Investment Rating - The report assigns an investment rating of "Buy" for the company [2]. Core Insights - The company has shown resilience in its revenue growth, with a projected increase in net profit from HKD 8.5 billion in 2025 to HKD 42.0 billion in 2027, reflecting a year-on-year growth of 5%, 49%, and 233% respectively [7]. - The company benefits from a dual-driven development model, focusing on both property development and investment, with a strong presence in both Hong Kong and mainland China [12]. - The company maintains a healthy financial position, with a net debt ratio of 38.4% and a cash-to-short-term debt ratio of 2.5 times as of mid-2025 [7]. Summary by Sections 1. Development and Brand Building - The company has established a high-end brand through significant projects in both Hong Kong and mainland China, with a focus on core first and second-tier cities [12]. - The management team is experienced, and the ownership structure is stable, with Kerry Group Limited holding 60.23% of the shares [15][17]. - Revenue has returned to growth, with a projected total revenue of HKD 19.5 billion in 2024, reflecting a 49% year-on-year increase [20]. 2. Property Development - The company has seen a rebound in contract sales, with a 130% year-on-year increase in sales amounting to HKD 16.2 billion in the first half of 2025 [7][30]. - The flagship project, Jinling Huating, has generated significant sales, contributing approximately HKD 220 billion in total sales [41]. - The company’s sales in mainland China have surged, with a 784% increase in the first half of 2025 compared to the previous year, primarily driven by the success of high-end projects [34]. 3. Investment Properties and Hotels - The company’s investment properties are primarily located in first-tier and core second-tier cities, contributing stable cash flow [55]. - Despite a 5.5% decline in leasing income in the first half of 2025, the company’s investment properties are expected to provide a solid foundation for long-term value [55]. - The valuation of the investment property portfolio has increased by 13.9% year-on-year, reaching HKD 862.9 billion, with commercial properties driving this growth [60].

FF301 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) | 00683 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 | 本月底法定/註冊股本總額： HKD 10,000,000,000 第 1 頁 共 10 頁 v 1.2.0 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 ...

Core Viewpoint - The recent sale of a luxury apartment in the MontVerra project indicates strong demand in the high-end real estate market in Hong Kong, with significant transaction values being achieved [2] Group 1: Transaction Details - The latest sold unit is located in MontVerra, specifically the 2nd floor A unit of Block 2, with a usable area of 4,557 square feet, sold for HKD 190 million, translating to approximately HKD 41,694 per square foot [2] - To date, MontVerra has sold a total of 46 units, accumulating a total transaction value of approximately HKD 14.1 billion, with an average price per usable square foot of around HKD 59,000 [2] Group 2: Project Overview - MontVerra consists of 5 residential buildings and 3 exclusive villas, offering only 61 luxury apartments and 3 villas [2] - The usable area of the apartments ranges from 3,466 to 8,583 square feet, including standard apartments, garden apartments, and rooftop penthouses [2] - The villas have a usable area between 11,382 and 11,692 square feet, each featuring over 10,000 square feet of front and back gardens, outdoor swimming pools, elevators, and private parking [2]

Core Viewpoint - In 2025, Kerry Properties, controlled by Malaysian billionaire Kuok Khoon Hong, achieved a remarkable sales performance in the Chinese real estate market, with a year-on-year increase of 1646.5%, reaching sales of 22.787 billion yuan, making it the fastest-growing company among the top 100 real estate firms in China [2][4]. Group 1: Sales Performance - Kerry Properties' explosive growth in sales is primarily attributed to its luxury residential project, Jinling Huating, located in Shanghai, which significantly contributed to its overall sales figures [3][4]. - The company secured land use rights for the Jinling Road project in Shanghai for a total price of 8.783 billion yuan, with cumulative land acquisition costs reaching 22.1 billion yuan for the project [3]. - In 2025, the first three phases of Jinling Huating generated over 22 billion yuan in sales, with the first phase alone achieving a record sales amount of 9.234 billion yuan [3][4]. Group 2: Financial Performance - Despite the impressive sales growth, Kerry Properties faced a decline in profitability, with a 30% drop in basic profit and a 22% decrease in profit attributable to shareholders in the first half of 2025 [8][9]. - The company's revenue for the first half of 2025 was 9.954 billion yuan, reflecting a 65% increase compared to the previous year, but the gross profit margin fell from 45% to 27% [8][9]. - The decline in profitability is attributed to reduced profit margins from development properties, decreased rental income, increased taxes, and rising costs [8]. Group 3: Market Position and Strategy - Kerry Properties has a limited presence in other cities, with slow sales performance in second and third-tier cities, indicating a reliance on the booming luxury market in Shanghai [6][9]. - The company has adopted a conservative expansion strategy, focusing on high-end products and maintaining a steady approach to land acquisition [8]. - The chairman, Kuok Khoon Hong, expressed optimism about the long-term economic outlook for Hong Kong and mainland China, despite short-term challenges in the real estate market [9].

Core Viewpoint - In 2025, Kerry Properties, owned by Malaysian billionaire Kuok Khoon Hong, achieved a remarkable sales performance in the Chinese real estate market, with a sales increase of 1646.5% year-on-year, primarily driven by the success of its luxury residential project, Jinling Huating, in Shanghai [1][4]. Group 1: Sales Performance - Kerry Properties recorded a sales revenue of 22.787 billion yuan in mainland China for 2025, with approximately 22 billion yuan attributed to the Jinling Huating project [4]. - The sales figures for Jinling Huating include over 9.234 billion yuan from the first phase, 9.8 billion yuan from the second phase, and an expected 3 billion yuan from the third phase [3][4]. - The sales performance of Jinling Huating significantly contributed to Kerry Properties becoming the top-performing company in terms of sales growth among the top 100 real estate firms in China [1][4]. Group 2: Project Details - The Jinling Huating project, located in the Huangpu district of Shanghai, involved a total land acquisition cost of 22.1 billion yuan for multiple plots, with a total development area of 655,000 square meters [3][5]. - The project is characterized by high-end residential offerings, with average prices reaching 189,000 yuan per square meter for the first phase and 205,000 yuan per square meter for the second phase [3][4]. Group 3: Financial Performance - Despite the surge in sales, Kerry Properties faced a decline in profitability, with a 30% drop in basic profit and a 22% decrease in net profit for the first half of 2025 compared to the previous year [8]. - The company's gross profit margin fell from 45% in 2024 to 27% in 2025, attributed to rising costs and reduced rental income [8]. - The financial results indicate a situation of "increased revenue without increased profit," highlighting challenges in other city projects outside Shanghai [8][9]. Group 4: Market Outlook - The company remains optimistic about the long-term economic prospects in Hong Kong and mainland China, despite facing significant short-term challenges in the real estate market [9]. - Kerry Properties is focusing on maintaining stability and resilience amid the ongoing fluctuations in the housing market and declining commercial property rental prices [9].

FF301 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: 2025年12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: Kerry Properties Limited 嘉里建設有限公司（於百慕達註冊成立之有限公司） 呈交日期: 2026年1月2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) | 00683 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 1 ...

FF301 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) | 00683 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 | 本月底法定/註冊股本總額： HKD 10,000,000,000 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: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Kerry P ...

Core Viewpoint - Kerry Properties (00683) has announced the renewal of a lease for its office spaces located in Kerry Centre, with a rental agreement set for two years starting from November 19, 2025, to November 18, 2027, at a monthly rent of approximately HKD 2.322 million [1] Group 1 - The lease renewal involves properties on the 3rd, 5th, 22nd, 25th, and 26th floors of Kerry Centre [1] - The company intends to continue using these properties for its corporate office in Hong Kong [1]

Core Viewpoint - Kerry Properties (00683) has announced the renewal of lease agreements for certain properties located in Kerry Centre, with a rental fee of approximately HKD 2.322 million per month, effective from November 19, 2025, to November 18, 2027 [1] Group 1 - The lease renewal involves properties on the 3rd, 5th, 22nd, 25th, and 26th floors of Kerry Centre [1] - The properties will continue to be used as the company's office in Hong Kong [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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 關連交易 續訂嘉里中心租約 續訂租約 於二零二五年十一月十七日，本公司之全資附屬公司嘉里發展（作為租戶）已接納 Ubagan（作為業主）所作出之要約，就位於嘉里中心之該等物業續訂現有租約。租期 為兩年，由二零二五年十一月十九日起至二零二七年十一月十八日届滿（包括首尾兩 日）。 上市規則之涵義 Ubagan 由嘉里控股及本公司分別間接持有 60%及 40%權益，而嘉里控股為本公司之控 股股東。Ubagan 為嘉里控股之聯繫人，故屬本公司之關連人士。因此，根據上市規則 第十四A章，續約事項對本公司而言構成一項關連交易。 由於續約事項項下租金確認的使用權資產總值之一項或多項適用百分比率高於 0.1%但 所有適用百分比率皆低於 5%，故續約事項須遵守上市規則第十四A章項下之申報及公 告規定，惟可獲豁免遵守通函（包括獨立財務意見）及獨立股東批准之規定。 除租金外，本集團亦須向 Ubagan 支付可變付款額，對本公 ...