Zhi Tong Cai Jing·2025-10-14 10:15Core Viewpoint - DBS has released a report stating that the valuation of Hang Lung Properties (00101) remains attractive, particularly for long-term investors seeking to invest in China's high-end shopping mall sector. The report anticipates that any further consumer stimulus policies introduced by authorities could enhance its investment appeal, maintaining a "Buy" rating and raising the target price from HKD 9.38 to HKD 10 [1] Group 1: Company Performance - Hang Lung is recognized as a leading commercial real estate developer in China, holding a portfolio of commercial properties for long-term investment purposes. The company expects rental income to improve due to enhanced tenant sales and portfolio expansion [1] - The overall tenant sales of Hang Lung's shopping malls in mainland China are projected to increase by 10% year-on-year by the third quarter of 2025, primarily driven by the performance of Shanghai's Plaza 66. The sales performance of Wuhan's Hang Lung Plaza is also stabilizing [1] Group 2: Future Developments - The Hang Lung Plaza in Hangzhou is set to gradually open, with office buildings and shopping mall sections scheduled to be phased in starting this year and the second quarter of next year. The pre-leasing rates are expected to reach 27% and 83%, respectively, which is believed to support rental income growth in the coming years [1]