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]

作为恒隆地产核心业务的物业租赁收入仍呈现下降的趋势。报告期内，恒隆地产共实现收入港币46.78 亿元，同比下降3%；其中，内地物业组合租赁收入按港币计值下跌2%，实现港币31.9亿元，同比下降 约2%。 7月30日，港资开发商恒隆地产（00101.HK）发布的2025年中期业绩显示，上半年实现总收入港币49.68 亿元，同比仍下降19%。 值得一提的是，恒隆地产董事长陈文博在2025年初设定了一个业绩目标，即全年的租赁收入增长个位 数。恒隆在上半年的租赁收入整体还是呈下跌的趋势，这也意味着所有的压力都压在了今年下半年。对 实现收入的"微增长"，卢伟柏表示有信心在第三、第四季度实现。 今年6月末，与上海恒隆广场距离仅1公里的兴业太古汇，落地了奢侈品牌路易威登的全新概念地标、全 球首个"路易号"，吸引了大批客流。对此，卢韦柏表示，目前零售项目的"体验"很重要，现在的顾客到 商场除了购物外，还会想要打卡、期待能有更多的体验，所以也会学习这种方式，在商场的每一个角落 为消费者提供更多体验。 目前备受关注的莫过于正在建设中的杭州恒隆广场。这一项目是恒隆在2018年时以超百亿总价拿下，历 经约7年的建设，终于进入尾声。卢 ...

Core Viewpoint - The company aims to achieve a modest growth target for the year despite facing significant revenue declines in the first half of 2025, with a focus on enhancing customer experience and expanding its property portfolio [1][2][3] Group 1: Financial Performance - In the first half of 2025, the company reported total revenue of HKD 4.968 billion, a year-on-year decline of 19% [1] - Rental income from property leasing decreased by 3% to HKD 4.678 billion, with mainland property rental income down by 2% to HKD 3.19 billion [1] - The company's shopping mall portfolio in mainland China generated revenue of RMB 2.412 billion, showing stable performance despite a cautious consumer spending trend [1] Group 2: Key Projects and Developments - The Shanghai Hang Lung Plaza generated RMB 0.822 billion in revenue, maintaining a high occupancy rate of 98%, although tenant sales fell by 8% due to cautious high-end consumer spending [1][2] - The Shanghai Hubin Hang Lung Plaza performed better, with rental income increasing by 1% to RMB 0.597 billion and tenant sales rising by 10% [2] - The company is developing the Hangzhou Hang Lung Plaza, expected to open in mid-2026, with a pre-leasing rate of 81% [3] - The company plans to expand its footprint in Hangzhou by leasing additional properties, which will increase the project size by 40% and enhance the shopping experience [3] Group 3: Management Insights - The CEO expressed confidence in achieving a modest rental income growth in the second half of the year, despite the challenges faced in the first half [2] - The company is adapting to changing consumer preferences by enhancing the shopping experience and diversifying marketing strategies [1][3]