据披露，董事会现正进行全面的甄选程序，以物色卢韦柏先生的继任人。卢韦柏先生将支持并协助领导 层顺利交接。 观点网讯：12月18日，恒隆集团及恒隆地产共同宣布，集团行政总裁兼执行董事卢韦柏将于2026年8月 31日前荣休。 卢先生表示："在退休年龄前卸任以探索人生新篇章，一直都是我的个人计划。过去八年在恒隆的岁 月，是我职业生涯的黄金时期。在此期间，我们强化了'66'品牌，推出多项重大战略，例如在多个城市 拓展与奢侈品牌合作。我们也通过全面的顾客关系管理计划，提升了以客为尊的服务，并建立了一支秉 持我们的愿景、使命、价值的强大团队。我热切期待在2026年4月，与团队一同迎接杭州恒隆广场的开 幕，庆祝恒隆成立66周年。借此机会，我想衷心感谢董事会、集团荣誉董事长陈启宗先生及主席陈文博 先生的信任与支持。在卓越的领导团队和明确的策略指引下，恒隆已为下一个发展篇章作好充分准备。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 恒隆主席陈文博先生表示："董事会衷心感谢Weber以其远见卓识、诚信品格以及对卓越的不懈追求领 导集团，并作出坚定不移的贡献。在其任内，我非常珍惜我们之间稳固的伙 ...

Core Insights - The commercial real estate sector is undergoing a structural change rather than a cyclical one, with a shift from a "buy-buy-buy" mentality to addressing unmet spiritual and social needs [1] - The upcoming peak in shopping center openings is expected around the National Day holiday in 2025, with over 60 projects set to launch nationwide [1] Industry Trends - The golden era of commercial real estate appears to be fading, with increasing homogenization and significant pressure on the sector due to slow recovery in employment and income expectations [2] - Developers are adapting to the new market dynamics by focusing on strategic adjustments while maintaining a stable operational approach [2] Developer Strategies - Developers are shifting from traditional land acquisition and rapid construction to urban renewal projects due to high land costs and intense competition [4][6] - Companies like 恒隆集团 (Hang Lung Group) are focusing on deep participation in urban renewal to maximize asset value rather than merely engaging in light asset output [4][6] Market Opportunities - Despite challenges, there are still significant opportunities in the commercial real estate sector, particularly in second-tier cities where consumer demand is expected to grow [8][10] - The focus on community development and strategic partnerships is seen as a way to enhance business resilience and expand market presence [7][10] Financial Considerations - The recovery of the real estate market is anticipated to be gradual, influenced by global interest rates and local economic conditions [13][14] - Companies are prioritizing debt reduction and maintaining liquidity to navigate the current market uncertainties [15]

Core Viewpoint - The report from Industrial Securities initiates coverage on Hang Lung Properties (00101) with a "Buy" rating, anticipating stable rental income growth as the Hang Lung Plaza in Hangzhou opens in phases, alongside a decline in capital expenditure and net debt ratio starting in 2026, with dividends expected to remain stable and return to pure cash dividends [1] Group 1: High-End Shopping Malls - The company focuses on high-end shopping malls, occupying core business districts, with 10 high-end malls in 9 major cities in mainland China as of H1 2025, establishing itself as a benchmark mall through years of operation and updates, particularly the Shanghai Hang Lung Plaza, which has become a leading luxury mall in Shanghai after over 20 years of operation [1] Group 2: Rental Income Recovery - The core projects, Shanghai Hang Lung Plaza and Shanghai Port International Hang Lung, contribute over 50% of the rental income from retail properties in mainland China, with rental income growth turning positive year-on-year in H1 2025; the overall rental income decline is expected to narrow in 2025 due to stable performance and the opening of the Hangzhou Hang Lung Plaza office space in the second half of 2025 [2] Group 3: Hangzhou Hang Lung Plaza Contribution - The Hangzhou Hang Lung Plaza, a key development project, is set to open part of its office space in the second half of 2025, with a pre-leasing rate of 22% as of H1 2025; the shopping center portion is expected to open in the first half of 2026, with a pre-leasing rate of 77%, which will enhance the company's recurring income and support stable dividend capabilities [3] Group 4: Dividend Stability - From 2013 to 2022, the company maintained a steady increase in cash dividends per share; however, in 2023, it introduced a scrip dividend for the first time, leading to a 33% decline in the dividend per share to HKD 0.52 in 2024; the company is expected to maintain dividend stability and potentially return to pure cash dividends after the retail portion of the Hangzhou Hang Lung Plaza opens [4] Group 5: Net Debt Ratio Outlook - As of H1 2025, the company's net debt ratio stands at 33.5%, stable compared to the end of 2024; it is anticipated that the net debt ratio will decline by the end of 2026 following the opening of the retail portion of the Hangzhou Hang Lung Plaza in the first half of 2026 [5]

Core Viewpoint - The report from Industrial Securities initiates coverage on Hang Lung Properties (00101) with a "Buy" rating, anticipating stable rental income growth as the Hang Lung Plaza in Hangzhou opens in phases, with capital expenditure and net debt ratio expected to decline from 2026, and dividends likely to remain stable and return to pure cash dividends [1] Group 1: Market Position and Strategy - The company focuses on high-end shopping malls, occupying core business districts, with 10 high-end malls in 9 major cities in mainland China as of H1 2025, establishing itself as a benchmark mall through years of operation and updates, particularly the Shanghai Hang Lung Plaza, which has become a leading luxury mall in Shanghai after over 20 years of operation [1] Group 2: Rental Income Performance - The core projects, Shanghai Hang Lung Plaza and Shanghai Port International Plaza, contribute over 50% of the rental income from retail properties in mainland China, with rental income growth turning positive in H1 2025, indicating stabilization in core project performance and potential narrowing of overall rental income decline in 2025 due to the opening of Hangzhou Hang Lung Plaza's office space in the second half of 2025 [2] Group 3: Future Growth from Hangzhou Project - The Hangzhou Hang Lung Plaza, set to open part of its office space in the second half of 2025, has a pre-leasing rate of 22% as of H1 2025, while the shopping center portion has a pre-leasing rate of 77%, which is expected to enhance the company's recurring income and support stable dividend capabilities [3] Group 4: Dividend Stability - From 2013 to 2022, the company maintained a steady increase in cash dividends per share, but proposed a scrip dividend for the first time at the end of 2023, resulting in a 33% decline in the first dividend per share to HKD 0.52 in 2024; however, with expected narrowing of rental income decline and significant reduction in capital expenditure post-completion of Hangzhou Hang Lung Plaza, the company is believed to have the capacity to maintain stable dividends and potentially restore pure cash dividends after the retail portion opens [4] Group 5: Debt Management - As of H1 2025, the company's net debt ratio stands at 33.5%, stable compared to the end of 2024; it is anticipated that the net debt ratio will decline by the end of 2026 following the opening of the retail portion of Hangzhou Hang Lung Plaza in the first half of 2026 [5]

Core Viewpoint - Morgan Stanley has raised the target price for Hang Lung Properties (00101) from HKD 9 to HKD 10.5 due to improved fundamentals and a narrowing NAV discount from 60% to 50%, maintaining an "Overweight" rating [1] Group 1: Financial Performance - The mainland retail business of the group is showing signs of recovery, with tenant sales in Shanghai's Grand Gateway 66 and Plaza 66 increasing by 31% and 8% year-on-year in Q3, compared to a 10% increase and an 8% decline in the first half of the year [1] - During the first four days of the National Day Golden Week, overall tenant sales in mainland malls increased by 15%, with Wuhan's Heartland 66 and Shanghai's Grand Gateway 66 recording year-on-year increases of over 70% and 50%, respectively [1] Group 2: Earnings Forecast - The bank has adjusted its earnings per share forecasts for 2026 and 2027 to HKD 0.62 and HKD 0.68, down from previous estimates of HKD 0.65 and HKD 0.69, due to expectations of a slower recovery in EBIT profit margins [1] Group 3: Catalysts for Growth - The luxury goods group LVMH has indicated improvements in its mainland business in Q3, and the upcoming opening of Hang Lung Plaza in Hangzhou, which has already pre-leased 83% of its retail space and 27% of its office space, is expected to be a significant growth catalyst, contributing notably by 2027 [1]

Core Viewpoint - Morgan Stanley has raised the target price for Hang Lung Properties (00101) from HKD 9 to HKD 10.5 due to improved fundamentals and a narrowing NAV discount from 60% to 50%, maintaining an "Overweight" rating [1] Group 1: Financial Performance - The mainland retail business of the group has started to improve, with tenant sales in Shanghai's Grand Gateway 66 and Plaza 66 increasing by 31% and 8% year-on-year in Q3, compared to a 10% increase and an 8% decline in the first half of the year [1] - During the first four days of the National Day Golden Week, overall tenant sales in mainland malls increased by 15% year-on-year, with Wuhan's Heartland 66 and Shanghai's Grand Gateway 66 recording over 70% and 50% year-on-year increases, respectively [1] Group 2: Earnings Forecast - The bank has lowered its earnings per share forecasts for 2026 and 2027 to HKD 0.62 and HKD 0.68, respectively, from previous estimates of HKD 0.65 and HKD 0.69, due to expectations of a slower recovery in EBIT margins from now until 2027 [1] Group 3: Catalysts for Growth - The luxury goods group LVMH has indicated improvements in its mainland business in Q3, and the upcoming opening of the Hang Lung Plaza in Hangzhou, which has already pre-leased 83% of its retail space and 27% of its office space, is expected to be a significant growth catalyst, contributing notably by 2027 [1]

Core Viewpoint - Morgan Stanley raised the target price for Hang Lung Properties from HKD 9 to HKD 10.5 due to improved fundamentals and a narrowing NAV discount from 60% to 50, maintaining an "Overweight" rating [1] Group 1: Retail Performance - The mainland retail business of the group is showing signs of recovery, with tenant sales in Shanghai's Plaza 66 and Hang Lung Plaza increasing by 31% and 8% year-on-year in Q3, compared to 10% growth and an 8% decline in the first half [1] - During the National Day Golden Week, overall tenant sales in mainland malls grew by 15% year-on-year in the first four days, with Wuhan Hang Lung Plaza and Shanghai Plaza 66 recording year-on-year increases of over 70% and 50%, respectively [1] Group 2: Key Catalysts - The luxury goods group LVMH indicated an improvement in mainland operations in Q3, alongside the establishment of a gold shop at Plaza 66 and the opening of Hang Lung Plaza in Hangzhou, which are seen as key catalysts [1] - Hang Lung Plaza in Hangzhou has already pre-leased 83% of its retail space and 27% of its office space, expected to contribute significantly by 2027 [1]

Core Viewpoint - DBS Research indicates that Hang Lung Properties' overall tenant sales in mainland China grew by 10% year-on-year in Q3 2025, primarily driven by Shanghai's Plaza 66, with Wuhan's performance stabilizing and gradual openings in Hangzhou expected to support future rental income growth [1] Group 1: Sales Performance - Tenant sales in mainland China increased by 10% year-on-year in Q3 2025 [1] - Shanghai Plaza 66 was the main contributor to this growth, while Wuhan's sales performance is stabilizing [1] Group 2: Future Developments - Hangzhou Plaza is set to gradually open, with office buildings and shopping mall sections expected to commence operations in phases starting this year and Q2 next year, achieving pre-leasing rates of 27% and 83% respectively [1] Group 3: Investment Outlook - DBS believes that Hang Lung's valuation remains attractive, especially for long-term investors seeking exposure to China's high-end retail sector [1] - The target price for Hang Lung has been raised from HKD 9.38 to HKD 10, maintaining a "Buy" rating [1]

Core Viewpoint - DBS has released a report indicating that the valuation of Hang Lung Properties (00101) remains attractive, particularly for long-term investors seeking opportunities in China's high-end shopping mall sector. The report maintains a "Buy" rating and raises the target price from HKD 9.38 to HKD 10 [1] Group 1: Company Performance - Hang Lung is recognized as a leading commercial real estate developer in China, holding a portfolio of commercial properties for long-term investment purposes [1] - The report anticipates improvements in tenant sales and expansion of the property portfolio, which are expected to drive rental income growth [1] Group 2: Market Trends - Overall tenant sales in Hang Lung's mainland China malls are projected to increase by 10% year-on-year by the third quarter of 2025, primarily driven by the performance of Shanghai's Plaza 66 [1] - The sales performance of Wuhan's Hang Lung Plaza is stabilizing, while the Hang Lung Plaza in Hangzhou is set to gradually open, with office buildings and mall sections expected to be phased in starting this year and the second quarter of next year, achieving pre-leasing rates of 27% and 83% respectively [1]

Core Insights - The article highlights the competitive landscape of commercial real estate in China, focusing on Hang Lung Group's strategic approach to maintaining its market position through selective expansion and partnerships [1][6]. Company Strategy - Hang Lung Group has signed a 20-year operating lease with Baida Group for the South and North buildings of Hangzhou Department Store, significantly increasing the retail space of Hangzhou Hang Lung Plaza by 40% and street-facing area by over 200% [1][7]. - The company emphasizes a shift from aggressive expansion to enhancing existing assets and customer experience, focusing on core cities to improve investment returns [1][6]. - The current strategy, termed "Hang Lung V.3," reflects a move away from a growth model based solely on quantity, recognizing the saturation of commercial space in various cities [6][8]. Market Conditions - The office market is experiencing downward pressure on rents, with CBRE projecting a 9.9% decline in national office rents by 2025, an increase of 3.2 percentage points from earlier predictions [5]. - The retail market shows signs of recovery, with Hang Lung's Shanghai Plaza maintaining a high occupancy rate of 98% despite ongoing renovations [5][6]. Project Developments - The Hangzhou project is the 11th comprehensive commercial project for Hang Lung in mainland China, with a retail pre-leasing rate of 83% and plans for phased openings starting in late 2025 [7][8]. - The company plans to complete renovations within a year of acquiring the properties, aiming to integrate the new space into the existing Hangzhou Hang Lung Plaza [9]. Competitive Landscape - Hang Lung aims to collaborate with local competitors like Hangzhou Tower to enhance the overall commercial environment rather than engage in direct competition [9].