Financial Data and Key Metrics Changes - The core rental business saw a decline of 3%, which was anticipated at the beginning of the year, with hopes for improvement in the second half [7][9] - Overall revenue contribution from property sales and hotel business accounted for 33% of total revenue, down 6% [9] - The net gearing of Hang Lung Properties stood at 33.5%, reflecting a slight increase of 0.1% compared to December [37] - The average borrowing cost decreased to 3.9%, a decline of around 40 basis points from the previous year [39] Business Line Data and Key Metrics Changes - Rental revenue in Mainland China decreased by 1% in the first half, an improvement from a 4% decline in 2024 [12] - Retail business remained flat compared to a 3% decline in 2024, with base rent increases offsetting sales rent drops [13] - Office rental revenue continued to face challenges, with a decline of 4% [12] - New letting increased by 36%, indicating a strong demand for new tenants despite market challenges [19] Market Data and Key Metrics Changes - Hong Kong's rental revenue decreased by 4%, while residential and service apartment rentals improved by 11% [34] - The retail sector in Hong Kong saw a decline of 7%, but the overall sales were down by only 2% compared to the market's 4% decline [34] - The Mainland retail landscape is evolving, with some athleisure brands performing better than luxury brands [17] Company Strategy and Development Direction - The company is focusing on enhancing its retail offerings through events and tenant management to adapt to the changing retail landscape [18] - A national program is being launched to improve operational efficiency and attract foot traffic in second-tier cities [18] - The company is exploring hybrid property models to expand its retail business in cities where it already has a presence [64] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about stability and potential growth in the second half of the year, with expectations for mild growth in retail sales [6][66] - The company is committed to maintaining its dividend policy, aiming for stability rather than frequent resets [75] - Management acknowledged the challenges in the office rental market but emphasized the retention of quality tenants as a key strategy [30] Other Important Information - The company has increased its exposure to renminbi-denominated loans, which helps manage finance costs and provides a natural hedge [39] - The company is committed to sustainability, with 80% of projects in Mainland China powered by renewable energy [43] Q&A Session Summary Question: Future of hybrid property models for retail expansion - Management indicated that hybrid models will be considered when there is demand and synergy with existing projects [64][65] Question: Tenant sales trends for the next twelve months - Management anticipates a potential improvement from negative sales to mild growth in the second half of the year [66] Question: Improvement in the second quarter despite trade war concerns - Management attributed the improvement to increased occupancy and traffic, along with external factors like stock market stabilization [70][72] Question: Dividend policy for the full year - Management intends to maintain a flat dividend, with no plans for cuts unless circumstances change [75] Question: Potential issuance of convertible bonds - Management is cautious about dilutive instruments and currently does not consider issuing convertible bonds [76][77] Question: Progress on transitioning properties in Shenyang and Wuhan - Management reported improvements in occupancy and traffic, with a focus on enhancing the tenant mix to attract customers [78][79]

Financial Performance - Hepsor's consolidated revenue for Q2 2025 was 13.9 million euros, a significant increase from 5.2 million euros in Q2 2024, while revenue for the first half of 2025 reached 22.1 million euros compared to 7.4 million euros in H1 2024 [1] - The Group reported a net profit of 0.4 million euros for Q2 2025, recovering from a net loss of 0.6 million euros in Q2 2024, with a net profit of 0.3 million euros for the first half of 2025 compared to a net loss of 1.5 million euros in H1 2024 [2] - The net loss attributable to the owners of the parent company was 0.2 million euros in H1 2025, an improvement from a net loss of 1.5 million euros in H1 2024 [2] Property Transactions - Hepsor Fortuuna OÜ sold properties located at Paevälja 5, 7, and 9 to its joint venture Hepsor SOF OÜ for a total of 2.7 million euros, generating a profit of 0.8 million euros from the sale [4] - In July 2025, Hepsor N450 OÜ sold properties at Narva mnt 150 and 150a to Hepsor SOF OÜ for 6.3 million euros, with a profit of 2.8 million euros expected from this transaction [12] Residential Development - As of June 30, 2025, Hepsor had 9 residential developments for sale, with 5 completed and 4 under construction or set to start in 2025, totaling 355 new homes and 453 m² of commercial space [5] - The company handed over 102 homes to customers in the first half of 2025, compared to 46 homes in H1 2024, with 60 homes delivered in Q2 2025 [6] Commercial Real Estate - Hepsor started construction on the StokOfiss U34 multifunctional commercial building in Riga, with 65% of the leasable area already covered by lease agreements as of June 30, 2025 [8] - The P113 Health Centre property has 98% of its leasable area covered by lease agreements as of June 30, 2025 [9] Future Projects - Hepsor plans to acquire a new property development in Riga, consisting of three 14-storey apartment buildings with approximately 250 apartments, with a total investment of close to 40 million euros [10] - In Tallinn, Hepsor is preparing for the construction of the Manufaktuuri Factory development project, which will include 152 homes, scheduled for completion in autumn 2027 [6] Management Changes - Significant management changes are set to take place in August 2025, with Martti Krass joining the Management Board and Gints Vanders becoming the Country Manager in Latvia [16]

New community offers 456 luxury apartment homes and resort-style amenities with modern desert-inspired design near major employers and retail centersPHOENIX, July 29, 2025 (GLOBE NEWSWIRE) -- Toll Brothers Apartment Living®, the rental subsidiary of Toll Brothers, Inc. (NYSE: TOL), the nation's leading builder of luxury homes, in partnership with Willton Investment Management, is pleased to announce the opening of Lumara, a new luxury apartment community in North Phoenix, Arizona. Lumara, which welcomed its ...

Financial Data and Key Metrics Changes - FFO for the quarter was $1.13 per diluted share, including approximately $0.11 per share of one-time items [10] - Cash same property NOI growth in the second quarter was 4.50%, with one-time items contributing 3.00% [10] - Occupancy at the end of the second quarter was 80.8%, down from 81.4% at the end of the first quarter [10] Business Line Data and Key Metrics Changes - The company is under contract to sell land at 20 Sixth Street in Los Angeles for $41 million, which is approximately $20 million per acre [6] - The sale of 501 Santa Monica was completed for $40 million, slightly over $500 per square foot [7] - A four-building campus in Silicon Valley is under contract for $365 million, with current occupancy at 89% expected to drop to 65% in 2026 [8] Market Data and Key Metrics Changes - The company has seen a resurgence in office demand in San Francisco, which is encouraging for future developments [3] - The spread between leased and occupied space increased to 270 basis points, a 100 basis point improvement year over year [12] - GAAP releasing spreads were negative 11.2% in the second quarter, while cash releasing spreads were negative 15.2% [12] Company Strategy and Development Direction - The company aims to monetize non-income producing land and concentrate investments in areas with robust demand drivers [5] - The Flower Mart project is the largest investment in the future development pipeline, requiring a redesign to maximize value [3] - The company is focused on maintaining flexibility in its development plans to respond to market conditions [4] Management's Comments on Operating Environment and Future Outlook - Management expects a modest decline in occupancy in the third quarter but is optimistic about positive net absorption in the fourth quarter [11] - The company raised its 2025 FFO outlook to a range of $4.05 to $4.15 per share, reflecting updated expectations for capitalization at the Flower Mart [13] - Management acknowledges the impact of AI on office space requirements, noting both job losses and new job creation in the tech sector [42][45] Other Important Information - The company has a total buyback authorization of approximately $400 million, which has not yet been utilized [22] - The company is actively evaluating its future land bank for monetization opportunities [81] Q&A Session Summary Question: Can you talk about the type of buyers and valuation discussions? - Management noted a variety of buyers including institutional and owner-users, with good depth in the bidding pool [17][20] Question: Can you provide more detail on KOP2 activity? - Management reported active lease negotiations for about 100,000 square feet primarily with life science and healthcare tenants [24][25] Question: How do you view the impact of AI on office space? - Management sees AI as a growth strategy for companies, with new job creation expected in markets like San Francisco [42][45] Question: What is the status of the Flower Mart project? - Management is in ongoing discussions with the city for flexibility in entitlements and expects to provide updates in future calls [60][91]

Core Viewpoint - The land supply scale has decreased while transaction volume has rebounded, with premium rates continuing to rise, reaching a four-month high [1]. Supply Summary - The supply of land this week was 3.05 million square meters, a 42% decrease compared to the previous week [2]. - A total of 24 residential land plots were supplied in key cities, with an average plot ratio of 2.14 [2]. - Notable land supply includes a residential plot in Beijing's Shunyi District with a starting price of 1.03 billion yuan and a plot ratio of 1.6 [2]. Transaction Summary - The transaction volume reached 3.38 million square meters, a 35% increase week-on-week, with a transaction value of 48.5 billion yuan, up 251% [3]. - Major cities like Shanghai, Shenzhen, Hangzhou, Chengdu, and Suzhou saw multiple high-premium land transactions, raising the average premium rate to 16.2%, the highest since April 2025 [3]. Shanghai Land Auction Highlights - Shanghai's sixth round of land auctions in 2025 included 10 residential and 3 commercial plots, with significant premium transactions [4]. - The highest premium was recorded for a residential plot in Hongkou District at 46.33%, with a total transaction price of 6.47 billion yuan [4]. - The Xuhui District plot set a new national record at 20 million yuan per square meter, located in a culturally rich area with a low plot ratio of 1.3 [4]. Suzhou Land Auction Highlights - Suzhou also set a new record for residential land prices, with a low-density plot in the Industrial Park area sold at a floor price of 6.5 million yuan per square meter [5].

Core Insights - Dongguan plans to supply 13 residential land plots in 2025, with specific allocations across various districts [1][3] - The overall land supply for 2025 includes 189 plots, totaling approximately 7137.18 acres (475.8 million square meters), with residential land accounting for 9.3% of the total supply [3] - The residential land market in Dongguan remains subdued, as evidenced by the 2024 land sales where only 3 out of 5 residential plots were successfully sold, totaling around 32.36 million square meters and generating approximately 28.76 billion yuan [3] Land Supply Details - The 13 residential plots include 3 plots designated for the Dongguan Bus Station, with a combined area of about 212 acres (14 million square meters) intended for TOD projects [3] - Additional residential land includes 2 plots in Nancheng Street for a cultural arts center and another residential plot in Xiping Community [3][4] - Four more residential plots are planned for supply, including locations in Wanjiang, Binhaiwan New Area, Huangjiang, and Fenggang, all to be supplied via online bidding [3][4] Current Status - As of the latest update, Dongguan has successfully sold 2 residential plots this year, located in Binhaiwan New Area and Changping Town [4]

Lai Sun Development is seeking to sell its 50% stake in Hong Kong office building CCB Tower, according to people familiar with the matter, as the builder looks to shed assets https://t.co/WgqTWhZJ0W ...

July 28, 2025 03:49 PM GMT China Property | Asia Pacific M Update Weekly Database Tracker #30 Key Takeaways Asia Pacific Weekly primary unit sales in 50 cities were -14% YoY (vs. -16% YoY in the Industry View In-Line previous week) for the week ended July 27: Tier 1 city sales were -37% YoY (vs. - 49% YoY). Tier 2 city sales were -9% YoY (vs. -29% YoY). Tier 3 city sales were -8% YoY (vs. -15% YoY). Weekly secondary unit sales in 10 cities were -11% YoY (vs. -16% YoY in the previous week): Tier 1 city weekl ...

Core Insights - Summerlin and Bridgeland, communities under Howard Hughes Holdings, are ranked among the top-selling master planned communities in the U.S. for mid-year 2025, with Summerlin at 7 (515 new homes sold) and Bridgeland at 14 (438 new homes sold) [1][2] Summerlin - Summerlin has been a leading community for 35 years, covering 22,500 acres and located near Red Rock Canyon and the Las Vegas Strip, offering a blend of natural beauty and modern amenities [2][9] - The community features extensive amenities including schools, shopping centers, parks, and a vibrant urban core, Downtown Summerlin, which hosts over 125 retail brands and restaurants [4][9] - Summerlin offers over 100 actively selling floor plans across 20 neighborhoods, catering to diverse family needs with various home styles [5][9] Bridgeland - Bridgeland spans 11,500 acres and is transforming the Northwest Houston region, with over 3,000 acres of open space and a projected 23,000 homes for over 70,000 residents at full buildout [6][10] - Bridgeland Central, a 925-acre urban district, is developing commercial spaces including the first H-E-B grocery store and a mass timber office development, indicating strong commercial growth [7][10] - The community emphasizes a high-quality lifestyle with top-rated schools, job opportunities, and extensive outdoor amenities, supporting a healthy and active lifestyle [10][11] Company Overview - Howard Hughes Holdings manages a diverse portfolio of master planned communities and mixed-use real estate across the U.S., recognized for innovative placemaking and design excellence [11] - The company is strategically positioned to meet market demand, contributing to its strong real estate platform [11]

Core Insights - Verizon is relocating its headquarters to PENN 2 in Midtown Manhattan, reinforcing its commitment to New York City and its community [2][3] - The new headquarters will house approximately 1,000 corporate employees and occupy over 195,000 square feet of office space [7] - Verizon has been a vital part of New York City's infrastructure, providing connectivity to public safety agencies and small businesses [3][4] Company Overview - Verizon generated revenues of $134.8 billion in 2024 and serves nearly all Fortune 500 companies [9] - The company operates more than 400 retail locations across New York City and is recognized for its network quality [7][11] Strategic Partnerships - Verizon has established partnerships with major sports teams and venues in New York City, enhancing its presence in the sports and entertainment sector [4][6] - The company will serve as the Official Mobile Wireless Partner for Madison Square Garden, improving fan experiences at various events [4] Location Benefits - PENN 2 offers direct access to 15 subway lines and other transit options, facilitating employee connectivity and collaboration [5][6] - The location is designed to foster innovation and collaboration among employees, aligning with modern workplace trends [6]