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Hang Lung Group
Hang Lung Group (10) investor relations material
Hang Lung Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary30 Jan, 2026
Executive summary
Revenue declined 11% year-over-year, mainly due to an 83% drop in property sales, while leasing and hotels remained resilient and underlying profit rose 3%.
Strategic shift to a capital-efficient growth model, focusing on core cities and major retail expansions in Shanghai, Hangzhou, Wuxi, and Kunming.
Mainland China retail segment achieved 1% revenue growth and 4% tenant sales growth, with record-high Q4 sales and strong member engagement.
Office segment in Mainland China declined by 7-8% year-on-year, with occupancy rates ranging from 65% to 96% and continued headwinds.
CapEx cycle has peaked, with significant reductions planned for 2026 and 2027.
Financial highlights
Operating profit increased by 1% to HK$6,527–6,836 million, and underlying net profit rose 3% to HK$2,407–3,202 million.
Property leasing revenue fell 1–2%, while hotel revenue surged 57% year-on-year.
Net gearing ratio improved to 30.9–32.7% by year-end, with net debt stable at HK$47.3 billion.
Interest cover improved to 3.1–3.2x, and average borrowing cost fell to 3.8%.
Record-high proceeds from property disposals at HK$1.3–1.6 billion, highest in eight years.
Outlook and guidance
Retail sales in Mainland China expected to see single-digit growth in 2026, with key expansion projects as growth drivers.
Office market headwinds in Mainland China anticipated to persist for 18–24 months, with subdued demand and elevated vacancies.
CapEx guidance: HK$3.1 billion for 2026, HK$2.6 billion for 2027, with further reductions expected.
Property sales strategy will focus on prudent pricing and phased releases as market conditions allow.
Emphasis on sustainability, with 70–80% of Mainland portfolio’s electricity demand met by renewables.
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Next Hang Lung Group earnings date
H1 202629 Jul, 2026
Hang Lung Group
Next Hang Lung Group earnings date
H1 202629 Jul, 2026
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Frequently asked questions
Hang Lung Group Limited is an investment holding company engaged primarily in property development, leasing, and management across Hong Kong and mainland China. The company’s portfolio includes a range of commercial and residential properties, with a focus on high-end shopping malls, office buildings, and mixed-use complexes in major Chinese cities. Through its subsidiaries, Hang Lung Group develops and manages premium properties that serve as retail and lifestyle destinations. The company is headquartered in Hong Kong, and its shares are listed on the HKEX.
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