Investment Rating - The report indicates a positive outlook for the property investment market, with an expected year-on-year growth of 5-10% in total investment volume for the year [8]. Core Insights - In the first half of 2025, the national large-scale property investment transaction volume reached 132.1 billion, a 19% increase compared to the same period last year, despite a 29% decrease in the number of transactions [5][3]. - Institutional buyers are optimistic about consumer and residential assets, with retail property and rental residential transaction volumes doubling year-on-year [3][5]. - Capitalization rates for various asset types in first-tier cities have shown a narrowing increase compared to the second half of last year, although there remains short-term upward pressure [3][5]. Summary by Sections Market Overview - The investment sentiment remains cautious, with institutional capital focusing on high-quality real estate [5]. - The transaction volume for retail properties and rental residential assets increased by 166% and 200% respectively compared to the previous year [5]. Capitalization Rates - The capitalization rates for Grade A office buildings, retail properties, and high-standard warehouses in first-tier cities have expanded by nearly 20 basis points compared to the end of last year [5][9]. - The average capital value of office buildings in first-tier cities has decreased by 43% since 2022, indicating a continued interest in core office assets [8]. Future Predictions - The report anticipates that the market activity will marginally improve in the second half of the year, driven by an expanding pool of available assets and increased risk premiums [8]. - The focus for investment in the second half of the year will remain on consumer and residential sectors, with particular attention to the evolution of trade tariffs and domestic demand stimulation policies [8].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Link Holdings Limited 華 星 控 股 有 限 公 司* （於開曼群島註冊成立之有限公司） （股份代號：8237） 有關實施行動計劃 以解決不發表意見之 季度更新 茲提述華星控股有限公司（「本公司」）於二零二五年四月七日刊發之截至二零二四 年十二月三十一日止財政年度之年報（「年報」）。除文義另有所指外，本公告所用 詞彙與年報所界定者具有相同涵義。 本 公 司 核 數 師 於 年 報 內 就 持 續 經 營 對 本 公 司 之 綜 合 財 務 報 表 發 表 不 發 表 意 見 （「 不 發 表 意 見 」）， 而 本 公 司 已 於 年 報 第 12 及 13 頁 披 露 其 處 理 不 發 表 意 見 之 行 動 計劃（「行動計劃」）。 本公司謹此提供自二零二五年四月七日（ 即年報刊發日期 ）起至本公告日期止實施 行動 ...

Core Insights - The Shanghai office market showed a slight recovery in the first half of the year, with demand driven by the finance, consumer goods manufacturing, and technology sectors [1] - The net absorption in the Shanghai office market increased by 126.1% year-on-year to 173,000 square meters [1] - Rental prices in the Shanghai office market decreased by 3.0% to 247.2 yuan per square meter per month, while effective rents fell by 4.3% to 174.4 yuan per square meter per month [1] Industry Demand - The finance sector led the demand for office space with a 22% market share, followed by consumer goods manufacturing at 17%, TMT (Technology, Media, and Telecommunications) at 16%, professional services at 10%, and third-party office operations at 6% [1] - The demand from fast-moving consumer goods and home furnishing companies significantly contributed to the growth in the consumer goods manufacturing sector [1] Investment Market - The Shanghai property investment market recorded 36 transactions totaling 23.01 billion yuan, a decrease of 29.7% compared to the same period last year [2] - Retail properties accounted for 28% of transaction volume, primarily involving commercial properties with stable leases, with 70% of transactions completed through judicial auctions [2] - Institutional investors were the most active buyers, contributing 69% of the total transaction volume, focusing on core office buildings, long-term rental apartments, and consumer-related properties [2] Future Outlook - Approximately 770,000 square meters of new office supply is expected in the next six months, which may increase market competition but also enhance market liquidity and leasing activity [1] - The core office assets in prime locations are anticipated to continue attracting risk-averse capital, while the accelerated disposal of non-performing assets may create investment opportunities [2]