Hang Lung Expands Retail Portfolio in Wuxi, Marking Another Milestone of Their V.3 Strategy

HONG KONG AND SHANGHAI - Media OutReach Newswire^[1] - 9 December 2025 - Hang Lung Properties Limited (SEHK Stock Code: 00101) ("Hang Lung" or the "Company") today announced a partnership with Wuxi Liangxi City Development Group Co., Ltd.* to secure a long-term operating lease for a landmark commercial redevelopment project in central Wuxi. Expected to foster strong synergy with the adjacent Center 66, the latest project is a key initiative under Hang Lung V.3, the Company's strategic blueprint for growth, and will further solidify Hang Lung's leading position in Eastern China's premium retail market. Formerly known as the Wuxi New World Department Store, the project will add approximately 47,000 square meters of commercial space, expanding the total retail footprint of the Center 66 complex by 38% to approximately 169,000 square meters.

Artist’s impression of Center 66 Expansion

Situated in a prime location in Wuxi central business district, the new project enjoys seamless connection to the subway. Hang Lung's redevelopment plan envisions an urban living transformation for the new generation of young discerning consumers, featuring experiential retail and community connections and ensuring smooth connectivity and integration with the Center 66 complex. The transformed destination will introduce over 80 curated brands spanning food and beverage, fashion, and lifestyle experiences.

Artist’s impression of Center 66 Expansion

Mr. Weber Lo, Chief Executive Officer of Hang Lung Properties, said, "We are delighted to have secured this project, which marks another significant milestone for Hang Lung V.3 strategy that guides the next phase of our growth. Wuxi is one of strategically important markets for our expansion into the Chinese Mainland and deepening presence within the Yangtze River Delta. Its influence extends across Suzhou and Changzhou, while benefiting from synergistic connections with Shanghai, Nanjing, and Hangzhou. The project not only serves as a testament to Hang Lung's core operational capabilities but also reflects the invaluable trust and support of Wuxi and Liangxi District governments.

Site Plan of Center 66 and its Expansion

"Beyond solidifying our market leadership, it will greatly enhance Center 66's value as it continues to evolve into a premier destination in Southern Jiangsu Province, following its recent Phase 2 launch, which includes Center Residences and the upcoming Curio Collection by Hilton hotel. By placing customers at the heart of our business and deploying capital efficiently, we are dedicated to delivering attractive stakeholder returns in the long run, while injecting sustained vitality into Wuxi's commercial development and urban renewal."

Signing Ceremony for Phase III of Center 66, Wuxi

The Hang Lung V.3 strategy focuses on elevating customer experience and expanding the Company's presence in its existing markets through capital-efficient and highly selective reinvestments. These projects are designed to be immediately relevant to existing portfolio, enhancing their scale, visibility, and accessibility to maximize investment returns. Over the past year, the Company has successfully launched several V.3 initiatives, including the Plaza 66 Pavilion Extension, Spring City 66's Shangyi Street, and the Westlake 66 Expansion.

Mr. Jiang Feng, Mayor of Wuxi, and Mr. Adriel Chan, Chair of Hang Lung, jointly witnessed the project's signing ceremony in Wuxi. They are joined by Mr. Chen Shoubin, Secretary General of the Wuxi Municipal Government, and Mr. Weber Lo, Chief Executive Officer of Hang Lung.

*The official Chinese name is 无锡市梁溪城市发展集团有限公司.

Appendix

About Center 66 Expansion

Address:

319-339, 341 Zhongshan Road, Wuxi

Gross Floor Area (GFA) Breakdown:

Recent Hang Lung V.3 Examples

Project	City	Asset Enhancement
Shangyi Street of Spring City 66	Kunming	Create a must-visit streetscape destination for urban explorers and a photography hotspot
Pavilion Extension of Plaza 66	Shanghai	Expand Plaza 66's retail space by 13% based on leasable floor area
Westlake 66 Expansion	Hangzhou	Increase Westlake 66's retail area by about 40% and street frontage by over 200%
Center 66 Expansion	Wuxi	Increase Center 66's retail area by 38%

Hashtag: #HangLung

The issuer is solely responsible for the content of this announcement.