Hang Lung Properties Limited · HKEX:101
Hang Lung Properties — H1 2026 Earnings Presentation
56 slides from Hang Lung Properties's earnings presentation, July 2026
Slide 1: Interim Results Presentation
2026 July 2026 Interim Results Presentation
Slide 2: Contents
Contents 2026 Interim Results 2026 Interim Results Announcement Investor Presentation 03 2026 Interim Results Highlights 40 Hong Kong Portfolio 22 ESG Highlights 45 Development Highlights 36 Chinese Mainland Portfolio 48 Appendix 49 HLP – Financial Highlights and Position 52 HLG – Financial Highligh
Slide 3: 2026 Interim Results Highlights
2026 Interim Results Highlights Hang Lung Properties (101.HK) Underlying net profit Operating Underlying HK$1,436mn Revenue profit / (loss) profit / (loss) HK$mn 1H26 YoY% 1H26 YoY% 1H26 YoY% -10% YoY Leasing 4,923 +5% 3,471 +4% 1,673 Flat -2% YoY excluding non-cash inventory provision Hotels 147 +1
Slide 4: Revenue Contribution by Segments
Revenue Contribution by Segments HLP revenue contribution by segments (HK$mn) (1H26 RMB/HKD: +4.6% YoY) HK$mn 1H26 Mainland rental (56% of total) 8,000 RMB3,035mn / HK$3,442mn Accounts for 70% of total rental +3% YoY in RMB / +8% YoY in HKD 6,000 1H26 HK rental (24% of total) HK$1,481mn Accounts for
Slide 5: Rental Revenue in Chinese Mainland
Rental Revenue in Chinese Mainland HLP Chinese Mainland overall rental revenue (RMB mn) and YoY change (%) 1H26 Mainland rental revenue +7% RMB3,035mn RMB mn YoY +3% 10,000 Flat -4% YoY +3% YoY 10% YoY 5% YoY 0% 8,000 -5% 1H26 rental -10% -15% RMB mn YoY% revenue 6,000 -20% 0.03% 19% 19% 17% -25% -3
Slide 6: Retail Rental Revenue in Chinese Mainland
Retail Rental Revenue in Chinese Mainland HLP Chinese Mainland retail rental revenue (RMB mn) and YoY change (%) 1H26 Mainland retail rental revenue RMB2,567mn RMB mn +8% +6% -3% +1% +6% YoY YoY YoY 8,000 YoY YoY 10% 1H26 RETAIL RMB mn YoY% rental revenue -10% 6,000 -30% Plaza 66 887 +8% -50% Grand
Slide 7: Tenant Sales YoY Change (%) in Chinese Mainland
Tenant Sales YoY Change (%) in Chinese Mainland 1H26 Mainland tenant sales YoY% 50% +17% YoY +24% 1H26 tenant sales YoY% 25% +18% Plaza 66 +24% +10% +9% Grand Gateway 66 +24% -1% Center 66 +7% 0% -7% -12% -11% Olympia 66 +11% -14% -18% Spring City 66 +12% -25% Parc 66 +13% Palace 66 +23% Riverside 6
Slide 8: CRM via HOUSE 66 Program
CRM via HOUSE 66 Program Key highlights of member activities in 1H26 Total valid members Member sales +25% YoY +18% YoY (Up to June 2026) (Jan – Jun 2026) HB2U2 at Plaza 66 Dessert Festival at Olympia 66 New members Sales penetration +41% YoY 71% (Flat YoY) (Jan – Jun 2026) (Jan – Jun 2026) HOUSE 66
Slide 9: Record-High Foot Traffic Through Enhanced Experiences
Record-High Foot Traffic Through Enhanced Experiences • To celebrate our 66th anniversary, events featuring the HLP Chinese Mainland average daily foot traffic theme “66 and beyond” were launched to reaffirm our Index commitment to creating compelling spaces that enrich lives 120 • The Mainland reta
Slide 10: Opening of Westlake 66 in Hangzhou in 1H26
Opening of Westlake 66 in Hangzhou in 1H26 Mall opened on Apr 28, 2026 • Since its opening, Westlake 66 has established itself as a new landmark in Wulin Square, serving as a premier destination for first-to-market brands and a comprehensive, one-stop shopping experience • Over 3mn visitations were
Slide 11: Upgrade of Plaza 66
Upgrade of Plaza 66 • The project will deepen the community connections through Elevated Hospitality, Features Area (sq. m.) Curated Experiences & Bespoke Customer Engagement Pavilion Extension ~4,300 / +13% LFA • The opening of Pavillion by 2H26 would expand the new commercial footprint by Roof Gar
Slide 12: Key Openings in the Next 18 Months to Enhance Offerings
Key Openings in the Next 18 Months to Enhance Offerings across Wuxi, Hangzhou and Shanghai Xi Zhe Wuxi, Mandarin Oriental Kimpton Xujiahui Curio Collection by Hilton Hangzhou Shanghai Note: Interest directly under Hang Lung Group Location Wuxi Location Hangzhou Location Shanghai No. of keys 105 No.
Slide 13: Progress in V.3 Projects
Progress in V.3 Projects Westlake 66 Expansion Center 66 Expansion No. 1038 West Nanjing Road Hangzhou Wuxi Shanghai HLP’s 100% HLP’s 60% in joint venture HLP’s 60% in joint venture interest interest interest Retail GFA +40% Retail GFA +38% Retail GFA +67% Street +30% / +185 meters Street Tripled /
Slide 14: Office Rental Revenue in Chinese Mainland
Office Rental Revenue in Chinese Mainland HLP Chinese Mainland office rental revenue (RMB mn) and YoY change (%) 1H26 Mainland office rental revenue RMB464mn -12% YoY RMB mn +5% 2,000 YoY -6% -8% 20% -12% 1H26 OFFICE YoY RMB mn YoY% 10% YoY rental revenue YoY 0% 1,500 Plaza 66 240 -17% -10% -20% Spr
Slide 15: Rental Revenue in Hong Kong
Rental Revenue in Hong Kong HLP HK overall rental revenue (HK$mn) and YoY change (%) 1H26 Hong Kong rental revenue HK$mn HK$1,481mn +2% -2% Flat 5,000 YoY -9% YoY Flat YoY 10% YoY 5% YoY 0% -5% 4,000 -10% -15% -20% 1H26 rental HK$mn YoY% -25% 7% 3,000 revenue -30% 7% 7% -35% -40% 33% -45% 33% 34% -5
Slide 16: Property Sales
Property Sales HLP: property sales revenue and operating profit 1H26 Property sales revenue HK$bn 1.8 HK$1,043mn 2H 1.2 HK: HK$1,015mn 0.6 1H 1H • The Aperture 2H 1H 1H • 23-39 Blue Pool Road 0.0 Mainland: HK$28mn -0.6 FY21 FY22 FY23 FY24 FY25 1H26 • Heartland Residences, Wuhan Operating profit / (l
Slide 17: Hong Kong Residential Portfolio at Prime Locations
Hong Kong Residential Portfolio at Prime Locations Development properties for sale Kowloon Bay station 23-39 Blue Pool Road • 4 unsold houses, including 1 house classified as IP for rental • 78% sold (note) (at June 30, 2026) 8-12A Wilson Road • Total GFA of approx. 25,800 sq ft • Demolition work co
Slide 18: Property for Sale in Chinese Mainland
Property for Sale in Chinese Mainland Heartland Residences Grand Hyatt Residences Kunming Center Residences Residences (28-57/F) Wuhan Kunming Wuxi Location Qiaokou District Location Panlong District Location Liangxi District Completion 2023 Completion 2024 Completion 4Q26 onwards Total no. of 492 u
Slide 19: Financial Management
Financial Management Key financial metrics (at June 30, 2026) • Net gearing ratio decreased to 31.6% as at June 30, 2026, Net debt mainly due to cash preserved by scrip dividend and expansion HK$47.1bn in shareholders’ equity. Net debt dropped mildly to HK$47.1bn (end-FY25: HK$47.3bn) • Gross financ
Slide 20: Financial Management
Financial Management Offshore fixed rate Debt Average debt Available CNH facilities portfolio maturity liquidity RMB0.3bn 49% 3.0 HK18.0bn arranged in 1H26 denominated in RMB years Undrawn committed banking facilities Debt portfolio (%) - by currency and Debt maturity profile (%) at June 30, 2026 fi
Slide 21: Advancing Sustainability Excellence
Advancing Sustainability Excellence Publication of “Bending the Curve” report ESG Benchmarks and Ratings Performance (Jan 2026) • The report was published by Carbon Containment Lab, and sponsored by Hang Lung and LVMH Group • The analysis identifies cost-effective “AA” rating “Low” ESG risk rating 2
Slide 22: ESG Highlights
ESG Highlights 2025 ESG full Sustainability presentation report (July 2026)
Slide 23: Latest Ratings & Awards
Latest Ratings & Awards “AA” rating since 2020 “Low” ESG risk rating CSA score: 83 ESG score: 3.8 Index component since inception in 2010 S&P Global Sustainability Yearbook 2026 member Constituent of FTSE4Good Top 10% CSA Score in S&P Sustainability Yearbook 2026 Index Series Top 5% CSA Score in S&P
Slide 24: Our refreshed 2030 Sustainability Goals and Targets
Our refreshed 2030 Sustainability Goals and Targets • 4 Goals and 20 Targets • We refreshed our 2030 Sustainability Goals and Targets in 2025 (originally established in 2020 to guide and focus our actions between 2026 and 2030) Click for more details Climate Resilience Resource Management Wellbeing
Slide 25: Board Engagement and Diversity
Board Engagement and Diversity Highly engaged (as of December 31, 2025) • 6 regular Board meetings/year (98% 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 P
Slide 26: Successful conclusion of 25 x 25 Sustainability Targets: Key results
Successful conclusion of 25 x 25 Sustainability Targets: Key results Climate Resource Wellbeing Sustainable Resilience Management Transactions Scope 1 and 2 Electricity intensity Employee engagement % of total debts and GHG emissions intensity 22% reduction rating available facilities from Over 60%
Slide 27: Ten out of eleven Mainland properties are now powered by renewable electricity
Ten out of eleven Mainland properties are now powered by renewable electricity Dec 2022 Jan 2023 April 2024 May 2025 Jan 2026 May 2026 Plaza 66, Grand Gateway 66, Forum 66, Palace 66, Spring City 66, Parc 66, Shanghai; Shenyang; Heartland 66, Westlake 66, Kunming Jinan Center 66, Wuxi Olympia 66, Da
Slide 28: Progress of low carbon emissions construction materials
Progress of low carbon emissions construction materials 2023 2024 Next steps Piloted recycled concrete Among the first three developers Exploring other low carbon aggregate (RCA) and low joining a China real estate steel construction materials carbon concrete bricks at initiative to accelerate low c
Slide 29: 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 30: Health, Safety & Wellness
Health, Safety & Wellness Over 90% of the total construction floor area has either been certified with WELL or WELL Health and Safety Rating (WELL HSR) Certified • WELL Platinum: Plaza 66 in Shanghai • WELL Gold: 228 Electric Road in Hong Kong • WELL HSR: all Chinese Mainland malls, offices, residen
Slide 31: Sustainability Partnerships with Tenants
Sustainability Partnerships with Tenants Capacity building Recognition 1H26 220+ Number of tenants collaborating on sustainability across Hong Kong and Chinese Mainland Coverage of properties 20 Representing leased floor area 24% Community engagement Waste consultancy Strategic partnership with LVMH
Slide 32: Changemakers Tenant Sustainability Awards 2026
Changemakers Tenant Sustainability Awards 2026 Three award ceremonies hosted across three locations — Shenyang · Shanghai · Hong Kong Tenant Award Knowledge Exchange Sustainability Gala Presentation Ceremony Shenyang · Shanghai · Hong Kong Shenyang · Shanghai · Hong Kong Shanghai · Hong Kong To reco
Slide 33: Community Investment – A Refreshed Strategy
Community Investment – A Refreshed Strategy Community Investment – A Refreshed Strategy Connected Futures Inspiring Youth Cultural Connections Vibrant Wellbeing Anchored in a long-term vision, we invest in communities to create enduring value through stronger connections, shared purpose and sustaina
Slide 34: Community Investment
CommunityInvestment Community 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 Inte
Slide 35: Community Investment
CommunityInvestment Community 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 organiz
Slide 36: Chinese Mainland Portfolio
Chinese Mainland Portfolio
Slide 37: Retail Portfolio in Chinese Mainland
Retail Portfolio in Chinese Mainland Plaza 66 Grand Gateway 66 Center 66 Olympia 66 Spring City 66 Shanghai Shanghai Wuxi Dalian Kunming 1H26 tenant sales YoY% +24% +24% +7% +11% +12% Mall occupancy 98% 98% 100% 97% 99% Parc 66 Palace 66 Riverside 66 Heartland 66 Westlake 66 Forum 66 Jinan Shenyang
Slide 38: Office Portfolio in Chinese Mainland
Office Portfolio in Chinese Mainland Plaza 66 Spring City 66 Forum 66 Center 66 Heartland 66 Westlake 66 Shanghai Kunming Shenyang Wuxi Wuhan Hangzhou Office occupancy 83% 90% 85% 78% 72% 47%^ Handover AEI completed Conrad HANGOUT Others Modular office HANGOUT commenced: in 2017/18 Shenyang Modular
Slide 39: Hotel Portfolio in Chinese Mainland
Hotel Portfolio in Chinese Mainland 2019 2024 3Q26 1Q27 Year of opening Conrad Shenyang Grand Hyatt Xi Zhe Wuxi, Curio Mandarin Oriental at Forum 66 Kunming Collection by Hilton Hangzhou at Spring City 66 at Center 66 at Westlake 66 Shenyang Kunming Wuxi Hangzhou Average occupancy 72% 72% N/A N/A No
Slide 40: Hong Kong Portfolio
Hong Kong Portfolio
Slide 41: Rental Performance in Hong Kong
Rental Performance in Hong Kong HK overall rental revenue (HK$mn) Hong Kong occupancy rate (%) 1H26: HK$mn HK$1,481mn % 1,500 95% Resi. & S.A.: Resi. & S.A.: 100% 7% of total 8% of total 91% 80% 1,000 Office: Office: 90% 34% of total 34% of total 60% Retail: 59% of total Retail: 40% 500 58% of total
Slide 42: Investment Properties in Hong Kong
Investment Properties in Hong Kong Central Portfolio • Comprising 4 office buildings with a diversified tenant profile • Form a thriving fine-dining hub in Central Standard Chartered Bank Building Baskerville House Printing House 1 Duddell Street Peak Galleria • A tourist landmark, with pet-friendly
Slide 43: Investment Properties in Hong Kong
Investment Properties in Hong Kong Causeway Bay Portfolio • An elite shopping destination featuring numerous internationally renowned fashion, beauty, and lifestyle brands Fashion Walk Hang Lung Centre Mongkok Portfolio • Continued to solidify the area’s position as the place “Where Trends Meet” Gra
Slide 44: Investment Properties in Hong Kong
Investment Properties in Hong Kong Hong Kong East Portfolio • Comprises Kornhill Plaza, Kornhill Apartments, and 228 Electric Road Kornhill Plaza / Kornhill Apartments, Quarry Bay 228 Electric Road, North Point Amoy Plaza • A one-stop community hub in Kowloon East featuring diverse casual, grocery s
Slide 45: Development Highlights
Development Highlights
Slide 46: Chinese Mainland Property Portfolio
Chinese Mainland Property Portfolio Shenyang Forum 66 (note 2) 11 projects across 9 Chinese Mainland cities Tianjin Palace 66 Riverside 66 Dalian Jinan Olympia 66 Parc 66 Wuxi Shanghai Center 66 Grand Gateway 66 # # Wuhan # (note 1) Heartland 66 Plaza 66 Completed Investment Properties Projects Unde
Slide 47: Projects Under Development in Chinese Mainland
Projects Under Development in Chinese Mainland Center 66 Pavilion Extension at Plaza 66 Wuxi Shanghai Location Renmin Zhong Road & Jiankang Road, Location West Nanjing Road, Jing’an District Liangxi District Usage Mall, Office, Hotel, Apartments for Sale Usage Mall Total gross 518,000 sqm floor area
Slide 48: Appendix
Appendix
Slide 49: Hang Lung Properties – Financial Highlights
Hang Lung Properties – Financial Highlights 1H26 1H25 Property Property Property Property (HK$mn) Leasing Hotels Sales Total Leasing Hotels Sales Total Revenue 4,923 147 1,043 6,113 4,678 129 161 4,968 - Chinese Mainland 3,442 147 28 3,617 3,190 129 10 3,329 - Hong Kong 1,481 - 1,015 2,496 1,488 - 1
Slide 50: Hang Lung Properties – Financial Position
Hang Lung Properties – Financial Position (HK$mn) 30/6/2026 31/12/2025 Investment Properties 192,902 167,897 - Chinese Mainland 130,895 105,576 - Hong Kong 62,007 62,321 Investment Properties under development 7,636 27,359 Properties for sale 13,833 14,272 Cash and bank deposits 6,505 6,335 Total Bo
Slide 51: Hang Lung Properties – Gross and Net Interest Expense
Hang Lung Properties – Gross and Net Interest Expense 97% 88% 5.00 90.0% 4.00 67% 66% 65% 70.0% 56% 51% 41% 50.0% 31.9% 33.4% 32.7% 28.1% 3.00 21.3% 24.4% 17.8% 30.0% 2.1 31.6% 2.00 2.0 1.9 10.0% 1.5 1.5 1.5 1.5 1.2 1.0 1.3 -10.0% 1.00 1.0 1.0 0.9 1.4 1.3 0.4 -30.0% 0.7 0.9 0.9 0.05 0.5 0.5 0.5 - 0.
Slide 52: Hang Lung Group – Financial Highlights
Hang Lung Group – Financial Highlights 1H26 1H25 Property Property Property Property (HK$mn) Leasing Hotels Sales Total Leasing Hotels Sales Total Revenue 5,151 147 1,043 6,341 4,912 129 161 5,202 - Chinese Mainland 3,610 147 28 3,785 3,363 129 10 3,502 - Hong Kong 1,541 - 1,015 2,556 1,549 - 151 1,
Slide 53: Hang Lung Group – Financial Position
Hang Lung Group – Financial Position (HK$mn) 30/6/2026 31/12/2025 Investment Properties 200,713 175,536 - Chinese Mainland 136,868 111,413 - Hong Kong 63,845 64,123 Investment Properties under development 7,636 27,359 Properties for sale 13,854 14,293 Cash and bank deposits 7,030 6,792 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 Luen Cheong Can Tai Hing Grand Gateway 66 228 Electric Road Citygate Street Centre Gardens Location Cheung Sha Wan, Tuen Mun, HK Tuen Mun, HK Puxi, Shanghai North Point, HK Tung Chung,
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 2H27 Office Tower I Residential (note) Mall (held via HLP) RMB102mn RMB46mn RMB604mn 1H26 rental revenue 1H26 rental revenue 1H26 rental revenue -7% -6% +1% YoY
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