Hong Kong – 20 October 2026 – Lai Fung Holdings Limited (Lai Fung) released its audited results for the year ended 31 July 2026, posting a wider net loss despite a double-digit increase in turnover.
Turnover rose 16.8 % year on year to HK$1.51 billion, driven by a 74.7 % surge in property sales to HK$505.0 million following the en-bloc disposal of accommodation tower T1 at Hengqin Novotown Phase II. Rental-related income, comprising investment properties, hotels and serviced apartments, remained broadly stable at HK$999.6 million, edging up 0.5 %.
Gross profit contracted 32.7 % to HK$353.38 million, reflecting a loss on the T1 disposal and write-downs on Novotown Phase II units. Adjusted EBITDA (excluding fair-value changes and other non-cash or one-off items) fell 35.0 % to HK$270.70 million. Finance costs declined 8.5 % to HK$566.64 million, but the Group still recorded a net loss attributable to shareholders of HK$591.63 million, widening 41.1 % from FY 2025. Basic loss per share increased to HK$1.787 from HK$1.267.
Segment performance: • Property investment generated HK$723.6 million in rental revenue (-0.2 % YoY in HK$; ‑3.4 % in RMB terms). Occupancy improved in newer Grade A towers – Shanghai Skyline Tower’s office occupancy reached 69 % and Guangzhou Lai Fung International Center 96 %. • Hotel and serviced apartment revenue was broadly steady at HK$276.0 million. Hyatt Regency Hengqin achieved an average room tariff of HK$754 and 72.3 % occupancy. • Property development revenue jumped on the T1 sale; contracted but unrecognised sales totalled HK$560.3 million, including the pre-sold T3 tower at Novotown Phase II and buildings for Harrow LiDe School Hengqin.
Balance-sheet metrics showed net assets attributable to shareholders at HK$12.49 billion, translating to net asset value of HK$37.74 per share (FY 2025: HK$36.34). Cash and cash equivalents stood at HK$762.16 million, supplemented by HK$714.40 million in pledged and restricted balances. Undrawn banking facilities amounted to HK$967.10 million at period-end, rising to HK$1.45 billion by the announcement date. Total borrowings were HK$10.46 billion, with HK$5.03 billion maturing within twelve months. Net debt-to-equity increased to 72 % (FY 2025: 70 %).
During the year Lai Fung refinanced HK$3.59 billion of bank facilities and advanced its two-year HK$2.00 billion asset-disposal programme, realising approximately HK$1.15 billion to date. Management intends to accelerate property sales, pursue further disposals, maintain high occupancy in the rental portfolio and continue debt refinancing to bolster liquidity.
The Board recommended no final dividend for FY 2026. The annual general meeting is scheduled for 18 December 2026.