Summary

• Asia Pacific's retail scene offers strong opportunities, and additional progress on the regulatory front is further solidifying China's real estate investment trust market.
• Hang Lung Group is a well-capitalized Hong Kong-based real estate enterprise that owns approximately 2.9 million square feet of highly leased retail and office properties with a near net-cash position.
• Hang Lung Properties has spent more than $15 billion of capex in Hong Kong Dollars this decade alone to build its core portfolio of 11 market-dominant mixed-use locations.
• Hang Lung Properties is delivering its final ground-up mixed-use development this year at a time when prime retail locations seem to be benefitting from a rebound in retail sales.
• Hang Lung Group trades at roughly 20% of book value and more than 50% below the market value of its stake, a setup Third Avenue refers to as a double discount.

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