Core Viewpoint - The company is confident in achieving slight growth this year, contingent on the performance in the third and fourth quarters [1] Financial Performance - In the first half of 2025, the company reported total revenue of HKD 52.02 billion, a decrease of 18% compared to HKD 63.79 billion in the same period of 2024 [1] - Overall operating profit was HKD 34.08 billion, down 6% from HKD 36.13 billion year-on-year [1] - Shareholders' basic net profit was HKD 11.91 billion, a decline of 7% from HKD 12.81 billion in 2024 [1] Property Sales - Property sales revenue fell significantly to HKD 1.61 billion, down 87% year-on-year, with mainland property sales at HKD 0.1 billion (down 60%) and Hong Kong property sales at HKD 1.51 billion (down 87%) [1] Hotel Business - The hotel segment showed strong performance with revenue of HKD 1.29 billion, an increase of 84% year-on-year, all derived from mainland operations [1] - The Shenyang Conrad Hotel generated HKD 0.62 billion (down 3%), while the newly opened Kunming Hyatt Hotel achieved HKD 0.57 billion in revenue [1] Rental Income - Rental income remained stable, decreasing only 3% to HKD 49.12 billion, despite a slowdown in consumer and office demand in Hong Kong and mainland China [2] - Shanghai Hang Lung Plaza was the top performer with revenue of HKD 8.22 billion, significantly higher than other locations [2] Office Market Performance - The office rental market faced challenges with declining occupancy rates across several properties, attributed to oversupply [3] - Shanghai Hang Lung Plaza's income dropped 7% due to market pressures, with occupancy falling to 82% [3] Future Developments - The company has signed a 20-year operating lease with Baida Group for the Hangzhou department store, which will increase retail space by 40% [4] - The total value of properties available for lease and sale is HKD 261.37 billion and HKD 81.18 billion, respectively, including various development projects [5] - The Hangzhou project is expected to open in mid-2026, with a pre-leasing rate of 81% [6]

Financial Data and Key Metrics Changes - The core rental business revenue decreased by 3%, which was anticipated at the beginning of the year, with hopes for improvement in the second half [8][10] - Overall revenue contribution from property sales and hotel business accounted for 33% of total revenue, down by 6% [9][10] - The net gearing of Hang Lung Properties stood at 33.5%, reflecting a slight increase of 0.1% compared to December [35] Business Line Data and Key Metrics Changes - Rental revenue in Mainland China decreased by 1% in the first half of 2025, an improvement from a 4% decline in 2024 [12][10] - Retail business remained flat compared to a 3% decline in 2024, with seven out of ten projects showing positive revenue growth [13][14] - The office segment continued to face challenges, with a decline of 4% in rental revenue [28][30] Market Data and Key Metrics Changes - Hong Kong's rental revenue saw a decline of 4%, but residential and service apartment rentals improved by 11% [32][30] - The overall sales in Hong Kong decreased by 2%, which is better than the market average decline of 4% [33][32] - The luxury retail segment reported a decline of 12%, while non-luxury sales increased by 8% [97] Company Strategy and Development Direction - The company is focusing on enhancing its retail offerings and tenant management to adapt to the evolving retail landscape [17][19] - A national program is being launched to improve operational efficiency and attract customers in second-tier cities [17] - The company is exploring hybrid models for expansion, particularly in cities where it already has a presence [65] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the stability and potential uplift in the market, particularly in the second half of the year [6][10] - The sentiment in the property sector has stabilized, which may lead to mild growth in tenant sales [66][71] - The company is committed to maintaining its dividend policy, with intentions to return to a cash dividend structure after the Westlake 66 Mall opens [88][89] Other Important Information - The company has increased its focus on renewable energy, with 80% of its projects in Mainland China now powered by renewable sources [41] - The company is actively working on several projects, including the Westlake 66 Mall, which is expected to enhance its market position [44][49] Q&A Session Summary Question: Future expansion using asset-light models - Management indicated that future expansions will depend on demand and synergy with existing projects, emphasizing a holistic approach [64][65] Question: Tenant sales trends in the next twelve months - Management anticipates a potential improvement in tenant sales, moving from a negative trend to mild growth in the second half of the year [66][71] Question: Reasons for improvement in the second quarter - The improvement was attributed to increased occupancy and traffic, along with external factors such as stock market stabilization [70][71] Question: Dividend policy for the full year - Management intends to maintain the current dividend structure, with a focus on not cutting dividends unless absolutely necessary [76][88] Question: Thoughts on issuing convertible bonds - The CFO expressed caution regarding dilutive instruments, noting that the company is not considering issuing convertible bonds at this time [78][79] Question: Progress on transitioning properties - Management reported improvements in occupancy rates and is focused on enhancing the tenant mix to attract customers [79][82]

董事会宣布派发每股港币1角2仙的中期股息，派发日期定为2025年8月15日。 （文章来源：证券时报网） 恒隆地产公布2025年度中期业绩，截至2025年6月30日止六个月，总收入为49.68亿港元，同比下跌 19%，主要由于物业销售收入大幅下跌87%至1.61亿港元。整体营业溢利下降5%至32.55亿港元。 受香港和内地消费放缓及办公楼需求疲弱影响，物业租赁收入和营业溢利均下跌3%，分别录得46.78亿 港元和33.46亿港元。公司酒店组合扩张，收入增加84%至1.29亿港元，但扣除折旧后的营业亏损上升至 3400万港元。 股东应占基本纯利下跌9%至15.87亿港元，每股基本盈利为0.33港元。 ...

7月30日，恒隆地产发布2025年度中期业绩。 7月30日，恒隆地产发布2025年度中期业绩。 整体营业溢利亦下降5%至港币32.55亿元。2025年香港和内地消费放缓和办公楼需求持续疲弱，物业租 赁收入和营业溢利均下跌3%，分别为港币46.78亿元和港币33.46亿元。由于旗下酒店组合扩张，收入增 加84%至港币1.29亿元，扣除资产折旧后的营业亏损上升至港币3400万元。 股东应占基本纯利下跌9%至港币15.87亿元，主要是租赁营业溢利下降及财务费用上升。每股基本盈利 相应跌至港币0.33元。 计及港币6.75亿元的股东应占物业之净重估亏损后，恒隆地产录得港币9.12亿元的股东应占纯利，相应 每股盈利为港币0.19元。 截至2025年6月30日止六个月，恒隆地产总收入为港币49.68亿元，较去年同期下跌19%，主要由于物业 销售收入下跌87%至港币1.61亿元。 ...

股东应占基本纯利下跌7%至港币11.91亿元，主要是租赁营业溢利下降和财务费用上升所致。每股基本 盈利相应跌至港币0.87元。 整体营业溢利减少6%至港币34.08亿元。物业租赁方面，主要是香港和内地消费和办公楼需求放缓的情 况持续至2025年，租赁收入和营业溢利分别下跌3%和4%至港币49.12亿元和港币34.99亿元。 受惠于业务扩充，酒店组合收入上升84%至港币1.29亿元，营业亏损计及资产折旧后扩大至港币3400万 元。 7月30日，恒隆集团发布2025年度中期业绩。 7月30日，恒隆集团发布2025年度中期业绩。 截至2025年6月30日止六个月，集团总收入较去年同期下跌18%至港币52.02亿元，主要由于物业销售收 入下跌87%至港币1.61亿元。 计及港币4.94亿元的股东应占物业之净重估亏损后，集团录得港币6.97亿元的股东应占纯利，相应每股 盈利为港币0.51元。 ...

Group 1 - The core viewpoint of the news is the announcement of a share purchase agreement between Regal International (00078), Century City International (00355), and Paliburg Holdings (00078) with MNX Properties Limited for a total purchase price of £19.5 million, with the seller agreeing to sell and the buyer agreeing to purchase the shares under certain conditions [1] - The target company, fully owned by the seller, is registered in the UK and primarily engaged in property holding, specifically a freehold building located at 41 Kingsway, London, with a book value of approximately HKD 226 million and shareholder loans owed to the seller of about HKD 233 million as of December 31, 2024 [2] - Regal Group initially intended to develop the property into a hotel but decided to reassess its overseas investment prospects due to the impact of the COVID-19 pandemic and geopolitical tensions, focusing instead on its core hotel and property business in Hong Kong [3] Group 2 - The transaction is seen as a good opportunity to realize the property's value at a reasonable price, with Regal Group estimating total proceeds from the sale to be approximately HKD 209 million before expenses, which will be used for general working capital and to reduce the group's debt [3]

Core Viewpoint - CICC forecasts Swire Properties (01972) to achieve EPS of HKD 1.07 and HKD 1.25 for 2025-26, with a CAGR of 5.9% [1] - The company is currently trading at a 5.6% dividend yield for 2025 and a 39% NAV discount, with a target price of HKD 23.8, implying a 16% upside potential [1] Group 1: Asset Quality and Returns - Swire Properties holds high-quality assets in Hong Kong and mainland China, with long-term stable returns [2] - The core asset portfolio includes large mixed-use communities in Hong Kong and landmark commercial complexes in mainland China, contributing 36% and 35% to rental income respectively in 2024 [2] - The cost return rate of its holding properties is expected to increase from 4.0% in 2011 to 5.3% by 2024 [2] Group 2: Investment Plans and Profit Growth - The "HKD 100 billion investment plan" aims to drive steady growth in core rental profits, with 50% allocated to mainland properties [3] - By the end of 2024, HKD 46 billion of the mainland investment has been allocated, with an expected 82% increase in floor area by project completion [3] - Although rental profits may remain flat or slightly decline in 2025-26 due to the Hong Kong office market, a CAGR of 8% in core rental profits is anticipated from 2027-29, with mainland properties potentially reaching over 15% [3] Group 3: Financial Resilience and Shareholder Returns - The company aims for annual dividend growth in the mid-single digits supported by planned investment projects [4] - Capital expenditures are projected at HKD 84 billion, HKD 70 billion, and HKD 42 billion for 2025-27 [4] - The company has a resilient balance sheet with a net debt ratio of 15.7% in 2024, and has generated over HKD 50 billion from asset disposals from 2017-24 [4]

Core Insights - The article discusses the significant transformation of old residential areas in China, particularly focusing on properties aged 20 years or older, which are set to benefit from a new urban renewal policy aimed at revitalizing these neighborhoods [1][2][6]. Group 1: Urban Renewal Policy - The Chinese government plans to initiate a second round of urban renewal, focusing on residential areas built between 1995 and 2005, with an estimated total investment of 2.7 trillion yuan [1][2]. - Approximately 6.3 billion square meters of old residential areas are in need of renovation, affecting around 42 million households, with 73% of these properties being over 20 years old [2][6]. - The new policy prioritizes buildings aged 20-30 years for renovation, offering better compensation and options for property exchanges [2][4]. Group 2: Market Dynamics - The listing volume of 20-25 year-old properties in major cities increased by 37%, with transaction volumes rising by 29% compared to previous years [2][4]. - Properties included in the renovation plans have seen an average inquiry volume increase of 43%, and the actual transaction cycle has shortened by 35% [2][4]. - In Beijing's Chaoyang District, the average price of second-hand homes in a 2001-built community rose from 42,000 yuan to 51,000 yuan per square meter, marking a 21.4% increase after being included in the renovation list [5]. Group 3: Renovation Strategies - The majority of cities (83%) are opting for micro-renovation strategies, which upgrade existing structures rather than complete demolition [4][5]. - The new policies emphasize functional improvements, such as adding elevators and enhancing safety features, with government subsidies ranging from 35,000 to 57,000 yuan per household [4][5]. - Different cities are adopting varied strategies: first-tier cities focus on preserving urban fabric while enhancing living quality, while second-tier cities often combine demolition and renovation [5][6]. Group 4: Social Impact - Renovation projects are expected to yield significant social benefits, including a 42% average decrease in crime rates and a 57% increase in resident satisfaction [5][6]. - Completed renovations have achieved a resident satisfaction rate of 94.7%, indicating a positive reception of the urban renewal initiatives [5][6]. Group 5: Challenges and Opportunities - The urban renewal initiative faces challenges, including funding gaps, as the estimated cost to complete the renovations exceeds 4.5 trillion yuan, despite a 380 billion yuan special fund established by the central government [8][9]. - The involvement of over 120 state-owned and private enterprises, with a total investment commitment of over 780 billion yuan, indicates a growing interest in the sector [8][9]. - Experts caution that not all 20-year-old properties will benefit from the policy, as factors like location, property rights, and building quality will influence renovation decisions [8][9].

Core Insights - The Ministry of Housing and Urban-Rural Development reported that 16,500 old urban residential communities have begun renovation in the first half of the year, achieving 66% of the annual target of 25,000 [1][5] - The renovation efforts are part of a broader initiative to complete the renovation of old communities built before the year 2000 by the end of the 14th Five-Year Plan [1][6] - The approach to renovation has evolved from merely addressing safety and basic living needs to enhancing community services and overall living experience [2][4] Group 1: Renovation Progress - In the first half of the year, six regions, including Hebei, Liaoning, Chongqing, Heilongjiang, Shanghai, and Fujian, reported renovation rates exceeding 80% [1] - The renovation in Huai'an, Jiangsu, focuses on addressing issues such as leaking roofs, blocked pipes, and damaged roads, with a completion target set for September [2][3] - Guizhou's Guiyang has implemented 341 renovation projects since 2019, investing approximately 4 billion yuan to enhance community facilities [2][5] Group 2: Community-Centric Approach - The renovation strategy now includes tailored plans for each community, emphasizing resident participation and satisfaction [3][4] - Guiyang's approach includes creating "thematic communities" that integrate urban memory and livability, resulting in increased foot traffic and economic activity [3][5] - The focus has shifted to a holistic view of urban renewal, integrating the renovation of old communities with broader urban development goals [4][6] Group 3: Future Directions - The completion of renovations for communities built before 2000 marks the beginning of a new phase that includes the renovation of newer communities [5][6] - A dynamic assessment mechanism has been established in Xinyu, Jiangxi, to evaluate and update the status of communities built after 2000 [5] - The emphasis is on creating a sustainable urban renewal model that involves government guidance, market operations, and public participation [6]

打造示范样板方面，一些地方打造新建"好房子"样板，例如福建省推动福州市、厦门市等地加快完善配 套政策，选取部分保障性住房项目作为"好房子"试点。一些地方探索老房子变"好房子"，例如北京市开 展"原拆原建"改造，推动老房子变"好房子"；浙江省宁波市探索打造高效率、高性价比的老旧住房"好 房子"更新改造示范。 优化物业服务方面，山西省开发建设"智慧物业管理服务平台暨全省物业投诉举报受理转办系统"。广东 省广州市搭建智慧物业平台，强化生活服务线上办功能。 住房城乡建设部表示，接下来要在标准、设计、材料、建造、维护等方面系统发力，为人民群众建设安 全、舒适、绿色、智慧的好房子。 （文章来源：人民日报） 为加大"好房子"工作推动力度，住房城乡建设部近日发布《"好房子"建设经验做法（第一批）》，涵盖 了出台推动政策、加强技术支撑、打造示范样板、强化科技赋能、优化物业服务和健全产业体系等6方 面内容。 出台推动政策方面，北京市印发"好房子"规划管理相关技术要点，通过底层架空、配建公共空间、增设 风雨连廊等方式，补充公共服务功能，营造多样化生活场景。山东省对建设、购买"好房子"给予金融、 财政政策支持，对使用住房公积金贷款购 ...