We attended Hang Lung Properties' roadshow in Shanghai and Hangzhou. The firm's retail sales in mainland China grew 3% year on year in third-quarter 2026, as robust nonluxury spending offset weakness in luxury categories. The newly opened Westlake 66 in Hangzhou achieved 98% committed occupancy.
The company’s premium retail malls expose it to the luxury goods sector that is more resilient through economic cycles and benefits from China’s rising middle- to high-income population.
China’s retail space is highly competitive, with emerging developers' malls entering to compete against HLP’s existing malls.
|
Metric
|
00101
|
01972
|
01997
|
|---|---|---|---|
Price/Earnings (Normalized) | 13.68 | 33.60 | 64.65 |
Price/Book Value | 0.24 | 0.52 | 0.52 |
Price/Sales | 2.90 | 8.41 | 7.38 |
Price/Cash Flow | 6.14 | 18.00 | 13.61 |
|
Metric
|
00101
|
01972
|
01997
|
|---|---|---|---|
Quick Ratio | 0.58 | 0.58 | 0.19 |
Current Ratio | 1.45 | 1.19 | 0.24 |
Interest Coverage | 4.98 | 4.90 | 0.26 |
|
Metric
|
00101
|
01972
|
01997
|
|---|---|---|---|
Return on Assets (Normalized) | 0.94% | 2.11% | 2.89% |
Return on Equity (Normalized) | 1.56% | 2.77% | 3.65% |
Return on Invested Capital (Normalized) | 1.42% | 2.51% | 3.54% |
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1-Day Chart
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United States