透视港股REITs半年报：物业收入普降，融资成本下行纾压

Core Viewpoint - Hong Kong-listed REITs are expected to enter the mainland market through the Stock Connect program, which is seen as a significant breakthrough for capital market connectivity and has strategic value for both Hong Kong and mainland investors [1][2]. Group 1: Performance of Listed REITs - Most listed REITs in Hong Kong reported a decline in revenue and net property income in their interim results [3][4]. - Yuexiu REIT reported total revenue of 966 million RMB, down 6.6% year-on-year, and net property income of 679 million RMB, down 8.6% [3]. - Prosperity REIT achieved revenue of 855 million HKD, down 2% year-on-year, with net property income of approximately 613 million HKD, down 3.2% [3]. - Sunshine REIT reported revenue of 391 million HKD, down 4.8% year-on-year, and net property income of approximately 307 million HKD, down 5.4% [3]. - SF REIT achieved revenue of approximately 230 million HKD, up 3.4% year-on-year, with net property income of approximately 192 million HKD, up 6% [3]. Group 2: Sector Performance - The performance of office, retail, and logistics properties remains challenging, while the hotel and tourism sectors have shown strong performance [5][7]. - The overall occupancy rate for Yuexiu REIT's properties was approximately 82.2%, a slight decline of 1.8 percentage points year-on-year [6]. - Sunshine REIT's overall occupancy rate was 89.2%, down 2 percentage points from the beginning of the period, with office occupancy at 90.0% and retail occupancy at 87.6% [6]. - The hotel and tourism sectors have seen significant growth, with properties like Guangzhou IFC serviced apartments achieving record revenue [7]. Group 3: Financing Costs - Financing costs have decreased, alleviating pressure on distributable income for several REITs [8]. - Yuexiu REIT reported financing costs of 403 million RMB, down 13.5% year-on-year, saving approximately 63 million RMB compared to the previous year [8]. - Sunshine REIT's weighted average financing cost decreased from 4.2% to 3.7% year-on-year [8]. - Prosperity REIT's financing costs decreased by 12.6% to 173 million HKD during the reporting period [8].