Hang Lung Properties’ 2024 National Commercial Rental Income Report showed a 3% YoY decline, with total income of HK$4.8 billion ($612 million). Shanghai saw notable declines, with Plaza 66 and Gateway Plaza recording drops of 6% and 3%, respectively. However, second-tier cities like Tianjin and Wuxi saw growth, with Tianjin Plaza 66 increasing by 12%. Other locations, such as Dalian and Shenyang, showed modest growth. Hang Lung plans to optimize its property portfolio and enhance asset value to navigate market uncertainty, while focusing on tenant relationships for steady recovery. Economic challenges and changing consumer habits are cited as key factors for the decline.