Sun Hung Kai Properties Limited (SHKP) today announced its 2025/26 interim results. 

The world is facing rising uncertainties with the escalation of geopolitical risks and intensifying protectionism. Through proactively embracing the latest market trends and addressing evolving customer needs, Sun Hung Kai Properties (SHKP) remained competitive in a changing operating environment and achieved satisfactory results during the period under review. 

During the period, Hong Kong’s primary residential market experienced an increase in transaction volume and a mild recovery in prices. In attributable terms, the Group achieved contracted sales of about HK$17.4 billion in Hong Kong. Cullinan Sky Phase 2 in Kai Tak was a major contributor, while sales from other completed developments, including NOVO LAND Phase 3A in Tuen Mun, Dynasty Court in Mid-Levels, Victoria Harbour in North Point, University Hill in Tai Po and YOHO WEST Phase 1 in Tin Shui Wai, continued to receive positive market responses. In January 2026, the Group launched SIERRA SEA Phase 2A and 2B in Sai Sha, achieving contracted sales of more than HK$9 billion with a record-high subscription.  

Following the strong sales performance of SIERRA SEA Phase 2A and 2B, the Group plans to put on the market the following projects over the next 10 months: the second phase of Cullinan Harbour in Kai Tak, a project near MTR Tsuen Wan West Station, a project at Sha Po South in Yuen Long, the first phase of a large-scale development adjacent to MTR Kwu Tung Station, a project near MTR City One Station in Sha Tin, and the first phase of Tung Shing Lei project in Yuen Long.  

The Group continues to support the development of the Northern Metropolis. During the period, the Group completed lease modification procedures for a residential development in Kwu Tung South, Sheung Shui, increasing its total gross floor area to about 1.2 million square feet. The project will be developed in phases into over 2,700 small- and medium-sized units, making it the largest residential development in the North District over the past two decades. The Group is now developing eight projects in the Northern Metropolis, which will provide around 10,000 units with a total gross floor area of over 4.5 million square feet. In addition, a taskforce was established to further explore the development potential of the vast area.

During the period, the Group’s property investment portfolio continued to generate a substantial and stable recurring income, with overall occupancy maintained at a high level. The Grade-A office leasing market in Hong Kong showed signs of improvement. An active financial market contributed to growth in the sector, which, together with the influx of talent and capital, strengthened market momentum. 

The International Gateway Centre (IGC) in West Kowloon is the Group’s latest commercial landmark. One of its towers was handed over to anchor tenant UBS early this year. Leasing of the remaining space is progressing smoothly. Located atop Hong Kong’s only high‑speed rail station, IGC stands as a world‑class hub whose unrivalled strategic location and transport connectivity draw multinational corporations. IGC is seamlessly connected to the High Speed Rail West Kowloon Terminus, one of the few city‑centre high‑speed rail stations worldwide, offering passengers direct access to 110 Mainland destinations. Its connectivity is further enhanced by its proximity to the Airport Express and three MTR lines, enabling convenient travel across Hong Kong and to global destinations via the Hong Kong International Airport. Positioned as a two‑way “gateway” linking Hong Kong with both the Mainland and the wider international market, IGC offers an exceptional location for wealth management firms and major corporations seeking to expand into the Mainland or go global. In addition, IGC’s benchmark-setting design and building features redefine the modern workplace. The project has attained the highest levels of pre-certification under leading building and sustainability certification programmes including LEED and WELL. Notably, it is the first project in the Greater Bay Area to achieve an “Excellent” BREEAM INC V6 rating. 

The Artist Square Towers Project (AST), another of the Group’s projects in West Kowloon, is scheduled for completion in 2027. These two new landmarks (IGC and AST), together with the completed ICC, two world-class luxury hotels, the podium mall of IGC and Elements at ICC, will collectively form a diversified commercial cluster exceeding eight million square feet. This district not only boasts extensive green spaces and stunning views of Victoria Harbour but is also home to the West Kowloon Cultural District. A new 1.5-kilometre Sky Walk will connect the communities of Jordan and Yau Ma Tei directly to the West Kowloon harbourfront. On course to become “Central 2.0”, West Kowloon will be developed into an integrated hub converging commerce, tourism, retail, art, culture and sustainability. 

Regarding the retail portfolio, the Group continued to adopt best market practices and proactively enhance the attractiveness of its malls, including putting in resources to upgrade its malls. To enrich the overall visitor experience, the malls not only enhanced amenities and al fresco dining areas but also introduced pet-friendly facilities. Scramble Hill in Kowloon East and Cullinan Sky Mall in Kai Tak began their phased openings last year, and their openings are expected to generate incremental contributions for the Group.

The Point, the loyalty programme for SHKP malls with over three million members, launched a Gold member tier in July last year to better serve its VIP customers.  The Group organized exclusive events for Gold members and expanded its loyalty ecosystem. AI technologies were utilized to strengthen collaboration with tenants and other business units on marketing initiatives. The Group also launched a dedicated platform for tenants to facilitate stronger engagement with customers. 

On the Mainland, Cullinan West, the riverside serviced apartments at Hangzhou IFC, achieved a good sales response during the period. Forest Park, which is next to Guangzhou South Railway Station, and Oriental Bund in Foshan also contributed to the sales. During the period, the Group achieved attributable contracted sales of about RMB1.3 billion on the Mainland.  Going forward, the Group plans to launch the premium houses at Shanghai Arch and new batches of several joint-venture developments. They include Cullinan East at Hangzhou IFC (River East), the remaining houses at Lake Genève in Suzhou, and Oriental Bund in Foshan. 

As regards property investment on the Mainland, the Group holds a number of premium integrated developments in prime locations of first-tier and leading second-tier Mainland cities.  Known for their building quality, sustainability credentials and excellent connectivity, these properties delivered resilient rental performance. 

Looking forward, Three ITC at the heart of Xujiahui CBD in Shanghai is progressing well towards full completion. The 370-metre-high office skyscraper Tower B, the tallest building in Puxi, is attracting interest from renowned multinational corporations. ITC enjoys an excellent transport network and is directly connected to the Xujiahui metro station, an interchange for five metro lines. Flagship mall ITC Maison will open in stages from the first half of 2026, and hotel Andaz Shanghai ITC will have its grand opening in March 2026. Upon their completions, the entire ITC will become a vibrant destination, offering a one-stop experience for shopping, dining, leisure and entertainment.

With the interests of the community at heart, the Group promptly mobilized resources to support residents affected by the Tai Po fire.  In addition to donating HK$20 million, the Royal hotels provided 160 guest rooms free of charge to displaced residents. The Point also organized a matching donation drive on its platform.

The Group is committed to promoting sustainable development. During the period, Hong Kong’s largest and first privately funded solar farm built on a landfill was completed. It can generate 1.2 million kilowatt-hour (kWh) of green electricity a year, thereby reducing 468 tonnes of carbon dioxide emissions. Moreover, the Group operates super-fast EV chargers at its managed properties across all 18 districts in Hong Kong. With strong utilization rates, these EV chargers not only meet customer needs but also provide an exclusive benefit for The Point members. This network will expand to 120 chargers by the end of the first quarter of 2026, with additional installations at new shopping malls, including Scramble Hill and Cullinan Sky Mall.  

Over the past few decades, Hong Kong has overcome economic and social challenges to emerge as a leading international financial centre.  Throughout economic cycles, the Group has grown alongside Hong Kong, gaining invaluable experience and resilience in navigating challenges while consistently pursuing new investment opportunities. Supported by strong sales performance in its property development business, the Group maintained a robust financial structure with low gearing and high liquidity. The strong financial position allows the Group to make new investments, including land acquisitions, when appropriate opportunities arise.

Amidst the current geopolitical situation, Hong Kong will continue to leverage its unique advantage of being connected to both the Mainland and the world, proactively aligning with the 15th Five-Year Plan to further integrate with national development. The city will pursue further development under the strategic positioning of “four centres and a hub” – international financial, shipping, trade, and I&T centres, as well as an international hub for high-calibre talent. With its reputable brand, strong financial position, experienced management and proven strategies, SHKP is well equipped to navigate new circumstances and seize new opportunities.  Confident in the long-term prospects of both Hong Kong and the Mainland, the Group will continue to harness the latest technologies to deliver high-quality properties and services, while advancing alongside its home city.