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大摩:降恒基地产(00012)盈测 目标价下调至30港元
智通财经网· 2025-08-26 05:55
智通财经APP获悉,摩根士丹利发布研报称,基于每股资产净值折让约50%,将恒基地产(00012)目标价 从31港元降至30港元,预期香港楼价可能见底,而恒地将是楼价趋稳及市场情绪改善的主要受益者,可 能受惠于美联储即将减息。大摩料香港住宅楼价今年持平,写字楼及商场租金或同比下滑5%。 大摩将恒基地产(00012)2025至2027财年每股盈利预测下调8%,以反映中期业绩逊预期、物业发展项目 最新预售情况及完工时间表、投资物业租金收入及出租率最新预期,以及集团收回农地的进展。大摩目 前仍维持2025至2027财年股息预测为每股1.8港元不变,预期股息分派仍受到稳定租金收入、香港中华 煤气(00003)股息收入、农地收回步伐加快、下半年住宅销售改善及来自主要股东的支持。 ...
越秀房产基金成立专班 打响出租率保卫战
Jing Ji Guan Cha Bao· 2025-08-17 07:07
(原标题:越秀房产基金成立专班 打响出租率保卫战) 经济观察报 记者 陈月芹 越秀房产基金难以独善其身。基金管理人在财报中坦言,上半年,企业降本增效、扩张保守的趋势延 续,写字楼办公持续承压;零售商场和服装专业市场受消费疲弱影响,商户经营压力有所增加;高端酒 店公寓面临消费降级直接冲击,房价也在下调。 越秀房产基金的应对办法是针对每个项目制定策略、成立专班,把稳定出租率列为优先考量,并推出带 装修单元、中小户型单元等,和优质客户提前续租。 做了快20年的"包租公",越秀房产信托基金(00405.HK)管理着众多一二线城市的酒店、商场、办公楼物 业,连接着来自各行各业的租户,也正深切感受着不同业态所触达的生产端和消费端的冷暖。 打出一套保卫出租率的组合拳后,上半年越秀房产基金所管理的物业整体出租率在82%以上;作为广州 核心地标的广州国际金融中心的写字楼续租率达70%,精装修单元去化率接近九成,去化周期仅约19 天。 8月14日,越秀房产基金发布2025年中期业绩。上半年,越秀房产基金收入总额9.66亿元,同比减少 6.6%,已连续第二年下降。受投资物业公允价值亏损的影响,越秀房产基金的亏损面进一步扩大,除 税 ...
九龙仓集团(00004.HK)上半年基础净盈利增3%至20.35亿港元 中期股息每股0.2港元
Ge Long Hui· 2025-08-12 05:04
Group 1 - The core viewpoint of the news is that Kowloon Warehouse Group reported a 3% increase in underlying net profit to HKD 2.035 billion for the first half of 2025, primarily due to reduced interest expenses and taxes [1] - The group declared an interim dividend of HKD 0.20 per share, totaling HKD 611 million, to be paid on September 16, 2025 [1] Group 2 - The group's revenue decreased by 19% to HKD 5.669 billion, and operating profit fell by 14% to HKD 2.657 billion [2] - Investment property revenue declined by 4% to HKD 2.281 billion, with operating profit down 6% to HKD 1.484 billion, attributed to soft rental rates for malls and offices [2] - Development property revenue plummeted by 64% to HKD 739 million, with operating profit dropping 82% to HKD 71 million, with only one sale recognized in Hong Kong during the period [2] - Hotel revenue increased by 7% to HKD 312 million, but the segment recorded an operating loss of HKD 11 million due to the initial operations of hotels in Changsha [2] - Logistics revenue slightly increased to HKD 1.076 billion, with operating profit rising 11% to HKD 137 million, driven by increased throughput in mainland China [2] - The group reported an unrealized revaluation loss of HKD 1.18 billion as of June 30, 2025, compared to HKD 481 million in 2024 [2]
大酒店(00045) - 未经审核营运数据 – 2025年第二季度
2025-08-06 04:07
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的內容概不負責,對其準確性或完 整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 THE HONGKONG AND SHANGHAI HOTELS, LIMITED (於香港註冊成立的有限公司) (股份代號:45) 未經審核營運數據 – 2025 年第二季度 香港上海大酒店有限公司 (「本公司」) 的 2025 及 2024 年季度未經審核營運數據如下: 半島酒店 | 平均可出租客房 收入 (港元) | | 2025 | | | | 2024 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一季 | 第二季 | 第三季 | 第四季 | 第一季 | 第二季 | 第三季 | 第四季 | | 大中華地區 | 2,211 | 2,448 | | | 2,327 | 2,447 | 2,081 | 2,937 | | 歐洲 | 4,343 | 7,838 | | | 3,665 | 6,416 | 8,548 ...
HANG LUNG GROUP(00010) - 2025 H1 - Earnings Call Transcript
2025-07-30 09:00
Financial Data and Key Metrics Changes - The core rental business revenue decreased by 3%, which was anticipated at the beginning of the year, with hopes for improvement in the second half [8][10] - Overall revenue contribution from property sales and hotel business accounted for 33% of total revenue, down by 6% [9][10] - The net gearing of Hang Lung Properties stood at 33.5%, reflecting a slight increase of 0.1% compared to December [35] Business Line Data and Key Metrics Changes - Rental revenue in Mainland China decreased by 1% in the first half of 2025, an improvement from a 4% decline in 2024 [12][10] - Retail business remained flat compared to a 3% decline in 2024, with seven out of ten projects showing positive revenue growth [13][14] - The office segment continued to face challenges, with a decline of 4% in rental revenue [28][30] Market Data and Key Metrics Changes - Hong Kong's rental revenue saw a decline of 4%, but residential and service apartment rentals improved by 11% [32][30] - The overall sales in Hong Kong decreased by 2%, which is better than the market average decline of 4% [33][32] - The luxury retail segment reported a decline of 12%, while non-luxury sales increased by 8% [97] Company Strategy and Development Direction - The company is focusing on enhancing its retail offerings and tenant management to adapt to the evolving retail landscape [17][19] - A national program is being launched to improve operational efficiency and attract customers in second-tier cities [17] - The company is exploring hybrid models for expansion, particularly in cities where it already has a presence [65] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the stability and potential uplift in the market, particularly in the second half of the year [6][10] - The sentiment in the property sector has stabilized, which may lead to mild growth in tenant sales [66][71] - The company is committed to maintaining its dividend policy, with intentions to return to a cash dividend structure after the Westlake 66 Mall opens [88][89] Other Important Information - The company has increased its focus on renewable energy, with 80% of its projects in Mainland China now powered by renewable sources [41] - The company is actively working on several projects, including the Westlake 66 Mall, which is expected to enhance its market position [44][49] Q&A Session Summary Question: Future expansion using asset-light models - Management indicated that future expansions will depend on demand and synergy with existing projects, emphasizing a holistic approach [64][65] Question: Tenant sales trends in the next twelve months - Management anticipates a potential improvement in tenant sales, moving from a negative trend to mild growth in the second half of the year [66][71] Question: Reasons for improvement in the second quarter - The improvement was attributed to increased occupancy and traffic, along with external factors such as stock market stabilization [70][71] Question: Dividend policy for the full year - Management intends to maintain the current dividend structure, with a focus on not cutting dividends unless absolutely necessary [76][88] Question: Thoughts on issuing convertible bonds - The CFO expressed caution regarding dilutive instruments, noting that the company is not considering issuing convertible bonds at this time [78][79] Question: Progress on transitioning properties - Management reported improvements in occupancy rates and is focused on enhancing the tenant mix to attract customers [79][82]
恒隆集团发布2025年度中期业绩 股东应占纯利6.97亿港元 同比减少21.51%
Zhi Tong Cai Jing· 2025-07-30 05:05
Group 1: Financial Performance - The company reported a revenue of HKD 5.202 billion for the first half of 2025, representing a year-on-year decrease of 18.45% [1] - Shareholders' net profit was HKD 0.697 billion, down 21.51% compared to the previous year [1] - Earnings per share based on shareholders' net profit stood at HKD 0.51 [1] Group 2: Business Development and Marketing - The company is actively developing investment projects, including the second phase of Wuxi Hang Lung Plaza, Hangzhou Hang Lung Plaza, Shanghai Hang Lung Plaza expansion, and a new co-working space project in Hong Kong called NET WORK [1] - To celebrate its 65th anniversary, the company organized a series of marketing activities nationwide, which successfully increased customer traffic and strengthened customer relationships [1] - The company anticipates that these initiatives will further improve revenue and enhance brand loyalty [1] Group 3: Retail Performance - The overall income from the shopping mall portfolio remained stable, despite a cautious trend in high-end consumer spending [1] - Targeted marketing projects were launched to drive revenue and customer traffic, tailored to the unique preferences of different customer segments [1] - Overall occupancy rates remained high, although certain malls experienced rental income declines due to competitive pricing and promotional efforts from peers [1] Group 4: Office Leasing Market - The office leasing market continues to be weak due to economic uncertainty, with overall income declining by 4% year-on-year to RMB 638 million [2] - The revenue from Shanghai Hang Lung Plaza's Grade A office space saw a significant drop of 77%, attributed to tenant relocations, changing demand patterns, and cost-effectiveness considerations [2] - Despite multiple market pressures, the company successfully maintained high levels of property management services and actively retained quality tenants [2]
外资巨头与浙企联手投 30 亿抄底中国房地产,会带来什么影响?
Sou Hu Cai Jing· 2025-07-26 12:03
Group 1 - Global asset management giants like Schroders Capital and local firm Xizi International have raised 3 billion to invest in discounted office buildings and shopping malls in the Yangtze River Delta region [1][3] - Foreign investment in commercial real estate has increased, with foreign capital accounting for 45% of the total transaction volume in Shanghai's property market in the first half of the year, despite a decrease in overall transaction value [1][3] - The auction of Taihe Building in Shanghai illustrates the trend, where the property sold for 660 million, significantly lower than its previous asking price of 1.6 billion [1] Group 2 - Recent policy changes allowing foreign investment in commercial real estate have prompted firms like Schroders to establish funds targeting properties with potential for improvement [3] - Foreign investors are focusing on consumer-oriented spaces, with significant purchases such as the 1.29 billion acquisition of four shopping centers by Canadian pension funds and others, driven by favorable policies for consumer REITs [3] - The collaboration between foreign and local firms is expected to enhance the liquidity of quality assets in the market, potentially leading to healthier developments in the real estate sector [5]
信和置业盘中最高价触及8.500港元,创近一年新高
Jin Rong Jie· 2025-06-26 08:45
Group 1 - The core stock price of Sino Land Company (00083.HK) closed at HKD 8.490 on June 26, marking a 0.24% increase from the previous trading day, with an intraday high of HKD 8.500, reaching a nearly one-year high [1] - The net capital flow for the day showed an inflow of HKD 25.978 million and an outflow of HKD 26.876 million, resulting in a net outflow of HKD 0.899 million [1] - Sino Land Company is one of the major property developers in Hong Kong, established in the 1970s, with over 250 investment and development projects covering more than 130 million square feet [1] Group 2 - The company's core business focuses on property development for sale and investment, including residential, office buildings, industrial and commercial buildings, and shopping malls, with operations in Hong Kong, mainland China, Singapore, and Australia [1] - The company is involved in a range of property-related services, including property management, security services, cleaning services, hotel and clubhouse management, and parking services, aiming to provide comprehensive and seamless customer experiences [1] - The Far East Organization, a sister company of Sino Land in Singapore, is one of the largest private developers in the region, having developed over 780 properties since its establishment in 1960, including 58,000 private residential units, accounting for one-sixth of the local private residential supply [1][2]
商场有了差异化就能存活吗?先学会正确定位
Xin Lang Cai Jing· 2025-06-14 04:27
Group 1 - The core idea of mall positioning is to identify market gaps rather than projecting management's subjective desires [3][4] - Successful mall positioning is marked by three key factors: tenant survival, prioritizing foot traffic, and achieving healthy financial metrics [5][6] - A recent small-scale mall in Shanghai successfully positioned itself as a "refined social gathering center" rather than a typical community mall, attracting office workers and tourists [9][10] Group 2 - Effective positioning requires thorough competitor analysis, consumer coverage analysis, architectural form analysis, business type analysis, and brand tier analysis [6][7] - The mall's design incorporated local architectural elements, enhancing its connection to the region and attracting visitors [10][11] - The mall's focus on specific business types, such as dining and wellness, aligns with its refined positioning and target audience [12][13] Group 3 - The commercial lifecycle consists of three phases: cultivation, growth, and maturity, each requiring different positioning strategies [22][23] - Differentiation is essential for survival, but it must be balanced with the practicalities of market demand and brand alignment [24][25] - The relationship between positioning, brand introduction, and differentiation is crucial for a mall's success, with a focus on attracting foot traffic and maintaining tenant health [26][27][28]
SOHO中国(00410.HK)获黑石集团溢价约31.6%提收购要约 今日复牌
Ge Long Hui· 2025-05-23 01:37
Core Viewpoint - SOHO China has announced a voluntary conditional cash offer from Two Cities Master Holdings II Limited, represented by Goldman Sachs, to acquire all issued shares at HKD 5.00 per share, representing a premium of approximately 31.6% over the closing price of HKD 3.80 on June 11 [1] Group 1: Offer Details - The offer is conditional upon the fulfillment or waiver of certain preconditions [1] - The offer price of HKD 5.00 per share reflects a significant premium, indicating a strategic interest in acquiring SOHO China [1] Group 2: Offeror Background - The offeror, Two Cities Master Holdings II Limited, is a limited liability company registered in the Cayman Islands as of March 12, 2020, and is wholly owned by Two Cities Master Holdings I Limited [2] - Two Cities Master Holdings I Limited is also a Cayman Islands registered company, with its shares held by various funds managed by Blackstone [2][3] Group 3: Blackstone's Investment Strategy - Blackstone Real Estate Partners Asia II L.P. and Blackstone Real Estate Partners (Offshore) IX L.P. are the main participating funds, with committed capital of approximately USD 7 billion and USD 20 billion, respectively [3] - Blackstone Group Inc. has been a significant investor in China's real estate market since 2008, currently owning about 6 million square meters of property in China [4] Group 4: Future Plans - The offeror plans to maintain the existing business and management of SOHO China while exploring expansion opportunities in China [5] - A detailed strategic review will be conducted post-offer to develop future business plans and optimize the asset portfolio [5] - The company’s shares are set to resume trading on June 17, 2021 [5]