Core Viewpoint - The company reported a decline in revenue and a significant increase in shareholder losses for the first half of 2025, indicating challenges in the current market environment [1] Financial Performance - Revenue for the first half of 2025 was HKD 6.407 billion, a decrease of 1.45% year-on-year [1] - Shareholder losses amounted to HKD 2.406 billion, an increase of 128.71% year-on-year, with a loss per share of HKD 0.79 [1] - The company declared an interim dividend of HKD 0.66 per share [1] Market Conditions - The number of inbound travelers in Hong Kong increased by 12%, while local outbound tourism showed signs of adjustment [1] - Retail sales in Hong Kong experienced a narrowing decline, with preliminary positive growth recorded in May and June, ending a 14-month downward trend [1] Business Strategy - The company is enhancing experiential retail services to adapt to changing tourism and consumption patterns, aiming to deepen customer engagement and drive sales [1] Real Estate Sector - The office market continues to face weak demand and oversupply, but the company's office portfolio showed improvement in occupancy rates [1] - Hotel occupancy rates increased, although room rates are under pressure due to regional competition and consumer sentiment [1] Asset Management - The company recorded impairment losses on investment properties amid a weak asset value market [1] Financial Management - The company maintained prudent financial management, reducing net debt to HKD 33.3 billion, the lowest level since its listing [1] - Average interest costs decreased to 4.4%, resulting in a 27% saving in borrowing costs [1] - The debt ratio remained at a healthy level of 17.6% [1]

Core Viewpoint - A global asset management giant, Schroders Capital, has announced a strategic partnership with Zhejiang-based company Xizi International to establish a private equity real estate investment fund with a total scale of approximately 3 billion RMB [1] Group 1: Partnership Details - The partnership will focus on high-quality office buildings and consumer infrastructure investments in core cities of the Yangtze River Delta, such as Shanghai, Hangzhou, and Nanjing [1] - The collaboration aims to identify and develop core stable and high-quality projects with potential for renovation and upgrading [1] Group 2: Strategic Implications - Schroders Capital's real estate investment head in China, Huang Jingwei, indicated that this cooperation is expected to strengthen the company's leading position in the Chinese market and open new channels for institutional investors to access high-quality real estate investments [1] - Xizi International brings strong financial capabilities and extensive experience in real estate investment and development, along with a wide range of market resources and property renovation capabilities to support the strategic partnership [1]