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Tsim Sha Tsui Properties Limited Interim / Quarterly Report 2025
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Interim / Quarterly Report
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2025-2026 INTERIM REPORT
二零二五至二零二六年 中期報告
Creating Better Lifescapes
建構更美好生活
5
TSIM SHA TSUI PROPERTIES LIMITED
尖沙咀置業集團有限公司
This interim report (in both English and Chinese versions) has been published on the Company's website at www.sino.com and the website of Hong Kong Exchanges and Clearing Limited at www.hkexnews.hk.
Shareholders who wish to receive the Corporate Communications (including but not limited to annual report, summary financial report (where applicable), interim report, summary interim report (where applicable), notice of meeting, listing document, circular and proxy form) from the Company in printed form, please follow the instructions set out in the "Arrangement for Dissemination of Corporate Communications" under the "Investor Relations" section of the Company's website, to complete the relevant Request Form and return the completed form to the Company's Share Registrar, Tricor Investor Services Limited.
Any such request from shareholders will be valid unless being revoked or superseded or until the time when the Company publishes its next annual report in the following year (whichever is earlier). Shareholders wishing to continue to receive Corporate Communications in printed form after expiry of the original request must complete and return a fresh Request Form.
Shareholders who have chosen printed form may at any time choose to change their choice of language of all future Corporate Communications from the Company by giving notice in writing by post to the Company's Share Registrar, Tricor Investor Services Limited at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong or by email at [email protected].
此中期報告(英文及中文版)已於本公司網站www.sino.com及香港交易及結算所有限公司網站www.hkexnews.hk登載。
股東如欲收取本公司之公司通訊(其中包括但不限於年報、財務摘要報告(如適用)、中期報告、中期摘要報告(如適用)、會議通告、上市文件、通函及代表委任表格)印刷本，請按照本公司網站「投資者關係」下「發布公司通訊的安排」欄目內之指示填妥相關申請表，並將填妥之申請表交回本公司股票登記處，卓佳證券登記有限公司。
股東之任何該等要求將一直有效，直至被撤銷或取代，或直至本公司於翌年刊發下一份年報為止（以較早者為準）。股東如欲於原有要求失效後繼續收取公司通訊印刷本，股東必須交回一份填妥之新申請表。
凡選擇印刷本之股東可隨時發出書面通知予本公司股票登記處，卓佳證券登記有限公司，郵寄地址為香港夏慤道16號遠東金融中心17樓，或透過電郵地址[email protected]，要求更改其收取公司通訊的語言版本的選擇。
Contents
3 Corporate information
4 Chairman's statement
15 Corporate governance and other information
23 Report on review of condensed consolidated financial statements
24 Consolidated statement of profit or loss
25 Consolidated statement of profit or loss and other comprehensive income
26 Consolidated statement of financial position
28 Consolidated statement of changes in equity
29 Condensed consolidated statement of cash flows
31 Notes to the unaudited condensed consolidated financial statements
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Corporate information
Board of Directors
Executive Director
Daryl Ng Win Kong, SBS, JP, Chairman
Non-Executive Directors
Ronald Joseph Arculli, GBM, CVO, GBS, OBE, JP
Nikki Ng Mien Hua
Independent Non-Executive Directors
Allan Zeman, GBM, GBS, JP
Adrian David Li Man-kiu, BBS, JP
Rock Chen Chung-nin, NPC Deputy, SBS, BBS, JP
Audit Committee
Adrian David Li Man-kiu, BBS, JP, Chairman
Allan Zeman, GBM, GBS, JP
Rock Chen Chung-nin, NPC Deputy, SBS, BBS, JP
Nomination Committee
Daryl Ng Win Kong, SBS, JP, Chairman
Allan Zeman, GBM, GBS, JP
Adrian David Li Man-kiu, BBS, JP
Nikki Ng Mien Hua
Rock Chen Chung-nin, NPC Deputy, SBS, BBS, JP
Remuneration Committee
Adrian David Li Man-kiu, BBS, JP, Chairman
Allan Zeman, GBM, GBS, JP
Daryl Ng Win Kong, SBS, JP
Authorised Representatives
Daryl Ng Win Kong, SBS, JP
Fanny Cheng Siu King
Company Secretary
Fanny Cheng Siu King
Auditor
KPMG
Public Interest Entity Auditor registered in accordance with the Accounting and Financial Reporting Council Ordinance
Solicitors
Woo, Kwan, Lee & Lo
Clifford Chance
Share Registrar
Tricor Investor Services Limited
17/F, Far East Finance Centre,
16 Harcourt Road,
Hong Kong
Telephone : (852) 2980 1333
Fax : (852) 2810 8185
Email : [email protected]
Principal Bankers
Bank of China (Hong Kong) Limited
DBS Bank Ltd., Hong Kong Branch
The Hongkong and Shanghai Banking Corporation Limited
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
OCBC Bank (Hong Kong) Limited
Industrial and Commercial Bank of China (Asia) Limited
Hang Seng Bank Limited
BNP Paribas
China Construction Bank (Asia) Corporation Limited
UBS AG
Investor relations contact
Telephone : (852) 2132 8480
Fax : (852) 2137 5907
Email : [email protected]
Registered Office
12th Floor, Tsim Sha Tsui Centre,
Salisbury Road, Tsim Sha Tsui,
Kowloon, Hong Kong
Telephone : (852) 2721 8388
Fax : (852) 2723 5901
Website : www.sino.com
Email : [email protected]
Listing information
Stock Code
247
Shareholders' calendar
Closure of Register of Members for dividend entitlement
16th to 18th March, 2026
(both dates inclusive)
Record Date for interim dividend entitlement
18th March, 2026
Last Day for lodging form of election for scrip dividend
13th April, 2026
4:30 p.m.
Interim Dividend
Payable
HK15 cents per share
24th April, 2026
2025-2026 Interim Report
Tsim Sha Tsui Properties Limited
Chairman's statement
I am pleased to present the interim results of Tsim Sha Tsui Properties Limited (the "Company", together with its subsidiaries, the "Group") for the six months ended 31st December, 2025 (the "Interim Period") to the shareholders.
Interim results
The Group's unaudited underlying profit attributable to shareholders, excluding the effect of fair-value changes on investment properties for the Interim Period was HK$1,302 million (2024: HK$1,283 million). Underlying earnings per share was HK$0.59 (2024: HK$0.60).
After taking into account the revaluation loss (net of deferred taxation) on investment properties of HK$394 million (2024: revaluation loss of HK$232 million), which is a non-cash item, the Group reported a net profit attributable to shareholders of HK$905 million for the Interim Period (2024: HK$1,043 million). Earnings per share for the Interim Period was HK$0.41 (2024: HK$0.49).
The unaudited results for the Interim Period have been reviewed by the Company's auditor, KPMG, and they reflect the adoption of all HKFRS Accounting Standards applicable to the Group that are effective for the accounting period.
Dividends
The Board of Directors has declared an interim dividend of HK15 cents per share (2024: HK15 cents per share) payable on 24th April, 2026 to those shareholders whose names appear on the Register of Members of the Company on 18th March, 2026.
The interim dividend will be payable in cash, but shareholders will be given the option of electing to receive the interim dividend in the form of new shares in lieu of cash in respect of part or all of such dividend. The new shares to be issued pursuant to the scrip dividend scheme are subject to their listing being granted by the Listing Committee of The Stock Exchange of Hong Kong Limited.
A circular containing details of the scrip dividend scheme will be dispatched to shareholders together with the form of election for scrip dividend on or about 24th March, 2026. It is expected that the interim dividend warrants and share certificates for the scrip dividend will be dispatched to shareholders on or about 24th April, 2026.
Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Chairman's statement (Continued)
Review of operations
The operations under Sino Land Company Limited ("Sino Land") represent a substantial portion of the operations of the Group as a whole. As at 31st December, 2025, the Company had 58.11% interest in Sino Land. Therefore, for discussion purposes, the focus here will be on the operations of Sino Land.
(1) Sales activities
Total revenue from property sales for the Interim Period, including property sales of associates and joint ventures, attributable to Sino Land was HK$6,912 million (2024: HK$2,448 million).
Total revenue from property sales comprises mainly the sales of residential units in projects completed during the financial year 2024/2025 namely Villa Garda I, II and III in Tseung Kwan O and Grand Mayfair I and II in Yuen Long, as well as the sales of remaining stocks of residential units and carparking spaces in projects completed in previous financial years, including St. George's Mansions in Ho Man Tin, La Montagne in Wong Chuk Hang, Grand Victoria in South West Kowloon, and La Marina in Wong Chuk Hang. In addition, the results included the recognition of sales from The Reserve Residences in Singapore, booked in accordance with prevailing accounting standards.
During the Interim Period, certain units of the remaining stocks of projects launched in previous periods have been rolled out for sale. These projects are St. George's Mansions in Ho Man Tin (84.6% sold), Villa Garda I, II and III in Tseung Kwan O (98.8% sold), Grand Mayfair I, II and III in Yuen Long (86.1% sold), Grand Victoria in South West Kowloon (98.4% sold), and ONE PARK PLACE in Yau Tong (55.5% sold).
Looking ahead, Sino Land has a pipeline of new projects for launch. These include La Mirabelle in Tseung Kwan O, for which pre-sale consent has been obtained. In addition, Sino Land expects to obtain pre-sale consent for the Wing Kwong Street/Sung On Street Development Project in To Kwa Wan in the 2026 calendar year. The timing of the launches will be guided by the receipt of the relevant consents and prevailing market conditions.
(2) Land bank
As at 31st December, 2025, Sino Land had a land bank of approximately 18.8 million square feet of attributable floor area in Chinese Mainland, Hong Kong, Singapore and Sydney which comprises a balanced portfolio of properties of which 49.6% is commercial; 25.8% residential; 10.0% industrial; 8.3% car parks and 6.3% hotels. In terms of breakdown of the land bank by status, 3.2 million square feet were properties under development, 13.5 million square feet of properties for investment and hotels, together with 2.1 million square feet of properties held for sale. This land bank provides a solid foundation to support Sino Land's development pipeline over the coming years. We will continue to adopt a disciplined and selective approach to land bank replenishment, with a view to optimising medium- to long-term earnings potential.
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Chairman's statement (Continued)
Review of operations (Continued)
(2) Land bank (Continued)
During the Interim Period, Sino Land acquired a site in Hong Kong from the HKSAR Government. Details of the project are as follows:
| Location | Usage | Group's Interest | Attributable Floor Area (Square feet) |
|---|---|---|---|
| Tuen Mun Town Lot No. 569 | |||
| Hoi Chu Road, | |||
| Tuen Mun, | |||
| New Territories, | |||
| Hong Kong | Residential | 100% | 282,102 |
Subsequent to the Interim Period, Sino Land acquired a site in Hong Kong from the HKSAR Government. Details of the project are as follows:
| Location | Usage | Group's Interest | Attributable Floor Area (Square feet) |
|---|---|---|---|
| New Kowloon Inland Lot No. 6674 | |||
| Choi Hing Road, | |||
| Jordan Valley, | |||
| Kowloon, | |||
| Hong Kong | Residential/Commercial | 85% | 315,379 |
Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Chairman's statement (Continued)
Review of operations (Continued)
(3) Property development
During the Interim Period, Sino Land obtained Certificate of Compliance for the following project in Hong Kong. Details of the project are as follows:
| Location | Usage | Group's Interest | Attributable Floor Area (Square feet) |
|---|---|---|---|
| ONE CENTRAL PLACE | |||
| 33 Gage Street, | |||
| 23 and 25 Peel Street, | |||
| Hong Kong | Residential | 100% | 84,261 |
(4) Rental activities
For the Interim Period, Sino Land's attributable gross rental revenue, including share from associates and joint ventures, was HK$1,708 million (2024: HK$1,748 million), representing a decrease of 2.3% year-on-year. This decline was mainly due to soft retail environment at the beginning of 2025, which put pressure on rental reversions, although retail sentiment improved sequentially. Net rental revenue for the Interim Period was HK$1,356 million (2024: HK$1,377 million), representing a decrease of 1.5% year-on-year. The smaller decline in net rental revenue relative to gross rental revenue was primarily due to the successful appeal of a waiver fee relating to an investment property.
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Chairman's statement (Continued)
Review of operations (Continued)
(4) Rental activities (Continued)
Overall occupancy of Sino Land's investment property portfolio remained stable at 89.5% during the Interim Period (2024: 89.5%). Residential recorded the biggest improvement, with occupancy rate rising by 3.0 percentage points to 92.0% (2024: 89.0%). Both the retail and office sectors posted modest gains, with retail increasing by 0.7 percentage points to 92.9% (2024: 92.2%) and office edging up by 0.1 percentage points to 84.1% (2024: 84.0%). The industrial sector saw a softer performance, with occupancy at 85.6% (2024: 89.7%).
The operating environment remained fluid throughout the Interim Period. Although overall visitor arrivals to Hong Kong continued to recover, outbound travel by local residents remained notably high, leading to weekend cross-border spending and a corresponding outflow in domestic retail activity. At the same time, the growing prevalence of online platforms offering free shipping into Hong Kong has further intensified pressure on offline retail operators. In light of these evolving dynamics, Sino Land remains vigilant and responsive to shifts in consumer behavior. We are continually refining and strengthening our tenant mix to ensure relevance and resilience. In parallel, ongoing marketing and promotional initiatives are being implemented across our shopping malls to stimulate foot traffic and enhance shopper engagement. Furthermore, our digital loyalty programme, S* REWARDS, continues to play an integral role in deepening customer loyalty and driving retail consumption through targeted campaigns and data-driven outreach.
Although the office sector continues to face challenges from market oversupply, the Interim Period saw an increase in sizeable office transactions, signaling early signs of recovering demand. Supportive measures such as the HKSAR Government's pause on new commercial land sales and new policies permitting the conversion of
hotel and commercial properties into student housing, are helping to ease market inventory. Strong financial-market activity, including 119 IPO listings in 2025, further supports a more constructive outlook for office demand. Additionally, the HKSAR Government's various talent schemes have attracted more than 590,000 applications from professionals from Chinese Mainland and overseas, which is expected to stimulate economic activity and support business expansion. Hong Kong also remains well-positioned to leverage its status as an international hub and financial centre, with national integration initiatives including the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and the Northern Metropolis, set to further strengthen its role as a key connector between Chinese Mainland and the rest of the world. Against this backdrop, Sino Land's office portfolio, featuring top-tier building specifications and recognised green credentials, remains well-placed to attract tenants seeking sustainable, high-quality workspace.
In contrast, residential leasing performance remained robust, underpinned by an influx of incoming talent and overseas students that continued to drive housing demand. In response to this momentum, Sino Land strategically repositioned ONE CENTRAL PLACE as premium residences with service provisions to capture rising market demand. Since its launch in July 2025, the property has quickly achieved a 75% occupancy rate during the Interim Period, reflecting strong market reception. Overall, the sector outlook remains favorable, and we expect residential performance to continue delivering encouraging results.
As at 31st December, 2025, Sino Land has approximately 13.5 million square feet of attributable floor area of investment properties and hotels in Chinese Mainland, Hong Kong, Singapore and Sydney. Of this portfolio, commercial developments (retail and office) account for 63.2%, industrial 11.6%, car parks 11.6%, hotels 8.8%, and residential 4.8%.
Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Chairman's statement (Continued)
Review of operations (Continued)
(5) Hotels
For the Interim Period, Sino Land's hotel revenue, including attributable share from associates and joint ventures, was HK$822 million compared to HK$794 million last interim period, and the corresponding operating profit was HK$289 million (2024: HK$261 million).
Hong Kong continued to see a solid tourism rebound in 2025. Visitors from Chinese Mainland accounted for 76% of total arrivals, rising 11% year-on-year to 37.8 million, while non-Chinese Mainland markets recorded a 15% increase. Supported by this recovery and disciplined cost management, our Hong Kong hotel portfolio reported year-on-year improvement across all properties. In Singapore, operating performance began to encounter emerging headwinds, as intensified competition from new and refurbished hotels led to softening room rates, though the stronger exchange rate provided partial relief at the reporting level. By contrast, our Sydney operations delivered encouraging results, with gross operating profit increasing during the Interim Period on the back of higher occupancy and room rates.
Despite continued growth in inbound visitors, evolving consumer preferences and shifting industry dynamics are reshaping the hospitality landscape. In Hong Kong, room rate performance remains mixed, although occupancy improved year-on-year due to strong demand during long holidays and festive seasons. In Singapore, increased room supply, driven by new hotels, continued to pressure room rates. Sydney sustained year-on-year growth in both occupancy and room rates, underpinned by resilient domestic demand.
The HKSAR Government continues to promote the integrated development of culture, sports and tourism to cultivate new economic drivers and enhance Hong Kong's appeal. Guided by the principle of "tourism is everywhere", initiatives such as the expansion of the yacht economy, mega events, cruise tourism, and experience-driven programmes are broadening and deepening the city's tourism offerings. Against this backdrop of strategic expansion and diversification, we remain confident in the outlook for Hong Kong's tourism sector.
Management continued to place strong emphasis on cost discipline while actively pursuing strategies to elevate service quality and enhance operational efficiency. Conrad Hong Kong recorded higher occupancy, supported by steady increase in both business and leisure travel. The Fullerton Ocean Park Hotel Hong Kong, positioned as a resort hotel, saw higher demand, particularly visitors from Chinese Mainland, during the summer peak, festive seasons, and long holidays. The Olympian Hong Kong, which reopened in September 2023, continued to benefit from its refreshed commercial and operational strategies, achieving higher occupancy and room rates.
As at 31st December, 2025, Sino Land's portfolio of hotels comprises The Fullerton Hotel Singapore, The Fullerton Bay Hotel Singapore, The Fullerton Ocean Park Hotel Hong Kong, Conrad Hong Kong, The Fullerton Hotel Sydney and The Olympian Hong Kong.
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Chairman's statement (Continued)
Review of operations (Continued)
(6) Chinese Mainland business
As at 31st December, 2025, Sino Land had approximately 3.4 million attributable square feet of land bank in Chinese Mainland. Of this, approximately 0.7 million square feet comprise projects under development, 1.2 million square feet are completed properties for sale, with the remainder consisting of investment properties. There is one key project under development, namely Sino Land's 20% interest in The Palazzo in Chengdu.
Other than the matters mentioned above, there has been no material change from the information published in the report and accounts for the year ended 30th June, 2025.
Finance
The Group's financial position remains strong. As at 31st December, 2025, the Group had cash and bank deposits of HK$54,192 million. After netting off total borrowings of HK$2,699 million, the Group had net cash of HK$51,493 million as at 31st December, 2025. The Group is in net cash position, therefore gearing ratio, calculated on the basis of total borrowings less cash and bank deposits to equity attributable to the Company's shareholders, is not applicable. The Group's borrowings are denominated in Hong Kong dollars and subject to floating interest rates. Of the total borrowings, 30.8% is repayable within one year, 33.4% between one and two years and the remaining between four and five years. Total assets and shareholders' funds of the Group were HK$188,457 million and HK$99,892 million, respectively. Net book value of the Group attributable to the Company's shareholders was HK$44.76 per share as at 31st December, 2025 (HK$45.06 per share as at 30th June, 2025).
The majority of the Group's cash are denominated in US dollars and Hong Kong dollars, with a portion in Renminbi, Singapore dollars, and Australian dollars.
The Group has maintained a sound financial management policy and foreign exchange exposure has been prudently kept at a minimal level.
Corporate governance
The Group places great importance on corporate integrity, business ethics and good governance. With the objective of practising good corporate governance, the Group has formed Audit, Compliance, Remuneration and Nomination Committees. The Group is committed to maintaining corporate transparency and disseminates information about new developments through various channels, including press releases, its corporate website, results briefings, non-deal roadshows, site visits and participation in investor conferences.
Customer service
The Group is committed to building quality projects. In keeping with its mission to enhance customer satisfaction, the Group will, wherever possible, ensure that attractive design concepts and features are also environmentally-friendly for its developments. Management conducts regular reviews of the Group's properties and service so that improvements can be made on a continuous basis.
Sustainability
Sino Land seeks to create long-term value for stakeholders and the communities in which we operate, ensuring that we grow more resilient together. We strive to embed sustainability into every aspect of our business and operations across three strategic pillars – Green Living, Innovative Design and Community Spirit – under our vision of “Creating Better Lifescapes”.
Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Chairman's statement (Continued)
Sustainability (Continued)
Local and international ESG ratings and recognitions
Our commitment to sustainability continues to earn recognition at the local and global levels. For the second consecutive year, we have been named to CDP’s Climate Change A List and recognised as a Global Sector Leader in the Development Benchmark – Residential category in the Global Real Estate Sustainability Benchmark (GRESB) Real Estate Assessment, achieving the highest five-star rating in both the Development Benchmark and Standing Investment Benchmark. Our ESG performance has also been acknowledged by leading rating agencies. We have received the highest “AAA” rating, up from “AA”, in the MSCI ESG Ratings, while achieving the top “AAA” rating in the Hang Seng Corporate Sustainability Index Series assessment. Regionally, we ranked first in the Greater China Real Estate Business Sustainability Index (REBSI) and remained among the Top 10 in the Greater Bay Area Business Sustainability Index for the sixth consecutive year. We also continue to be included in major sustainability indices, including the Hang Seng Corporate Sustainability Index, Hang Seng (Mainland and HK) Corporate Sustainability Index, Hang Seng ESG 50 Index, and the FTSE4Good Index Series.
ESG accolades
In recognition of our collective effort to promote ESG and sustainability, Sino Land received the Individual SDG Award at the UNSDG Achievement Awards Hong Kong 2025 for its Discover Shui Hau project. Sino Land also garnered three accolades at the Hong Kong ESG Reporting Awards (HERA) 2025, including Excellence in Environmental Positive Impact – Grand Award, Best ESG Report (Large-cap) – Commendation and GRESB x HERA Development Benchmark Award – Commendation. In addition, Sino Land received five accolades at the ESG Achievement Awards 2024/2025, namely: Outstanding Sustainable Dividend Awards – Honorary Award; ESG Benchmark
Awards – Diamond Award; ESG Benchmark Awards – Outstanding Performance in Social Responsibility; Outstanding Sustainability Vision Awards – Distinction; and Outstanding ESG Innovative Project Awards – Distinction. Sino Land was also honoured with two accolades at the Hong Kong Corporate Governance and ESG Excellence Awards 2025, organised by the Chamber of Hong Kong Listed Companies and the Centre for Corporate Governance and Financial Policy of Hong Kong Baptist University, namely Award of Excellence in Corporate Governance and Award of Excellence in ESG. In addition, Sino Land received three accolades at the TVB ESG Awards 2025, including Best in ESG Practices (Large market capitalisation), Best in ESG Report (Large market capitalisation) and ESG Environmental Innovative Technology Award (Large market capitalisation).
Governance
During the Interim Period, we published our standalone sustainability report for the fifteenth consecutive year. The report aligns with eight key local and global sustainability reporting standards, underscoring our commitment to ESG reporting. In collaboration with stakeholders, we continued conducting a double-materiality assessment to identify ESG issues critical to both environmental responsibility and long-term corporate value.
Green living
Continuing to promote ecological conservation through the Discover Shui Hau project, Sino Land expanded public engagement by encouraging responsible clam digging during the peak season and organising school programmes. Since its launch, nearly 550 visitors and students have participated in beach clean-ups, guided ecological tours, and educational kiosks, enriching their understanding of the area’s cultural and environmental heritage conservation.
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Chairman's statement (Continued)
Sustainability (Continued)
Green living (Continued)
To foster social inclusion, Sino Land collaborated with local non-governmental organisations and social enterprises to organise Diversity and Inclusion Month in October 2025. Activities ranged from a candle art workshop led by the New Life Psychiatric Rehabilitation Association, where colleagues explored the "Five Ways to Well-being", to a visit to Mind Space at Castle Peak Hospital, Hong Kong's pioneering Mental Health Experience Museum. Through immersive technology, participants gained a deeper understanding of the challenges faced by people living with mental illness, helping to build empathy and awareness.
Innovative design
Nurturing the next generation of creative talents, Sino Inno Lab and The Spark organised the two-week One North STEAM AI Summer in August 2025. As the first large-scale educational initiative focused on artificial intelligence in the Northern Metropolis, the event has attracted over 40,000 visits, showcasing over ten technology projects developed by tertiary institutions, tech companies, students and young innovators.
Committed to cultivating an innovative mindset, The Hong Kong University of Science and Technology and Sino Land jointly organised the HKUST-SINO One Million Dollar Entrepreneurship Competition 2025. The competition attracted 348 teams from around the world to compete for awards and exchange innovative ideas to develop practical solutions for a sustainable future.
Community spirit
In the spirit of sharing, Sino Land partnered with twelve community organisations to launch a series of Mid-Autumn Festival volunteer initiatives, delivering festive greetings and care to more than 1,300 underprivileged individuals, elderly residents and children. Sino Caring Friends, Sino Land's corporate volunteer team, visited multiple Community Living Rooms and community centres, distributing festive food and gift packs to families in districts such as Sham Shui Po, Hung Hom, Shau Kei Wan and Shek Yam. During Christmas, the volunteer team spread festive cheer by delivering gifts to over 700 children and families from underprivileged communities, including those at Precious Blood Children's Village, the Wellness Lodge transitional housing project and local schools.
The Ng Teng Fong Charitable Foundation extend heartfelt sympathy to the residents affected by the devastating fire at Wang Fuk Court in Tai Po. In support of the community's relief efforts, a donation of HK$20 million has been made, and guest rooms have been offered at Hong Kong Gold Coast Hotel, The Royal Pacific Hotel, and The Fullerton Ocean Park Hotel Hong Kong for those in need of immediate accommodation. To facilitate the affected residents' stay in transitional housing, essential supplies have also been provided, including beds, appliances, and daily necessities, totalling over HK$8.65 million. Additionally, more than a hundred employee volunteers have assisted by installing furniture and appliances, setting up internet and curtains, and performing thorough cleaning, all to help families settle into their temporary homes with greater ease and comfort.
In celebration of the 15th National Games of the People's Republic of China and to rally the city to "Cheer for Athletes", Sino Land's malls organised over 30 sports-themed programmes. Olympian City, tmtplaza, Citywalk and One North also broadcast National Games events live, bringing the community together to support local athletes.
Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Chairman's statement (Continued)
Prospects
This is my first time writing to you as Chairman of the Company, and I am encouraged by the clear improvement in both the economic and operating environment, particularly in the second half of 2025. The Federal Reserve's rate-cut cycle since September, three rounds totalling 75 basis points, has provided meaningful support to market sentiment. At the same time, the successful talent admission schemes launched by the HKSAR Government have attracted over 590,000 applications, with more than 270,000 individuals already settled in Hong Kong with their families and children, together with the increase in overseas students, have lent further support to the property market. These positive developments, coupled with a series of supportive property-market measures introduced by the HKSAR Government, have contributed to a healthier economic backdrop. Primary residential transactions rose 21.5% to more than 20,000 units, while the Centa-City Leading Index recorded a 4.6% year-on-year increase in 2025.
The nation has been making significant strides in economic development, technological advancement, and overall national capability amid an increasingly complex and fluid global environment. The 15th Five-Year Plan outlines the strategic blueprint for the next stage of national development while reaffirming strong support for Hong Kong's long-term development. Under the "Four Centres and One Highland" framework, Hong Kong will reinforce and elevate its positions in international finance, shipping, trade, and innovation and technology. This framework also strengthens Hong Kong's unique advantages under the "one country, two systems" principle, enabling the city to contribute more meaningfully to national priorities, particularly in advancing technological capabilities.
Hong Kong's Chief Executive has announced a new cross-bureau and cross-departmental taskforce to formulate Hong Kong's Five-Year Plan, the first for Hong Kong, to better align with the nation's 15th Five-Year Plan. This will ensure more comprehensive integration and a bigger role for Hong Kong in the nation's development. We welcome and fully support this initiative, as this will provide further impetus for Hong Kong's long-term, sustainable development.
Backed by staunch national support and exceptional global connectivity, Hong Kong continues to be recognised as a leading international hub for finance, trade, logistics, aviation, professional services, and dispute resolution. The inauguration of the Convention on the Establishment of the International Organisation for Mediation (IOMed) headquarters in Hong Kong is a testament to the city's regulatory credibility, and will significantly consolidate Hong Kong's position as the centre for international dispute resolution services and enhance its global appeal.
Thanks to sustained efforts of the Government to strengthen our financial system, Hong Kong has maintained its third-place ranking in the Global Financial Centre Index. Market performance has been equally encouraging. The Hong Kong stock market has maintained strong momentum, with the Hang Seng Index rising over 28% in 2025 and average daily turnover reaching HK$249.8 billion, nearly double that of the previous year. By end-2025, Hong Kong recorded 119 new listings, with IPO fundraising surpassing HK$285.8 billion, a surge of 225% year-on-year, ranking Hong Kong first globally in IPO fundraising. Family office interest and wealth management expansions into Asia are also reinforcing Hong Kong's capital market position globally. A robust and vibrant financial market not only strengthens overall market sentiment, but also lays a solid foundation for sustained business growth and momentum.
Amid this improving environment, Sino Land delivered encouraging property sales performance in Hong Kong, particularly in the second half of 2025, with attributable sales proceeds reaching HK$6.5 billion. This strong result was primarily driven by the well-received launches of Villa Garda in Tseung Kwan O, Grand Mayfair III in Yuen Long, and ONE PARK PLACE in Yau Tong. Coupled with expectations of further interest rate cuts in 2026, we anticipate continued momentum in the residential market.
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Chairman's statement (Continued)
Prospects (Continued)
Sino Land has won two government land tenders over the past six months, namely New Kowloon Inland Lot No. 6674 in Choi Hing Road in Jordan Valley, and Tuen Mun Town Lot No. 569 in Hoi Chu Road in Tuen Mun. These acquisitions continue to reflect our confidence in Hong Kong's long-term prospects and our disciplined and strategic approach to replenishing the land bank with projects offering good development value. With interest rates on a downward trajectory, we will continue to strategically allocate our cash resources and actively pursue opportunities that align with Sino Land's development direction and long-term strategies.
Visitor arrivals continued to recover, thanks to Hong Kong's increasingly vibrant event calendar, catalysed by the opening of the Kai Tak Sports Park in March 2025. A robust line-up of international sporting events, financial summits, and major concerts has attracted visitors to the city, lending strong support to tourism-related sectors, particularly retail and hospitality. Retail sales have recorded consistent year-on-year growth since May 2025, with full-year growth increasing by 1.0%. Looking ahead, the event pipeline for 2026 is set to further boost tourist arrivals and reinforce Hong Kong's position as a leading global destination.
While the market is supported by a range of positive factors, challenges in the external environment persist. Geopolitical tensions continue to disrupt global trade flows, supply chains, and dampen investor sentiment; meanwhile, shifting consumption behaviours are reshaping the retail and hospitality sectors. These forces underscore the importance for agility, adaptability, and continuous enhancement in sustaining competitiveness in a rapidly evolving landscape.
To capitalise on the potential of artificial intelligence (AI), one of the most significant technological megatrends in decades, the Group has established an AI Committee to set strategic directions and help us navigate the advancements. We have also earmarked additional resources to ensure employees at all levels receive training in AI and get equipped with this essential skill to strengthen operation and raise efficiency, which will enhance our competitiveness in the long run.
The Group continues to make steady strides on its sustainability journey, guided by our mission of "Creating Better Lifescapes". We remain committed to building a more sustainable future through green design, planning and management, decarbonisation efforts, climate-resilient development, innovation, and deep community engagement. We are humbled by the recognitions bestowed by local and international institutions, including the "AAA" rating in the latest MSCI ESG Ratings, putting Sino Land in the top 5% of the real estate industry globally.
In navigating a dynamic macroeconomic backdrop, we remain alert and responsive. Management continues to emphasise the importance of strong fundamentals, deep customer insights, sustainability, and an unwavering pursuit of excellence. We will continue to uphold prudent financial management to drive operational efficiency and productivity. With our solid financial position and forward-looking strategies, the Group is well placed not only to navigate challenges, but capture new opportunities that will sustain long-term value creation.
Staff and management
On behalf of the Board, I would like to take this opportunity to express my sincere appreciation to all staff for their commitment, dedication and continuing support. I would also like to express my gratitude to my fellow Directors for their guidance and wise counsel.
Daryl NG Win Kong
Chairman
Hong Kong, 27th February, 2026
Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Corporate governance and other information
Closure of register of members
The register of members of the Company will be closed from Monday, 16th March, 2026 to Wednesday, 18th March, 2026, both dates inclusive, during which period no transfer of shares will be effected. The record date for the interim dividend is at the close of business on Wednesday, 18th March, 2026.
In order to qualify for the interim dividend, shareholders should ensure that all transfers accompanied by the relevant share certificates are lodged with the Company's Share Registrar, Tricor Investor Services Limited at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong, for registration not later than 4:30 p.m. on Friday, 13th March, 2026.
Purchase, sale or redemption of the Company's listed securities
Neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the listed securities of the Company during the Interim Period.
Directors' interests
As at 31st December, 2025, the interests and short positions held by the Directors of the Company in the shares, underlying shares and debentures of the Company and its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the laws of Hong Kong) ("SFO")), as recorded in the register required to be kept by the Company under Section 352 of the SFO or otherwise notified to the Company and The Stock Exchange of Hong Kong Limited ("Stock Exchange") pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers ("Model Code") contained in the Rules Governing the Listing of Securities on the Stock Exchange ("Listing Rules"), were as follows:
(a) Long positions in shares of the Company
| Name of Director | Number of ordinary shares | Capacity and nature of interest | % of issued shares |
|---|---|---|---|
| Mr. Daryl Ng Win Kong | – | – | – |
| The Honourable Ronald Joseph Arculli | 60,000 | Beneficial owner | ≈ 0% |
| Ms. Nikki Ng Mien Hua | – | – | – |
| Dr. Allan Zeman | – | – | – |
| Mr. Adrian David Li Man-kiu | – | – | – |
| The Honourable Rock Chen Chung-nin | – | – | – |
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Corporate governance and other information (Continued)
Directors' interests (Continued)
(b) Long positions in shares of associated corporation
Subsidiary
Sino Land Company Limited
| Name of Director | Number of ordinary shares | Capacity and nature of interest | % of issued shares |
|---|---|---|---|
| Mr. Daryl Ng Win Kong | 2,695,868 | Beneficial owner | 0.02% |
| The Honourable Ronald Joseph Arculli | 1,191,997 | Beneficial owner | 0.01% |
| Ms. Nikki Ng Mien Hua | 153,598 | Beneficial owner | ≈ 0% |
| Dr. Allan Zeman | – | – | – |
| Mr. Adrian David Li Man-kiu | – | – | – |
| The Honourable Rock Chen Chung-nin | – | – | – |
Save as disclosed above, as at 31st December, 2025, none of the Directors of the Company had or was deemed to have any interests or short positions in the shares, underlying shares and debentures of the Company or its associated corporations which were recorded in the register required to be kept by the Company under Section 352 of the SFO or required to be notified to the Company and the Stock Exchange pursuant to the Model Code.
Substantial shareholders' and other shareholders' interests
As at 31st December, 2025, the interests and short positions of the substantial shareholders and other shareholders in the shares and underlying shares of the Company as notified to the Company and the Stock Exchange pursuant to Divisions 2 and 3 of Part XV of the SFO and as recorded in the register required to be kept under Section 336 of the SFO were as follows:
Long positions in shares of the Company
| Name of substantial shareholder | Number of ordinary shares | Capacity and nature of interest | % of issued shares |
|---|---|---|---|
| Mr. Philip Ng Chee Tat | 1,612,259,685 | ||
| (Notes 1, 2, 3, 4 and 5) | Interest of controlled corporations in 3,079,460 shares and trustee interest in 1,609,180,225 shares in the capacity as one of the co-executors of the estate of the late Mr. Ng Teng Fong | 72.23% | |
| Mr. Robert Ng Chee Siong | 1,610,044,853 | ||
| (Notes 2, 3, 4 and 5) | Beneficial owner of 864,628 shares and trustee interest in 1,609,180,225 shares in the capacity as one of the co-executors of the estate of the late Mr. Ng Teng Fong | 72.14% | |
| Tamworth Investment Limited | 593,983,297 | ||
| (Notes 3 and 5) | Beneficial owner | 27.37% | |
| Strathallan Investment Limited | 317,920,220 | ||
| (Notes 3 and 5) | Beneficial owner | 18.32% |
16 | Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Corporate governance and other information (Continued)
Substantial shareholders' and other shareholders' interests (Continued)
Long positions in shares of the Company (Continued)
| Name of other shareholder | Number of ordinary shares | Capacity and nature of interest | % of issued shares |
|---|---|---|---|
| Nippomo Limited | 161,644,248 | ||
| (Notes 3 and 5) | Beneficial owner | 9.31% | |
| Fanlight Investment Limited | 153,627,884 | ||
| (Notes 3 and 5) | Beneficial owner | 6.88% |
Notes:
- 3,079,460 shares were held through companies 100% controlled by Mr. Philip Ng Chee Tat, namely, 2,682,875 shares by Far East Capital Pte. Ltd. and 396,585 shares by Western Properties Pte Ltd.
- The trustee interest in 1,609,180,225 shares comprises:
(a) 1,482,179,614 shares which were held through companies 100% controlled by the co-executors of the estate of the late Mr. Ng Teng Fong, namely, 153,627,884 shares by Fanlight Investment Limited, 208,188,200 shares by Nippomo Limited, 4,783,933 shares by Orient Creation Limited, 409,462,393 shares by Strathallan Investment Limited, 611,029,065 shares by Tamworth Investment Limited and 95,088,139 shares by Transpire Investment Limited; and
(b) 127,000,611 shares which were held by the co-executors of the estate of the late Mr. Ng Teng Fong. - The interests of Tamworth Investment Limited, Strathallan Investment Limited, Nippomo Limited and Fanlight Investment Limited were duplicated in the interests of the co-executors of the estate of the late Mr. Ng Teng Fong.
- The trustee interests of Mr. Philip Ng Chee Tat and Mr. Robert Ng Chee Siong as the co-executors of the estate of the late Mr. Ng Teng Fong were duplicated.
- The number and the percentage of shares as disclosed are based on the substantial shareholder notices filed with the Stock Exchange.
Save as disclosed above and so far as the Directors of the Company are aware, as at 31st December, 2025, no other person had an interest or short position in the shares and underlying shares of the Company which were notified to the Company and the Stock Exchange pursuant to Divisions 2 and 3 of Part XV of the SFO and were recorded in the register required to be kept under Section 336 of the SFO, or was otherwise a substantial shareholder of the Company.
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Corporate governance and other information (Continued)
Disclosure pursuant to Rule 13.22 of the Listing Rules
Sino Land Company Limited ("Sino Land") is a subsidiary of the Company. On a consolidated basis, the Company also had a general disclosure obligation under Rule 13.22 of the Listing Rules with respect to the advances to, and guarantees given for the benefits of its affiliated companies by the Company (through Sino Land and/or its subsidiaries). In accordance with Rule 13.22 of the Listing Rules, the Company discloses the following statement of indebtedness, capital commitments and contingent liabilities reported on by the affiliated companies of Sino Land and/or its subsidiaries as at the end of the most recent financial period.
| | At
31st December, 2025
HK$ Million | At
30th June, 2025
HK$ Million |
| --- | --- | --- |
| Sino Land’s share of total indebtedness of its affiliated companies
– Bank loans | 4,823 | 6,144 |
| Advances from Sino Land and its subsidiaries | 23,636 | 23,444 |
| | 28,459 | 29,588 |
| Sino Land’s share of capital commitments of its affiliated companies
– Contracted for | 301 | 273 |
| – Authorised but not contracted for | 427 | 480 |
| | 728 | 753 |
| Sino Land’s share of contingent liabilities of its affiliated companies | – | – |
Note: "Affiliated companies" mentioned above refers to associates and joint ventures of the Group.
18 | Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Corporate governance and other information (Continued)
Disclosure of Directors' information pursuant to Rule 13.51B(1) of the Listing Rules
Pursuant to Rule 13.51B(1) of the Listing Rules, changes in information of the Directors since the publication of the 2025 Annual Report and up to 27th February, 2026 (being the approval date of this Interim Report) are set out below:
Directors' updated biographical details
The changes in the biographical details of the Directors are set out below:
Mr. Daryl Ng Win Kong
- appointed as a Governor of China-United States Exchange Foundation (CUSEF); and
- appointed as a Vice-Chairman of Hong Kong Academy for Wealth Legacy of Financial Services Development Council.
Dr. Allan Zeman
- ceased as a member of the Tourism Strategy Committee of the Government of Hong Kong Special Administrative Region.
Ms. Nikki Ng Mien Hua
- appointed as a member of the Pilot Innovation and Technology Accelerator Scheme Assessment Panel of Innovation and Technology Commission.
Directors' updated biographies are available on the Company's website.
Change in Director's emoluments
With effect from 1st January, 2026, the annual salary of Mr. Daryl Ng Win Kong from Sino Land (the Company's subsidiary) is HK$9,600,000 and the discretionary bonus paid to Mr. Daryl Ng Win Kong from Sino Land for the year 2025 was HK$165,324.
Save as disclosed above, there had not been any other changes in the information of Directors notified to the Company as required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules.
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Corporate governance and other information (Continued)
Remuneration Committee
The Company has established its Remuneration Committee with written terms of reference which are available at the Company's website www.sino.com and the Stock Exchange's website.
The Remuneration Committee is responsible for making recommendations to the Board on the Company's policy and structure for all Directors' and senior management's remuneration and on the establishment of a formal and transparent procedure for developing remuneration policy. The Committee makes recommendations to the Board on the remuneration package of individual Executive Director and senior management, and it also makes recommendations to the Board on the remuneration of Non-Executive Directors and Independent Non-Executive Directors. The Committee meets at least once a year and is provided with sufficient resources enabling it to discharge its duties.
The Remuneration Committee currently comprises Mr. Adrian David Li Man-kiu (Committee Chairman) and Dr. Allan Zeman, both of whom are Independent Non-Executive Directors, and Mr. Daryl Ng Win Kong, the Chairman of the Board.
Nomination Committee
The Company has established its Nomination Committee with written terms of reference which are available at the Company's website www.sino.com and the Stock Exchange's website.
The Nomination Committee is responsible for regularly reviewing the structure, size and composition of the Board with reference to the board diversity policy of the Company, assisting the Board in maintaining a board skills matrix and making recommendations on any proposed changes to the Board to complement the Company's corporate strategy. Its duties include making recommendations to the Board on the selection of individuals nominated for directorships, the appointment or re-appointment of Directors and succession planning for Directors, and regularly reviewing and assessing the time commitment and contribution to the Board by each Director as well as the Director's ability to discharge his/her responsibilities effectively. The Committee is also responsible for assessing the independence of Independent Non-Executive Directors and reviewing their annual confirmations on independence. The Committee meets at least once a year and is provided with sufficient resources enabling it to discharge its duties.
The Nomination Committee currently comprises Mr. Daryl Ng Win Kong (Committee Chairman), the Chairman of the Board, as well as Dr. Allan Zeman, Mr. Adrian David Li Man-kiu and The Honourable Rock Chen Chung-nin, all of whom are Independent Non-Executive Directors, and Ms. Nikki Ng Mien Hua, a Non-Executive Director.
20 | Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Corporate governance and other information (Continued)
Audit Committee
The Company has set up its Audit Committee with written terms of reference which are available at the Company's website www.sino.com and the Stock Exchange's website.
The Audit Committee reports to the Board and holds regular meetings to assist the Board in discharging its responsibilities for effective financial reporting controls, risk management and internal control. The Committee meets at least four times a year and is provided with sufficient resources enabling it to discharge its duties.
The Audit Committee currently comprises Mr. Adrian David Li Man-kiu (Committee Chairman), Dr. Allan Zeman and The Honourable Rock Chen Chung-nin, all of whom are Independent Non-Executive Directors.
In the first quarter of 2026, the Audit Committee has reviewed the accounting policies and practices adopted by the Company and the interim report for the Interim Period.
Compliance Committee
The Company has set up its Compliance Committee with written terms of reference to enhance the corporate governance standard of the Company. The Compliance Committee has dual reporting lines. A principal reporting line is to the Board through the Committee Chairman. A secondary reporting line is to the Audit Committee. The Compliance Committee currently comprises the Executive Director of the Company, the Chief Financial Officer, the Group General Counsels, the Company Secretary, the Head of Internal Audit Department, other department heads and the Compliance Officer. During the Interim Period, the Committee reviewed its meeting policy with a view to streamlining meeting arrangements while maintaining high standards of compliance. The interval for holding regular meetings has been resolved to be twice a year. Ad hoc meetings can be held as and when required. The regular meetings, which provide a forum for regulatory updates for management, will consider corporate governance issues, review management reports on continuing connected transactions, monitor the usage of annual caps, and make recommendations to the Board and the Audit Committee on the Company's corporate governance issues and Listing Rules compliance matters.
Codes for dealing in the Company's securities
The Company has adopted its own code for dealing in the Company's securities by Directors (the "Directors Dealing Code") on terms no less exacting than the required standard set out in the Model Code. The Company has made specific enquiries of all Directors who held such offices during the period under review. All of them confirmed their compliance with the required standard set out in the Directors Dealing Code during the Interim Period. The Company has also adopted a code for dealing in the Company's securities by relevant employees, who are likely to be in possession of inside information in relation to the securities of the Company, on no less exacting terms than the Model Code.
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Corporate governance and other information (Continued)
Compliance with Corporate Governance Code
The Company has adopted its own Corporate Governance Code, which is based on the principles and the code provisions as set out in Part 2 of Appendix C1 to the Listing Rules (the "CG Code"). The Company has complied with all code provisions as set out in the CG Code applicable to the Company for the Interim Period, except that there was no separation of the roles of the chairman and the chief executive, both of the roles are currently undertaken by the Chairman of the Board.
The Board is of the view that the current management structure has been effective in facilitating the Company's operation and business development and that necessary checks and balances consistent with sound corporate governance practices are in place. The implementation of strategies and policies of the Board and the operations of each business unit are overseen and monitored by designated responsible Executive Director and the heads of individual business units. The Board has found that the current arrangement has worked effectively in enabling it to discharge its responsibilities satisfactorily. In addition, all the Independent Non-Executive Directors have contributed valuable views and proposals for the Board's deliberation and decisions. The Board reviews the management structure regularly to ensure that it continues to meet these objectives and is in line with the industry practices.
Compliance with Appendix D2 to the Listing Rules
Save as disclosed in this Interim Report, information of the Group with respect to the matters set out in paragraph 32 of Appendix D2 to the Listing Rules has not changed materially from the information disclosed in the Company's 2025 Annual Report.
By Order of the Board
Fanny CHENG Siu King
Company Secretary
Hong Kong, 27th February, 2026
Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Report on review of condensed consolidated financial statements
KPMG
Review report to the board of directors of Tsim Sha Tsui Properties Limited
(Incorporated in Hong Kong with limited liability)
Introduction
We have reviewed the condensed consolidated financial statements set out on pages 24 to 49 which comprise the consolidated statement of financial position of Tsim Sha Tsui Properties Limited (the "Company") as of 31st December, 2025 and the related consolidated statement of profit or loss, consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and condensed consolidated statement of cash flows for the six-month period then ended, and explanatory notes. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of an interim financial report to be in compliance with the relevant provisions thereof and Hong Kong Accounting Standard ("HKAS") 34, Interim Financial Reporting, as issued by the Hong Kong Institute of Certified Public Accountants. The directors are responsible for the preparation and presentation of these condensed consolidated financial statements in accordance with HKAS 34.
Our responsibility is to express a conclusion, based on our review, on these condensed consolidated financial statements and to report our conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.
Scope of Review
We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, as issued by the Hong Kong Institute of Certified Public Accountants. A review of condensed consolidated financial statements consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated financial statements as at 31st December, 2025 are not prepared, in all material respects, in accordance with HKAS 34.
KPMG
Certified Public Accountants
8th Floor, Prince's Building
10 Chater Road
Central, Hong Kong
27th February, 2026
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Consolidated statement of profit or loss
For the six months ended 31st December, 2025
| Six months ended | |||
|---|---|---|---|
| Notes | 31st December, 2025 HK$ Million (Unaudited) | 31st December, 2024 HK$ Million (Unaudited) | |
| Revenue | 3, 4 | 5,214 | 3,879 |
| Cost of sales | (1,482) | (936) | |
| Direct expenses | (1,456) | (1,290) | |
| Gross profit | 2,276 | 1,653 | |
| Change in fair value of investment properties | 13 | (186) | (260) |
| Other income and other gains or losses | (194) | 20 | |
| Change in fair value of financial assets at fair value through profit or loss ("FVTPL") | (1) | (7) | |
| Administrative expenses | (502) | (465) | |
| Other operating expenses | (148) | (109) | |
| Finance income | 5 | 1,008 | 1,199 |
| Finance costs | 6 | (32) | (54) |
| Less: interest capitalised | 6 | 28 | 21 |
| Finance income, net | 1,004 | 1,166 | |
| Share of results of associates | 7 | 12 | 174 |
| Share of results of joint ventures | 8 | (416) | (130) |
| Profit before taxation | 9 | 1,845 | 2,042 |
| Income tax expense | 10 | (295) | (215) |
| Profit for the period | 1,550 | 1,827 | |
| Profit for the period attributable to: | |||
| The Company's shareholders | 905 | 1,043 | |
| Non-controlling interests | 645 | 784 | |
| 1,550 | 1,827 | ||
| Earnings per share | |||
| Basic | 12(a) | HK$0.41 | HK$0.49 |
The notes on pages 31 to 49 form part of these condensed consolidated financial statements. Details of dividends payable to equity shareholders of the Company are set out in Note 11.
24 | Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Consolidated statement of profit or loss and other comprehensive income
For the six months ended 31st December, 2025
| Six months ended | ||
|---|---|---|
| 31st December, 2025 HK$ Million (Unaudited) | 31st December, 2024 HK$ Million (Unaudited) | |
| Profit for the period | 1,550 | 1,827 |
| Other comprehensive income | ||
| Item that will not be reclassified to profit or loss: | ||
| Change in fair value of equity instruments at fair value through other comprehensive income ("FVTOCI") | 192 | 77 |
| Items that may be reclassified subsequently to profit or loss: | ||
| Exchange differences arising on translation of foreign operations | 38 | (247) |
| Change in fair value of debt instruments at FVTOCI | - | 2 |
| 38 | (245) | |
| Other comprehensive income for the period | 230 | (168) |
| Total comprehensive income for the period | 1,780 | 1,659 |
| Total comprehensive income attributable to: | ||
| The Company's shareholders | 1,041 | 950 |
| Non-controlling interests | 739 | 709 |
| 1,780 | 1,659 |
The notes on pages 31 to 49 form part of these condensed consolidated financial statements.
2025-2026 Interim Report Tsim Sha Tsui Properties Limited | 25
Consolidated statement of financial position
At 31st December, 2025
| | Notes | 31st December, 2025
HK$ Million
(Unaudited) | 30th June, 2025
HK$ Million
(Audited) |
| --- | --- | --- | --- |
| Non-current assets | | | |
| Investment properties | 13 | 67,827 | 66,044 |
| Hotel properties | | 1,667 | 1,708 |
| Property, plant and equipment | 14 | 226 | 209 |
| Right-of-use assets | | 1,142 | 1,168 |
| Goodwill | | 739 | 739 |
| Interests in associates | 15 | 16,606 | 16,662 |
| Interests in joint ventures | 16 | 6,819 | 7,234 |
| Equity and debt instruments | 24 | 1,572 | 1,618 |
| Advances to associates | 15 | 4,855 | 4,766 |
| Advances to joint ventures | 16 | 8,722 | 8,782 |
| Long-term loans receivable | | 3,218 | 2,459 |
| Deferred taxation | | 3 | 18 |
| Other assets | | 1 | 1 |
| | | 113,397 | 111,408 |
| Current assets | | | |
| Properties under development | | 9,522 | 9,963 |
| Stocks of completed properties | | 3,638 | 4,721 |
| Hotel inventories | | 4 | 4 |
| Equity and debt instruments | 24 | 13 | 12 |
| Amounts due from associates | 15 | 1,759 | 1,800 |
| Amounts due from joint ventures | 16 | 3,451 | 3,403 |
| Amounts due from non-controlling interests | | 32 | 20 |
| Trade and other receivables | 17 | 2,002 | 1,556 |
| Current portion of long-term loans receivable | | 401 | 368 |
| Taxation recoverable | | 46 | 3 |
| Time deposits and restricted bank deposits | 18 | 48,906 | 49,853 |
| Bank balances and cash | 18 | 5,286 | 2,403 |
| | | 75,060 | 74,106 |
| Current liabilities | | | |
| Trade and other payables | 19 | 4,411 | 4,130 |
| Lease liabilities | | 37 | 35 |
| Contract liabilities | | 256 | 329 |
| Amounts due to associates | 15 | 2,393 | 1,035 |
| Amounts due to joint ventures | 16 | 244 | - |
| Amounts due to non-controlling interests | | 2,127 | 2,032 |
| Taxation payable | | 373 | 471 |
| Bank borrowings – due within one year | 20 | 832 | 1,799 |
| | | 10,673 | 9,831 |
| Net current assets | | 64,387 | 64,275 |
| Total assets less current liabilities | | 177,784 | 175,683 |
26 | Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Consolidated statement of financial position (Continued)
At 31st December, 2025
| | Notes | 31st December, 2025
HK$ Million
(Unaudited) | 30th June, 2025
HK$ Million
(Audited) |
| --- | --- | --- | --- |
| Capital and reserves | | | |
| Share capital | 21 | 21,469 | 20,535 |
| Reserves | | 78,423 | 77,980 |
| Equity attributable to the Company's shareholders | | 99,892 | 98,515 |
| Non-controlling interests | | 71,974 | 72,292 |
| Total equity | | 171,866 | 170,807 |
| Non-current liabilities | | | |
| Bank borrowings – due after one year | 20 | 967 | – |
| Lease liabilities | | 11 | 15 |
| Other loan – due after one year | 25 | 900 | 884 |
| Deferred taxation | | 2,858 | 2,800 |
| Advances from associates | 22 | 1,111 | 1,107 |
| Advances from non-controlling interests | 23 | 71 | 70 |
| | | 5,918 | 4,876 |
| | | 177,784 | 175,683 |
The notes on pages 31 to 49 form part of these condensed consolidated financial statements.
2025-2026 Interim Report Tsim Sha Tsui Properties Limited | 27
Consolidated statement of changes in equity
For the six months ended 31st December, 2025
| Notes | Attributable to the Company's shareholders | Non-controlling interestsHK$ Million | TotalHK$ Million | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Share capitalHK$ Million | Capital reserveHK$ Million | Investment revaluation reserveHK$ Million | Exchange reserveHK$ Million | Retained profitsHK$ Million | TotalHK$ Million | ||||
| At 1st July, 2024 | 19,305 | 4,175 | (229) | (276) | 71,893 | 94,868 | 72,319 | 167,187 | |
| Profit for the period | - | - | - | - | 1,043 | 1,043 | 784 | 1,827 | |
| Other comprehensive income for the period | - | - | 45 | (138) | - | (93) | (75) | (168) | |
| Total comprehensive income for the period | - | - | 45 | (138) | 1,043 | 950 | 709 | 1,659 | |
| Shares issued in lieu of cash dividend | ZI | 906 | - | - | - | - | 906 | - | 906 |
| Deemed acquisition of partial interest in a listed subsidiary | - | 656 | - | - | - | 656 | (668) | (12) | |
| Dividend paid to non-controlling interests | - | - | - | - | - | - | (1,612) | (1,612) | |
| Scrip dividend re-invested by non-controlling interests | - | - | - | - | - | - | 777 | 777 | |
| Final dividend declared and paid - 2024 | II | - | - | - | - | (912) | (912) | - | (912) |
| At 31st December, 2024 (unaudited) | 20,211 | 4,831 | (184) | (414) | 72,024 | 96,468 | 71,525 | 167,993 | |
| At 1st July, 2025 | 20,535 | 5,067 | (52) | (20) | 72,985 | 98,515 | 72,292 | 170,807 | |
| Profit for the period | - | - | - | - | 905 | 905 | 645 | 1,550 | |
| Other comprehensive income for the period | - | - | 112 | 24 | - | 136 | 94 | 230 | |
| Total comprehensive income for the period | - | - | 112 | 24 | 905 | 1,041 | 739 | 1,780 | |
| Reclassification upon disposal of equity instruments at FVTOCI | - | - | (6) | - | 6 | - | - | - | |
| Shares issued in lieu of cash dividend | ZI | 934 | - | - | - | - | 934 | - | 934 |
| Deemed acquisition of partial interest in a listed subsidiary | - | 342 | - | - | - | 342 | (359) | (17) | |
| Dividend paid to non-controlling interests | - | - | - | - | - | - | (1,695) | (1,695) | |
| Scrip dividend re-invested by non-controlling interests | - | - | - | - | - | - | 997 | 997 | |
| Final dividend declared and paid - 2025 | II | - | - | - | - | (940) | (940) | - | (940) |
| At 31st December, 2025 (unaudited) | 21,469 | 5,409 | 54 | 4 | 72,956 | 99,892 | 71,974 | 171,866 |
The notes on pages 31 to 49 form part of these condensed consolidated financial statements.
28 | Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Condensed consolidated statement of cash flows
For the six months ended 31st December, 2025
| Six months ended | ||
|---|---|---|
| 31st December, 2025 HK$ Million (Unaudited) | 31st December, 2024 HK$ Million (Unaudited) | |
| Net cash generated from operating activities | 149 | 1,323 |
| Net cash (used in)/generated from investing activities | ||
| Advances to associates | (266) | (171) |
| Advances to joint ventures | (407) | (1,416) |
| Advances to non-controlling interests | (12) | (2) |
| Additions to investment properties | (64) | (66) |
| Additions to property, plant and equipment | (53) | (26) |
| Additions to right-of-use assets | (4) | - |
| (Increase)/decrease in time deposits with original maturity over three months and charge over deposits | (5,222) | 16,066 |
| Dividend received from associates | 129 | 61 |
| Dividend received from joint ventures | 128 | 7 |
| Proceeds from disposal of equity and debt instruments | 246 | 8 |
| Repayments from associates | 160 | 843 |
| Repayments from joint ventures | 363 | 1,142 |
| Purchase of equity and debt instruments | (14) | (215) |
| Capital injection in joint ventures | - | (579) |
| Acquisition of additional interest in a listed subsidiary | (21) | (18) |
| Interest received | 652 | 1,395 |
| (4,385) | 17,029 | |
| Net cash generated from/(used in) financing activities | ||
| New bank borrowings and other loans raised | 16 | 998 |
| Advances from associates | 1,397 | 137 |
| Advances from joint ventures | 244 | - |
| Advances from non-controlling interests | 138 | 70 |
| Repayments of lease liabilities | (22) | (23) |
| Repayments to associates | (35) | (604) |
| Repayments to non-controlling interests | (42) | (619) |
| Dividend paid to non-controlling interests | (698) | (835) |
| Interest paid | (31) | (23) |
| Other financing activities | (6) | (6) |
| 961 | (905) |
2025-2026 Interim Report Tsim Sha Tsui Properties Limited | 29
Condensed consolidated statement of cash flows (Continued)
For the six months ended 31st December, 2025
| Six months ended | ||
|---|---|---|
| 31st December, 2025 | ||
| HK$ Million | ||
| (Unaudited) | 31st December, 2024 | |
| HK$ Million | ||
| (Unaudited) | ||
| Net (decrease)/increase in cash and cash equivalents | (3,275) | 17,447 |
| Cash and cash equivalents at the beginning of the period | 16,934 | 6,724 |
| Effect of foreign exchange rate changes | 5 | (56) |
| Cash and cash equivalents at the end of the period | 13,664 | 24,115 |
| Analysis of the balances of cash and cash equivalents | ||
| Restricted bank deposits | – | 24 |
| Time deposits | 48,906 | 46,529 |
| Bank balances and cash | 5,286 | 2,123 |
| Deposits, bank balances and cash in the consolidated statement of financial position | 54,192 | 48,676 |
| Less: Time deposits with original maturity over three months | ||
| and charge over deposits | (40,528) | (24,537) |
| Restricted bank deposits | – | (24) |
| Cash and cash equivalents in the condensed consolidated statement of cash flows | 13,664 | 24,115 |
The notes on pages 31 to 49 form part of these condensed consolidated financial statements.
30 | Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Notes to the unaudited condensed consolidated financial statements
For the six months ended 31st December, 2025
1. Basis of preparation
These condensed consolidated financial statements have been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, including compliance with Hong Kong Accounting Standard ("HKAS") 34, Interim Financial Reporting, issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA").
The condensed consolidated financial statements are unaudited, but have been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the HKICPA. KPMG's independent review report to the Board of Directors is included on page 23.
The financial information relating to the financial year ended 30th June, 2025 that is included in the condensed consolidated financial statements as comparative information does not constitute the Company's statutory annual consolidated financial statements for that financial year but is derived from those financial statements. Further information relating to these statutory financial statements disclosed in accordance with section 436 of the Hong Kong Companies Ordinance (Cap. 622) is as follows:
The Company has delivered the financial statements for the year ended 30th June, 2025 to the Registrar of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Hong Kong Companies Ordinance.
The Company's auditor has reported on those financial statements. The auditor's report was unqualified; did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its reports; and did not contain a statement under sections 406(2), 407(2) or (3) of the Hong Kong Companies Ordinance.
2. Principal accounting policies
The condensed consolidated financial statements have been prepared on the historical cost basis, except for investment properties and certain financial instruments, which are measured at fair values, as appropriate.
Other than changes in accounting policies resulting from application of amendments to HKFRS Accounting Standards, the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 31st December, 2025 are the same as those followed in the preparation of the Group's annual financial statements for the year ended 30th June, 2025.
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Notes to the unaudited condensed consolidated financial statements (Continued)
For the six months ended 31st December, 2025
2. Principal accounting policies (Continued)
Application of amendments to HKFRS Accounting Standards
In the current interim period, the Group has applied the following amendments to HKFRS Accounting Standards issued by the HKICPA, which are effective for the annual period beginning on or after 1st July, 2025 for the preparation of the Group's condensed consolidated financial statements.
Amendments to HKAS 21
The effects of changes in foreign exchange rates – Lack of exchangeability
The application of amendments to HKFRS Accounting Standards in the current period has had no material impact on the Group's financial positions and performance for the current and prior periods and/or on the disclosures set out in these condensed consolidated financial statements.
3. Revenue
| Six months ended | ||
|---|---|---|
| 31st December, 2025 HK$ Million | 31st December, 2024 HK$ Million | |
| Sales of properties | 2,543 | 1,212 |
| Property management and other services | 730 | 699 |
| Hotel operations | 515 | 495 |
| Revenue from goods and services | 3,788 | 2,406 |
| Rental income from operating leases | 1,366 | 1,403 |
| Interest revenue from loans receivable | 34 | 52 |
| Dividend income from listed investments | 26 | 18 |
| 5,214 | 3,879 | |
| Geographical market: | ||
| Hong Kong | 4,488 | 3,237 |
| Chinese Mainland | 140 | 80 |
| Singapore | 586 | 562 |
| 5,214 | 3,879 |
Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Notes to the unaudited condensed consolidated financial statements (Continued)
For the six months ended 31st December, 2025
3. Revenue (Continued)
For the six months ended 31st December, 2025, revenue from contracts with customers recognised over time mainly consists of property management and other service fee income and hotel room revenue of HK$730 million and HK$288 million (six months ended 31st December, 2024: HK$699 million and HK$280 million) respectively. The revenue recognised at a point in time mainly consists of income from sales of properties and income from hotel food and beverage sales of HK$2,543 million and HK$227 million (six months ended 31st December, 2024: HK$1,212 million and HK$215 million) respectively.
4. Segment information
The following is an analysis of the Group's revenue and results by reportable and operating segments for the period under review:
Six months ended 31st December, 2025
| The Company and its subsidiaries | Associates and joint ventures | Total | ||||
|---|---|---|---|---|---|---|
| External revenue HK$ Million | Results HK$ Million | Share of revenue HK$ Million | Share of results HK$ Million | Segment revenue HK$ Million | Segment results HK$ Million | |
| Property sales | 2,543 | 721 | 4,369 | (226) | 6,912 | 495 |
| Property rental | 1,366 | 1,077 | 381 | 305 | 1,747 | 1,382 |
| 3,909 | 1,798 | 4,750 | 79 | 8,659 | 1,877 | |
| Property management and other services | 730 | 132 | 62 | 9 | 792 | 141 |
| Hotel operations | 515 | 207 | 307 | 82 | 822 | 289 |
| Investments in securities | 26 | 26 | - | - | 26 | 26 |
| Financing | 34 | 34 | 4 | 4 | 38 | 38 |
| 5,214 | 2,197 | 5,123 | 174 | 10,337 | 2,371 |
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Notes to the unaudited condensed consolidated financial statements (Continued)
For the six months ended 31st December, 2025
4. Segment information (Continued)
Six months ended 31st December, 2024
| The Company and its subsidiaries | Associates and joint ventures | Total | ||||
|---|---|---|---|---|---|---|
| External revenue HK$ Million | Results HK$ Million | Share of revenue HK$ Million | Share of results HK$ Million | Segment revenue HK$ Million | Segment results HK$ Million | |
| Property sales | 1,212 | 110 | 1,332 | 41 | 2,544 | 151 |
| Property rental | 1,403 | 1,069 | 381 | 317 | 1,784 | 1,386 |
| 2,615 | 1,179 | 1,713 | 358 | 4,328 | 1,537 | |
| Property management and other services | 699 | 137 | 61 | 6 | 760 | 143 |
| Hotel operations | 495 | 198 | 299 | 63 | 794 | 261 |
| Investments in securities | 18 | 18 | - | - | 18 | 18 |
| Financing | 52 | 52 | 5 | 5 | 57 | 57 |
| 3,879 | 1,584 | 2,078 | 432 | 5,957 | 2,016 |
Segment results represent the profit before taxation earned by each segment without allocation of certain other income and other gains or losses, certain administrative expenses and other operating expenses, change in fair value of investment properties and financial assets at FVTPL and certain finance income, net. The profit before taxation earned by each segment also includes the share of results from the Group's associates and joint ventures without allocation of the associates' and joint ventures' certain other income and other gains or losses, certain administrative expenses and other operating expenses, change in fair value of investment properties, finance costs, net and income tax expense. This is the measure reported to the chief operating decision makers, being the Directors of the Company, for the purposes of resource allocation and performance assessment.
34 | Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Notes to the unaudited condensed consolidated financial statements (Continued)
For the six months ended 31st December, 2025
4. Segment information (Continued)
Reconciliation of profit before taxation
| Six months ended | ||
|---|---|---|
| 31st December, 2025 HK$ Million | 31st December, 2024 HK$ Million | |
| Segment profit | 2,371 | 2,016 |
| Change in fair value of investment properties | (186) | (260) |
| Other income and other gains or losses | (194) | 18 |
| Change in fair value of financial assets at FVTPL | (1) | (7) |
| Administrative expenses and other operating expenses | (570) | (500) |
| Finance income, net | 1,003 | 1,163 |
| Results shared from associates and joint ventures | ||
| - Other income and other gains or losses | 225 | 132 |
| - Change in fair value of investment properties | (560) | (180) |
| - Administrative expenses and other operating expenses | (116) | (125) |
| - Finance costs, net | (127) | (134) |
| - Income tax expense | - | (81) |
| (578) | (388) | |
| Profit before taxation | 1,845 | 2,042 |
During the six months ended 31st December, 2025, inter-segment sales of HK$90 million (six months ended 31st December, 2024: HK$67 million) were not included in the segment of "property management and other services". There were no inter-segment sales in other operating segments. Inter-segment sales were charged on a cost plus margin basis as agreed between the parties involved.
5. Finance income
| Six months ended | ||
|---|---|---|
| 31st December, 2025 HK$ Million | 31st December, 2024 HK$ Million | |
| Interest income on bank deposits | 959 | 1,094 |
| Interest income on advances to associates and joint ventures and imputed interest income on non-current interest-free advances to associates and joint ventures | 49 | 105 |
| 1,008 | 1,199 |
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Notes to the unaudited condensed consolidated financial statements (Continued)
For the six months ended 31st December, 2025
6. Finance costs
Interest and other finance costs on:
- Bank loans and other loans
- Lease liabilities
- Imputed interest expense on non-current interest-free advances from associates
- Imputed interest expense on non-current interest-free unsecured other loans
- Less: Amounts capitalised to properties under development
| Six months ended | |
|---|---|
| 31st December, 2025 | |
| HK$ Million | 31st December, 2024 |
| HK$ Million | |
| 31 | 23 |
| 1 | 1 |
| – | 26 |
| – | 4 |
| 32 | 54 |
| (28) | (21) |
| 4 | 33 |
7. Share of results of associates
Share of results of associates included the Group's share of decrease in fair value of investment properties of the associates of HK$141 million (six months ended 31st December, 2024: HK$90 million) recognised in the statement of profit or loss of the associates.
8. Share of results of joint ventures
Share of results of joint ventures included the Group's share of decrease in fair value of investment properties of the joint ventures of HK$419 million (six months ended 31st December, 2024: HK$90 million) recognised in the statement of profit or loss of the joint ventures.
36 | Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Notes to the unaudited condensed consolidated financial statements (Continued)
For the six months ended 31st December, 2025
9. Profit before taxation
| Six months ended | ||
|---|---|---|
| 31st December, 2025 HK$ Million | 31st December, 2024 HK$ Million | |
| Profit before taxation has been arrived at after charging: | ||
| Cost of properties sold | 1,482 | 936 |
| Cost of hotel inventories recognised as direct expenses | 55 | 53 |
| Depreciation of hotel properties | 16 | 17 |
| Depreciation of property, plant and equipment | 34 | 28 |
| Depreciation of right-of-use assets | 33 | 33 |
| Impairment loss on trade receivables, net of reversal | 47 | 19 |
10. Income tax expense
| Six months ended | ||
|---|---|---|
| 31st December, 2025 HK$ Million | 31st December, 2024 HK$ Million | |
| Tax charge comprises: | ||
| Current taxation | ||
| Hong Kong Profits Tax | 203 | 140 |
| Other jurisdictions | 60 | 45 |
| Land Appreciation Tax (“LAT”) in Chinese Mainland | 16 | 2 |
| 279 | 187 | |
| Deferred taxation | 16 | 28 |
| 295 | 215 |
Hong Kong Profits Tax is recognised based on management's best estimate of the weighted average annual income tax rate expected for the full financial year. The estimated weighted average annual tax rate used is 16.5% (six months ended 31st December, 2024: 16.5%).
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Notes to the unaudited condensed consolidated financial statements (Continued)
For the six months ended 31st December, 2025
10. Income tax expense (Continued)
Taxes on profits assessable in Singapore and Chinese Mainland are recognised based on management's best estimate of the weighted average annual income tax rates prevailing in the countries and the regions in which the Group operates. The estimated weighted average annual tax rates used are 17% in Singapore and 25% in Chinese Mainland (six months ended 31st December, 2024: 17% in Singapore and 25% in Chinese Mainland).
The provision of LAT is calculated according to the requirements set forth in the relevant tax laws and regulations. LAT has been provided at ranges of progressive rates of the appreciation value, with certain allowable deductions.
Deferred taxation has been provided in relation to the change in fair value of certain investment properties and other temporary differences.
The Group is subject to the Global Anti-Base Erosion Model Rules ("Pillar Two model rules") for global minimum tax reform published by the Organisation for Economic Co-operation and Development. In June 2025, Pillar Two legislation was enacted in Hong Kong to introduce a domestic minimum top-up tax. It has become effective for the current financial year ending 30th June, 2026. The Group has assessed its exposure to the Pillar Two income tax for the period ended 31st December, 2025, and considered the overall impact not material.
The Group has applied the temporary mandatory exception from deferred tax accounting for the top-up tax and accounted for the tax as current tax when incurred.
11. Dividend paid
| Six months ended | |
|---|---|
| 31st December, 2025 | |
| HK$ Million | 31st December, 2024 |
| HK$ Million | |
| 940 | 912 |
Final dividend paid for the year ended 30th June, 2025 of HK43 cents per share (six months ended 31st December, 2024: HK43 cents per share for the year ended 30th June, 2024), with a scrip dividend option
Subsequent to the end of the reporting period, the Directors determined that an interim dividend for the six months ended 31st December, 2025 of HK15 cents (six months ended 31st December, 2024: HK15 cents) per share amounting to HK$335 million (six months ended 31st December, 2024: HK$325 million) would be paid to the Company's shareholders whose names appear on the Register of Members on 18th March, 2026.
38 | Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Notes to the unaudited condensed consolidated financial statements (Continued)
For the six months ended 31st December, 2025
12. Earnings per share
(a) Reported earnings per share
The calculation of the basic earnings per share attributable to the Company's shareholders is based on the following data:
| Six months ended | ||
|---|---|---|
| 31st December, 2025 HK$ Million | 31st December, 2024 HK$ Million | |
| Earnings for the purpose of basic earnings per share | 905 | 1,043 |
| Number of shares | Number of shares | |
| Weighted average number of ordinary shares for the purpose of basic earnings per share | 2,193,576,540 | 2,128,870,074 |
No diluted earnings per share has been presented for the periods ended 31st December, 2025 and 2024 as there were no potential ordinary shares outstanding during the current and prior periods.
(b) Underlying earnings per share
For the purpose of assessing the underlying performance of the Group, underlying earnings per share calculated based on the underlying profit attributable to the Company's shareholders of HK$1,302 million (six months ended 31st December, 2024: HK$1,283 million) is also presented which excludes the net effect of changes in fair value of investment properties of the Group and its associates and joint ventures and includes realised fair value gain on interest in an associate upon sales of its properties and realised fair value gain on investment properties disposed of during the period, taking into account tax effect and the amount attributable to the Company's shareholders. The denominators used are the same as those detailed above for reported earnings per share.
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Notes to the unaudited condensed consolidated financial statements (Continued)
For the six months ended 31st December, 2025
12. Earnings per share (Continued)
(b) Underlying earnings per share (Continued)
A reconciliation of profit is as follows:
| Six months ended | ||
|---|---|---|
| 31st December, 2025 HK$ Million | 31st December, 2024 HK$ Million | |
| Earnings for the purpose of basic earnings per share | 905 | 1,043 |
| Change in fair value of investment properties | 186 | 260 |
| Effect of corresponding deferred tax | (20) | (21) |
| Share of results of associates | ||
| - Change in fair value of investment properties | 141 | 90 |
| - Effect of corresponding deferred tax | - | 5 |
| Share of results of joint ventures | ||
| - Change in fair value of investment properties | 419 | 90 |
| - Effect of corresponding deferred tax | (34) | (11) |
| 692 | 413 | |
| Amount attributable to non-controlling interests | (298) | (181) |
| Unrealised change in fair value of investment properties attributable to the Company's shareholders | 394 | 232 |
| Realised fair value gain on investment properties disposed of during the period, net of taxation | 5 | 10 |
| Realised fair value gain on interest in an associate upon sales of its properties during the period | - | 4 |
| Amount attributable to non-controlling interests | (2) | (6) |
| 397 | 240 | |
| Underlying profit attributable to the Company's shareholders | 1,302 | 1,283 |
| Underlying earnings per share | HK$0.59 | HK$0.60 |
40 | Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Notes to the unaudited condensed consolidated financial statements (Continued)
For the six months ended 31st December, 2025
13. Investment properties
The Group's investment properties at 31st December, 2025 and 30th June, 2025 were fair-valued by Knight Frank Petty Limited and Knight Frank Pte Ltd., independent valuers not connected with the Group. The valuations for completed properties were arrived at by reference to market evidence of recent transaction prices for similar properties and/or on the basis of discounted cash flow projections based on estimates of future rental income from properties using current market rentals and yields as inputs. For investment properties under redevelopment, the valuations had been arrived at by adopting direct comparison approach with reference to comparable transactions in the locality and assuming that the investment properties will be completed in accordance with the development proposals and the relevant approvals for the proposals have been obtained. The valuations had also taken into account the relevant future cost of development, including construction costs, finance costs, professional fees and developer's profit as of completion, which duly reflected the risks associated with the development of the properties.
The resulting fair value loss on investment properties of HK$186 million has been recognised directly in profit or loss for the six months ended 31st December, 2025 (six months ended 31st December, 2024: fair value loss of HK$260 million). During the six months ended 31st December, 2025, properties under development with the carrying amount of HK$1,907 million were completed and transferred to investment properties.
14. Property, plant and equipment
During the six months ended 31st December, 2025, additions to property, plant and equipment amounted to HK$53 million (six months ended 31st December, 2024: HK$26 million).
15. Interests in associates/Advances to associates/Amounts due from/to associates
| 31st December, 2025 HK$ Million | 30th June, 2025 HK$ Million | |
|---|---|---|
| Interests in associates | 16,606 | 16,662 |
| Advances to associates | 6,349 | 6,215 |
| Less: Allowance | (1,494) | (1,449) |
| 4,855 | 4,766 |
The advances to associates of the Group are unsecured and have no fixed repayment terms. At 31st December, 2025, out of the Group's advances to associates net of allowance, HK$1,484 million (30th June, 2025: HK$1,430 million) bear interest and the remaining balance is interest-free. In the opinion of the Directors, the Group will not demand for repayment within the next twelve months from the end of the reporting period and the advances are therefore presented as non-current.
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Notes to the unaudited condensed consolidated financial statements (Continued)
For the six months ended 31st December, 2025
15. Interests in associates/Advances to associates/Amounts due from/to associates (Continued)
The amounts due from associates of the Group classified under current assets are unsecured, interest-free and are expected to be repaid within one year.
The amounts due to associates of the Group classified under current liabilities are unsecured, interest-free and repayable on demand.
16. Interests in joint ventures/Advances to joint ventures/Amounts due from/to joint ventures
| | 31st December, 2025
HK$ Million | 30th June, 2025
HK$ Million |
| --- | --- | --- |
| Interests in joint ventures | 6,819 | 7,234 |
| Advances to joint ventures | 9,723 | 9,542 |
| Less: Allowance | (1,001) | (760) |
| | 8,722 | 8,782 |
The advances to joint ventures of the Group are unsecured and have no fixed repayment terms. At 31st December, 2025, out of the Group's advances to joint ventures, HK$5,342 million (30th June, 2025: HK$5,097 million) bear interest and the remaining balance is interest-free. In the opinion of the Directors, the Group will not demand for repayment within the next twelve months from the end of the reporting period and the advances are therefore presented as non-current.
The amounts due from joint ventures of the Group classified under current assets are unsecured, interest-free and are expected to be repaid within one year from the end of the reporting period.
The amounts due to joint ventures of the Group classified under current liabilities are unsecured, interest-free and repayable on demand.
17. Trade and other receivables
Trade receivables mainly comprise rental receivables and property management and other services. Rental receivables are billed and payable in advance by tenants. At 31st December, 2025, trade receivables from contracts with customers, net of allowance for credit losses, amounted to HK$209 million (30th June, 2025: HK$199 million).
42 | Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Notes to the unaudited condensed consolidated financial statements (Continued)
For the six months ended 31st December, 2025
17. Trade and other receivables (Continued)
The following is an ageing analysis of trade receivables (net of allowance for credit losses) at the end of the reporting period. The amounts not yet due mainly represented receivables from property management and other services. The amounts overdue mainly represent rental receivables billed on a monthly basis and payable by the tenants in advance of the rental periods, and receivables from property management and other services.
| | 31st December, 2025
HK$ Million | 30th June, 2025
HK$ Million |
| --- | --- | --- |
| Current or up to 30 days | 173 | 170 |
| 31 – 60 days | 29 | 12 |
| 61 – 90 days | 15 | 18 |
| Over 90 days | 114 | 138 |
| | 331 | 338 |
Other receivables and prepayments mainly comprise receivables in relation to utility and other deposits paid of HK$158 million (30th June, 2025: HK$186 million), other payments in advance of HK$210 million (30th June, 2025: HK$150 million) which is mainly related to property development projects and interest receivables of HK$780 million (30th June, 2025: HK$437 million).
18. Time deposits and restricted bank deposits/Bank balances and cash
The balance includes cash held by stakeholders of HK$639 million (30th June, 2025: HK$1,151 million), which are restricted for payments related to property development projects or will be released by stakeholders after completion of the relevant assignments.
At 31st December, 2025, time deposits of HK$277 million (30th June, 2025: HK$156 million) were charged for finance undertakings issued by banks for certain subsidiaries, associates and joint ventures of Sino Land Company Limited ("Sino Land").
19. Trade and other payables
At 31st December, 2025, included in trade and other payables of the Group are trade payables of HK$95 million (30th June, 2025: HK$71 million).
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Notes to the unaudited condensed consolidated financial statements (Continued)
For the six months ended 31st December, 2025
19. Trade and other payables (Continued)
The following is an ageing analysis of trade payables presented based on the invoice date at the reporting date:
| | 31st December, 2025
HK$ Million | 30th June, 2025
HK$ Million |
| --- | --- | --- |
| 1 – 30 days | 83 | 58 |
| 31 – 60 days | 1 | 2 |
| 61 – 90 days | 2 | 3 |
| Over 90 days | 9 | 8 |
| | 95 | 71 |
Other payables mainly comprise accrual of construction cost of HK$910 million (30th June, 2025: HK$811 million), rental and utilities deposits received of HK$834 million (30th June, 2025: HK$824 million), receipt in advance of HK$1,578 million (30th June, 2025: HK$1,579 million) which is mainly related to property development projects, and rental receipt in advance of HK$159 million (30th June, 2025: HK$144 million).
20. Bank borrowings
The bank borrowings carry interest at contracted interest rates (which are also the effective interest rates) at Hong Kong Interbank Offered Rate plus a margin per annum. The bank borrowings of the Group are guaranteed by Sino Land to the extent of the Group's equity interest in the respective subsidiaries of Sino Land.
44 | Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Notes to the unaudited condensed consolidated financial statements (Continued)
For the six months ended 31st December, 2025
21. Share capital
| 2025 | 2024 | |||
|---|---|---|---|---|
| Number of ordinary shares | Share capital HK$ Million | Number of ordinary shares | Share capital HK$ Million | |
| Ordinary shares issued and fully paid with no par value: | ||||
| At 1st July | 2,186,420,279 | 20,535 | 2,121,187,655 | 19,305 |
| Issue of shares in lieu of cash dividends | 45,405,243 | 934 | 48,743,624 | 906 |
| At 31st December | 2,231,825,522 | 21,469 | 2,169,931,279 | 20,211 |
On 3rd December, 2025, the Company issued and allotted a total of 45,405,243 (six months ended 31st December, 2024: 48,743,624) ordinary shares at an issue price of HK$20.570 (six months ended 31st December, 2024: HK$18.588) per ordinary share to the shareholders in lieu of cash for the 2025 final dividend (six months ended 31st December, 2024: 2024 final dividend).
The shares issued during the period rank pari passu with the then existing shares in all respects.
22. Advances from associates
The advances from associates of the Group are unsecured, interest-free and have no fixed repayment terms. The associates have agreed not to demand repayment within the next twelve months from the end of the reporting period and the advances are therefore shown as non-current. The effective interest rate for imputed interest expense for these interest-free loans is determined based on the cost-of-funds of the Group.
23. Advances from non-controlling interests
The advances from non-controlling interests of the Group amounting to HK$70 million (30th June, 2025: HK$69 million) are unsecured, bear interest at 6.25% (30th June, 2025: 6.25%) per annum and have no fixed repayment terms. The remaining balance of HK$1 million (30th June, 2025: HK$1 million) is unsecured, interest-free and has no fixed repayment terms. The non-controlling shareholders have agreed not to demand repayment within the next twelve months from the end of the reporting period and the advances are therefore shown as non-current.
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Notes to the unaudited condensed consolidated financial statements (Continued)
For the six months ended 31st December, 2025
24. Fair value measurements of financial instruments
Fair value of the Group's financial assets that are measured at fair value on a recurring basis
Some of the Group's financial assets are measured at fair value at the end of each reporting period. The following table gives information about how the fair values of these financial assets are determined (in particular, the valuation technique(s) and inputs used), as well as the level of the fair value hierarchy into which the fair value measurements are categorised (levels 1 to 3) based on the degree to which the inputs to the fair value measurements is observable.
- Level 1 inputs are quoted prices (unadjusted) in active market for identical assets or liabilities that the entity can access at the measurement date;
- Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
- Level 3 inputs are unobservable inputs for the asset or liability.
| Fair value as at | |||
|---|---|---|---|
| 31st December, 2025 HK$ Million | 30th June, 2025 HK$ Million | Fair value hierarchy | |
| Financial assets | |||
| Equity instruments at FVTOCI | |||
| - Listed equity securities (Note a) | 1,251 | 1,305 | Level 1 |
| Debt instruments at FVTOCI | |||
| - Listed debt securities (Note b) | 30 | 30 | Level 2 |
| Unlisted investments (Note c) | 291 | 283 | Level 3 |
| Financial assets at FVTPL | |||
| - Listed equity securities (Note a) | 13 | 12 | Level 1 |
Notes:
(a) The fair values of all listed equity securities are determined with reference to quoted market prices in an active market as at 31st December, 2025 and 30th June, 2025.
(b) The fair values of all listed debt securities are determined with reference to quoted market prices provided by financial institutions as at 31st December, 2025 and 30th June, 2025.
(c) The fair values of all unlisted investments at FVTPL and FVTOCI are determined based on their net asset value, representing the fair value of the funds reported by respective fund managers, and relevant factors if deemed necessary, as at 31st December, 2025 and 30th June, 2025, except those where the Directors of the Company consider cost approximates their fair value.
46 | Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Notes to the unaudited condensed consolidated financial statements (Continued)
For the six months ended 31st December, 2025
24. Fair value measurements of financial instruments (Continued)
Fair value of the Group's financial assets that are measured at fair value on a recurring basis (Continued)
The Directors of the Company consider that the carrying amounts of financial assets and liabilities classified as current assets or liabilities and recorded at amortised costs in the condensed consolidated financial statements approximate their fair values as these financial instruments are short-term in nature. For non-current financial assets and liabilities which are interest-free, the Directors of the Company consider that their carrying amounts approximate their fair values as their carrying amounts are discounted using the relevant effective interest rates which approximated the prevailing borrowing rates. For non-current financial assets and liabilities which bear interest at fixed interest rates, these rates approximated the prevailing borrowing rates of the respective group entities and accordingly, the Directors consider that their carrying amounts approximate their fair values.
There was no transfer among different levels of the fair value hierarchy in the current and prior periods.
Reconciliation of Level 3 fair value measurements of financial assets
| | 2025
HK$ Million | 2024
HK$ Million |
| --- | --- | --- |
| Unlisted investments | | |
| At 1st July | 283 | 232 |
| Net investment | 14 | 19 |
| Fair value changes | (3) | (8) |
| Exchange realignment | (3) | (3) |
| At 31st December | 291 | 240 |
25. Other loan – due after one year
The other loan from a company controlled by a connected person of the Company was unsecured, interest-free and included in the Group's non-current liability for the reporting period as the lender has agreed not to demand repayment during the next twelve months from the end of the reporting period.
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
Notes to the unaudited condensed consolidated financial statements (Continued)
For the six months ended 31st December, 2025
26. Financial guarantee contracts
At the end of the reporting period, the maximum amount that the Group has guaranteed under the contracts was as follows:
| | 31st December, 2025
HK$ Million | 30th June, 2025
HK$ Million |
| --- | --- | --- |
| Guarantees given to banks in respect of: | | |
| Banking facilities of associates and joint ventures attributable to the Group | | |
| - Utilised | 4,823 | 6,144 |
| - Unutilised | 383 | 806 |
| | 5,206 | 6,950 |
At 31st December, 2025 and 30th June, 2025, the Group issued corporate financial guarantees to banks in respect of banking facilities granted to associates and joint ventures. At the end of both reporting periods, the Group did not recognise any liabilities in respect of such corporate financial guarantees as the Directors of the Company consider that the fair values of these financial guarantee contracts at their initial recognition and at the end of the reporting period are insignificant. The amounts of loss allowances determined in accordance with Hong Kong Financial Reporting Standard 9, Financial Instruments at the end of the reporting periods are insignificant.
48 | Tsim Sha Tsui Properties Limited 2025-2026 Interim Report
Notes to the unaudited condensed consolidated financial statements (Continued)
For the six months ended 31st December, 2025
27. Commitments
Capital commitments outstanding at 31st December, 2025 not provided for in the condensed consolidated financial statements were as follows:
| | 31st December, 2025
HK$ Million | 30th June, 2025
HK$ Million |
| --- | --- | --- |
| Contracted for | 37 | 77 |
| Authorised but not contracted for | - | - |
| | 37 | 77 |
The Group's share of capital commitments of joint ventures and associates outstanding at 31st December, 2025 not provided for in the condensed consolidated financial statements were as follows:
| | 31st December, 2025
HK$ Million | 30th June, 2025
HK$ Million |
| --- | --- | --- |
| Contracted for | 301 | 273 |
| Authorised but not contracted for | 427 | 480 |
| | 728 | 753 |
28. Material related party transactions
There were no new material related party transactions during the six months ended 31st December, 2025 save as those disclosed in the Group's audited annual financial statements for the year ended 30th June, 2025.
2025-2026 Interim Report Tsim Sha Tsui Properties Limited
9
TSIM SHA TSUI PROPERTIES LIMITED
尖沙咀置業集團有限公司
www.sino.com
FSC
MIX
Paper | Supporting responsible forestry
起訖：方形 百葉分的林業
FSC® C176382