Ge Long Hui·2025-10-15 03:17Core Viewpoint - DBS Research indicates that Hang Lung Properties' overall tenant sales in mainland China grew by 10% year-on-year in Q3 2025, primarily driven by Shanghai's Plaza 66, with Wuhan's performance stabilizing and gradual openings in Hangzhou expected to support future rental income growth [1] Group 1: Sales Performance - Tenant sales in mainland China increased by 10% year-on-year in Q3 2025 [1] - Shanghai Plaza 66 was the main contributor to this growth, while Wuhan's sales performance is stabilizing [1] Group 2: Future Developments - Hangzhou Plaza is set to gradually open, with office buildings and shopping mall sections expected to commence operations in phases starting this year and Q2 next year, achieving pre-leasing rates of 27% and 83% respectively [1] Group 3: Investment Outlook - DBS believes that Hang Lung's valuation remains attractive, especially for long-term investors seeking exposure to China's high-end retail sector [1] - The target price for Hang Lung has been raised from HKD 9.38 to HKD 10, maintaining a "Buy" rating [1]