Hongkong Land Holdings Ltd

H78: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	&.g	LOCK\|CFqxP	LOCK\|&dY$ln

Hongkong Land: Sale of One Exchange Square Floors to Hong Kong Bourse Operator Is Value-Accretive

Xavier Lee , Kathy Chan

Apr 25, 2025

We raise our fair value estimate for narrow-moat Hongkong Land by 7% to USD 4.88 per share following announcement of the sale of the top nine office floors and the level 1 and 2 retail podium of One Exchange Square to Hong Kong Exchanges and Clearing for USD 810 million. HKEx is also signing a new long-term lease for the 63,000 square feet it occupies in Two Exchange Square, indicating a modest expansion of its footprint in Exchange Square.

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Hongkong Land Holdings Ltd

Hongkong Land: Sale of One Exchange Square Floors to Hong Kong Bourse Operator Is Value-Accretive

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