Hang Lung Properties Limited · HKEX:101
Hang Lung Properties — H1 2025 Earnings Presentation
56 slides from Hang Lung Properties's earnings presentation, July 2025
Slide 1: 2025 Interim Results Presentation
2025 Interim Results Presentation July 2025
Slide 2: Contents
Contents 3 2025 Interim Results Highlights Please scan or click on the QR codes to view 20 Development Highlights 2025 Interim Results Announcement 28 ESG Highlights 39 Mainland China Portfolio 43 Hong Kong Portfolio 2025 Interim Results Investor Presentation 48 Appendix 49 HLP – Financial Highlight
Slide 3: 2025 Interim Results Highlights
2025 Interim Results Highlights Hang Lung Properties (101.HK) Operating Underlying HLP – Dividends per share Revenue profit / loss profit / loss HK$mn 1H25 YoY% 1H25 YoY% 1H25 YoY% Rental 4,678 - 3% 3,346 - 3% 1,651 - 6% 60 60 Sales 161 -87% -57 - 418% -30 -36% 40 Hotels* 129 +84% -34 N/A -34 N/A 18
Slide 4: Revenue Contribution by Segments
Revenue Contribution by Segments HLP revenue contribution by segments (HK$mn) HK$mn (1H25 RMB/HKD: -1% YoY) 12,000 1H25 Mainland China Rental: RMB2,941mn / HK$3,190mn 10,000 Accounts for 68% of total rental -1% YoY in RMB / -2% YoY in HKD 8,000 1H25 HK Rental: HK$1,488mn Accounts for 32% of total re
Slide 5: Rental Revenue in Mainland China
Rental Revenue in Mainland China HLP Mainland China overall rental revenue (RMB mn) and YoY change% RMB mn +7% 8,000 +1% YoY -1% 10% YoY -4% YoY 5% 7,000 YoY 0% -5% Rental 1H25 1H24 6,000 -10% revenue RMB mn YoY% YoY% 19% 19% 1H25 -15% 5,000 19% Retail 2,412 Flat -3% Mainland China -20% -25% 4,000 r
Slide 6: Retail Rental Revenue in Mainland China
Retail Rental Revenue in Mainland China HLP Mainland China retail rental revenue (RMB mn) and YoY change (%) YoY % 1H25 retail RMB mn YoY% rental revenue RMB mn -1% +8% -3% Flat Plaza 66 822 Flat YoY YoY YoY YoY Grand Gateway 66 597 +1% 6,000 10% -10% Center 66 245 +8% 5,000 1H25 Spring City 66 162
Slide 7: Tenant Sales YoY Change (%) in Mainland China
Tenant Sales YoY Change (%) in Mainland China 1H25 tenant sales: YoY% - 4% YoY 1H25 tenant sales YoY% -1% 0% YoY Plaza 66 -8% Grand Gateway 66 +10% -7% Center 66 - 4% -5% YoY Spring City 66 -1% -11% -12% Olympia 66 +13% YoY -10% YoY Parc 66 +1% -14% YoY Palace 66 +10% -15% -18% Riverside 66 +2% YoY
Slide 8: Strategies Amid Evolving Retail Landscape
Strategies Amid Evolving Retail Landscape ▪ In response to the evolving retail landscape and to better align with consumer behavior changes, Hang Lung has been significantly upgrading the offerings across the portfolio, via events, tenant management and CRM ▪ To commemorate Hang Lung’s 65th annivers
Slide 9: Strategies Amid Evolving Retail Landscape
Strategies Amid Evolving Retail Landscape Net LFA change (YoY%) in Hang Lung’s Mainland China Tenant management retail portfolio during 1H25 (by trade categories) ▪ New lettings was increased in 1H25, +36% YoY, resulting in +7% content enhancement +2% +2% ▪ 102 first-in-town brands were increased in
Slide 10: Strategies Amid Evolving Retail Landscape
Strategies Amid Evolving Retail Landscape Bespoke experience to House 66 members Customer relationship management (CRM) according to their tiers: ▪ A key tool to address the behavioral change of consumers, that underpins the evolving complexity of the retail market ▪ A new tier, “Agate”, was introdu
Slide 11: HOUSE – Build Hang Lung Branded Experience
HOUSE 66 – Build Hang Lung Branded Experience Spanning 10 Hang Lung projects in eight cities across Mainland China 1H2025 HIGHLIGHTS EXCLUSIVENESS Exclusive Privilege Highlights • VIP lounge • Valet parking • Hands-free service • Dedicated parking space • Personalized birthday parties 2025 CNY @Cent
Slide 12: hello – Build Hang Lung Branded Experience
hello – Build Hang Lung Branded Experience Offering customized shopping experiences to customers in Hong Kong MEMBER ENGAGEMENT PROGRAM OFFERING • Check-in rewards to engage social media followers • Weekly hello Thursday limited offers • Sales promotions & exclusive privileges by key tenants hello X
Slide 13: CRM Highlights
CRM Highlights House 66 hello Spanning 10 Hang Lung projects in eight cities Offering customized shopping experiences across Mainland China to customers in Hong Kong Total valid members Member sales Total valid members Member sales (Up to Jun 2025) (Jan – Jun 2025) (Up to Jun 2025) (Jan – Jun 2025)
Slide 14: Office Rental Revenue in Mainland China
Office Rental Revenue in Mainland China YoY % HLP Mainland China office rental revenue (RMB mn) and YoY change (%) RMB mn +11% +5% YoY YoY -6% -5% 1H25 office rental 1,500 revenue RMB mn YoY % YoY YoY 10% 0% -10% Plaza 66 289 -7% 1H25 -20% Spring City 66 67 -4% 1,000 Mainland China -30% 2H 2H 2H off
Slide 15: Rental Revenue in Hong Kong
Rental Revenue in Hong Kong HLP HK overall rental revenue (HK$mn) and YoY change (%) HK$mn +2% 4,000 - 3% - 4% 1H25 1H24 YoY 10% YoY - 9% YoY 5% Rental revenue HK$mn YoY% YoY% YoY 0% -5% 7% Retail 874 -7% -7% -10% 8% 3,000 -15% 7% -20% 1H25 -25% Office 502 -1% -8% 33% 33% HK rental -30% 33% -35% rev
Slide 16: Property Sales in Hong Kong and Mainland China
Property Sales in Hong Kong and Mainland China 1H25 sales revenue Contracted sales Center Residences @ Wuxi HK$161mn HK$47mn (yet to be recognized at June 30, 2025) The Aperture, HK The Aperture, HK HK$151mn (19 units) HK$22mn (2 units) Heartland Residences, Wuhan Grand Hyatt Residences HK$10mn (1 u
Slide 17: Financial Management
Financial Management ▪ Net gearing ratio stood at 33.5% as at June 30, 2025. Net debt increased by HK$0.8bn to HK$47.9bn as at June 30, 2025, mainly due to HK$1.6bn CAPEX incurred during 1H25, partially offset by various cash preservation measures ▪ Gross finance costs -7% YoY to HK$988mn, due to lo
Slide 18: Financial Management
Financial Management Financing highlights: ▪ A HK$10.0bn five-year syndicated loan facilities was signed in Jan 2025 ❑ Support from a consortium of 10+ leading international, Chinese and local banks ▪ RMB1.3bn of offshore fixed rate CNH facilities had been issued in 1H 2025 ❑ 43% of debt portfolio i
Slide 19: Ongoing efforts on Sustainability
Ongoing efforts on Sustainability New Sustainability Milestone: 80% of Mainland China Groundbreaking Discussion Paper Operating Properties Powered by Renewable Energy on Net Zero Transition Spring City 66 Center 66 ▪ A first-of-its-kind discussion paper Parc 66 Forum 66 NEW “Our Journey to N
Slide 20: Development Highlights
Development Highlights Hang Lung Properties Limited 20
Slide 21: Mainland China Property Portfolio Upcoming projects completion pipeline
Mainland China Property PortfolioUpcoming projects completion pipeline • 11 projects across 9 Mainland China cities with the Westlake 66, Hangzhou completion of Westlake 66 in Hangzhou from 2025 onwards GFA: 390,000 sqm Shenyang 2025+ Forum 66 (note 2) Center 66 Phase 2, Wuxi Tianjin Riverside 66 Pa
Slide 22: Westlake 66 in Hangzhou
Westlake 66 in Hangzhou Expected opening 2H 2025 onwards Tower A Expansion In the key area of Tower D at Westlake Wulin Business Tower E 66 District Location Hangzhou’s busiest Hotel Tower C commercial street Tower B Retail podium An integrated high-end commercial Usage development comprising retail
Slide 23: Westlake 66 in Hangzhou
Westlake 66 in Hangzhou Office Towers B, C, D, E: 2H 2025 Expected opening Tower A: 1H 2026 Towers B, C, D, E: 22% pre-leased Status Tower A: Started negotiations with prospective tenants Retail (Note) Expected opening 1H 2026 Status 77% pre-leased Retail podium: Artist’s impression 7% 17% Fashion &
Slide 24: Westlake 66 Expansion in Hangzhou
Westlake 66 Expansion in Hangzhou ▪ On July 10, 2025, Hang Lung signed an operating lease with Baida Group to operate the Hangzhou Department Store for 20 years, starting from 1 April 2028. This would be used as the expansion of Westlake 66 project currently under development ▪ Key information of th
Slide 25: Projects Under Development in Mainland China
Projects Under Development in Mainland China Center 66 @Wuxi Location Renmin Zhong Road & Jiankang Road, Liangxi District Usage Mall, Office, Hotel, Apartments for Sale Total gross floor area 518,000 sqm - Completed 367,000 sqm (Phase 1) - Under development 151,000 sqm (Phase 2) Completion Year Phas
Slide 26: Serviced Apartments in Mainland China
Serviced Apartments in Mainland China Heartland Residences Center Residences ▪ Qiaokou District, Wuhan ▪ Liangxi District, Wuxi ▪ 492 units ▪ 573 units (including 60 units classified as IP for rental purpose) ▪ Targeted completion from ▪ 2023 completion 2H 2025 onwards ▪ Pre-sale will launch in 3Q ▪
Slide 27: Hong Kong Residential Portfolio at Prime Locations
Hong Kong Residential Portfolio at Prime Locations For Sale For Sale For Sale 23-39 Blue Pool Road 8-12A Wilson Road The Aperture (Completed) (Under planning) (Completed) ▪ 7 unsold houses ▪ Total GFA of approx. 26,000 sq ft ▪ 153 unsold units (as of June 30, 2025) (as of June 30, 2025) For Sale Kow
Slide 28: ESG Highlights
ESG Highlights 2024 Sustainability report ESG full presentation (Jul 2025) Hang Lung Properties Limited 28
Slide 29: Latest Ratings & Awards
Latest Ratings & Awards “AA” rating since 2020 “Low” ESG risk rating CSA score: 65 ESG score: 3.7 Index component since inception in 2010 S&P Global Sustainability Constituent of FTSE4Good Index Yearbook 2025 member Series 4-star performance rating “AA” rating CITI score: 28.8 Top 20 in HKBSI (stand
Slide 30: Board Engagement and Diversity
Board Engagement and Diversity Highly engaged (as of December 31, 2024) ▪ 6 regular Board meetings/year (100% attendance) ▪ 4 Audit Committee meetings/year (100% attendance) ▪ 4 meetings of Audit Committee members with external auditor without the presence of management Board Diversity of Hang Lung
Slide 31: Eight of our Mainland China Properties are Powered by Renewable Energy
Eight of our Mainland China Properties are Powered by Renewable Energy Spring City 66, Parc 66, Plaza 66, Grand Forum 66, Palace 66, Kunming Jinan Gateway 66, Shenyang; Shanghai; Center Olympia 66, Dalian 66, Wuxi The first renewable energy The first property and the The first commercial property Fi
Slide 32: Green Building Certifications
Green Building Certifications Green Building Certifications for Existing Buildings >80% CFA certified to LEED / BEAM Plus Gold or above Including: • Shenyang: Palace 66 & Forum 66 • Dalian: Olympia 66 • Tianjin: Riverside 66 • Jinan: Parc 66 • Shanghai: Grand Gateway 66 & Plaza 66 • Wuxi: Center 66
Slide 33: Health, Safety & Wellness
Health, Safety & Wellness • Nearly 80% of the total construction floor area has either been certified with WELL or WELL Health and Safety Rating Certified • WELL Platinum rating: Plaza 66 in Shanghai • WELL HSR: all Mainland China malls and offices (total 18 buildings), all core properties in Hong K
Slide 34: Publication of “Our Journey to Net Zero”
Publication of “Our Journey to Net Zero: Our Scenarios and Actions to Reduce Greenhouse Gas Emissions to 2050” Objectives ▪ Analyze and communicate scenarios on our path to achieving net zero greenhouse gas emissions ▪ Improve understanding of decarbonization challenges and opportunities ▪ Advance i
Slide 35: Sustainability Partnerships with Tenants
Sustainability Partnerships with Tenants Three-Year Sustainability Partnership with LVMH Changemakers Program for all tenants Image ▪ Launched in Oct 2022 ▪ Launched in Dec 2023 following the partnership with LVMH ▪ Launched Common Charter in 2023 and 2024 ▪ Applicable to all types of tenants in Hon
Slide 36: Community Investment
Community Investment Youth Development & Education Hang Lung Hang Lung As One Mathematics Awards Volunteer Team (since 2004) Elderly Services Volunteer Service • Reaffirms HL’s commitment to promoting sustainable growth and enhancing community wellbeing "Love·No·Limit" The Hang Lung Scholarship and
Slide 37: Community Investment
Community Community Investment Investment Honorary Chair Mr. Ronnie Chan awarded Honorary Chair Mr. Ronnie Chan awarded the 2018 the Grand Bauhinia Medal (GBM), the highest Dwight D. Eisenhower Global Leadership Award honor bestowed, by the Government of the Hong Kong by the Business Council for Int
Slide 38: Community Investment
Community Community Investment Investment Rebuilding of Jianfu Palace Garden & Hang Lung Center for Real Estate, The Hall of Rectitude Complex in Beijing Tsinghua University, Beijing • Projects funded by the China Heritage Fund, a non-profit • The Hang Lung Center for Real Estate serves as an organi
Slide 39: Mainland China Portfolio
Mainland China Portfolio Hang Lung Properties Limited 39
Slide 40: Retail Portfolio in Mainland China
Retail Portfolio in Mainland China Plaza 66 Grand Gateway 66 Center 66 Spring City 66 Olympia 66 Shanghai Shanghai Wuxi Kunming Dalian Tenant Sales YoY% -8% +10% - 4% -1% +13% Mall Occupancy 98% 99% 96% 99% 94% Parc 66 Palace 66 Riverside 66 Heartland 66 Forum 66 Jinan Shenyang Tianjin Wuhan Shenyan
Slide 41: Office Portfolio in Mainland China
Office Portfolio in Mainland China Plaza 66 Spring City 66 Forum 66 Center 66 Heartland 66 Shanghai Kunming Shenyang Wuxi Wuhan Office Occupancy 82% 84% 89% 83% 63% Other AEI completed in Modular office Conrad HANGOUT • HANGOUT Features 2017/18 Shenyang • Modular office Note: Occupancy rate as at Ju
Slide 42: Hotel Portfolio in Mainland China
Hotel Portfolio in Mainland China Under development Conrad Shenyang Grand Hyatt Kunming Xi Zhe Wuxi, Mandarin Oriental (at Forum 66) (at Spring City 66) Curio Collection Hangzhou by Hilton (at Center 66) (at Westlake 66) Shenyang Kunming Wuxi Hangzhou Year of opening 2019 2024 2H 2025 2H 2026 Averag
Slide 43: Hong Kong Portfolio
Hong Kong Portfolio Hang Lung Properties Limited 43
Slide 44: Rental Performance in Hong Kong
Rental Performance in Hong Kong HK overall rental revenue (HK$mn) Hong Kong occupancy rate (%) HK$mn 1H25: % HK$1,488mn 2,000 94% 100% Resi. & S.A.: 87% 1,500 Resi. & S.A.: 7% of total 80% 6% of total 82% Office: Office: 60% 1,000 33% of total 34% of total 40% Retail: 500 61% of total Retail: 20% 59
Slide 45: Investment Properties in Hong Kong
Investment Properties in Hong Kong Central Portfolio Peak Galleria ▪ A tourist landmark, with pet-friendly features to attract local pet lovers ▪ Comprising 4 office buildings with a ▪ A variety of F&B and entertainment offerings diversified tenant profile ▪ Form a thriving fine-dining hub in Centra
Slide 46: Investment Properties in Hong Kong
Investment Properties in Hong Kong Causeway Bay Portfolio Mongkok Portfolio ▪ An elite shopping destination featuring ▪ Continued to solidify numerous internationally the area’s position as renowned fashion, beauty, the place “Where and lifestyle brands Trends Meet” Hang Lung Centre Gala Place Fashi
Slide 47: Investment Properties in Hong Kong
Investment Properties in Hong Kong Hong Kong East Portfolio Amoy Plaza ▪ A one-stop community hub in Kowloon East featuring diverse casual, grocery stores, education providers, and entertainment brands ▪ Comprises Kornhill Plaza, Kornhill Apartments, and 228 Electric Road ▪ A new footbridge will sea
Slide 48: Appendix
Appendix Hang Lung Properties Limited 48
Slide 49: Hang Lung Properties – Financial Highlights
Hang Lung Properties – Financial Highlights 1H2025 1H2024 Property Property Property Property Hotels Total Leasing Sales Hotels Total (HK$mn) Leasing Sales Revenue 4,678 161 129 4,968 4,816 1,228 70 6,114 - Mainland China 3,190 10 129 3,329 3,268 25 70 3,363 - Hong Kong 1,488 151 - 1,639 1,548 1,203
Slide 50: Hang Lung Properties – Financial Position
Hang Lung Properties – Financial Position (HK$mn) 30/6/2025 31/12/2024 Investment Properties 167,093 166,519 - Mainland China 104,723 104,043 - Hong Kong 62,370 62,476 Investment Properties under development 26,137 24,001 Properties for sale 13,852 13,489 Cash and bank deposits 6,905 10,303 Total Bo
Slide 51: Hang Lung Properties – Gross and Net Interest Expense
Hang Lung Properties – Gross and Net Interest Expense 5.00 40.0% 33.4% 33.5% 31.9% 35.0% 4.00 28.1% 30.0% 24.4% 25.0% 21.3% 3.00 17.8% 20.0% 2.1 2.00 2.0 1.5 15.0% 1.5 1.5 1.5 1.2 1.3 1.0 10.0% 1.00 1.0 1.0 1.4 1.3 0.5 5.0% 0.7 0.9 0.05 0.5 0.5 0.5 - 0.2 0.0% 2019 2020 2021 2022 2023 2024 1H25 Finan
Slide 52: Hang Lung Group – Financial Highlights
Hang Lung Group – Financial Highlights 1H2025 1H2024 Property Property Property Property Hotels Total Leasing Sales Hotels Total (HK$mn) Leasing Sales Revenue 4,912 161 129 5,202 5,081 1,228 70 6,379 - Mainland China 3,363 10 129 3,502 3,467 25 70 3,562 - Hong Kong 1,549 151 - 1,700 1,614 1,203 - 2,
Slide 53: Hang Lung Group – Financial Position
Hang Lung Group – Financial Position (HK$mn) 30/6/2025 31/12/2024 Investment Properties 174,721 174,558 - Mainland China 110,552 110,280 - Hong Kong 64,169 64,278 Investment Properties under development 26,137 24,001 Properties for sale 13,873 13,510 Cash and bank deposits 7,476 10,817 Total Borrowi
Slide 54: Investment Property Portfolio: HLG
Investment Property Portfolio: HLG Note: Properties held via HLP are excluded from this session (Note) 9 Wing Hong Street Luen Cheong Can Centre Tai Hing Gardens Grand Gateway 66 Location Cheung Sha Wan, HK Tuen Mun, HK Tuen Mun, HK Puxi, Shanghai Usage Office Office Retail portion Office Tower I &
Slide 55: Grand Gateway 66, Above Xujiahui Subway Station, Puxi, Shanghai
Grand Gateway 66, Above Xujiahui Subway Station, Puxi, Shanghai To be converted into Kimpton Xujiahui Shanghai, with expected completion by 2027 1H25 rental revenue YoY% Occupancy (at June 30, 2025) Office Tower I RMB110 mn -2% 87% Residential & Serviced RMB 49mn -28% 69% Apartments (note) Mall (hel
Slide 56: Thank You
Thank You Disclaimer 1. All information and data are provided for information purposes only. All opinions included herein are based on information available as of the date hereof and are subject to change without notice. There is no guarantee, representation or warranty provided for accuracy, timeli