Core Viewpoint - The report from Credit Lyonnais indicates that the basic profit of the company increased by 1.2% year-on-year in the first half of the year, aligning with the interim dividend [1] Group 1: Financial Performance - Despite a decline in rental income, the company's recurring income remained stable due to robust growth in bar operations and infrastructure projects [1] - The target price for the company has been raised from HKD 31.3 to HKD 34.1, while maintaining a "Hold" rating [1] Group 2: Future Outlook - It is believed that the profit drag from residential properties in Hong Kong will decrease starting in 2026, as the company plans to launch major projects by the end of 2025 [1] - Sufficient provisions have been made for these projects, including Blue Coast and Flower Language Sea, which are both high-cost land projects [1]

Core Viewpoint - The new residential project "Flower Language Sea" in the Victoria Harbour Metropolitan Park aims to redefine living standards in Hong Kong by integrating high-quality housing with urban culture and natural spaces [1][3][9]. Group 1: Project Overview - "Flower Language Sea" consists of two phases with a total of 723 units, set to launch soon [1]. - The project is strategically located within the Victoria Harbour Metropolitan Park, connecting with the Kai Tak Sports Park and the Metropolitan Park to create a resource-rich triangle [3][5]. Group 2: Urban and Natural Integration - The project seeks to balance urban living with natural environments, addressing the historical challenges of high housing prices and limited living space in Hong Kong [1][3]. - The Metropolitan Park is designed to be an integral part of the urban landscape, promoting a park-oriented, people-centric urban function [3][5]. Group 3: Lifestyle and Community - "Flower Language Sea" incorporates advanced product concepts, including smart home systems and a private club with a swimming pool, to create a comprehensive international living experience [5][9]. - The development emphasizes a seamless integration of residential, recreational, and cultural spaces, fostering a vibrant community atmosphere [7][10]. Group 4: Future Implications - The completion of "Flower Language Sea," along with the Kai Tak Sports Park and Metropolitan Park, is expected to drive a significant upgrade in the area's living standards and contribute to Hong Kong's urban revival [9][10]. - The project represents a new chapter in Hong Kong's residential history, reflecting the city's ongoing exploration of future living concepts [10].

Core Viewpoint - Urban waterfront revitalization is a central theme in the evolution of major cities worldwide, symbolizing high-quality living and modern urban space development [1][5][11] Group 1: Urban Development Trends - Waterfront areas have become key components in urban modernization, serving as experimental grounds for high-quality living [1][5] - The "One River, One River" strategic planning in Shanghai exemplifies successful waterfront revitalization, enhancing the city's appeal and functionality [3][5] Group 2: Specific Projects and Developments - The "Flower Language Sea" residential project in the Victoria Harbour area represents a significant milestone in Hong Kong's waterfront revitalization, offering high-end living with unique access to parks and waterfronts [7][11] - The Kai Tak area, previously the site of the Kai Tak Airport, is undergoing urban renewal, transforming into a vibrant mixed-use development that integrates cultural, recreational, and residential elements [3][5] Group 3: Community and Lifestyle Integration - The development of the Victoria Harbour Metropolitan Park Circle emphasizes cultural and recreational elements, creating a dynamic urban environment that fosters community interaction [6][11] - "Flower Language Sea" integrates green building standards and smart home systems, aligning with sustainable urban development trends and enhancing the living experience [9][11]

Core Insights - The Kai Tak Sports Park in Hong Kong, which officially opened in March, will host significant events such as the 2025 Snooker World Grand Prix and the Hong Kong International Rugby Sevens, marking a transformation of the area from an old airport to a new urban center [1][2] - The development of the Kai Tak area, including the sports park, the largest urban park in Hong Kong, and the new residential project "Flower Sea," signifies a new urban energy core that redefines Hong Kong's future lifestyle and injects new momentum into urban development [1][2][4] Group 1: Development Overview - The Kai Tak Sports Park, with an investment exceeding HKD 30 billion, is a centerpiece of the Kai Tak development plan initiated in 2007, which includes various core projects such as parks, hotels, and residential areas [2][4] - The area is designed to be a "city engine" for Hong Kong's future, showcasing a new development philosophy and continuing to lead the city’s upward trajectory [2][4] Group 2: Urban Features - The Victoria Harbour Metropolitan Park Circle, which includes the Kai Tak Sports Park, the largest urban park, and the upcoming "Flower Sea" residential project, creates a unique combination of sports, ecological leisure, and high-end living [4][5] - The "Flower Sea" project, featuring 723 high-end residential units, is positioned as a key element within this urban park circle, offering proximity to cultural, sports, and waterfront resources [5][8] Group 3: Economic Impact - The development is expected to enhance Hong Kong's attractiveness for businesses, with over 500 companies expanding or establishing operations in the region, reflecting a 50% increase compared to the previous year [17] - The area has seen a significant rise in property values, with residential prices in similar high-demand areas increasing from HKD 80,000 per square meter in 2015 to around HKD 200,000 per square meter recently, indicating strong investment potential [19]