阳光房地产基金发布中期业绩，可分派收入1.69亿港元，同比减少1.75%

Core Insights - Sunshine Real Estate Fund (00435) reported a revenue of HKD 391 million for the six months ending June 30, 2025, representing a year-on-year decrease of 4.82% [1] - The net property income was HKD 307 million, down 5.39% compared to the previous year [1] - The fund recorded a post-tax loss of HKD 172 million, contrasting with a profit of HKD 79.5 million in the same period last year [1] Revenue and Income - The decline in revenue was primarily attributed to lower contributions from the Great New Financial Center, New Town Plaza Phase I, and West Kowloon Cultural District [1] - The net property income decreased to HKD 307 million, with operating expenses reduced, resulting in a cost-to-income ratio of 21.4% [1] - The distributable income was HKD 169 million, reflecting a year-on-year decrease of 1.75%, with a distribution of 9.1 HKD cents per fund unit [1] Valuation Adjustments - The fund recognized a fair value impairment of investment properties amounting to HKD 314 million, leading to the reported post-tax loss of HKD 172 million [1]