Highlights of the 2025 Interim Results:

• Financial
  • Total revenue of Hang Lung Group and Hang Lung Properties decreased by 18% and 19% to HK$5,202 million and HK$4,968 million, respectively, due to a reduction in contributions from property sales. 
  • Hang Lung remains stable with sequential improvement in revenue performance. Core property leasing revenue was resilient, declining by only 3%. Overall mall occupancy rates of both Hang Lung Group and Hang Lung Properties in mainland China stood at 94%. In Hong Kong, Hang Lung Group’s and Hang Lung Properties’ retail occupancy was 93% and 94%, respectively. This was driven by tenant confidence and ongoing brand mix refinement.
  • Underlying net profit attributable to shareholders of Hang Lung Group and Hang Lung Properties decreased by 7% and 9% to HK$1,191 million and HK$1,587 million, respectively, mainly because of higher finance costs.  
    
    
• We continue to strengthen our core competencies through strategic tenant mix improvement, impactful marketing, and disciplined financial management, while also leveraging supportive policies from the Chinese Central Government. In celebration of Hang Lung’s 65^th anniversary, a variety of nationwide events and campaigns have driven significant foot traffic and enhanced customer engagement. Our next growth driver, Westlake 66 in Hangzhou, is also on track for completion from the second half of 2025 onwards, further strengthening our outlook.
  
  
• We have signed a 20-year operating lease with Baida Group for the North and South Towers at Hangzhou Department Store. Subject to approval by Baida Group’s shareholders, this transaction will expand Westlake 66’s retail area by approximately 42,000 square meters—an increase of 40%. This strategic expansion will not only significantly enhance the project’s scale but also accessibility and visibility—driving greater long-term value for our shareholders.
  
  
• In mainland China 
  • The largest leasing segment, Mall, remained stable, with revenue flat year-on-year.
  • Projects under development are on track to support long-term growth.
    • Phase Two of Center 66 in Wuxi (Center Residences and Xi Zhe Wuxi, Curio Collection by Hilton) is scheduled for phased completion from the second half of 2025 onwards.
    • Westlake 66 in Hangzhou will open in phases starting from the second half of 2025. It has achieved strong pre-leasing momentum, with approximately 77% of pre-leased retail occupancy.
    • Plaza 66’s Pavilion Extension in Shanghai topped out in June 2025 and is scheduled to open in the second half of 2026.
      
      
• In Hong Kong
  • Improvement in residential and serviced apartments partly offset declines in retail leasing. 

• 80% of Hang Lung's operating properties in the Mainland now use renewable energy, up from 50% last year. This will significantly surpass the 25% target for electricity demand met by renewable energy set for 2025. 

(Hong Kong, July 30, 2025) Hang Lung Group Limited (SEHK Stock Code: 00010) and Hang Lung Properties Limited (SEHK Stock Code: 00101) today announced the companies’ financial results for the six months ended June 30, 2025. Despite showing sequential improvement, the total revenue of Hang Lung Group and Hang Lung Properties decreased by 18% and 19% to HK$5,202 million and HK$4,968 million, respectively, primarily due to a decrease in contributions from property sales revenue by 87% to HK$161 million. Affected by a challenging operating environment in Hong Kong and mainland China during the period, the total property leasing revenue of both Hang Lung Group and Hang Lung Properties decreased by 3% to HK$4,912 million and HK$4,678 million, respectively.

The underlying net profit attributable to shareholders of Hang Lung Group and Hang Lung Properties was HK$1,191 million and HK$1,587 million, respectively.

The Board of Directors of Hang Lung Group has declared an interim dividend of HK21 cents per share, to be paid in cash on September 24, 2025, to shareholders whose names are listed on the register of members of Hang Lung Group on August 15, 2025.  

In addition, the Board of Directors of Hang Lung Properties has declared an interim dividend of HK12 cents per share, to be paid on September 24, 2025, to shareholders whose names are listed on the register of members of Hang Lung Properties on August 15, 2025.

The Board of Directors of Hang Lung Properties proposed that eligible shareholders be given the option to elect to receive the interim dividend in cash, or in the form of new shares in lieu of cash in respect of part or all of such dividend (the “Scrip Dividend Arrangement”). The Scrip Dividend Arrangement is conditional upon The Stock Exchange of Hong Kong Limited granting the listing of and permission to deal in the new shares to be issued pursuant to the Scrip Dividend Arrangement.

Mr. Adriel Chan, Chair of Hang Lung Group and Hang Lung Properties, said, “The first half of 2025 has demonstrated the strength of our business model amid ongoing market challenges. While we continue to navigate a complex economic environment, we are seeing encouraging signs of stabilization across our portfolio. Our geographic diversification provides resilience, with properties outside Shanghai contributing stability to our overall performance. Looking ahead, our leadership in sustainability, exemplified by 80% of our Mainland properties now powered by renewable energy, enhances our stakeholder value and reinforces our commitment to responsible growth.” 

Mr. Weber Lo, Chief Executive Officer of Hang Lung Group and Hang Lung Properties, said, “Our stabilized performance and high occupancy rates across our portfolio demonstrate the effectiveness of our tenant mix strategy and our ability to anticipate evolving preferences. We remain agile in responding to shifting market dynamics— strengthening asset management and refining our operating strategies. Building on this foundation, we have also explored alternative avenues for growth—leveraging our brand and strengths to deepen our presence in core markets and drive strategic expansion.”