恒隆地产 2025年度报告

265 Years, One Vision4Corporate Milestones8Financial Highlights102025 Highlights18Chair’s Letter to Shareholders24Review of Operations70Financial Review86Sustainability96Corporate Governance Report133Profile of the Directors138Profile of Key Executives141Report of the Directors151Independent Auditor’s Report156Financial Statements218Ten-Year Financial Summary220Glossary222Corporate Information223Financial Calendar224Listing Information Contents CorporateProfile Hang Lung Properties Limited (SEHK stock code: 00101),the property arm of Hang Lung Group Limited (SEHK stockcode: 00010), strives to create compelling spaces that enrichpeople’s lives. Our Vision We create compellingspaces that enrich lives We are a well-established, top-tier property developer withcustomer-centricity at the heart of our operations. Ourdiversified portfolio comprises numerous properties inHong Kong and in nine Chinese Mainland cities of Shanghai,Shenyang, Jinan, Wuxi, Tianjin, Dalian, Kunming, Wuhan andHangzhou (listed by opening year). Through its premiumpositioning under the “66” brand, our Mainland portfolio hasestablished a leading position as the “Pulse of the City.” Our Mission We pursue sustainablegrowth by connectingour customers andcommunities We are leading the way in enhancing sustainability initiatives inthe real estate industry, all the while driving sustainable growthby connecting customers and communities. Building on thesuccessful conclusion of our 25 x 25 Sustainability Targets(“25 x 25”) – launched in 2021 and achieved by the end of 2025across four priorities, namely, Climate Resilience, ResourceManagement, Wellbeing, and Sustainable Transactions –we have set out 20 refreshed, more data-driven 2030 targets,guiding the next phase of our sustainability journey to delivermeasurable impact. These targets also provide a clear agendafor our long-term ambition to become one of the mostsustainable real estate companies in the world, and to andachieve net zero greenhouse gas emissions across the valuechain by 2050. Our Values We live up to our brandmotto ofWe Do It Wellby focusing on: INTEGRITYSUSTAINABILITYEXCELLENCEOPENNESS At Hang Lung Properties,We Do It Well. 65 Years,One Vision As we celebrate 65 years of Hang Lung in 2025,the design of this annual report reflects an enduringlegacy and forward momentum. The report covers ofHang Lung Group and Hang Lung Properties showcasea curated selection of our projects across 10 cities*,symbolizing the scale and strength of our footprint.For more than half a century, we have played an activerole in shaping modern Hong Kong and, since the 1990s,strategically deepened our impact across the ChineseMainland. From V.1, our Hong Kong foundations, throughV.2, our Mainland expansion, we now transition into V.3 –a strategic framework defined by highly selectedinvestments, leveraging existing assets in core cities todrive long-term values. As we enter our 66thyear in 2026with confidence, we remain committed to excellence indelivering sustainable growth that strengthenscommunities and enriches lives. Hang Lung Board members and seniormanagement at the Company's 65thanniversarycocktail celebration on September 22, 2025 Development ofAmoy GardensandAmoy Plazacommenced Hang Lung DevelopmentCompany Limitedlistedon the Stock Exchangeof Hong Kong Development rights fornine MTR Island Line sites,including theKornhillresidential development,acquired by leading threeconsortia Development ofTelford Gardensabove MTR KowloonBay Stationcommenced Hang LungDevelopmentCompany Limitedfounded by Mr. ChanTseng-hsi 1960 1977 1976 1981 1972 1965 1975 1980 63% stake inThe AmoyCanning Corporation(Hong Kong) Limitedacquired Hang Lung-Hakuyosha, a drycleaning and laundryjoint venture, opened Hang Lung CentreinCauseway Bay opened Hong KongMatsuzakaya Department Store(50% owned by Hang Lung) atHang Lung Centre opened Sole agent status forCaltex liquid petroleumgas in Hong Kong andMacau acquired 32,000 sq. m. commercialproperty in Causeway Bay(formerly Daimaru, now FashionWalk) acquired The Amoy CanningCorporation (HongKong) LimitedrenamedAmoyProperties Limited Grand Gateway(nowGrand Gateway 66)inShanghai opened Peak site acquired, subsequentlydeveloped intoPeak Galleria 1987 1999 1989 1992 1985 Standard Chartered BankBuilding(now theheadquarters of Hang LungGroup and Hang LungProperties) purchased 2013 2010 2011 2001 Hang Lung DevelopmentCompany Limited renamed asHang Lung Group Limited Riverside 66in Tianjinopened Amoy Properties Limitedrenamed asHang LungProperties Limited Refreshed2030Sustainability Targetsannounced Xi Zhe Wuxi, Curio Collectionby Hiltonat Center 66 scheduledfor opening Westlake 66 in Hangzhouscheduled for opening Self-operatedmultifunctionalworkspace,HANGOUT,launched atCenter 66in Wuxi Grand HyattKunmingin Spring City 66opened Heartland Residencesin Wuhan, the inauguralproject of Hang LungResidences, launched Pavilion Extension of Plaza 66i