Lai Fung Holdings reported interim results for the six months ended 31 January 2026. Turnover rose 43.10% year on year to HK$927.30 million, driven by a 224.20% surge in property sales following the en-bloc disposal of Tower 1 in Novotown Phase II, Hengqin.

Rental-related income (investment properties, hotel and serviced apartments) slipped 2.60% to HK$499.90 million, reflecting softer holiday traffic versus the prior period. Segment turnover comprised HK$275.30 million from investment property leasing and HK$140.70 million from hospitality and serviced apartments, with theme-park revenue contributing HK$2.04 million.

Gross profit fell 73.10% to HK$88.85 million after HK$140.40 million of write-downs on Novotown Phase II units and a loss booked on the Tower 1 sale. Adjusted EBITDA dropped 46.80% to HK$131.50 million. Net loss attributable to shareholders widened to HK$384.00 million (loss per share: HK$1.16), versus HK$164.00 million a year earlier. Excluding property revaluation and other non-cash items, adjusted net loss was HK$223.00 million.

At 31 January 2026, cash and cash equivalents stood at HK$1.19 billion with a further HK$615.20 million in pledged and restricted balances. Undrawn banking facilities were HK$140.50 million, increasing to HK$1.38 billion after period-end following facility extensions. Net debt to equity was 72%, compared with 70% at end-July 2025. Total assets were HK$28.87 billion; investment properties carried at HK$20.20 billion.

The Group has realised about HK$1.00 billion of the HK$2.00 billion disposal target announced last year and is negotiating further asset sales, including additional Novotown accommodation towers. On 12 March 2026 it refinanced a HK$3.05 billion facility for up to two years.

No interim dividend was declared.