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Daisy Wu

Hysan Development, the largest commercial landlord in Hong Kong’s Causeway Bay shopping district, posted an underlying profit of HK$1.11 billion (US$140.19 million) for the first half of 2026, an increase of 7.4 per cent from a year earlier, driven by a realised gain from the sale of residential units at its Bamboo Grove project.
Revenue for the six months ended June 30 was largely flat at HK$1.73 billion, a year-on-year drop of 0.1 per cent, according to the company’s filing with the Hong Kong stock exchange on Thursday.
“The progress achieved during the first half of the year underscores the enduring relevance of our community business model,” chairwoman Irene Lee Yun-lien said in the earnings statement.
Lee said the group’s multi-year rejuvenation of the Lee Gardens precinct had moved into a “large-scale harvest phase”, pointing to renovated and expanded flagship stores from luxury brands as evidence the strategy was paying off.
By segment, retail revenue rose 1.4 per cent, office revenue grew 0.5 per cent and residential sales declined 15.3 per cent during the period, the last of which reflected fewer units available for lease after the disposal of two blocks at Bamboo Grove, a residential complex in the Mid-Levels.
The board declared a first interim dividend of 27 HK cents per share, unchanged from the amount paid a year earlier.

Net gearing, measured by net debt to equity, eased to 30.9 per cent, compared with 32.4 per cent at the end of 2025. The company has realised HK$4.5 billion, or 56 per cent, of its five-year programme for HK$8 billion capital recycling, largely through phased disposals at Bamboo Grove.
Hysan is also in advanced talks to refinance a roughly HK$10 billion project loan for Lee Garden Eight, which matures in the first half of 2027.
“We are already in talks with these lenders, and we are confident that the deal will be concluded in the second half of 2026, ahead of its maturity,” said Andy Choi Yick Lam, chief financial officer, in the analyst briefing on Thursday.
The earnings release comes as the developer approaches operational milestones in its long-term district redevelopment. Lee Garden Eight, Hysan’s 1.1 million-square-foot joint project with Chinachem Group, remains on schedule for completion in the third quarter of 2026, as does a new elevated walkway.
The expansion was set to boost Hysan’s total leasable commercial floor area by roughly 30 per cent, according to the company.
Looking forward, Lee said the operating environment was likely to stay dynamic in the second half, citing global uncertainty, regional competition, shifting consumer behaviour and continued pressure on office rents.
The near-completion of the Lee Gardens rejuvenation and Lee Garden Eight construction projects served as grounds for confidence heading into the next phase of growth, she added.
Shares of Hysan Development dropped 1.68 per cent to HK$17.51 on Thursday.


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Causeway Bay’s top landlord posts HK$1.11 billion in earnings as Lee Garden Eight project remains on schedule for completion this quarter


Causeway Bay’s top landlord posts HK$1.11 billion in earnings as Lee Garden Eight project remains on schedule for completion this quarter.


Hong Kong developer Hysan’s first-half earnings rise 7.4% as project milestones near

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Causeway Bay’s top landlord posts HK$1.11 billion in earnings as Lee Garden Eight project remains on schedule for completion this quarter

Causeway Bay’s top landlord posts HK$1.11 billion in earnings as Lee Garden Eight project remains on schedule for completion this quarter