恒隆地产上半年收入下降近两成

Core Viewpoint - Hang Lung Properties reported a 19% year-on-year decline in total revenue for the first half of 2025, amounting to HKD 4.968 billion, with core rental income also showing a downward trend [1] Group 1: Revenue Performance - The rental income from properties decreased by 3% year-on-year, totaling HKD 4.678 billion, with mainland property rental income down by 2% to HKD 3.19 billion [1] - The overall performance of the mainland shopping mall portfolio remained stable, generating RMB 2.412 billion, with Shanghai Hang Lung Plaza leading with RMB 0.822 billion in revenue and a 98% occupancy rate [1][2] - However, high-end retail sales faced pressure, with tenant sales declining by 8% due to cautious consumer spending [1] Group 2: Specific Property Performance - The Shanghai Hub, known as Portman Hang Lung Plaza, performed better with rental income of RMB 0.597 billion, a slight increase of 1%, and tenant sales up by 10% [2] - Other properties in Wuxi and Dalian saw rental income growth of over 5%, while smaller projects in Tianjin, Wuhan, and Shenyang experienced significant declines, with the largest drop exceeding 35% [2] - The office properties faced challenges, with overall income down 5% to RMB 0.528 billion, primarily due to lower occupancy rates and rent reductions [2] Group 3: Future Developments - The Hangzhou Hang Lung Plaza, under construction since 2018, is expected to open in mid-2026 with a pre-leasing rate of 81% [3] - The company plans to expand by leasing additional properties in Hangzhou, which will increase the project size by 40% and enhance the shopping experience with a larger display area [3]