并促进领导层顺利交接。卢韦柏确认彼与董事会并无任何意见分歧，亦不知悉任何关于彼退休 的事宜须提请集团股东注意。 智通财经APP获悉，恒隆地产(00101)午后走低，现跌超3%领跌蓝筹。截至发稿，跌3.02%，报8.67港 元，成交额8060.36万港元。 ...

Company Overview - The company announced a 20-year operational lease agreement for the Shanghai Nanjing West Road 1038 commercial project (formerly Meilong Town Plaza) with Shanghai Jiubai on December 12 [1] - The project is part of the "V.3" strategy, focusing on light asset expansion in key areas of the Yangtze River Delta [1] Strategic Insights - The V.3 strategy prioritizes the expansion of core projects in the Yangtze River Delta, with initial projects located in Shanghai, Wuxi, and Hangzhou [1] - The cities involved have significant consumer capacity and potential for multiple brand placements, enhancing the company's competitive advantage in these markets [1] Project Details - The company will consider a mix of luxury and experiential brands for the new project, based on the existing project conditions [1] - The three projects have a total capital expenditure of approximately 1.6 billion yuan, with around 1 billion yuan attributable to the company, primarily for soft decoration costs [2] Financial Structure - The Hangzhou project is fully owned by the company, while the Shanghai and Wuxi projects are joint ventures with a 60% stake, not consolidated due to technical reasons [2] - The lease agreements for all three projects are set for 20 years, with the company potentially having a priority renewal right [2] Cost Management - The company maintains strict control over initial costs, with fixed rent being the primary cost structure, and no rent payments required during the renovation period before project delivery [2] - The management team will be shared with existing projects to reduce marginal management costs [2] Profitability Forecast - The company expects a payback period of under 10 years for the three projects, with an internal rate of return (IRR) projected to reach double digits [2] - Financial contributions from these projects are anticipated to begin between 2028 and 2030 [2] Valuation and Ratings - The company maintains its earnings forecast and continues to rate as outperforming the industry, with a target price of HKD 9.46 per share, corresponding to a 15x core P/E for 2025 and a 5.5% dividend yield [2] - The current trading valuation is at 14.6x core P/E for 2025, with a 5.8% dividend yield [3]

Core Viewpoint - Hang Lung Properties (00101.HK) announced that CEO and Executive Director, Mr. Weber Lo, will retire on or before August 31, 2026, and will no longer hold his positions [1] Group 1 - The board is conducting a comprehensive search for Mr. Lo's successor [1] - Mr. Lo will assist in facilitating a smooth leadership transition [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布的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公布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。 恒隆集團有限公司 HANG LUNG GROUP LIMITED （於香港註冊成立之有限公司） 恒隆地產有限公司 HANG LUNG PROPERTIES LIMITED （股份代號﹕00010） （於香港註冊成立之有限公司） （股份代號﹕00101） 聯合公布 行政總裁及執行董事榮休 恒隆集團有限公司 (「恒隆集團」) 及恒隆地產有限公司 ( (「恒隆地產」) ，連同恒隆集團統稱 「本集團」) 董事會 (「董事會」) 謹此聯合宣布，盧韋柏先生 (「盧先生」) 將於2026 年 8 月 31 日或之前榮休，並不再擔任本集團行政總裁及執行董事之職位。 董事會正在進行全面的甄選，以物色盧先生的繼任人，而盧先生將協助並促進領導層順利交接。 盧先生在任期間，憑誠信、遠見卓識、以及對卓越的不懈追求，帶領本集團前行。董事會對盧 先生的領導及對本集團堅定不移的貢獻，表達深切的謝意，並同時期待盧先生榮休後，能以待 定的 ...

Core Viewpoint - Morgan Stanley has set a target price of HKD 10 for Hang Lung Properties (00101) and assigned an "Overweight" rating, highlighting the company's potential for growth due to recent lease agreements and attractive valuation [1][5]. Group 1: Company Developments - Hang Lung Properties has successfully secured long-term operating leases for the expansion projects at 1038 Nanjing West Road in Shanghai and Hang Lung Plaza in Wuxi [1][5]. - The management indicated that the projected internal rate of return (IRR) for each new light-asset project is in the double-digit percentage range, with a payback period within ten years [1][5]. - The recent addition of three light-asset leases has increased the company's property portfolio by 185,000 square meters [1][5]. Group 2: Market Outlook - Morgan Stanley considers Hang Lung Properties as one of its preferred stocks due to the continuous improvement in tenant sales in mainland China [1][5]. - The company anticipates that the light-asset operating leases will start contributing to growth in the fiscal year 2028/29, providing new growth momentum [1][5]. - The stock is viewed as attractively valued, with a dividend yield of 5.8% and high certainty in dividend payouts [1][5].

Core Viewpoint - Morgan Stanley has set a target price of HKD 10 and an "Overweight" rating for Hang Lung Properties (00101) following the successful acquisition of long-term operating leases for expansion projects in Shanghai and Wuxi [1] Group 1: Company Developments - The company has successfully secured long-term operating leases for the expansion projects at 1038 Nanjing West Road in Shanghai and Hang Lung Plaza in Wuxi [1] - The management indicated that the projected internal rate of return (IRR) for each new light-asset project is in the double-digit percentage range, with a payback period within ten years [1] - The recent addition of three light-asset leases has increased the company's property portfolio by 185,000 square meters [1] Group 2: Market Outlook - Hang Lung Properties remains one of Morgan Stanley's preferred stocks due to the continuous improvement in tenant sales in mainland China [1] - The company anticipates that the light-asset operating leases will start contributing to growth in the fiscal year 2028/29, providing new growth momentum [1] - The stock is considered attractively valued, with a dividend yield of 5.8% and high certainty in dividend payouts [1]

Core Viewpoint - Morgan Stanley's research report indicates that Hang Lung Properties has successfully secured long-term operating leases for expansion projects in Shanghai and Wuxi, with projected internal rates of return (IRR) for each new light-asset project reaching double-digit percentages and payback periods within ten years [1] Group 1 - The recent addition of three light-asset leases has increased the company's property portfolio by 185,000 square meters [1] - Hang Lung Properties remains a preferred stock due to the continuous improvement in tenant sales in mainland China [1] - The light-asset operating leases are expected to start contributing to growth in the fiscal year 2028/29, providing new growth momentum [1] Group 2 - The stock valuation is attractive, with a dividend yield of 5.8% and high certainty in dividend payouts [1] - The target price set by Morgan Stanley is HKD 10, with a "Buy" rating [1]

Core Viewpoint - The transformation of the "Golden Triangle" on Nanjing West Road from "Mei Tai Heng" to "Heng Tai Heng" signifies a strategic shift in high-end retail, as the area faces increasing competition from emerging commercial districts in Shanghai [1][5][9]. Group 1: Project Overview - The former Meilong Town Plaza will cease operations by June 30, 2024, with a complete closure and renovation planned shortly thereafter [1][5]. - Hang Lung Properties has signed a 20-year lease for the Nanjing West Road 1038 commercial project, which will increase its total building area by approximately 44% to about 312,335 square meters [5][6]. - The project, with a total investment of 2.2 billion yuan, will include retail, hotel, and office spaces, aiming to create a vibrant commercial landmark [6][8]. Group 2: Market Context - The Nanjing West Road area is experiencing intensified competition, with other commercial centers like Xinyi Taikoo Hui and Zhang Garden gaining traction [9]. - Hang Lung Properties is adapting to changing consumer preferences, focusing on high-quality experiential spaces rather than solely high-end luxury [8][9]. - The company plans to shift its strategy from a strict high-end classification to a more inclusive approach, reflecting the evolving dynamics of the luxury market in China [9][10]. Group 3: Strategic Initiatives - Hang Lung Properties is pursuing a "light asset expansion" strategy, as evidenced by recent project signings in Hangzhou and Wuxi, which will enhance its retail space significantly [10][11]. - The "Heng Lung V.3" strategy emphasizes maximizing investment returns through selective reinvestment in existing projects, moving away from a purely expansion-focused model [12][13]. - Despite the strategic initiatives, the company faces challenges in the current market, including a decline in rental income and overall profitability [13][14].