内地一半商场的租户销售额下降，高端商场恒隆广场走下“神坛”？

Core Viewpoint - The management of Hang Lung Properties believes that the worst times are over, despite the financial report indicating a decline in both revenue and profit for the first half of 2025, marking the first such occurrence since 2021 [1][2][26] Financial Performance - For the first half of 2025, Hang Lung Properties reported revenue of HKD 49.68 billion, a year-on-year decrease of 19%, and a net profit attributable to shareholders of HKD 9.12 billion, down 14% [2][3] - This marks the first time in five years that the company's mid-year revenue has fallen below HKD 50 billion and net profit below HKD 10 billion [2][3] Core Business Segments - The company's primary business segments include property leasing, property sales, and hotels, with property leasing typically contributing around 90% of total revenue [4] - In the first half of 2025, property leasing revenue was HKD 46.78 billion, down 3% year-on-year, while property sales saw a dramatic decline, with only 20 units sold, generating HKD 1.61 billion, a staggering drop of 87% [5][6] Rental Market Dynamics - The rental income from high-end retail spaces, particularly in Hang Lung Plaza, has been under pressure due to a downgrade in consumer spending, leading to a decrease in rental rates [1][5] - Despite maintaining an average occupancy rate of over 94% across its properties, several locations have had to lower rents to retain tenants, resulting in a decline in overall revenue [8][9] Expansion Plans - Hang Lung Properties is continuing its expansion strategy, with significant investments in new projects, including the Hang Lung Plaza in Hangzhou, which is expected to enhance its market presence despite current financial pressures [12][15] - The company has committed to a 20-year lease for the Hangzhou Department Store, which will increase its retail footprint by 40% [12][15] Debt and Financial Health - As of June 30, 2025, Hang Lung Properties had total cash and bank deposits of HKD 69.05 billion against total borrowings of HKD 547.67 billion, indicating a tight liquidity situation [19][20] - The company has been actively seeking to manage its debt through various financing arrangements, including a HKD 10 billion syndicated loan to extend repayment terms and support ongoing projects [21][22]