Group 1 - The board meeting of Greentown Management Holdings (09979.HK) is scheduled for August 22, 2025, to consider and approve the interim results for the six months ending June 30, 2025 [1] - The meeting will also address the potential distribution of an interim dividend, if applicable, along with other matters [1]

Financial Data and Key Metrics Changes - The company reported an underlying profit of HKD 4.4 billion, an increase of 15% year on year, primarily due to capital recycling of non-core assets in Miami [4] - Recurring underlying profit decreased by 4% to HKD 3.4 billion, largely due to softness in the Hong Kong office market, offset by resilient rental income from the retail portfolio and contributions from the Chinese Mainland [5][20] - The interim dividend per share was declared at HKD 0.35, a 3% increase from the previous year, marking nine consecutive years of sustainable dividend growth [5][23] - The valuation of the investment properties portfolio stood at HKD 169.4 billion, reflecting a 1% decrease from December 2024, primarily due to fair value losses in Hong Kong and the Chinese Mainland [24] Business Line Data and Key Metrics Changes - The Hong Kong office sector saw a 5% decline in attributable gross rental income, reflecting ongoing market headwinds and pressure from new supply, with overall occupancy at 91% [11][21] - The retail portfolio in Hong Kong maintained 100% occupancy, with a slight 2% decrease in attributable gross rental income year on year [12][22] - In the Chinese Mainland, retail rental income increased by 1% in renminbi terms, with a steady CAGR of 11% over the past decade, now contributing 42% of the company's attributable gross rental income [13][22] Market Data and Key Metrics Changes - The office market in Hong Kong remains challenging due to oversupply, but there are signs of a capital markets-led recovery, with increased inquiries, especially at Pacific Place [10][11] - Retail sales in the Chinese Mainland grew by 1% year on year, significantly ahead of 2019 levels, with high occupancy rates across the portfolio [15][16] - The hotel portfolio performance has improved, particularly in the Chinese Mainland, despite a slower recovery in Hong Kong [19] Company Strategy and Development Direction - The company is focused on active capital recycling and has committed 67% of its HKD 100 billion investment plan across core markets, with a strong pipeline of retail-led mixed-use projects [9][28] - The strategy includes maintaining a balanced portfolio with a focus on premium residential projects in Hong Kong, Shanghai, and Southeast Asia [10][17] - The company aims to enhance shareholder value through sustainable dividend growth and continuous investment in core markets [35][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience despite the uncertain operating environment, highlighting the strength of the balance sheet and quality of properties [35] - The retail business in the Chinese Mainland is expected to stabilize, with improved consumer sentiment anticipated [36] - The office sector is expected to remain subdued, but the company is focused on tenant retention and anticipates a recovery for premium office space in the medium term [37] Other Important Information - The company has achieved significant sustainability milestones, including being named number one globally in the Dow Jones Best in Class Wealth Index 2024 and reaching the top 1% in the S&P Global CSA score [29][30] - The company is committed to achieving net zero emissions by 2050 and has made substantial progress in reducing carbon emissions [30] Q&A Session Summary Question: Future capital recycling plans - Management confirmed ongoing efforts in capital recycling, including the divestment of non-core assets in Hong Kong and Miami [41][43] Question: Share buyback strategy - Management emphasized that share buybacks are part of a broader capital allocation strategy, prioritizing sustainable dividend growth [45][46] Question: Investment plan and project completions - Management indicated a focus on quality execution of projects under the HKD 100 billion investment plan, with ongoing evaluations for opportunities in Shenzhen and Hong Kong [49][51] Question: Tenant sales performance in Mainland China - Management noted strong retail sales performance in the Chinese Mainland, attributing it to effective management and continuous upgrades to shopping malls [56] Question: Hong Kong office inquiries - Management reported a 30% increase in inquiries, with interest coming from various sectors, including financial services and retail [62] Question: Upcoming new Mainland retail malls - Management highlighted strong interest from luxury brand partners for new retail centers, with positive developments expected in Sanya [71][72]

Core Insights - The provincial housing and urban-rural development department announced plans to renovate 500 old residential communities this year, with all projects already commenced by the end of May [1] - Since 2019, a total of 6,146 old communities have been renovated, covering an area of 1.82 billion square meters and benefiting 2.628 million households, placing the renovation scale among the top in the country [1] - The satisfaction rate of residents in renovated old communities has exceeded 90% [1] Renovation Details - In the past five years, the province has installed 11,792 kilometers of various pipelines and renovated 21.87 million square meters of community roads [1] - A total of 755 elevators have been added to existing residential buildings, with 290 of these in old communities [1] - In 2024, a special rectification of the "spider web" issue in 1,186 old communities will be conducted, covering an area of 26.35 million square meters and benefiting 383,000 households [1] Quality and Safety Measures - The provincial department emphasizes the importance of engineering progress, quality safety, and addressing shortcomings in the renovation work [1] - Increased inspection frequency for hidden works and key processes will be implemented to ensure quality and safety [1] - There will be a focus on enhancing fire safety facilities in old communities and adhering to relevant standards for building insulation materials [1] Resource Utilization - Local governments are encouraged to activate idle resources within communities through leasing and cooperative operations to generate revenue for renovations and maintenance [2] - Continuous follow-up assessments will be conducted to address shortcomings and consolidate the achievements of the renovation projects [2]

Group 1 - The core viewpoint of the article emphasizes the establishment of a safety management system for the entire lifecycle of housing, aimed at enhancing urban renewal efforts [1] - The document outlines the responsibility of housing safety and regulatory oversight, highlighting the need for regular inspections and safety assessments to identify and address potential hazards [1] - It suggests exploring market-based methods to innovate the housing quality safety assurance mechanism, indicating a shift towards more dynamic and responsive management practices [1] Group 2 - The article discusses the improvement of residential special maintenance fund policies, which are crucial for the financial management of existing housing safety [1] - It promotes the establishment of a comprehensive public funding model for the management, collection, and utilization of safety resources related to existing housing [1]

Core Viewpoint - The company announced a change in the legal representative of its wholly-owned subsidiary, Chongqing Yukaifa Property Management Co., Ltd, which has completed the necessary business registration changes and obtained a new business license [1] Group 1 - The legal representative was changed from Zuo Hui to Luo Yi as of April 23, 2025 [1] - Other registration items on the business license remained unchanged [1]

Financial Data and Key Metrics Changes - The company reported a recurring underlying profit of HKD 6.5 billion, a decrease of 11% year on year, primarily due to higher net finance charges and reduced office rental income in Hong Kong [4][23] - Attributable gross rental income decreased slightly by 2% year on year [4][24] - The full year dividend per share was declared at HKD 1.10, an increase of 5% [5][25] - The valuation of investment properties at the end of 2024 was RMB 271.5 billion, a 3% decrease compared to the end of 2023 [27][28] Business Line Data and Key Metrics Changes - In Hong Kong, gross rental income for the office sector decreased by 4% year on year, while retail gross rental income decreased by 3% [24][12] - The Chinese Mainland retail portfolio achieved a 2% increase in gross rental income in Hong Kong dollar terms and a 4% increase in renminbi terms [24][13] - The office portfolio in the Chinese Mainland had a steady performance with a 1% increase in gross rental income in renminbi terms [17][25] Market Data and Key Metrics Changes - The Hong Kong office market remains soft due to oversupply, with overall occupancy at 93% [10][11] - Retail sales growth in the Chinese Mainland stabilized in Q4 2024, with an overall decline of 7% in retail sales, except for Taiguli Tian Tan in Shanghai, which reported positive sales growth [14][15] - In Miami, retail sales increased by 3% year on year, with occupancy at 100% [18] Company Strategy and Development Direction - The company aims to achieve long-term growth targets through an active capital recycling strategy and a diverse development pipeline [6][7] - The company plans to invest HKD 100 billion across three core markets, with 67% already committed [7][9] - The strategy includes maintaining a balanced portfolio mix between retail and office sectors to support sustainable annual dividend growth [7][36] Management Comments on Operating Environment and Future Outlook - Management described the outlook as positive despite market headwinds, emphasizing the resilience of the business [36][39] - The company anticipates a gradual recovery in the premium office sector and expects improved consumer sentiment in the Chinese Mainland retail market [38][39] - Management remains cautious about the Hong Kong office market due to high vacancy rates and new supply pressures [58][59] Other Important Information - The company achieved the number one ranking in the global Dow Jones Best in Class World Index, reflecting its commitment to sustainability [5][31] - The green financing ratio increased to approximately 70%, exceeding the 2025 target of 50% [30] Q&A Session Summary Question: About the buyback program and Mainland China retail outlook - Management confirmed the buyback program will be assessed closer to May, considering market conditions and liquidity [44] - Retail sales in the Chinese Mainland showed mild positive growth in Q1 2025, with expectations for positive rental reversions over time [46] Question: Confidence in luxury retailers' commitments and remuneration structure - Management expressed confidence in luxury brands' commitment to new developments, emphasizing strong partnerships [51] - There are no current plans to change the remuneration structure, maintaining a balance between financial and operational incentives [52] Question: Capital allocation and Hong Kong office market outlook - Management highlighted significant cash flow from residential projects expected in 2025 and 2026, supporting capital allocation [56] - The outlook for the Hong Kong office market remains under pressure, with expectations for stronger demand in 2026 and 2027 [59] Question: Payout ratio and capital recycling - The cumulative payout ratio since listing is 50%, with a commitment to maintain this ratio despite current high levels [65] - Management is actively pursuing capital recycling opportunities to support future investments [67] Question: Asset held for sale and CapEx rationale - The transfer of investment properties to assets held for sale relates to Miami and a project in Hong Kong, with active divestment opportunities being explored [75] - The long-term gearing target is around 20%, with confidence in maintaining credit ratings while managing capital commitments [76]