Hang Lung Properties

What Hang Lung Properties does

Hang Lung Properties Limited is a Hong Kong-incorporated commercial real estate developer and operator listed on the Hong Kong Stock Exchange (ticker 00101) and controlled by Hang Lung Group Limited. The company develops, owns, and manages a portfolio of premium mixed-use properties spanning retail malls, Grade A office towers, luxury residences, and hotels across Hong Kong and 8 top-tier Mainland China cities (Shanghai, Hangzhou, Kunming, Wuxi, Shenyang, Jinan, Tianjin, and Dalian), with 11 mixed-use developments on the Mainland and approximately 2.9 million square feet of retail and office space in Hong Kong.

The company's underlying technology centers on Building Information Modeling (BIM), for which it is the first and only private real estate developer in Hong Kong to receive a corporate-level award, and on sustainable construction practices including near-100% low-carbon emission steel in a Mainland project and LEED Gold or above certification across all 11 Mainland buildings. Its operational platform integrates loyalty programs (hello Hang Lung Malls Rewards, HOUSE 66) and partnerships with international hotel operators including Grand Hyatt, Mandarin Oriental, Hilton Canopy, and IHG Kimpton.

Hang Lung generates revenue primarily through long-term property leasing (HK$9.4 billion in FY2025, approximately 94% of total revenue), supplemented by hotel operations (HK$297 million, up 57% year-over-year) and occasional residential property sales (HK$264 million, down 83% year-over-year). FY2025 total revenue was approximately HK$10 billion with underlying net profit of HK$3.2 billion. The company's "Hang Lung V.3" strategy emphasizes asset optimization in prime urban locations, with new pipeline including the April 2026 soft opening of Westlake 66 in Hangzhou and a joint venture with Shanghai Join Buy Group for the West Nanjing Road commercial district.

Name

Hang Lung Properties

Legal name

Hang Lung Properties Limited

Website

http://www.hanglung.com/en-US/home

Company type

Public

Founded year

1949

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Hang Lung Properties is a Hong Kong-listed commercial real estate developer and operator owning 11 mixed-use developments across 8 top-tier Mainland China cities plus prime Hong Kong retail and office assets, serving luxury retail tenants, Grade A office occupants, hotel guests, and high-net-worth residential buyers.

Ownership category

akta.pro rank

Product category

Commercial Real Estate

NAICS

Nonresidential Property Managers (531312), Lessors of Nonresidential Buildings (except Miniwarehouses) (531120)

SIC

Operators Of Nonresidential Buildings (6512), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Mixed-Use Property Management (BPAJAGAE)

akta.pro secondary industry

Multifamily (Apartment) Property Management (BPAJAGAD)

Keywords

• Commercial real estate development
• Mixed-use property development
• Luxury retail leasing
• Grade A office leasing
• Premium residential properties

Headquarters

HQ city

Central

HQ country

Hong Kong SAR China

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Supply Chain, Technology or R&D

Revenue model

1. Property Leasing (Retail, Office, Residential): The primary revenue driver with resilient leasing revenue of $9.4 billion in 2025, encompassing rental income from retail mall tenants, Grade A office tenants, and residential tenants across Hong Kong and Mainland China portfolios.
2. Property Sales: Revenue from sale of residential and other developed properties, contributing $264 million in 2025 (down 83% year-over-year), reflecting the company's focus on leasing over development sales.
3. Hotel Operations: Hotel revenue surged 57% to $297 million in 2025, driven by the Grand Hyatt Kunming, marking a growing contribution to total revenue alongside property leasing.
4. Property Management Services: Fees and management income from operating and managing owned retail, office, and residential properties including customer engagement programs such as the hello Hang Lung Malls Rewards Program and HOUSE 66 loyalty programs.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels10 records

Core offering

Hang Lung Properties is a commercial real estate developer and operator that develops, owns, and manages a portfolio of mixed-use properties including luxury retail malls, Grade A office towers, premium residences, and hotels in Hong Kong and top-tier Mainland China cities. Its primary revenue driver is recurring rental income from leasing retail and office space to luxury brands and corporate tenants, complemented by residential property sales and hotel operations across 11 Mainland China mixed-use developments plus a significant Hong Kong portfolio. The company pursues a 'Hang Lung V.3' growth strategy focused on asset optimization in prime urban locations.

Differentiator

Problem solved

Functional benefit

Brands

• hello Hang Lung Malls Rewards Program: Customer loyalty and rewards program for Hang Lung shopping malls
• HOUSE 66
• 66 and beyond
• V.3 Strategy

Products and services

• Plaza 66 (Shanghai) Mixed-use retail and office complex in Shanghai operated by Hang Lung Properties, housing luxury retail tenants and Grade A office space in a prime Shanghai commercial location. Targeted at international luxury brands seeking flagship retail locations and at corporate office tenants.
• Grand Gateway 66 (Shanghai) Mixed-use retail, office, and residences development in Shanghai operated by Hang Lung Properties, anchored by premium retail, Grade A offices, and a Kimpton Hotel and Restaurant added in partnership with InterContinental Hotels Group in September 2024. Winner of the MIPIM Asia 2020 Best Refurbished Building Gold Award.
• Spring City 66 (Kunming) Mixed-use retail, office, residences, and hotel development in Kunming operated by Hang Lung Properties, featuring the Grand Hyatt Kunming hotel and Grand Hyatt Residences Kunming. The first commercial development in Yunnan Province to achieve net zero carbon emissions from landlord's and tenant's electricity consumption.
• Westlake 66 (Hangzhou) Mixed-use commercial development in Hangzhou's Wulin CBD comprising a shopping mall, five Grade A office towers, and the first Mandarin Oriental hotel in Zhejiang Province. Hang Lung's 11th mixed-use commercial development on the Mainland. Commenced soft opening on April 28, 2026.
• Center 66 (Wuxi) Retail and office mixed-use development in Wuxi operated by Hang Lung Properties, expanded in December 2025 through a long-term lease adding approximately 47,000 square meters of space. Includes a Phase 2 development featuring a Hilton Canopy hotel (LEED Gold pre-certified). Targeted at retail tenants and corporate office occupiers in the Wuxi market.
• Forum 66 (Shenyang) Retail and office mixed-use development in Shenyang operated by Hang Lung Properties as part of its Mainland China portfolio alongside Palace 66 (retail). Targets retail tenants and Grade A office occupiers in the Shenyang market.
• Parc 66 (Jinan) Retail development in Jinan operated by Hang Lung Properties. The first commercial development in Shandong Province and in Jinan to be fully powered by renewable energy. Targeted at retail tenants seeking sustainable locations in the Jinan market.
• 228 Electric Road (Hong Kong) Grade A office property in North Point, Hong Kong operated by Hang Lung Properties. Received LEED Platinum certification, making it one of the company's flagship sustainable office assets. Targeted at corporate office tenants seeking premium sustainable office space in Hong Kong.
• The Aperture (Hong Kong) Luxury residential development in Ngau Tau Kok, Hong Kong operated by Hang Lung Properties. Targeted at high-net-worth residential buyers seeking premium residences in a prime Hong Kong location.
• hello Hang Lung Malls Rewards Program Customer loyalty and rewards program operated by Hang Lung Properties across its shopping mall portfolio in Hong Kong and Mainland China. Targeted at retail shoppers and mall visitors to drive repeat foot traffic and customer engagement.
• HOUSE 66 Customer engagement program operated by Hang Lung Properties to enhance the experience of shoppers, residents, and tenants across its Hong Kong and Mainland China portfolio.

Quantifiable outcome

• Resilient property leasing revenue of $9.4 billion (HKD) in 2025 despite 11% decline in total revenue
• +6 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered major and core.

• Mandarin Oriental Hotel GroupmajorStrategic or Co-development Partner · 30 March 2026The Mandarin Oriental hotel, the first Mandarin Oriental property in Zhejiang Province, is integrated within Westlake 66 in Hangzhou. This partnership positions Westlake 66 as a benchmark for mixed-use projects in top-tier Chinese cities, combining luxury hospitality with retail and office components.
• Shanghai Join Buy Group Co., Ltd.coreStrategic or Co-development Partner · 12 December 2025Hang Lung Properties partnered with Shanghai Join Buy Group Co., Ltd. to redevelop the West Nanjing Road commercial district in Shanghai through the No. 1038 West Nanjing Road Commercial Project. The project involves a mixed-use complex with retail, hospitality, and office spaces, aiming to enhance the area's status as a global lifestyle hub. This partnership supports Hang Lung's strategic focus on asset optimization in Shanghai's prime retail districts.
• InterContinental Hotels Group (IHG) - Kimpton HotelmajorStrategic or Co-development Partner · 12 September 2024Hang Lung Properties partnered with InterContinental Hotels Group to introduce the Kimpton Hotel and Restaurant brand at Grand Gateway 66 in Shanghai. This partnership aligns with Hang Lung's strategy to bring international luxury hospitality experiences to its flagship mixed-use properties.
• LVMH GroupcoreStrategic or Co-development Partner · 25 October 2022Hang Lung Properties and LVMH Group entered a three-year pioneering climate action and sustainability partnership in real estate and retail. This group-level strategic collaboration between the real estate and retail sectors includes joint sustainability initiatives, climate action programs, and sharing of best practices across LVMH brands operating in Hang Lung's mall portfolio.
• Hilton Group (Hilton Canopy)majorStrategic or Co-development Partner · 5 July 2022Hilton Group became the management operator of a new fashionable boutique hotel at Wuxi Center 66 Phase 2 project. The Hilton Canopy brand will integrate local cultural heritage into hotel design, offering guests a distinctive and quality travel experience. Hotel is expected to open in second half of 2024. The hotel has received LEED Gold pre-certification.
• Tsinghua University - Hang Lung Real Estate Research CentermajorStrategic or Co-development Partner · 1 January 2010Hang Lung and Tsinghua University established the Hang Lung Real Estate Research Center in 2010, dedicated to promoting academic research and industry-academia exchange in real estate. The center has become an important think tank for real estate research and decision support in China. In 2023, the partnership was deepened focusing on sustainability research, proptech innovation, and industry talent training. The center hosts the annual 'Real Estate Sustainability Research Initiative Support Program'.
• ULI (Urban Land Institute) GreenprintcoreStrategic or Co-development PartnerHang Lung became the first Hong Kong and among the first in Asia to commit to the ULI Greenprint Net Zero Carbon Operations Goal, pledging to achieve net zero carbon emissions from operations by 2050. This commitment aligns with the Paris Agreement and IPCC recommendations to limit global warming to 1.5 degrees Celsius.
• Science Based Targets initiative (SBTi)coreStrategic or Co-development PartnerHang Lung's near-term and long-term targets were endorsed under SBTi's Net-Zero Standard, making it one of the first real estate companies in Asia to have such targets validated. The company committed to net-zero carbon emissions across its value chain.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Sun Hung Kai Properties: Hong Kong's largest property developer with significant commercial and residential portfolios in Hong Kong and mainland China. Most directly comparable to Hang Lung in scale, geographic focus, and mixed-use development strategy across luxury retail, Grade A office, and residential segments.
• Swire Properties: Hong Kong-listed mixed-use commercial real estate developer focused on luxury retail malls and Grade A office towers in Hong Kong, mainland China, and selectively other Asian markets. Closely aligned with Hang Lung's premium positioning and Pacific Place-style integrated complexes.
• New World Development: Major Hong Kong conglomerate with substantial commercial and residential property operations in Hong Kong and mainland China, including the D·PARK and K11 luxury retail brands. Comparable in scale, asset mix, and cross-border investment profile.
• Henderson Land Development: Large Hong Kong developer with extensive residential, commercial, and investment property portfolios across Hong Kong and selectively in mainland China and the UK. Comparable as a Hong Kong-listed property conglomerate with significant mainland exposure.
• Sino Land: Hong Kong-listed property developer with major commercial and residential portfolios including luxury residential, office, and retail assets. Comparable mixed-use development approach in Hong Kong and selective mainland China markets.
• Wharf Holdings: Hong Kong conglomerate with significant commercial property portfolio including Harbour City and Times Square in Hong Kong, alongside mainland investments. Comparable in operating iconic Grade A retail and office assets in core locations.
• CK Asset Holdings: Hong Kong-listed property arm of CK Hutchison with major commercial and residential developments in Hong Kong, mainland China, and the UK. Comparable as a Hong Kong-listed conglomerate with diversified mainland commercial property exposure.

Broad incumbents

• China Resources Land: One of mainland China's largest property developers with a deep commercial and residential portfolio across Tier 1 and Tier 2 cities. Comparable in mainland exposure but with broader geographic and product mix than Hang Lung's top-tier city focus.
• Longfor Group Holdings: Major mainland China property developer with diversified portfolio across residential, commercial, and rental housing. Comparable in mainland scale and mixed-use development capability, though more residential-weighted than Hang Lung.

Regional players

• CapitaLand: Singapore-listed pan-Asian real estate group with extensive commercial property operations across Singapore, China, and other Asian markets. Comparable in operating large-scale retail and office assets in Chinese cities, though headquartered in Singapore with broader regional footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hanglung

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hang Lung Properties