Slides
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2025 Interim Results Presentation July 2025
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Hang Lung Properties Limited2 3 2025 Interim Results Highlights 20 Development Highlights 27 ESG Highlights 38 Mainland China Portfolio 42 Hong Kong Portfolio 47 Appendix 48 HLP – Financial Highlights and Position 51 HLG – Financial Highlights and Position Contents Please scan or click on the QR codes to view 2025 Interim Results Investor Presentation 2025 Interim Results Announcement
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Hang Lung Properties Limited3 18 18 12 12 60 60 40 FY22 FY23 FY24 FY25 Interim (HK cents) Final (HK cents) HLP – Dividends per share Hang Lung Properties (101.HK) 2025 Interim Results Highlights 21 21 21 21 65 65 65 FY22 FY23 FY24 FY25 Interim (HK cents) Final (HK cents) Hang Lung Group (10.HK) Revenue Operating profit / loss Underlying profit / loss HK$mn 1H25 YoY% 1H25 YoY% 1H25 YoY% Rental 4,678 - 3% 3,346 - 3% 1,651 - 6% Sales 161 -87% -57 - 418% -30 -36% Hotels* 129 +84% -34 N/A -34 N/A Total 4,968 -19% 3,255 -5% 1,587 -9% Revenue Operating profit / loss Underlying profit / loss HK$mn 1H25 YoY% 1H25 YoY% 1H25 YoY% Rental 4,912 - 3% 3,499 - 4% 1,231 - 5% Sales 161 -87% -57 - 418% -19 -46% Hotels* 129 +84% -34 N/A -21 N/A Total 5,202 -18% 3,408 -6% 1,191 -7% HLG – Dividends per share * Revenue from hotel operations has been classified as PP&E and is subject to depreciation, since August 2024.
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Hang Lung Properties Limited4 0 2,000 4,000 6,000 8,000 10,000 12,000 FY22 FY23 FY24 1H25 Mainland China rental HK rental Property sales Hotels HK$mn 1H25 Mainland China Hotels: HK$129mn (+84% YoY) 1H25 Property Sales: HK$161mn (- 87% YoY) 1H25 Mainland China Rental: RMB2,941mn / HK$3,190mn Accounts for 68% of total rental -1% YoY in RMB / -2% YoY in HKD 1H25 HK Rental: HK$1,488mn Accounts for 32% of total rental - 4%YoY Revenue Contribution by Segments HLP revenue contribution by segments (HK$mn) (1H25 RMB/HKD: -1% YoY)
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Hang Lung Properties Limited5 81% 81% 81% 82% 19% 19% 19% 18% 0.3% -70% -65% -60% -55% -50% -45% -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 FY22 FY23 FY24 1H25 RMB mn Retail rental revenue Office rental revenue Serviced apartments rental revenue YoY% - Rental total -1% YoY 1H25 Mainland China rental revenue: RMB2,941mn Rental Revenue in Mainland China HLP Mainland China overall rental revenue (RMB mn) and YoY change% Rental revenue 1H25 1H24 RMB mn YoY% YoY% Retail 2,412 Flat -3% Office 528 -5% - 4% Serviced apartments 1 N/A N/A Overall 2,941 -1% -3% +1% YoY +7% YoY -4% YoY
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Hang Lung Properties Limited6 1H 1H 1H 1H 2H 2H 2H -150% -130% -110% -90% -70% -50% -30% -10% 10% 0 1,000 2,000 3,000 4,000 5,000 6,000 FY22 FY23 FY24 1H25 Retail Rental Revenue in Mainland China 1H25 retail rental revenue RMB mn YoY% Plaza 66 822 Flat Grand Gateway 66 597 +1% Center 66 245 +8% Spring City 66 162 +7% Olympia 66 159 +10% Parc 66 159 +1% Palace 66 83 +4% Riverside 66 82 -2% Heartland 66 76 -36% Forum 66 27 -37% Overall 2,412 Flat RMB mn YoY % 1H25 Mainland China retail rental revenue: RMB2,412mn -1% YoY +8% YoY -3% YoY Flat YoY HLP Mainland China retail rental revenue (RMB mn) and YoY change (%)
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Hang Lung Properties Limited7 -12% YoY -14% YoY -18% YoY -11% YoY -7% YoY -1% YoY -20% -15% -10% -5% 0% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 YoY% Tenant Sales YoY Change (%) in Mainland China 1H25 tenant sales: - 4% YoY 1H25 tenant sales YoY% Plaza 66 -8% Grand Gateway 66 +10% Center 66 - 4% Spring City 66 -1% Olympia 66 +13% Parc 66 +1% Palace 66 +10% Riverside 66 +2% Heartland 66 -31% Forum 66 -58% Overall - 4%
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Hang Lung Properties Limited8 Strategies Amid Evolving Retail Landscape Placemaking Memory creation Festive and cultural celebrations Local relevance Embracing sustainability ▪ In response to the evolving retail landscape and to better align with consumer behavior changes, Hang Lung has been significantly upgrading the offerings across the portfolio, via events, tenant management and CRM ▪ To commemorate Hang Lung’s 65th anniversary, a series of nationwide events and marketing campaigns were launched and generated significant foot traffic. Over 1,500 marketing events were introduced in 1H25 ▪ Hang Lung has strategically redeployed resources to create more events and experience, while maintaining the overall operating expenses through an improved operational efficiency
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Hang Lung Properties Limited9 Tenant management ▪ New lettings was increased in 1H25, +36% YoY, resulting in content enhancement ▪ 102 first-in-town brands were increased in 1H25, +57% YoY, spotlighting the sought after brands in athleisure, F&B and lifestyle categories ▪ Prioritizing occupancy excellence, with occupancy continuing to improve despite market sentiment 151 182 102 FY23 FY24 1H25 1H25: +57% YoY Number of first-in-town brands introduced to Hang Lung’s Mainland China retail portfolio Flat +7% +2% +2% Luxury Personal care & beauty Food & beverage Others Net LFA change (YoY%) in Hang Lung’s Mainland China retail portfolio during 1H25 (by trade categories) Occupancy rate at Jun 30, 2024 Dec 31, 2024 Jun 30, 2025 Grand Gateway 66 97% 99% 99% Spring City 66 98% 98% 99% Plaza 66 100% 99% 98% Center 66 99% 99% 96% Palace 66 92% 94% 96% Olympia 66 93% 94% 94% Parc 66 92% 93% 94% Riverside 66 94% 95% 94% Heartland 66 83% 85% 88% Forum 66 82% 87% 86% 727 797 408 524 590 315 FY23 FY24 1H25 Renewals (no. of cases) New leases signed (no. of cases) 1H25: +12% YoY Both renewal and new lease cases have increased YoY in Hang Lung’s Mainland China retail portfolio Strategies Amid Evolving Retail Landscape
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Hang Lung Properties Limited10 Customer relationship management (CRM) ▪ A key tool to address the behavioral change of consumers, that underpins the evolving complexity of the retail market ▪ A new tier, “Agate”, was introduced to House 66 membership program since Sep 2024: to broaden the membership base, and for further engaging with selected Crystal members with the unique Hang Lung experience ▪ Tax refund service: all malls now provide tax-refund services through 222 stores (+78% from end-2024) Strategies Amid Evolving Retail Landscape Bespoke experience to House 66 members according to their tiers:
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Hang Lung Properties Limited11 HOUSE 66 – Build Hang Lung Branded Experience Spanning 10 Hang Lung projects in eight cities across Mainland China ENGAGEMENT Bespoke Member Engagement Specialist Service • Styling service and recommendations • Appointments with brands • Pre-order of sought-after products • Priority bookings at top restaurants Exclusive Privilege Highlights • VIP lounge • Valet parking • Hands-free service • Dedicated parking space • Personalized birthday parties • 3rd party partnership privileges with wine & spirits, hotels & banks Full Bloom x Murakami Takashi @Plaza 66, April 2025 520 Butterbear @GG 66, May 2025 Wiggle Wiggle Spring Campaign @Center 66, May 2025 2025 CNY @Center 66, Jan - Feb 2025 Woven in Bloom @Olympia 66, April 2025 2025 CNY @Heartland 66, Jan 2025 Henry Lau Fan Meeting @Heartland 66, Jan 2025 520 Colorful LOVE @Spring City 66, May 2025 2025 CNY @Spring City 66, Jan 2025 2025 CNY @GG 66, Jan 2025 2025 CNY @Olympia 66, Jan 2025 2025 CNY @Forum 66, Jan - Feb 2025 EXCLUSIVENESS1H2025 HIGHLIGHTS ENGAGEMENT
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Hang Lung Properties Limited12 hello – Build Hang Lung Branded Experience Offering customized shopping experiences to customers in Hong Kong MEMBER ENGAGEMENT CHEER CREATIVE ART WEEK (Jun 7 - 8) hello X HOKA Community Run Workshop (Jan 23) • Check-in rewards to engage social media followers • Weekly hello Thursday limited offers • Sales promotions & exclusive privileges by key tenants PROGRAM OFFERING PARTNERSHIP BRANDING ROADSHOW HOKA new product launch at FW Atrium & Paterson St. (Jan 22 - Feb 7) Adidas Superstar II new launch installation at Paterson St. (March 1 - 31) A speakeasy fabric shop by 1664 x Clot at FW atrium (April 9 - 13) CHEER-FOOD Balloon Day (Apr) hello x Fujifilm Check-in Rewards (May 30 – June 4) Mother’s Day Campaign (May 1 - 11) French GourMay Market at PG Atrium & Terrace B (May 30 – Jun 1)
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Hang Lung Properties Limited13 Total valid members Member sales (Up to Jun 2025) (Jan – Jun 2025) +11% YoY -22% YoY New members Sales Penetration (Jan – Jun 2025) (Jan – Jun 2025) -28% YoY 12% (- 4pts YoY) Total valid members Member sales (Up to Jun 2025) (Jan – Jun 2025) +25% YoY -2% YoY New members Sales Penetration (Jan – Jun 2025) (Jan – Jun 2025) +6% YoY 70% (+3pts YoY) House 66 hello CRM Highlights Spanning 10 Hang Lung projects in eight cities across Mainland China Offering customized shopping experiences to customers in Hong Kong 70% 60% 65% 70% 75% FY22 FY23 FY24 1H25 Sales Penetration - House 66 (%) 12% 5% 10% 15% 20% FY22 FY23 FY24 1H25 Sales Penetration - hello (%)
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Hang Lung Properties Limited14 1H 1H 1H 1H 2H 2H 2H -120% -110% -100% -90% -80% -70% -60% -50% -40% -30% -20% -10% 0% 10% 0 500 1,000 1,500 FY22 FY23 FY24 1H25 RMB mn YoY % 1H25 Mainland China office rental revenue: RMB528mn Office Rental Revenue in Mainland China HLP Mainland China office rental revenue (RMB mn) and YoY change (%) 1H25 office rental revenue RMB mn YoY % Plaza 66 289 -7% Spring City 66 67 -4% Forum 66 60 -2% Center 66 60 Flat Heartland 66 52 -2% Overall 528 -5% +11% YoY +5% YoY -6% YoY -5% YoY
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Hang Lung Properties Limited15 59% 60% 60% 59% 33% 33% 33% 34% 8% 7% 7% 7% -100% -95% -90% -85% -80% -75% -70% -65% -60% -55% -50% -45% -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 0 1,000 2,000 3,000 4,000 FY22 FY23 FY24 1H25 Retail rental revenue Office rental revenue Residential & serviced apartments rental revenue YoY% - Rental total HK$mn 1H25 HK rental revenue: HK$1,488mn Rental Revenue in Hong Kong HLP HK overall rental revenue (HK$mn) and YoY change (%) - 3% YoY +2% YoY - 9% YoY - 4% YoY Rental revenue 1H25 1H24 HK$mn YoY% YoY% Retail 874 -7% -7% Office 502 -1% -8% Residential & serviced apartments 112 +11% -17% Overall 1,488 -4% -8%
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Hang Lung Properties Limited16 Center Residences @ Wuxi Property Sales in Hong Kong and Mainland China The Aperture, HK The Aperture, HK HK$151mn (19 units) HK$22mn (2 units) Heartland Residences, Wuhan Grand Hyatt Residences Kunming HK$25mn (2 units) HK$10mn (1 unit) Project details: ▪ 573 units in total ▪ Typical unit size: T1: 310 - 370 sqm T2: 105 - 185 sqm ▪ Expected completion from 2H 2025 onwards Pre-sale 3Q 2025 1H25 sales revenue Contracted sales HK$161mn HK$47mn (yet to be recognized at June 30, 2025) Grand Hyatt Residences Kunming Heartland Residences, Wuhan The Aperture, Hong Kong
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Hang Lung Properties Limited17 3.5% 4.3% 4.3% 3.9% FY22 FY23 FY24 1H25 28.1% 31.9% 33.4% 33.5% Dec-22 Dec-23 Dec-24 Jun-25As at Financial Management ▪ Net gearing ratio stood at 33.5% as at June 30, 2025. Net debt increased by HK$0.8bn to HK$47.9bn as at June 30, 2025, mainly due to HK$1.6bn CAPEX incurred during 1H25, partially offset by various cash preservation measures ▪ Gross finance costs -7% YoY to HK$988mn, due to lower average cost of borrowing, partially offset by the higher interest from the increase in average borrowings ▪ Net finance costs (gross finance costs, net of interest capitalized) +9% YoY to HK$497mn, amid lower interest capitalization ratio, upon completion of various projects Net gearing ratio (%) Average borrowing cost (%) Net debt Cash and bank deposits Interest cover * HK$47.9bn HK$6.9bn 3.1x (end-FY24: HK$47.1bn) (end-FY24: HK$10.3bn) (FY24: 2.8x) At June 30, 2025: * Interest cover: calculated as profit from operations before changes in fair value of properties, divided by finance costs before capitalization less interest income
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Hang Lung Properties Limited18 34% 37% 33% 28% 38% 34% 31% 29% 28% 27% 26% 29% 2% 10% 14% 0 10,000 20,000 30,000 40,000 50,000 60,000 Dec-22 Dec-23 Dec-24 Jun-25 HKD borrowings - floating HKD borrowings - fixed RMB borrowings - floating RMB borrowings - fixed Total debt (HK$mn) Financial Management Financing highlights: ▪ A HK$10.0bn five-year syndicated loan facilities was signed in Jan 2025 ❑ Support from a consortium of 10+ leading international, Chinese and local banks ▪ RMB1.3bn of offshore fixed rate CNH facilities had been issued in 1H 2025 ❑ 43% of debt portfolio is denominated in RMB Debt portfolio (%) - by currency and fixed vs. floating rate Debt maturity profile (%) at June 30, 2025 • Average debt maturity at 3.0 years (FY24: 2.9 years) • 71% of outstanding debts repayable after 2 years • The remaining 29% debts well-covered by facilities on hand, upon signage of syndicated loan facilities in Jan 2025 <1 year, 12% After 1 but within 2 years, 17%After 2 but within 5 years, 64% >5 years, 7%
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Hang Lung Properties Limited19 Ongoing efforts on Sustainability Groundbreaking Discussion Paper on Net Zero Transition ▪ A first-of-its-kind discussion paper “Our Journey to Net Zero” ▪ Analyzes and communicates scenarios on our path to achieving net zero greenhouse gas emissions New Sustainability Milestone: 80% of Mainland China Operating Properties Powered by Renewable Energy Tenant Partnerships ▪ Through sustainability partnership with LVMH Group and the Changemakers program Promoting Diversity & Inclusion ▪ To create a more inclusive workspace through training programs and partnerships ▪ Launched the first D&I Month for all employees in Hong Kong and Mainland China in November 2024 67 tenants in Hong Kong and Mainland China 1st renewable energy power purchase agreement for commercial real estate in Liaoning Province 17 properties 300K+ sqm leased area Spring City 66 Center 66 Parc 66 Forum 66 Plaza 66 Palace 66 Grand Gateway 66 Olympia 66 NEW NEW NEW As of June 30, 2025:
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Hang Lung Properties Limited20 Development Highlights
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Hang Lung Properties Limited21 Mainland China Property Portfolio Completed Investment Properties Projects Under Development Shenyang Shanghai Hangzhou Palace 66 Forum 66 Retail Office Resi. & S.A. Apartments for Sale Hotel # Under development Westlake 66, Hangzhou GFA: 390,000 sqm Pavilion extension at Plaza 66, Shanghai GFA: ~3,000 sqm Kimpton Xujiahui Shanghai at Grand Gateway 66 (note 1) Notes: 1. Interest directly held under Hang Lung Group 2. Remaining phases of Forum 66 is temporarily designated for the development of an urban park to enhance community well-being 3. The operating lease is subject to EGM approval by the Baida Group’s shareholders on July 31, 2025 Center 66 Phase 2, Wuxi Westlake 66 (Completion from 2025 onwards) • 11 projects across 9 Mainland China cities with the completion of Westlake 66 in Hangzhou from 2025 onwards GFA: 151,000 sqm Kunming Spring City 66 Wuhan Heartland 66 Plaza 66 Jinan Parc 66 Tianjin Riverside 66 # # # Dalian Olympia 66 Grand Gateway 66 (note 1) Wuxi Center 66 # # 2025+ 2026 Upcoming projects completion pipeline Around 150 guestrooms (note 2) The photographs, images, drawings or sketches shown in this section represent an artist’s impression of the development concerned and is for reference only. # 2027 2029 Expansion at Westlake 66, Hangzhou GFA: ~42,000 sqm (note 3)
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Hang Lung Properties Limited22 Expected opening 2H 2025 onwards Location Usage An integrated high-end commercial development comprising retail podiums, five Grade A office towers, and Mandarin Oriental Hangzhou GFA No. of parking spaces 2,253 Westlake 66 in Hangzhou ESG features Tower E Hotel Tower D Tower A Tower B Tower C Retail podium LEED Platinum/Gold pre-certification and China Green Building Label (CGBL) 3-star rating The 1st commercial development project in Greater China to use low carbon concrete bricks Gold Award in "Best New Mega Development" Category at MIPIM Asia Awards 2023 Hangzhou’s busiest commercial street Expansion at Westlake 66 Expansion Westlake 66 sqm Westlake 66 Westlake 66 incl. expansion Total 390,200 432,200 Retail 105,900 147,900 Office 95,600 95,600 Hotel 38,100 38,100 Carpark / others 150,600 150,600 In the key area of Wulin Business District Note: The operating lease is subject to EGM approval by the Baida Group’s shareholders on July 31, 2025 (note)
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Hang Lung Properties Limited23 Mandarin Oriental Hangzhou Expected opening 2H 2026 Features ▪ 194 keys to premium guestrooms and suites ▪ Direct access to the mall; and the premium F&B and ballroom offerings would strengthen Westlake 66 project as a whole Westlake 66 in Hangzhou Retail (Note) Expected opening 1H 2026 Status 77% pre-leased Proposed tenant mix Note: LFA from the expansion at Westlake 66 is excluded 51% 25% 17% 7% Fashion & accessories F&B Leisure & entertainment Others(Based on 100% occupancy) Note: The photographs, images, drawings or sketches shown in this section represent an artist’s impression of the development concerned and is for reference only. Retail podium: Artist’s impression Mandarin Oriental Hangzhou: Artist’s impression Office Expected opening Towers B, C, D, E: Tower A: 2H 2025 1H 2026 Status Towers B, C, D, E: Tower A: 22% pre-leased Started negotiations with prospective tenants Westlake 66 Tower A : Photo taken in May 2025
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Hang Lung Properties Limited24 Projects Under Development in Mainland China Notes: 1. The photographs, images, drawings or sketches shown in this section represent an artist’s impression of the development concerned and is for reference only 2. Remaining phases of Forum 66 is temporarily designated for the development of an urban park to enhance community well-being Center 66 @Wuxi Location Renmin Zhong Road & Jiankang Road, Liangxi District Usage Mall, Office, Hotel, Apartments for Sale Total gross floor area 518,000 sqm - Completed 367,000 sqm (Phase 1) - Under development 151,000 sqm (Phase 2) Completion Year Phase 1: 2013 – 2019 / Phase 2: 2H 2025 onwards Pavilion Extension at Plaza 66 @ Shanghai Location West Nanjing Road, Jing’an District, Shanghai Usage Mall Gross floor area 3,000 sqm Completion year 2H 2026 (Topped out in June 2025) ESG feature First Mainland China project using nearly 100% low carbon emissions steel in its building structure Image
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Hang Lung Properties Limited25 ▪ Qiaokou District, Wuhan ▪ 492 units (including 60 units classified as IP for rental purpose) ▪ 2023 completion ▪ Sale of Tower 3 in progress Serviced Apartments in Mainland China Residences (28-57/F) Note: The photographs, images, drawings or sketches shown in this section represent an artist’s impression of the development concerned and is for reference only. ▪ Liangxi District, Wuxi ▪ 573 units ▪ Targeted completion from 2H 2025 onwards ▪ Pre-sale will launch in 3Q 2025 Grand Hyatt Residences Kunming Heartland Residences ▪ Panlong District, Kunming ▪ 254 apartments including 3 premium penthouses ▪ 2024 completion ▪ Sale of apartment units in progress Center Residences
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Hang Lung Properties Limited26 Kowloon Bay station Hong Kong Residential Portfolio at Prime Locations • Summit ▪ Total 54 duplex suites ▪ Renovation commenced in Sep 2023 and completed in 1H 2025 ▪ A duplex unit was disposed in 1H 2025 • Burnside Villa ▪ Total 56 units Investment Properties 37 Shouson Hill Road (Under development) ▪ Total GFA of approx. 47,000 sq ft ▪ Demolition work completed in Jun 2025 8-12A Wilson Road (Under planning) ▪ Total GFA of approx. 26,000 sq ft 23-39 Blue Pool Road (Completed) For Sale ▪ 7 unsold houses (as of June 30, 2025) The Aperture (Completed) ▪ 153 unsold units (as of June 30, 2025) For Sale For Sale For Sale Investment Properties Properties for Sale
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Hang Lung Properties Limited27 ESG Highlights 2024 Sustainability report ESG full presentation (Jul 2025)
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Hang Lung Properties Limited28 Latest Ratings & Awards “AA” rating since 2020 Index component since inception in 2010 “Low” ESG risk rating “AA” rating Index component since inception in 2010 CITI score: 28.8 CATI score: 56.9 Top 20 in HKBSI Top 10 in Real Estate Index 4-star performance rating (standing investment) CSA score: 65 S&P Global Sustainability Yearbook 2025 member ESG score: 3.7 Constituent of FTSE4Good Index Series 2024 ESG Model Enterprise Award and the 2024 Green Development Model Award 14th China Philanthropy Festival Inclusion & Diversity Award – Corporate Sector I&D Appreciation Awards 2025, Dialogue in the Dark (HK) Foundation Outstanding Award for Excellent Contribution to Sustainable Property (Real Estate) － Promote Environmental Protection Hong Kong Quality Assurance Agency Energy Saving and Carbon Reduction Award 3rd China Corporate Carbon Neutral Performance Ranking in 2025, Yicai Social Enterprise Supporter Excellence Award 2024 Social Enterprise Supporter Award Scheme, Fullness Social Enterprises Society Limited
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Hang Lung Properties Limited29 Board Engagement and Diversity Highly engaged (as of December 31, 2024) ▪ 6 regular Board meetings/year (100% attendance) ▪ 4 Audit Committee meetings/year (100% attendance) ▪ 4 meetings of Audit Committee members with external auditor without the presence of management 37% 63% Designation Executive Directors INEDs 50.0% 12.5% 12.5% 25.0% Age group Under 56 56-60 61-65 66-70 71 or above (Age range) (Note) 75% 25% Gender Male Female Board Diversity of Hang Lung Properties (as of June 30, 2025) Note: None of the Directors is in this age range
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Hang Lung Properties Limited30 Eight of our Mainland China Properties are Powered by Renewable Energy Spring City 66, Kunming The first property and the first commercial complex in Yunnan Province to be powered by renewable energy December 2021 Plaza 66, Grand Gateway 66, Shanghai; Center 66, Wuxi Five out of ten Mainland China operating properties are powered by renewable energy through power purchase agreements April 2024 Parc 66, Jinan The first commercial property in Jinan and Shandong Province to be powered by renewable energy January 2023 Forum 66, Palace 66, Shenyang; Olympia 66, Dalian The first renewable energy power purchase agreement for commercial real estate in Liaoning Province May 2025
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Hang Lung Properties Limited31 Green Building Certifications >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 • Wuhan: Heartland 66 • Kunming: Spring City 66 • Hong Kong: Standard Chartered Bank Building, Peak Galleria, Grand Plaza, Baskerville House, 228 Electric Road, Gala Place, The Aperture Green Building Certifications for Existing Buildings Pre-certifications for Development Projects Hangzhou – Westlake 66 • LEED Platinum: Office Tower 1 & 2 • LEED Gold: Shopping Mall, Tower 3, 4 & 5, Hotel • CGBL Three-star: entire project • BREEAM Excellent: entire project (under preparation) Wuxi – Center 66 (Phase 2) • LEED Gold: Tower 1, 2 & Hotel Center 66 in Wuxi Grand Gateway 66 in Shanghai Westlake 66 in Hangzhou: Artist’s impression Note: The photographs, images, drawings or sketches shown in this section represent an artist’s impression of the development concerned and is for reference only. Xi Zhe Wuxi, Curio Collection by Hilton
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Hang Lung Properties Limited32 Health, Safety & Wellness Note: The photographs, images, drawings or sketches shown in this section represent an artist’s impression of the development concerned and is for reference only. • Nearly 80% of the total construction floor area has either been certified with WELL or WELL Health and Safety Rating Certified • WELL Platinum rating: Plaza 66 in Shanghai • WELL HSR: all Mainland China malls and offices (total 18 buildings), all core properties in Hong Kong (14 properties) Under assessment • WELL Platinum: Westlake 66 in Hangzhou • WELL Gold rating: 228 Electric Road in Hong Kong
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Hang Lung Properties Limited33 Publication of “Our Journey to Net Zero: Our Scenarios and Actions to Reduce Greenhouse Gas Emissions to 2050” English version Traditional Chinese version Objectives ▪ Analyze and communicate scenarios on our path to achieving net zero greenhouse gas emissions ▪ Improve understanding of decarbonization challenges and opportunities ▪ Advance industry discussions and collaborative efforts
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Hang Lung Properties Limited34 Sustainability Partnerships with Tenants Three-Year Sustainability Partnership with LVMH Changemakers Program for all tenants Image ▪ Launched in Oct 2022 ▪ Launched Common Charter in 2023 and 2024 ▪ Share 20 sustainability actions in each Common Charter ▪ Launched a podcast series with ESG thought leaders in real estate and retail ▪ Launched in Dec 2023 following the partnership with LVMH ▪ Applicable to all types of tenants in Hong Kong and Mainland China ▪ Distribute quarterly sustainability newsletters for tenants Overall Impact of the Two Programs (as of June 2025) ⚫ 300,000+ sq. m. LFA⚫ 67 tenants engaged ⚫ 180 retail and office spaces across 17 properties
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Hang Lung Properties Limited35 Community Investment Elderly Services Youth Development & Education Volunteer Service The Hang Lung Scholarship and Development Donation for the Visually Impaired (since 2023) "Love·No·Limit" Dementia Friendly Program (since 2021) Hang Lung As One Volunteer Team Hang Lung Mathematics Awards (since 2004) • Reaffirms HL’s commitment to promoting sustainable growth and enhancing community wellbeing • Strengthens long-term relationships with local authorities, NGO partners and the community at large • Engages staff and lets them take pride in being Hang Lung employees
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Hang Lung Properties Limited36 Community Investment Honorary Chair Mr. Ronnie Chan awarded the Grand Bauhinia Medal (GBM), the highest honor bestowed, by the Government of the Hong Kong Special Administrative Region • The honor is given in recognition of his long and distinguished community service, particularly his dedication and significant contributions in developing and supporting Hong Kong's external relations, and promoting the development of tertiary education in Hong Kong and in nurturing talents • Honorary Chair Mr. Ronnie Chan has also devoted great efforts in the promotion of cultural exchanges and conservation of cultural heritage. As a successful entrepreneur, Mr. Chan has made exemplary efforts in driving the economic development of Hong Kong Honorary Chair Mr. Ronnie Chan awarded the 2018 Dwight D. Eisenhower Global Leadership Award by the Business Council for International Understanding • Honorary Chair Mr. Ronnie Chan was honored for his role as a business-statesman and his life- long commitment to philanthropy, the advancement of education, as well as building bridges in the pursuit of global stability • Tributes from the late U.S. President George H.W. Bush and former U.S. Secretary of State Dr. Henry A. Kissinger were read out at the gala Honorary Chair Mr. Ronnie Chan awarded the Rockefeller Award by International House • Honorary Chair Mr. Ronnie Chan was honored with the Rockefeller Award for Distinguished Philanthropic Service The Dwight D. Eisenhower GlobalAwards Gala The International House 2018 Awards Gala Community Investment
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Hang Lung Properties Limited37 Community Investment Rebuilding of Jianfu Palace Garden & The Hall of Rectitude Complex in Beijing • Projects funded by the China Heritage Fund, a non-profit organization created by Honorary Chair Mr. Ronnie Chan to preserve and restore Chinese cultural relics Jianfu Palace Garden – Rebuilt completed in Nov 2005 Hang Lung Center for Real Estate, Tsinghua University, Beijing • The Hang Lung Center for Real Estate serves as an academic platform for quality research, grooms talents in the areas of housing policy and security, land management and urban development, and provides research backup to the government in formulating policy The Hall of Rectitude Complex – Rebuilt completed in Nov 2012 Inauguration ceremony in Apr 2010 Community Investment
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Hang Lung Properties Limited38 Mainland China Portfolio
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Hang Lung Properties Limited39 Plaza 66 Grand Gateway 66 Center 66 Spring City 66 Olympia 66 Shanghai Shanghai Wuxi Kunming Dalian Tenant Sales YoY% -8% +10% - 4% -1% +13% Mall Occupancy 98% 99% 96% 99% 94% Retail Portfolio in Mainland China Parc 66 Palace 66 Riverside 66 Heartland 66 Forum 66 Jinan Shenyang Tianjin Wuhan Shenyang Tenant Sales YoY% +1% +10% +2% -31% -58% Mall Occupancy 94% 96% 94% 88% 86% Powered by renewable energy Note: Occupancy rate as at June 30, 2025
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Hang Lung Properties Limited40 Plaza 66 Spring City 66 Forum 66 Center 66 Heartland 66 Shanghai Kunming Shenyang Wuxi Wuhan Office Occupancy 82% 84% 89% 83% 63% Other Features AEI completed in 2017/18 Modular office Conrad Shenyang HANGOUT • HANGOUT • Modular office Office Portfolio in Mainland China Powered by renewable energy Note: Occupancy rate as at June 30, 2025
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Hang Lung Properties Limited41 Hotel Portfolio in Mainland China Note: The photographs, images, drawings or sketches shown in this section represent an artist’s impression of the development concerned and is for reference only. Conrad Shenyang (at Forum 66) Grand Hyatt Kunming (at Spring City 66) Xi Zhe Wuxi, Curio Collection by Hilton (at Center 66) Mandarin Oriental Hangzhou (at Westlake 66) Shenyang Kunming Wuxi Hangzhou Year of opening 2019 2024 2H 2025 2H 2026 Average Occupancy 70% 59% N/A N/A No. of keys 315 331 105 194 Under development Note: Average occupancy for the six months ended Jun 30, 2025
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Hang Lung Properties Limited42 Hong Kong Portfolio
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Hang Lung Properties Limited43 94% 87% 82% 0% 20% 40% 60% 80% 100% Dec-21 Dec-22 Dec-23 Dec-24 Jun-25 Retail Office Residential & serviced apartments 0 500 1,000 1,500 2,000 1H24 1H25 Retail Office Residential & serviced apartments Rental Performance in Hong Kong 1H25: HK$1,488mn HK overall rental revenue (HK$mn) Hong Kong occupancy rate (%) Resi. & S.A.: 7% of total Office: 34% of total Retail: 59% of total Resi. & S.A.: 6% of total Office: 33% of total Retail: 61% of total HK$mn % As at
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Hang Lung Properties Limited44 Investment Properties in Hong Kong Central Portfolio Standard Chartered Bank Building 1 Duddell Street Baskerville House Printing House Retail Office ▪ Comprising 4 office buildings with a diversified tenant profile ▪ Form a thriving fine-dining hub in Central Peak Galleria ▪ A tourist landmark, with pet-friendly features to attract local pet lovers ▪ A variety of F&B and entertainment offerings
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Hang Lung Properties Limited45 Investment Properties in Hong Kong Retail Office Residential & Serviced Apartments Causeway Bay Portfolio Mongkok Portfolio ▪ An elite shopping destination featuring numerous internationally renowned fashion, beauty, and lifestyle brands Fashion Walk Hang Lung Centre ▪ Continued to solidify the area’s position as the place “Where Trends Meet” Grand Plaza Gala Place
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Hang Lung Properties Limited46 Investment Properties in Hong Kong Retail Office Residential & Serviced Apartments Kornhill Plaza/ Kornhill Apartments, Quarry Bay228 Electric Road, North Point Hong Kong East Portfolio Amoy Plaza ▪ Comprises Kornhill Plaza, Kornhill Apartments, and 228 Electric Road ▪ A one-stop community hub in Kowloon East featuring diverse casual, grocery stores, education providers, and entertainment brands ▪ A new footbridge will seamlessly connect Amoy Plaza, the East Kowloon Cultural Centre, and the MTR Kowloon Bay Station by mid-2026 ▪ This new footbridge energizes the district to promote sustainable urban growth
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Hang Lung Properties Limited47 Appendix
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Hang Lung Properties Limited48 Hang Lung Properties – Financial Highlights 1H2025 1H2024 (HK$mn) Property Leasing Property Sales Hotels Total Property Leasing Property Sales Hotels T otal Revenue 4,678 161 129 4,968 4,816 1,228 70 6,114 - Mainland China 3,190 10 129 3,329 3,268 25 70 3,363 - Hong Kong 1,488 151 - 1,639 1,548 1,203 - 2,751 Operating Profit / (Loss) 3,346 (57) (34) 3,255 3,444 (11) (3) 3,430 - Mainland China 2,176 (26) (34) 2,116 2,227 (20) (3) 2,204 - Hong Kong 1,170 (31) - 1,139 1,217 9 - 1,226 Underlying Net Profit / (Loss) * 1,651 (30) (34) 1,587 1,760 (22) (3) 1,735 Net change in fair value of Properties # (675) - - (675) (674) - - (674) Net Profit / (Loss) 976 (30) (34) 912 1,086 (22) (3) 1,061 Margin 72% 72% - Mainland China 68% 68% - Hong Kong 79% 79% *Exclude changes in fair value of properties, net of related income tax and non-controlling interests #Net of related income tax and non-controlling interests
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Hang Lung Properties Limited49 Hang Lung Properties – Financial Position (HK$mn) 30/6/2025 31/12/2024 Investment Properties 167,093 166,519 - Mainland China 104,723 104,043 - Hong Kong 62,370 62,476 Investment Properties under development 26,137 24,001 Properties for sale 13,852 13,489 Cash and bank deposits 6,905 10,303 Total Borrowings 54,767 57,376 Net Debt 47,862 47,073 Net Debt to Equity Ratio 33.5% 33.4% Total Assets 221,369 221,648 Shareholders’ equity 133,128 131,587 Net Assets Attributable to Shareholders Per Share (HK$) $26.6 $27.5 • As of June 30, 2025, total cash and available facilities amounted to HK$47,484mn, including available facilities of HK$40,579mn
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Hang Lung Properties Limited50 0.05 0.2 0.5 0.5 0.7 0.9 0.5 1.4 1.3 1.0 1.0 1.3 1.2 0.5 1.5 1.5 1.5 1.5 2.0 2.1 1.0 17.8% 21.3% 24.4% 28.1% 31.9% 33.4% 33.5% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% - 1.00 2.00 3.00 4.00 5.00 2019 2020 2021 2022 2023 2024 1H25 Finance costs charged to Profit & Loss (HK$bn) Borrowing costs capitalized (HK$bn) Net gearing ratio (%) Hang Lung Properties – Gross and Net Interest Expense
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Hang Lung Properties Limited51 Hang Lung Group – Financial Highlights *Exclude changes in fair value of properties, net of related income tax and non-controlling interests #Net of related income tax and non-controlling interests 1H2025 1H2024 (HK$mn) Property Leasing Property Sales Hotels Total Property Leasing Property Sales Hotels T otal Revenue 4,912 161 129 5,202 5,081 1,228 70 6,379 - Mainland China 3,363 10 129 3,502 3,467 25 70 3,562 - Hong Kong 1,549 151 - 1,700 1,614 1,203 - 2,817 Operating Profit / (Loss) 3,499 (57) (34) 3,408 3,627 (11) (3) 3,613 - Mainland China 2,284 (26) (34) 2,224 2,358 (20) (3) 2,335 - Hong Kong 1,215 (31) - 1,184 1,269 9 - 1,278 Underlying Net Profit / (Loss) * 1,231 (19) (21) 1,191 1,296 (13) (2) 1,281 Net change in fair value of Properties # (494) - - (494) (393) - - (393) Net Profit / (Loss) 737 (19) (21) 697 903 (13) (2) 888 Margin 71% 71% - Mainland China 68% 68% - Hong Kong 78% 79%
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Hang Lung Properties Limited52 Hang Lung Group – Financial Position (HK$mn) 30/6/2025 31/12/2024 Investment Properties 174,721 174,558 - Mainland China 110,552 110,280 - Hong Kong 64,169 64,278 Investment Properties under development 26,137 24,001 Properties for sale 13,873 13,510 Cash and bank deposits 7,476 10,817 Total Borrowings 55,972 57,794 Net Debt 48,496 46,977 Net Debt to Equity Ratio 31.5% 30.8% Total Assets 234,729 234,968 Shareholders’ equity 97,649 95,776 Net Assets Attributable to Shareholders Per Share (HK$) $71.7 $70.3 • As of June 30, 2025, total cash and available facilities amounted to HK$49,430mn, including available facilities of HK$41,954mn
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Hang Lung Properties Limited53 Investment Property Portfolio: HLG Note: Properties held via HLP are excluded from this session Note: To be converted into Kimpton Xujiahui Shanghai, with expected completion by 2027 (Note) 9 Wing Hong Street Luen Cheong Can Centre Tai Hing Gardens Grand Gateway 66 Location Cheung Sha Wan, HK Tuen Mun, HK Tuen Mun, HK Puxi, Shanghai Usage Office Office Retail portion Office Tower I & Serviced Apartments (note) 228 Electric Road Citygate Location North Point, HK Tung Chung, HK (HLG held: 33.3% & HLP held: 66.7%) (HLG’s shareholding: 26.67%) Usage Grade A office tower / Retail area on podium floors Mixed-use development with retail, office & hotel
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Hang Lung Properties Limited54 Grand Gateway 66, Above Xujiahui Subway Station, Puxi, Shanghai 1H25 rental revenue YoY% Occupancy (at June 30, 2025) Office Tower I RMB110 mn -2% 87% Residential & Serviced Apartments (note) RMB 49mn -28% 69% Mall (held via HLP) RMB 597mn +1% 99% To be converted into Kimpton Xujiahui Shanghai, with expected completion by 2027 Note: The serviced apartment building was ceased business operations at the end of Feb 2025 for hotel redevelopment
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Hang Lung Properties Limited55 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, timeliness or completeness for the information contained in this presentation. Neither Hang Lung Properties Limited, Hang Lung Group Limited or any of their respective subsidiaries or affiliates, nor any of its or their directors, officers or any other persons, accepts any responsibility or liability whatsoever from any actions or claims arising from any use or interpretation of the information contained herein. You may not distribute, reproduce, modify or otherwise use the content of the document for public or commercial use without prior permission of Hang Lung Properties Limited and Hang Lung Group Limited. 2. The figures and financial information for the six months ended June 30, 2025 included in this presentation are not the statutory consolidated financial statements. The full-year statutory financial information of preceding financial years quoted in this presentation are derived from statutory annual financial statements for that relevant financial years, which have been delivered to the Registrar of Companies in accordance with the prevailing Companies Ordinance and are reported on by the auditor with relevant auditor’s reports without qualification or modification. Thank You Disclaimer