Core Viewpoint - Taihe Holdings (00718) reported a total revenue of HKD 64.76 million for the first half of 2025, representing a year-on-year decrease of 1.56% [1] - The loss attributable to shareholders narrowed to approximately HKD 198 million, a reduction of 21.07% year-on-year, with a loss per share of 3.78 HK cents [1] Financial Performance - The decrease in loss was attributed to several factors, including a fair value reduction of approximately HKD 83.1 million due to a sluggish retail rental market for investment properties [1] - The company made a provision of about HKD 50.3 million for guarantees related to third-party loans provided by the direct holding companies of Guangzhou Shopping Center and Jinzhou Shopping Center to banks in mainland China, which were not disclosed during the acquisition of these centers [1] - Financial costs during the reporting period amounted to approximately HKD 76.7 million, primarily due to bank loans of approximately RMB 1.345 billion related to the acquisition of Guangzhou Shopping Center [1]

Core Viewpoint - Taihe Holdings (00718) anticipates a significant pre-tax loss of approximately HKD 200 million to HKD 240 million in the first half of 2025, following an unaudited pre-tax loss of about HKD 275 million for the six months ending June 30, 2024 [1] Summary by Relevant Categories Financial Performance - The company expects a pre-tax loss of around HKD 200 million to HKD 240 million for the first half of 2025 [1] - For the six months ending June 30, 2024, the company reported an unaudited pre-tax loss of approximately HKD 275 million [1] Reasons for Loss - The anticipated pre-tax loss is primarily attributed to a decrease in the fair value of investment properties in China [1] - Provisions for losses related to financial guarantee contracts signed with domestic banks for non-group company bank borrowings [1] - Financial costs associated with bank loans linked to the acquisition of a shopping center in Guangzhou [1]

九龙仓置业(01997)发布2025年中期业绩，集团收入64.07亿港元，同比减少1.45%;股东应占亏损24.06亿 港元，同比扩大128.71%;每股亏损0.79港元;第一次中期股息每股0.66港元。 在资产价值疲软的市况下，集团的投资物业录得重估减值。 为应对波动的市场环境，集团维持审慎的财务管理措施。截至期末，债务净额进一步减至333亿港元， 是公司上市以来最低水平。平均利息成本降至4.4%，令借贷成本节省27%。负债比率维持在17.6%的健 康水平。 在香港，政府加大力度宣传本地盛事。入境旅客人数持续增长，录得12%升幅。本地出境旅游有回调迹 象。本港零售销售跌幅收窄，并于五月和六月录得初步正增长，结束了连续十四个月的跌势。因应不断 变化的旅游及消费模式，集团积极提升体验式零售服务，以深化顾客的参与并推动销售。 虽然写字楼市场仍然面对需求疲弱和供应过剩夹击的难题，但集团的写字楼组合在出租率改善的带动下 表现不俗。酒店入住率有所增长，惟受地区竞争和消费意欲影响，房价面临压力。 ...

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]