亚洲最赚钱商场遭遇挑战海港城的黄金时代过去了
作者:麦可
来源:大摩财经
销售额开始下滑
尖沙咀的海港城,铜锣湾的时代广场,是中国内地游客在香港最常光顾的两个商场,亦是九龙仓置业(1997.HK)的核心物业。但现在这两头现金奶牛正经受香港零售业下滑风暴的冲击。
九龙仓置业是香港船王包玉刚家族旗下上市公司,系2017年底从船王家族控制的九龙仓集团分拆上市。九龙仓集团和九龙仓置业的控股股东均为船王家族公司、香港大财团会德丰。
九龙仓置业的核心资产是六个香港地标性物业,包括海港城、时代广场、会德丰大厦、卡佛大厦、美利酒店(The Murray)、荷里活广场。这几个物业的总价值超过2600亿港元,其中,海港城和时代广场是最核心物业,分别价值1770亿、592亿。
过去十年是海港城的黄金时代。受益蜂拥而至的内地游客,从2007年起,海港城十年来销售额年均复合增长率超过10%,2018年更是达到惊人的24%,远超香港市场平均水平。
海港城不仅是香港最大的购物中心,更是亚洲最赚钱的购物中心。2018年,海港城销售额超过370亿元港币,平均每天超过一亿元港币。当年海港城含酒店在内的总收入118亿港币、营业利润96亿港币。
海港城如此重要,以至于海港城以及时代广场、荷里活广场这三个商场,占到了香港零售销售总额的10%。刚刚发布的半年报显示,海港城依然是九龙仓置业最大的现金牛,贡献73%的收入、76%的营业利润。

然而随着香港零售市场疲软,海港城今年上半年也遭遇严峻挑战。财报显示,上半年海港城总收入上涨5%至61.65亿港币,营业利润上涨6%至50.93亿港币。但海港城商场(占海港城总收入的65%)的零售额出现负增长,下降1%至184.97亿港元。
时代广场同样受到冲击,收入虽然还能保持在14亿港元以上,但营业利润出现下滑,主要是商场受到零售市场疲软的强烈影响。
九龙仓置业在中报中称:“需求及市况自年初以来显著转弱,情况越趋严峻。”董事会主席吴天海今天在业绩会上也承认,香港零售业正经历“完美风暴”,商户生意难做,尤其是购物中心的影响更大。二季度比一季度表现差,“相信接下来几个月,香港零售业不会太乐观。”
今年上半年,九龙仓置业交出的业绩十分勉强:基础净盈利增长了3%,但由于投资物业重估盈利大幅减少,导致净利减少了31%至69.89亿港元。
从今年五月开始,九龙仓置业的股价已下跌逾20%。市值目前约1400亿港元。
九龙仓置业系从九龙仓集团分拆出来。目前,九龙仓集团持有部分香港地产物业、内地的核心商业地产(包括国金中心、会德丰国际广场、时代广场系列)以及尼依格罗、马哥孛罗酒店等资产。
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