Henderson Land Development Co. Ltd. · HKEX:12
Henderson Land Development — H1 2025 Earnings Presentation
53 slides from Henderson Land Development's earnings presentation, Aug 20, 2025
Slide 1: 2025 Interim Results Presentation
(Stock Code: 12) 8 Castle Road, Mid-Levels, HK (artist’s impression) The Henderson Central, Hong Kong 2025 Interim Results Presentation 20th August 2025 8 Castle Road, Mid-Levels, HK Ballroom - Cloud 39, The Henderson, Central, HK The Henderson Art Garden, Central, HK
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Henderson Land Development Company Limited (the “Company” or “HLD”) solely for information purposes and does not constitute an offer, recommendation or invitation to subscribe for or purchase any securities and nothing contained herein shall form the
Slide 3: Contents
Contents Pages HLD 2025 Interim Results Highlights 4–6 Property Development 7 – 15 Property Investment 16 – 20 Hong Kong and China Gas 21 – 22 Strong Financial Position 23 Prospects 24 Annexes 25 – 52 -3-
Slide 4: HLD 2025 Interim Results Highlights
HLD 2025 Interim Results Highlights 1H 2025 1H 2024 Unaudited HK$ mn HK$ mn Change Profit attributable to Shareholders Underlying profit (excluding fair value change on investment properties) 3,048 5,441 -44%# Reported profit 2,908* 3,174* -8% Major Segment Performance: Property Development (attrib
Slide 5: HLD 2025 Interim Results Highlights (cont’d)
HLD 2025 Interim Results Highlights (cont’d) Unaudited Audited Change 30 Jun 2025 31 Dec 2024 HK$ mn Shareholders’ equity 320,138 322,147 -1% Cash and bank balances 16,600 17,919 -7% Net debt* 67,415 67,989 -1% Net debt* to Shareholders’ equity (%) 21.1% 21.1% Flat Net asset value per share (HK$) ^
Slide 6: HLD 2025 Interim Results Highlights (cont’d)
HLD 2025 Interim Results Highlights (cont’d) Property Development & Property Leasing HKCG^ Sales of Property Interestsψ Property Development Revenue*: Gross Rental Income*: Interim Dividend attributable to HLD: HK$ 6,173 mn -21% p-o-p HK$ 4,333 mn -3% p-o-p HK$ 930 mn Flat p-o-p Pre-tax Profit* Pre-
Slide 7: Property Development
Property Development ◼ Sales Results are shown below and 4 residential projects were completed in 1H 2025 with total attributable GFA of approx. 0.60mn sq.ft. (1H 2024: 0.78mn sq.ft.) No. of No. of Project units pre-sold & sold No. of Unsold Residential Developments offered for Initial HLD’s Complet
Slide 8: Property Development (cont’d)
Property Development (cont’d) ◼ Sales Pipeline of new projects in Hong Kong for 2H 2025 are shown as follows No. of Attri. GFA HLD’s (sq. ft.) Completion Project Name and Location Usage* Project interest Timing Units C R Victoria Voyage (Phase 1), Kai Tak (Presale Launched in Aug’25) 1 C/R/G 1,146 3
Slide 9: Property Development (cont’d)
Property Development (cont’d) ◼ Property Developments with Sales and for Sale/Pre-Sale commencing in 2H 2025 Existing lines Lo Wu Border with Mainland China Lok Ma MTR Chau Airport Express Sheung East Rail Line Shui Tuen Ma Line Fanling Light Rail Harbour Tunnels <Northern Metropolis> Route 3 Yuen L
Slide 10: Property Development (cont’d)
Property Development (cont’d) ◼ Area of unsold units of major development projects offered for sale, as well as projects pending sale or pending/under development: Attributable Gross Floor Area (GFA)/ Saleable Area (mn sq. ft.) Investment Inventories + Projects Pending/ Total (Note *) Property 2H’25
Slide 11: Property Development (cont’d)
Property Development (cont’d) ◼ Diversified Land-sourcing Strategy with remaining Saleable Resources shown together with completed Investment Properties and Investment Property Under Development To Kwa Wan URA Project ii Market-acquired Urban Sites The Symphonie URA Project 0.36mn sq.ft. of attri. G
Slide 12: Good Development Progress in Urban Site Assembly Developments
Property Development (cont’d) ◼ Good Development Progress in Urban Site Assembly Developments The Quinn‧ Aquila‧Square Mile Cetus‧Square Mile Eltanin‧Square Mile Gateway‧ Baker Circle One Baker Circle One The Haddon 2-16 Square Mile Completed in 2021 Completed in 2019 Completed in 2017 Square Mile (
Slide 13: Group’s New Territories Land Plot Holdings
Property Development (cont’d) iii Group’s New Territories Land Plot Holdings, Majority Situated In “Northern Metropolis”, Representing Valuable Land Resources ◼ At 30 Jun 2025, land plot holdings in New Territories amounted to approx. 41.9 mn sq. ft. (end of 2024: approx. 42.0 mn sq. ft.) in land p
Slide 14: New Territories Land Plot Holdings: Landbank Replenishment and Cashflows
Property Development (cont’d) iii Group’s New Territories Land Plot Holdings, including in “Northern Metropolis”, Provides Source For (i) Landbank Replenishment & (ii) Cashflows From Government Land Resumptions • The Group, in conjunction with its 50% JV partner, recently completed an in-situ land e
Slide 15: Property Development in Mainland China
Property Development (cont’d) Property Development in Mainland China ◼ Properties Sales & Pre-sales contracted for in Mainland China HK$ mn 9,949 3,983 6,917 6,616 Represents sales and pre-sales contracted for in the first half of the relevant year 3,108 2,772 3,379 In HK$ terms, -39% p-o-p (In RMB
Slide 16: Property Investment
Property Investment Rental Income from Hong Kong & Mainland China Investment Properties ◼ Expected Additions to Investment Property Portfolio: As at 31 Dec 2025 2026 2032 30 Jun 2025 (Estimated) (Estimated) (Estimated) Hong Kong 10.5mn sq.ft. • Site 3 of New Central • Site 3 of New Central Harbourfr
Slide 17: Rental Income from Investment Properties in Hong Kong
Property Investment (cont’d) Rental Income from Investment Properties in Hong Kong • Average leasing rate for the Group’s major rental properties in Hong Kong as at 30 June 2025: 93% (end of 2024: 93%) • At 30 June 2025, the Group had an attributable no. of about 9,000 car parking spaces providing a
Slide 18: New Investment Properties and Pipeline in Hong Kong
Property Investment (cont’d) New Investment Properties and Pipeline in Hong Kong The Henderson 2 Murray Road, Hong Kong (100% Owned) Site Area Approx. 31,000 sq.ft. Total GFA 465,000 sq.ft. (Plot Ratio @ 15x) GFA • 36-storey commerical building with typical floors between breakdown 6/F to 38/F, for
Slide 19: Rental Income from Investment Properties in Mainland China
Property Investment (cont’d) Rental Income from Investment Properties in Mainland China • Performance of key and recently completed investment properties on the Mainland Gross p-o-p Change Recent Rent Rate Occupancy / GFA^ Property Rental Income as at 30 Jun 2025 RMB HKD# (psm) For 1H 2025 World Fin
Slide 20: Growing Portfolio Reaching Rental Stabilization
Property Investment (cont’d) Total attri. GFA of completed investment properties in HK and Growing Portfolio Reaching Rental Stabilization mainland China (mn sq.ft.) Will Enhance Group’s Recurrent Income Base 31 Dec 2021 17.8 31 Dec 2022 22.2 31 Dec 2023 22.9 31 Dec 2024 23.4 30 Jun 2025 23.9 31 Dec
Slide 21: Hong Kong & China Gas (“HKCG”) 41.53% owned
Hong Kong & China Gas (“HKCG”) 41.53% owned ◼ HKCG’s profit attributable to shareholders for 1H 2025 decreased 3% to HK$ 2,964 mn. Excluding foreign exchange gains and losses on borrowings, core operating profit increased by 4% p-o-p ◼ Dividend declared for 1H 2025 attributable to HLD: HK$ 930 mn, F
Slide 22: Hong Kong & China Gas (“HKCG”) (cont’d)
Hong Kong & China Gas (“HKCG”) (cont’d) 41.53% owned Dividends Declared by HKCG# HKCG Dividends Declared attri. to HLD# HK$ mn HK$ mn 6,531 6,531 6,531 6,531 5,924 6,220 5,385 2,460 2,583 2,712 2,712 2,712 2,712 4,896 4,451 2,033 2,236 4,047 1,848 1,680 2,239 930 2015 2016 2017 2018 2019 2020 2021 2
Slide 23: Strong Financial Position
Strong Financial Position ◼ Financial Gearing Ratio^ recorded at 21.1% as at 30 Jun 2025 (end of 2024: 21.1% ) with abundant banking facilities and fundingΨ in place ^ refers to the ratio of net debt (excl. the amount due to a fellow subsidiary which amounted to HK$73,923mn as of 30 Jun 2025 and HK$
Slide 24: Prospects
Prospects ◼ With the Group’s ample financial resources and astute management of the following three core businesses by its experienced professional team, HLD is strategically positioned to capitalize on emerging opportunities, and will continue to enhance value for all stakeholders. Property Sales
Slide 25: Annexes
Annexes Pages Annex 1: Group Structure, Operating Margin and Other Highlights 26 – 30 Annex 2: Operations in Hong Kong 2.1: Property Development in Hong Kong 31 – 34 2.1.1 : Inventories from major launched projects for sale 2.1.2 : Newly-acquired Urban Redevelopment Projects with ownership fully con
Slide 26: Annex 1.1: Group Structure
Annex 1.1: Group Structure ◼ Dr. Lee Shau-kee and/ or his family trust owned an equity interest of about 72.82% in Henderson Land as of 30 June 2025 (31 December 2024: 72.82%) Dr. Lee Shau-kee and/or his family trust 72.82% Henderson Land Development Company Limited (“HLD”) (HK stock code: 12) 22.92
Slide 27: Annex 1.2: Operating Margin
Annex 1.2: Operating Margin Hong Kong Hong Kong Property Development Operating Margin* Property Leasing Operating Margin* 32% 27% 75% 74% 72% 73% 73% 22% 22%^ 7%^ 9%+ 2%+ 1H 2021 1H 2022 1H 2023 1H 2024 1H 2025 1H 2021 1H 2022 1H 2023 1H 2024 1H 2025 Mainland China Mainland China Property Developmen
Slide 28: Annex 1.3: “Sales of Property Interests” Transaction Highlights
Annex 1.3: “Sales of Property InterestsΔ” Transaction Highlights Hong Kong Mainland China Golden Centre, Sheung Wan (Transaction Completed in Dec’16) Beijing Henderson Centre (Transaction Completed in Feb’17) ◼ Consideration (as adjusted): HK$4,348 mn ◼ Consideration: HK$3,261 mn ◼ Realized Gain: HK
Slide 29: Annex 1.4: Land Sharing Pilot Scheme Proposal Highlights
Annex 1.4: Land Sharing Pilot Scheme Proposal Highlights Land Plots of the Group in New Territories proposed to become “Mixed Community” with Public & Private Housing ◼ Land Sharing Pilot Scheme (“LSPS”) proposal was submitted to the Government on 5th August 2021 ◼ In November 2022, the project was
Slide 30: Annex 1.5: Hong Kong Urban Land Bank Acquisitions
Annex 1.5 Hong Kong Urban Land Bank from Public Tender / Market Acquisition Highlights Urban Residential Site Acquisitions in recent years Acquired Interest (%) Est. attri. GFA Bailey Street/Wing Kwong Street Project, To Kwa Wan Kowloon (URA) 2021 50% 358,732 sq.ft. The Symphonie, 280 Tung Chau Stre
Slide 31: Annex 2.1.1: Inventories from major launched projects for sale
Annex 2.1.1: Inventories from major launched projects for sale HLD No. of unsold units as Saleable area attri. Usage* interest at 30 Jun 2025 to HLD (sq. ft.) 1 The Henley, 7 Muk Tai Street, Kai Tak C/R 100% 424 233,791 2 Henley Park, 8 Muk Tai Street, Kai Tak R 100% 293 161,923 3 Miami Quay (Phases
Slide 32: Annex 2.1.2: Newly-acquired Urban Redevelopment Projects
Annex 2.1.2: Newly-acquired Urban Redevelopment Projects with ownership fully consolidated or reaching the applicable threshold for Compulsory Sale for Redevelopment With less than 100% ownership interest With 100% ownership interest but the relevant compulsory sale acquired application threshold ha
Slide 33: Annex 2.1.3: Summary of All Development Land Resources in Hong Kong
Annex 2.1.3: Summary of All Development Land Resources in Hong Kong (as of 30 Jun 2025) Attri. GFA/ saleable Summary of all the different categories of area (Note 1) Remarks Development Land Resources in Hong Kong (mn sq. ft.) (A) Area available for sale: 1 Unsold units from major launched projects
Slide 34: Annex 2.1.3: Summary of All Development Land Resources (cont’d)
Annex 2.1.3: Summary of All Development Land Resources in Hong Kong (as of 30 Jun 2025) (cont’d) Attri. GFA/ saleable Summary of all the different categories of area (Note1) Remarks Development Land Resources in Hong Kong (Cont’d) (mn sq. ft.) (C) Major development projects in New Territories: • Fan
Slide 35: Annex 3.1: Development Landbank in Mainland China
Annex 3.1: Development Landbank in Mainland China Land bank under/held for development as of 30 June 2025 A “Two-pronged” strategy No. of Attributable GFA* Projects (mn sq. ft.) 1. Beijing 1 0.05 2. Guangzhou 2 0.92 Prime cities: 1.18 mn sq. ft. 3. Shenzhen 1 0.21 4. Changsha, Hunan 1 0.05 5. Chengd
Slide 36: Annex 3.2: Residential Project Sales in Mainland China
Annex 3.2: Residential Project Sales in Mainland China ◼ Residential projects with debut launch or new phase launched for sale/ pre-sale and other projects with significant sales / pre-sales in 1H 2025 City Project name and location Interest (%) Chengdu Phase 2, Xindu Development (江與山府) 50% Chengdu
Slide 37: Annex 3.3.1: Completion Schedule in Mainland China
Annex 3.3.1: Completion Schedule in Mainland China ◼ As of 30 June 2025, the Group had holding of about 2.30 mn sq. ft. in attributable GFA of completed inventories in Mainland China. ◼ Projects completed in 1H 2025: City Project name and location Project type GFA (sq. ft.)# GFA attributable to HLD
Slide 38: Annex 3.3.2: Completion Schedule for 2H 2025
Annex 3.3.2: Completion Schedule in Mainland China (Cont’d) ◼ Completion schedule for 2H 2025 Estimated GFA Estimated GFA City Project name and location Project type (sq. ft.)# attributable to HLD (sq. ft.)# Beijing Lakeside Mansion (祥雲賦), Shunyi District Commercial 224,000 55,000 Changsha Phase 1,
Slide 39: Annex 3.3.2: Completion Schedule for 2026
Annex 3.3.2: Completion Schedule in Mainland China (Cont’d) ◼ Completion schedule for 2026 Estimated GFA Estimated GFA City Project name and location Project type (sq. ft.)# attributable to HLD (sq. ft.)# Changsha The Landscape (湖山賦), Kaifu District Commercial 40,000 20,000 Chengdu Phase 2 & 5, CIFI
Slide 40: Annex 3.4: Rental Portfolio in Mainland China
Annex 3.4: Rental Portfolio in Mainland China Major completed investment properties in Mainland China as of 30 June 2025 Project Name World Grand Centro Greentech Henderson Henderson Lumina The Pier Hengbao Lumina Financial Gateway Tower Metropolitan 688 Shanghai Plaza Guangzhou Centre Office (Phase
Slide 41: Henderson Land’s Sustainability Strategy
Annex 4: ESG Highlights Henderson land’s Sustainability Strategy • Henderson Land is committed to embedding sustainability as an integral part of our business. The Group strongly believes that the consideration of ESG factors in our decision-making process helps to enhance the sustainability of our
Slide 42: ESG Highlights (cont’d)
Annex 4: ESG Highlights (cont’d) covers the year ended 31 December 2024 Our cumulative achievements of local, regional and international green building • 95 BEAM Plus 14 compared to 2023 • 19 BEAM • 27 LEED Gold or above certifications 9 compared to 2023 • 10 China Green Building Design Labels • 1 C
Slide 43: The Henderson: New Central Harbourfront Site 3
New Project Achievement • Build4Asia Awards 2024 - Technology Category - Gold • Build4Asia Awards 2024 - Excellence in Facade - Silver The Henderson: • China Green Building and Carbon Neutral (Hong Kong) Council - Dual Carbon Pioneer Award 2024 Dual Carbon Pioneer • BEAM Plus Provisional Platinum •
Slide 44: ESG Highlights (cont’d)
Annex 4: ESG Highlights (cont’d) • Sustainability Working Group comprises dedicated team members who serve as sustainability champions and ambassadors to lead the planning, execution and evaluation of the sustainability initiatives. - 44 -
Slide 45: ESG Highlights: Policies
Annex 4: ESG Highlights (cont’d) To view these policies, please refer to our website: https://www.hld.com/en/corporate-governance/group-policies Environmental Social Governance • Biodiversity Policy • Anti-Corruption and Bribery Policy • Anti-Money Laundering and Counter- • Climate Change Policy • A
Slide 46: Climate risk assessment and scenario analysis
Annex 4: ESG Highlights (cont’d) Climate risk assessment and scenario analysis In our scenario analysis, the Group focused on material physical and transition risks and opportunities, and referenced scenarios with climate and transition pathway projections published by reputable external research bo
Slide 47: Our Climate Transition Plan Towards Net Zero
Annex 4: ESG Highlights (cont’d) Our Climate Transition Plan Towards Net Zero Following the establishment of group-wide targets for reducing GHG emissions, which were validated by the SBTi in 2024, we launched a climate transition plan to support our commitment to a lower-carbon future. The climate
Slide 48: Sustainability Advocacy
Annex 4: ESG Highlights (cont’d) Sustainability Advocacy Biodiversity and New Energies Mitsubishi UFJ Financial Symposium 2024 Group (“MUFG”) - From Ambition to Action – Net Zero in Corporate Roadmaps UNIVERSITY RIBA Net Zero Forum 2024 Belt and Road - Green and Smart City SHARING • The Henderson ES
Slide 49: 2024/2025 Achievement & Award
Annex 4: ESG Highlights (cont’d) 2024/2025 Achievement & Award MI x HSU ESG Award 2024 14th Junzi Corporation Awards HKIRA 11th Investor Relations Awards 2025 • Performance-based ESG Grand award • Junzi Corporation Award for Exemplary Business Practices • Best IR Company • Junzi Corporation Award •
Slide 50: ESG Highlights (cont’d)
Annex 4: ESG Highlights (cont’d) ESG Green Development & Carbon Neutrality Ming Pao ESG Award 2025 Hong Kong Economic Journal Awards 2024 • Excellence in ESG Awards – Listed Companies (Real Estate) HKEJ ESG Achievement Programme 2024 • ListCo Excellence Awards 2024 • Elite of Sustainability Performa
Slide 51: ESG Highlights (cont’d)
Annex 4: ESG Highlights (cont’d) CHKLC The Hong Kong Corporate Governance and ESG BCI Asia Award 2024 Global Most Innovative Knowledge Enterprise Hong Kong ESG Reporting Awards (“HERA”) 2024 Excellence Awards • Top 10 Developer (MIKE) Award 2024 •ESG Excellence Award - Category 1 Hong Kong Most Inno
Slide 52: Recognitions from sustainability indices and ratings 2024
Annex 4: ESG Highlights (cont’d) Recognitions from sustainability indices and ratings 2024 5-star Low Risk AA+ Previous rating: Previous rating: Previous rating: ‘5-star & 5-star’ (2024) ‘Low Risk’ (2024) ‘AA+’ (2024) ‘5-star & 5-star’ (2023) ‘Low Risk’ (2023) ‘AA+’ (2023) (Top 10) Pace-setter BBB 7
Slide 53: Hong Kong Head Office
Hong Kong Head Office Address: 72-76/F, Two International Finance Centre 8 Finance Street, Central Hong Kong Telephone: (852) 2908 8888 Fax: (852) 2908 8838 Website: www.hld.com Investor Contact: Mr. Patrick P. H. Kwok Mr. Kelvin Chi Executive Director Assistant General Manager Direct line: (852) 29
Henderson Land Development Company — H1 2025 Earnings Presentation on 6ix