Grand Plaza, Hong Kong Parc 66, Jinan Heartland 66, Wuhan Plaza

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Grand Plaza, Hong Kong Parc 66, Jinan Heartland 66, Wuhan Plaza

Parc 66, Center 66, Jinan Wuxi Plaza 66, Shanghai Heartland 66, Wuhan Olympia 66, Dalian Spring City 66, Kunming Grand Plaza, Hong Kong Fashion Walk, Hong Kong Grand Gateway 66, Shanghai Riverside 66, Tianjin Palace 66, Shenyang Forum 66, Shenyang Multifaceted Design The Hang Lung brand is renowned for world-class developments designed by outstanding international architectural firms and showcasing perfect unity of aesthetics, creativity and practicability, topped with impeccable service standards. Our holistic approach to design has delivered consistently high standards in providing our customers with the ultimate lifestyle and shopping experiences. Management Discussion and Analysis 26 Business Overview 30 Mainland China Property Leasing Shenyang 44 Hong Kong Property Leasing 58 Hong Kong Property Sales Tianjin Dalian and Development Jinan 60 Mainland China Property Development 66 Major Properties of the Group 70 Financial Review Wuxi Wuhan Shanghai 76 Risk Management Kunming Hong Kong Shenyang Tianjin Dalian Jinan Wuxi Wuhan Shanghai Kunming Hong Kong Management Discussion and Analysis Business Overview Upholding the We Do It Right business philosophy, Hang Lung Group remained committed to building world-class commercial projects in key mainland cities and to enhancing our core assets, amidst the ephemeral challenges in the external environment. In 2014, Hang Lung Group reported continual growth of mainland China and Hong Kong property leasing portfolios. Couple with taking advantages of improved Hong Kong residential market sentiment, the Group achieved strong financial results. PROPERTY HK$ Million LEASING HK$7,792 Million 8,000 TURNOVER 44% 7,000 6,000 5,000 4,000 56% 3,000 Mainland China 2,000 Hong Kong 1,000 ^ Financial year ended June 30 0 2010/ 2011 2012 2013 2014 2011^ AREA OF Mainland China Portfolio Hong Kong Portfolio INVESTMENT PROPERTIES 25% 36% 36% 43% 1,911,000 740,000 sq.m. sq.m. Commercial 9% Ofce and Industrial/Ofce Residential & Apartment 4% Car Park 17% 30% 26 For the 12-month period ended December 31, 2014, our core business, property leasing continued to achieve steady growth in a challenging business environment in mainland China and Hong Kong. Property leasing turnover and operating profit rose 8% and 4% to HK$7,792 million and HK$5,987 million, respectively. Riding on improved sentiments in the Hong Kong residential market, the Group launched the sales campaigns for The Long Beach and The HarbourSide in 2014. As a result of the sale of a total of 412 residential units and some car parking spaces, our property sales turnover reached HK$9,814 million. Overall profit margin realized was 75.6%. VALUATION OF INVESTMENT HK$ Billion PROPERTIES AND 200 PROPERTIES HK$154.0 Billion UNDER 150 DEVELOPMENT AS AT DECEMBER 31 100 50 0 2010 2011 2012 2013 2014 COMPLETION Million sq.m. AREA OF Total Gross Floor Area: 3.9 Million sq.m. INVESTMENT 4 PROPERTIES IN 1.7 MAINLAND CHINA 3 2 2.2 1 Existing Newly completed 0 2010 2011 2012 2013 2014 2015 Upon completion of existing committed projects HANG LUNG GROUP LIMITED 2014 ANNUAL REPORT 27.

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Hang Lung Properties Version 9 | Bloomberg: 101 HK EQUITY | Reuters: 101.HK Refer to Important Disclosures at the End of This Report
China / Hong Kong Company Guide Hang Lung Properties Version 9 | Bloomberg: 101 HK EQUITY | Reuters: 101.HK Refer to important disclosures at the end of this report DBS Group Research . Equity 31 Jul 2019 BUY Retail sales growth gathering Last Traded Price ( 30 Jul 2019):HK$18.64 (HSI : 28,147) momentum Price Target 12-mth: HK$22.38 (20.1% upside) (Prev HK$20.35) BUY with HK$22.38 TP. The stock is trading at a 49% discount to Analyst our estimated current NAV and offers an attractive dividend yield Jeff YAU CFA, +852 36684180 [email protected] of 4.0% for FY19. Stellar tenants’ sales growth at its retail malls in Ian CHUI +852 36684174 [email protected] Jason LAM +852 36684179 [email protected] China augurs well for reversionary growth. Portfolio expansion and asset enhancement initiatives should provide additional What’s New momentum to drive rental income, offering better earnings quality • Improving retail tenants’ sales to underpin and in turn providing share price upside. HLP is among our preferred landlords. BUY with HK$22.38 TP. reversionary growth Portfolio expansion to lift rental income. The progressive opening • New properties to spice up rental earnings of new properties in Kunming, Wuhan, Wuxi, and Shenyang in • BUY with HK$22.38 TP 2019-20 should give an additional boost to Hang Lung Properties’ recurrent earnings growth, and its ability to raise dividends. Pre- leasing at Spring City 66 in Kunming is progressing smoothly, with Price Relative 88% of retail space already pre-committed. This mall is scheduled to open for business in late Aug.
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Sustainable Development
SUSTAINABLE DEVELOPMENT Hang Lung is committed to embedding an unwavering culture of sustainability across its business operations and value chain. In 2020, we joined efforts across borders to curb the impact of COVID-19 on our valued employees, customers, and communities. We also established a set of ambitious, long-term sustainability goals and targets to be achieved by 2030. Our key priority is to become a sustainability leader in the real estate industry over the next ten years and beyond. Reporting Approach and Standards greater detail. The sustainability report will follow the The Sustainable Development section of this report Global Reporting Initiative (GRI) Standards and the briefly summarizes the Company’s new sustainability “mandatory disclosure requirements” and “comply framework, goals, targets, and performance in 2020. and explain” provisions of the ESG Reporting Guide Our standalone Sustainability Report 2020 will disclose in Appendix 27 of the Listing Rules. our sustainability policies, metrics, and performance in s ion lat re y it n u S m a fe m , o g c CLIMATE RESOURCE r B Y d e RESILIENCE MANAGEMENT e U N n a n , I , L A a e D P c n n d M I a N h n O e r G a C e l v t h o y g , s p m SUSTAINABILITY a a c e LEADERSHIP e t g n o r t S SUSTAINABLE WELLBEING TRANSACTIONS CU R Coll STOME act aboration and imp Hang Lung Properties Limited 92 SUSTAINABLE DEVELOPMENT Sustainability Priorities, Goals, endorsed a new framework comprising four priorities.
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Hang Lung Group Limited
Hang Lung Group Limited STOCK CODE: 00010 Hang Lung Group Limited STOCK CODE: 00010 Hang Lung Properties Limited STOCK CODE: 00101 The annual reports of Hang Lung Group Limited (Stock Code: 00010) and Hang Lung Properties Limited (Stock Code: 00101) for the 2019 financial year both embody the Group’s Five Overarching Strategies that are integral in driving sustainable business development: Be Customer Centric, Build Hang Lung Branded Experience, Embrace Technology, Disciplined Execution and Uphold Hang Lung Core Values. The cover images of both reports feature a twinning effect that showcases our two major projects for 2019 – the newly opened Spring City 66 in Kunming, and Peak Galleria in Hong Kong, which was reopened following the completion of its Asset Enhancement Initiative. These are projects that underline the Group’s development strategy, both in mainland China and Hong Kong, and the cover designs highlight the symbiotic relationship between beautiful, unique architecture and the people who use it. World-class properties such as these, designed, built and managed by Hang Lung, show our Five Strategies in action, and enable the Group to fulfil and exceed customers’ expectations. The reports are exquisitely designed, and detail Hang Lung’s concerted effort to strive for excellence and create value for shareholders and stakeholders. CORPORATE PROFILE Hang Lung Group Limited (stock code: 00010) is one of the most established listed companies in Hong Kong with more than 50 years of experience in the property development market. Through Hang Lung Properties Limited (stock code: 00101), we have built a leading reputation as a top-tier property developer in Hong Kong and on the Mainland, with a recognized commitment to quality.
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Hang Lung Properties Limited 2020 Annual Results
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. HANG LUNG PROPERTIES LIMITED (Incorporated in Hong Kong with limited liability) (Stock Code: 00101) 2020 ANNUAL RESULTS 2020 Annual Results CONTENTS Page Financial Highlights 1 Review of Operations 2 Consolidated Financial Statements 19 Notes to the Consolidated Financial Statements 23 Other Information 34 Glossary 36 2020 Annual Results FINANCIAL HIGHLIGHTS in HK$ Million (unless otherwise stated) RESULTS 2020 2019 Property Property Property Property Leasing Sales Total Leasing Sales Total Revenue 8,911 62 8,973 8,556 296 8,852 - Mainland China 5,277 - 5,277 4,544 - 4,544 - Hong Kong 3,634 62 3,696 4,012 296 4,308 Operating profit 6,437 44 6,481 6,325 162 6,487 - Mainland China 3,468 (8) 3,460 2,938 (2) 2,936 - Hong Kong 2,969 52 3,021 3,387 164 3,551 Underlying net profit attributable to shareholders 4,164 37 4,201 4,338 136 4,474 Net (decrease)/increase in fair value of properties attributable to shareholders (6,772) - (6,772) 1,698 - 1,698 Net (loss)/profit attributable to shareholders (2,608) 37 (2,571) 6,036 136 6,172 At December 31, At December 31, 2020 2019 Shareholders’ equity 138,295 138,669 Net assets attributable to shareholders per share (HK$) $30.7 $30.8 Earnings
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New Projects Under Development
REVIEW OF NEW PROJECTS UNDER OPERATIONS DEVELOPMENT The Company’s projects under development in mainland China are taking shape in prime locations across five cities, encompassing high-end malls, offices, apartments, and hotels. The two redevelopment projects in Hong Kong are on track. Mainland China Heartland 66, Wuhan This mixed-use development in the center of Wuhan is our largest project in terms of area under construction. It consists of a premier shopping mall, a Grade A office tower, and apartments for sale. Construction works are progressing well despite the COVID-19 outbreak. The office and mall received their occupancy permits in November 2020 and December 2020, respectively. Office tenants commenced their operations in December 2020, and the mall is scheduled to open in March 2021, with tenants lined up for around three-quarters of the leasable space. Efforts to recruit HOUSE 66 members are progressing to forge connections with affluent customers. Construction of the apartments is underway and is scheduled for completion, in stages, from the second half of 2022. Location Total gross floor area* Jinghan Avenue, Qiaokou District, Wuhan 308,528 square meters Main Usage Expected year of completion 2020 onwards *Including gross floor area above and below ground (excluding car park area) Commercial Office Apartments for Sale Hotel 71 2020 Annual Report REVIEW OF OPERATIONS NEW PROJECTS UNDER DEVELOPMENT Mainland China Center 66, Wuxi (Phase 2) Phase two of the development comprises three towers, two of which will be developed into luxury apartments for sale, and the other will be a hotel that complements Center 66’s existing two office towers and shopping mall.
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We Do It Well HANG LUNG HANG LUNG GROUP LIMITED PROPERTIES LIMITED
HANG LUNG PROPERTIES LIMITED STOCK CODE: 00101 Annual Report 2020 We Do It Well HANG LUNG HANG LUNG GROUP LIMITED PROPERTIES LIMITED STOCK CODE: 00010 STOCK CODE: 00101 Annual Report 2020 Annual Report 2020 We Do It Well We Do It Well 60 YEARS OF HERITAGE INFINITE POSSIBILITIES 2020 marked the 60th anniversary of Hang Lung Group. Driven by our customer-centric approach to architectural design and service excellence over the past six decades, we have built a thriving portfolio of world-class properties and an exceptionally talented workforce who live up to our core values of sustainability, excellence, openness and integrity. Our rich history is the inspiration behind this year’s theme of “60 Years of Heritage, Infinite Possibilities” – one you will find illustrated throughout the 2020 annual reports for Hang Lung Group Limited and Hang Lung Properties Limited. The number “60” and “∞” symbol featured on this year’s cover pages represent our properties’ unique aesthetic design in Hong Kong and mainland China. The former denotes the milestone anniversary of the Hang Lung Group while the latter represents the infinite possibilities that lie ahead in the next 60 years – a sentiment also reflected in the close connection between the “6” and “0” on the Hang Lung Group report cover. Inside the covers, photos depicting our world-class properties and talented people – the backbone of our 60 years of growth and success – are masterly incorporated throughout the pages of both reports. Linking up different sections are dividers themed on our core values, which are designed as icons that are inspired by the meaning of the values and our properties’ signature design features.
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Press Release 新聞稿
Press Release 新聞稿 For immediate release Precautionary Measures for Hang Lung Annual General Meetings on April 29 (Hong Kong, April 14, 2020) Hang Lung Properties Limited (stock code: 00101) and Hang Lung Group Limited (stock code: 00010) (collectively the “Companies”), will hold their Annual General Meetings (“AGMs”) on April 29, 2020 at 10:00am and 11:00am respectively at Conrad Hong Kong. In view of the COVID-19 pandemic and the measures undertaken by the Hong Kong government, and to safeguard the health and safety of our shareholders, the Companies strongly recommend shareholders to exercise their voting rights by appointing the Chairman of the AGM as their proxy to vote on the relevant resolutions at the AGM, as an alternative to attending in person. Physical attendance is not necessary for the purpose of exercising the voting rights. The deadline to submit completed proxy forms is Monday, April 27, 2020 at 10:00am and 11:00am for the shareholders of Hang Lung Properties and Hang Lung Group respectively. Completed proxy forms must be returned to the registered office of the Companies at 28th Floor, 4 Des Voeux Road Central, Hong Kong or the share registrar of the Companies, Computershare Hong Kong Investor Services Limited at 17M Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong. The Companies will implement the following precautionary measures at both AGMs to protect the health and safety of attending shareholders: Compulsory body temperature checks and health declarations; Shareholders should bring and wear their own face masks throughout the meeting; Seating at the AGM will be arranged so as to reduce interaction between participants.
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Mainland China Property Leasing
REVIEW OF OPERATIONS 49 MAINLAND CHINA PROPERTY LEASING Our Mainland portfolio recorded sequential growth in both retail sales and revenue, mainly resulting from strong luxury spending and new revenue streams from properties commencing operations in the reporting year. Market Landscape Business Overview Despite slowing national GDP growth and broader The sequential growth in retail sales and revenue of market uncertainties due to the ongoing US-China our mainland China portfolio in 2019 was largely due trade dispute, the commercial leasing sector in to the strategic positioning and continuing expansion mainland China had seen strong growth, largely of our properties across the nation. The brand value attributable to the repatriation of spending, especially and emphasis on customer-centricity, service on high-end luxury items. Efforts on the part of excellence, and relationship building has further international luxury brands to narrow the price gap strengthened the positioning of our developments. In between products sold on the Mainland and overseas, our malls, the focus on deepening tenant engagement the depreciation of the Renminbi, and favorable central and customer loyalty through marketing initiatives and government policies, including a reduction in import the introduction of HOUSE 66, our Customer duties, tightening of customs controls at points-of- Relationship Management (CRM) program, to a total of entry, and the enactment of an e-commerce law to six projects in the year served as a significant pull combat parallel imports, have contributed to the rise in factor in attracting interest from new quality brands the domestic consumption of luxury goods. and promoting expansions from our existing tenants.
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Hang Lung Properties Version 10 | Bloomberg: 101 HK EQUITY | Reuters: 101.HK Refer to Important Disclosures at the End of This Report
China / Hong Kong Company Guide Hang Lung Properties Version 10 | Bloomberg: 101 HK EQUITY | Reuters: 101.HK Refer to important disclosures at the end of this report DBS Group Research . Equity 22 Jan 2020 BUY Higher dividend signals positive earnings Last Traded Price ( 21 Jan 2020):HK$18.24 (HSI : 27,985) outlook Price Target 12-mth: HK$21.66 (18.8% upside) BUY with HK$21.66 TP. The stock is trading at a 50% discount to Analyst Jeff YAU CFA, +852 36684180 [email protected] our estimated current NAV and offers an attractive dividend yield of Ian CHUI CFA, +852 36684174 [email protected] 4.2% for FY20. The company’s retail mall operations in China are Jason LAM +852 36684179 [email protected] going from strength to strength. Improving tenants’ sales growth at What’s New its retail malls in China augurs well for reversionary growth and retail turnover rents. Portfolio expansion should provide additional • FY19 underlying profit grew 9%, 4% ahead of momentum to drive rental income, offering better earnings quality our forecast and in turn supporting share price upside. Maintain BUY with • Final DPS was up 2% to HK$0.59, a positive HK$21.66 TP. surprise Continued healthy retail sales growth translating into sequential • Healthy retail sales growth from China retail rental income improvement. Despite a higher comparison base, properties, coupled with portfolio expansion, retail sales at Shanghai Plaza 66 grew 21% in FY19. Retail malls supports higher rental income in China outside Shanghai posted favourable growth in tenants’ sales. In particular, retail sales at Shenyang Palace 66, Wuxi Center 66, and • Maintain BUY with HK$21.66 TP Dalian Olympia 66 jumped 20-29% y-o-y.
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2018 Annual Report
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Hang Lung Group Limited Stock Code : 00010 Overview HANG LUNG GROUP LIMITED
Hang Lung Group Limited Stock Code : 00010 Overview HANG LUNG GROUP LIMITED CONTENTS 3 About this Report 4 Message from our Chief Executive Officer 5 Sustainability At-a-Glance 2020 8 Journey towards Leadership 10 About Hang Lung Group 12 Sustainability Governance 21 Climate Resilience 27 Resource Management 34 Wellbeing 46 Sustainable Transactions 55 Memberships and Charters 56 Performance Tables 64 Independent Assurance Opinion Statement 67 Independent Practitioner’s Assurance Report for Green Bonds and Green Loans 70 Content Indices for Reporting Guidelines Stock Code 00010 Registered office 28th Floor, Standard Chartered Bank Building, 4 Des Voeux Road Central, Hong Kong Tel +852 2879 0111 Email [email protected] Web www.hanglunggroup.com Report www.hanglung.com/group/sustainability © Hang Lung Group Limited 2021 If there is any discrepancy or inconsistency between the English and the Chinese versions, the English version shall prevail. 1 Sustainability Report 2020 Overview HANG LUNG GROUP LIMITED Our Vision We create compelling spaces that enrich lives Our Mission We pursue sustainable growth by connecting our customers and communities Our Values We live up to our brand motto of We Do It Well by focusing on Integrity Sustainability Excellence Openness 2 Sustainability Report 2020 Overview HANG LUNG GROUP LIMITED About this Report This is the fourth sustainability report (the “Report”) for Hang Lung Group Limited (Hang Lung Group, stock code: 00010) and its subsidiaries (collectively known as “Hang Lung” or “the Group”), including Hang Lung Properties Limited (Hang Lung Properties, stock code: 00101). Hang Lung Group produced and issued this Report to disclose information transparently the Group’s material sustainability topics from January 1, 2020 to December 31, 2020, unless otherwise specified, so our stakeholders can fully understand our impacts.
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HLG & HLP Publish Annual Reports
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