压力给到港资房企

Group 1: Henglong Real Estate - Henglong Real Estate's rental income declined by 6% to HKD 95.15 billion, with mainland market down by 5% and Hong Kong market down by 9% [3][4] - The company reported a total revenue of HKD 112.42 billion for 2024, an increase of 8.98% from HKD 103.16 billion in 2023, but faced an operating loss of HKD 2.45 billion [2][3] - The net profit attributable to shareholders fell by 45.77% to HKD 21.53 billion, down from HKD 39.7 billion in the previous year [4] Group 2: Shui On Land - Shui On Land's revenue decreased by over 16% to HKD 81.73 billion, with net profit dropping by 77.78% to HKD 1.8 billion [5][6] - The company attributed the profit decline to a reduction in residential property completions and confirmed property sales [5][6] - The significant reliance on a single project, the "Cuihu Tiandi Phase 6," which accounted for 82% of residential sales, raises concerns about the sustainability of sales performance [7][8] Group 3: Swire Properties - Swire Properties transitioned from profit to loss, reporting a net loss of HKD 7.66 billion compared to a profit of HKD 26.37 billion the previous year [11][12] - The company's total revenue decreased by 2% to HKD 144.28 billion, with a significant loss in fair value of investment properties amounting to HKD 59.96 billion [11][12] - Rental income from office properties fell to HKD 54.88 billion, down from HKD 58.35 billion, indicating a challenging market environment [12] Group 4: Hongkong Land - Hongkong Land reported a loss of USD 13.85 billion, further widening from the previous year's losses, primarily due to declining investment property valuations and impairment charges [13] - The company is undergoing a transformation, planning to exit the mainland residential development business and focus on high-end commercial real estate [14][15] - Hongkong Land aims to recover USD 10 billion through the sale of non-core commercial assets over the next decade [15] Group 5: Industry Trends - The real estate sector is facing significant challenges, with many developers under pressure to transform their business models due to high debt levels and declining profits [14][16] - Companies are exploring asset-light strategies and focusing on core markets to improve liquidity and operational efficiency [16][19] - The overall market sentiment remains cautious, with expectations of continued pressure on rental income and property valuations in the near future [12][14]