Hong Kong, 24 March 2026—Lai Fung Holdings Limited reported a markedly wider net loss for the six months ended 31 January 2026, as one-off losses on a tower sale and property write-downs offset solid rental performance and sharply higher development revenue.

Turnover and Segment Mix • Group turnover climbed 43.10% year on year to HK$927.30 million, driven by a 224.20% surge in property sales to HK$425.40 million. • Rental-related income (investment properties, hotel and serviced apartments, and property management) slipped 2.60% to HK$499.90 million, reflecting calendar-driven seasonality and a softer office market. • Theme-park revenue declined 42.90% to HK$2.00 million.

Profitability • Adjusted EBITDA fell 46.80% to HK$131.50 million as the sale of Hengqin Novotown Phase II Tower 1 generated an accounting loss while administrative savings only partially offset higher selling costs. • Finance costs recognised in profit or loss were HK$256.19 million; total finance charges, including capitalised amounts, reached HK$288.27 million. • Net loss attributable to shareholders widened to HK$384.00 million (FY25 interim: HK$164.00 million) after booking HK$140.40 million of write-downs on Novotown Phase II properties and a HK$27.14 million fair-value decline in investment properties. Basic loss per share was HK$1.160.

Balance Sheet and Liquidity • Cash and cash equivalents stood at HK$1.19 billion; pledged and restricted balances added HK$615.20 million. Undrawn facilities of HK$140.50 million at period-end have since risen to HK$1.38 billion. • Net debt to equity increased slightly to 72% (31 July 2025: 70%). Total borrowings were HK$10.48 billion, 65% denominated in RMB and 32% in HKD. • On 12 March 2026, the group refinanced a HK$3.05 billion facility for one year with an option to extend for another year, easing near-term maturities. Repayments within 12 months total HK$4.96 billion.

Development Highlights • Novotown Phase II: two accommodation towers (T1 & T3) were sold for RMB625.70 million; revenue from T1 was recognised this period while T3 (HK$367.20 million) sits in contracted-but-unrecognised sales of HK$557.60 million. • Novotown Phase I continues to gain traction, with approximately 99% of office space, 86% of retail space, and a roster of >420 enterprises secured. • Zhongshan Palm Spring contributed HK$79.50 million from unit sales and HK$10.80 million from 121 car-park spaces.

Capital Management • Since announcing a HK$2.00 billion asset-disposal target in FY25 interim results, Lai Fung has realised roughly HK$1.00 billion. Talks with potential buyers for additional Novotown Phase II assets are ongoing. • No interim dividend was declared.

Outlook Management will focus on accelerating asset disposals, sustaining rental cash flows, and refinancing upcoming maturities while navigating a challenging Mainland property market and heightened geopolitical uncertainties.