Good afternoon. Thank you all for coming to Hysan Development's 2025 annual results announcement analyst briefing session.

Let me introduce our panel for this afternoon: our Chairman, Ms. Irene Lee; our Executive Director and COO, Mr.

Ricky Lui; our CFO, Mr. Andy Choi.

We will start with the management presentation, and we will follow that to take questions. Now, I will invite Irene to start first.

Irene, please.

Thank you. Welcome.

May the Year of the Horse bring everyone good health, happiness, big prosperity, and, of course, happiness to your family. Welcome to the analyst briefing on Hysan's 2025 annual results.

Hysan's journey is rooted in a legacy that spans more than one century. From our founding in the early 20th century—you can see the map, huh—to our present-day transformation of the Lee Gardens Precinct, we have continuously evolved to meet the needs of a dynamically changing city.

As we adapt to generational shifts and societal changes, we continue to focus on creating a sustainable community, generating long-term value for our stakeholders and the city. Hysan delivered solid results that outperformed the market in 2025.

Turnover and underlying profit grew by 1.6% and 28.3% year-on-year, respectively. Turnover for our retail, office, and residential portfolio all registered positive growth.

Recurring underlying profit was down by 1.9%, reflecting increased interest cost and loan drawdowns related to asset enhancement projects. From vision to results, our journey of transformation continue to bear fruit.

The renovated and expanded flagship maisons of Chanel, Louis Vuitton, and Tiffany have opened. Of course, previous year, we opened Dior and Hermès.

Now we have 10 flagship maison of luxury brands spanning our Lee Gardens hub. This has led to double-digit year-on-year growth in tenant sales for the second half of 2025.

At the same time, our office occupancy rate was up by 4% during the year. Lee Gardens Precinct will be fully connected in the second half of this year, including a second street level, which I'll talk a little bit more about, shopping experience brought on by the elevated walkway system.

Just an imagine having one street and then another street above. The soon-to-be-completed Lee Garden Eight will expand our Lee Gardens leasable portfolio by about 30%, boosting the precinct's daily captive traffic by 20%.

From our strategic pillars, Lee Gardens Shanghai achieved a strong ramp-up with office and retail committed occupancy at over 80 and 70%, respectively. With occupancy at 85%, our Greater Bay Area flex office, IWG, has been delivering good profits.

For our $8 billion capital recycling program to be achieved by 2030, we have collected $2.1 billion, in other words, 26% of our target. Additional $1.6 billion sales proceeds has been contracted.

You have to add the two together. Sales of Villa Lucca maintained solid momentum.

Based on our century-old curation and community business model, Lee Gardens is one of its kind, allowing us to achieve such solid results. The unique essence of Lee Gardens is the coexistence of luxury and trendsetting elements, as well as authentic culture and original experiences that meet the needs of both the older and the younger generation.

Traffic at Lee Gardens area saw an 11% year-on-year increase. Tenant sales grew by 8% year-on-year, with double-digit growth in the second half of last year, demonstrating our strength to outperform the market.

We have now entered—my favorite words—the harvest phase of our ongoing transformation journey. The unveiling of the new Lee Gardens marked a significant milestone in this journey with more than 10 newly renovated and expanded flagship maison for luxury brands all opened for new in-store experiences.

Our strategy for Lee Gardens rejuvenation was proven to be timely as financial contributions have been materializing. These are very good pictures.

Now, this is an interesting, more overall picture. Lee Gardens has been endorsed by luxury brands.

With the opening of more than 10 flagship maisons, as mentioned, the Lee Gardens Precinct has further solidified its reputation as the city's home of luxury. Now individual brands, Hermès.

Hermès celebrated its grand opening with an outdoor party, in fact, a sculpture held exclusively for Lee Garden VIPs, offering a spectacular evening with performances by artists from Paris. Dior.

Dior created an exquisite luxury art space by presenting a first-in-Hong Kong [Tellier Ba?] sculpture display at Lee Garden One atrium.

Apparently, never been done before. Cartier's grand opening was even better.

It was absolutely unforgettable with its festive light show, fireworks, spectacular fireworks and performances with the Hysan Avenue closed. Can you believe closing an entire road for them?

Chanel. Chanel's expansion and reopening offered one-on-one boutique tours and tailored experiences for VIPs.

I recommend to all of you. You must go, because you will end up buying things.

Tiffany. Tiffany just opened in December.

Their flagship maison was opened at the end of December with its—you see upstairs is still not open—with this Tiffany Blue Box Cafe, 1 of 5 in the world. We have them committed to that.

Nothing further Hong Kong, Macau, or China to be opened. They promise beginning of April.

That will be quite an experience. Louis Vuitton launched thematic displays and a pop-up bar.

If you have not been, you must. It's Bar Leone, the number-one ranked bar in the world in 2025.

It's still downstairs, not for long. They opened that bar paying tribute to our Lee Gardens Hotel.

I think you're all too young to remember that. Yum Sing Bar.

With the traditional old drinks from Yum Sing Bar and theme and look. In-store, they have created two VIP rooms: one to reflect Yum Sing Bar for the men, and for the ladies, a VIP room with the theme of Lee Theatre.

This is very, very wonderful, paying tribute to Lee Gardens. As for the retail experience, we showcase a unique character of Hong Kong's culture alongside global trends.

Our campaigns engage and resonate with different generations. Our full-range office offerings, which combine traditional office space with flexible coworking solutions, offer both stability and agility, ensuring we remain responsive to the changing needs of businesses and tenants.

I think all of you know we have a joint venture with IWG in the Greater Bay Area, including Hong Kong. Designed as a model for the next-generation business community in partnership with world-renowned architectural firm, Foster + Partners, Lee Garden Eight sets new benchmarks for building quality, sustainability, and connectivity, and, of course, class and style.

Amongst these are its advanced green features, a 60,000—can you imagine?—60,000-square-foot lifestyle park, and dedicated spaces for the performing arts and cultural experiences. We will have a black box theatre.

More than 600 parking spaces at Lee Garden Eight, all equipped with EV chargers. This will further reinforce Lee Gardens as a commercial destination and even extend its appeal to travelers from the Greater Bay Area, particularly now with the southbound traffic.

Lee Gardens Eight is equipped with the most advanced green building technologies in Hong Kong. It has been recognized by a number of prestigious international awards and most of the highest green building accreditations, setting a new benchmark for sustainable development.

I think some of you have seen snippets of this, but it's difficult to imagine, isn't it, without looking at the video. Soon, in August, September, it'll be unveiled.

We have a marvelous show suite which talks about our history and then about this and the connectivity. I'm sure all your banks, all of you, would like to move here, won't you?

It has the best community. The integrated pedestrian walkway system scheduled to be completed in tandem with Lee Garden Eight will seamlessly connect the Lee Gardens Precinct to the Causeway Bay MTR station, making the neighborhood pedestrian-friendly in all weather conditions.

It's very, very much the walkable community. The elevated walkway will add a second street level.

See, you can see the elevated walkway, some of it, which connects and extends the retail space to customers and commuters, which creates a vibrant, human-centric, walkable neighborhood that integrates everything: work, leisure, community, three generations. It just integrates life.

You feel you're amongst it all. Next is our strategic pillars.

Our strategic pillars have contributed to both business and geographic diversification. At Lee Gardens Shanghai, we created a high-quality tenant mix of reputable financial institutions, multinational corporations, and retailers, supported by a lifestyle high street podium that creates a rich business social scene.

Lee Gardens Shanghai is an extension of our Lee Gardens brand into China. We were encouraged by the performance of our flex office business in our joint venture with the world's leading flex operator, IWG, which continue to grow across the GWA.

Along with the growth momentum of New Frontier Group, our healthcare investment, we are making steady progress scaling up our business across regions and sectors. Ricky, now I'll pass the floor to you so you can share more about Hysan's business operations in 2025.

Thanks, Ricky.

Thanks, Irene. Let me share with you more about Hysan business review for 2025.

Our group turnover grew by 1.6% year-on-year, supported by solid performance across core business segments. Turnover of our Hong Kong retail portfolio was up by 1.5% to $1.7 billion.

Occupancy rate increased to 95%. Rental reversion rate on renewal, rent review, and new lettings was predominantly positive.

For our Hong Kong office portfolio, turnover declined by 2.3% to $1.44 billion. Average rental reversion rate on renewal, rent review, and new letting remain negative.

Despite market headwind, occupancy rate increased to 94% with over 85% retention rate. Our full-range office offering, combining traditional office space with flexible coworking solutions, provide choices and created balanced tenant mix.

Hong Kong luxurious residential leasing market showed steady growth in 2025. Our residential leasing portfolio saw a 5% increase in turnover to $229 million.

Occupancy rate increased to 87%. Average rental reversion was positive for renewal, rent review, and new lettings.

The Lee Gardens Shanghai continue to benefit from strong occupancy warm-up and diversified tenant mix, delivering a new stream of recurring earnings for our group. We talk about the rejuvenation and the pedestrian link system.

Significant progress were made, and we expect all will be done in the second half of this year. About retail, tenant sales of our Hong Kong retail portfolio increased by 8% in 2025.

Occupancy increased to 95%. We have been meeting the evolving expectation of customer by elevating our retail portfolio with expanded flagship maison of luxury brands to offer more distinctive customer experience and continue our area curation to bring unique vibes and offering to the area.

We achieved better sales across all trades with particular strong growth in watches and jewelries. The turnover of Hong Kong retail portfolio consistently outperformed Hong Kong retail market sales with our attractive marketing initiatives and effective loyalty programs.

We sustained our retail revenue growth throughout the 2020 to 2025. Come to our Club Avenue loyalty members, we have been receiving long-term support from our loyal members.

Member spending at Lee Gardens increased by 23%. The number of single transaction over $100,000 saw a 22% increase.

The average annual spending of our top-tier members surpassed 1 point $1.4 million per member. We achieved a significant breakthrough in our engagement strategy with valued customer by forming strategic partnership with banks and wealth management firms and attract potential high spender by targeting premier banking clients and prequalifying them for our Club Avenue tiers.

As a result of this member acquisition program, we convert over 1,500 individuals into our Club Avenue men, expanding our high-potential member base and showcasing the effectiveness of our target outreach model. One of the major achievement during 2025 was our introduction of over 15 new brands to the Lee Garden Precinct, which complements our existing portfolio and cater to a wider range of customer preferences.

With an even greater variety of well-known brands and innovative lifestyle concepts, the Lee Garden Precinct has further strengthened its destination appeal for locals and visitors. This year, we hold more than 180 events to engage the community.

Also, collaborated with more than 100 strategic partners in a series of high-profile pop-ups and immersive marketing campaigns, offering novel and compelling attraction to customers. We keep introducing new fine-dining restaurants and trendy F&B concepts to the area.

Now we have over 110 F&B outlets in Lee Gardens areas, broadening the culinary options available to visitors. In the latest phase of it revitalization, Hysan Place introduced new retail and F&B offering, along with exciting pop-ups and events that appeal to the younger generation and global audience.

This curated approach to our tenant mix and experiential engagement continue to drive robust growth in footfall and tenant sales, reinforcing Hysan Place reputation as a trendsetting destination in Hong Kong. For our office portfolio, tenant retention exceeds 85%.

Occupancy increased to 94%, support by our ongoing effort to diversify tenant mix by leveraging our unique positioning offering. Leasing activity in the market was driven by continuous shift in preference towards prime location and well-equipped office building like Lee Gardens.

At the same time, we offer flexible rental package, fit-out support, early renewal, and highlighted our enhanced offering of fully furnished office space for immediate use and sustainable amenities to attract and retain quality tenants. Come to the capital recycling, as a prudent financial discipline, we have initiate an $8 billion capital recycling program over a 5-years period.

Riding on the improving sentiment in luxury residential market, the strategic divestment of noncore assets will allow us to unlock value from mature residential assets, optimize our capital structure through deleveraging, and provide capital for strategic needs. 74% of the two blocks in Bamboo Grove and 63% of the Villa Lucca units have been contracted.

Preparation for the presale of To Kwa Wan residential project is underway. We have collected $2.1 billion, or 26% of our capital recycling target, and additional $1.6 billion has been contracted.

We will prioritize deleveraging and redeploying capital towards strategic priorities. Now I pass it to Andy, who will share with you more about Hysan financial performance.

Thank you, Ricky. I think we will go through a few key numbers for shareholders' returns and values.

Shareholders' fund was 65.5 billion Hong Kong dollar as of the end of 2025, down 0.8% from last year. NAV per share was 63.7 Hong Kong dollar, down 0.6 0.9% from the previous year.

This basically reflects the change in recurring underlying profit and also the change in fair value of investment property during the year. For dividend, we have kept our full-year dividend flat at Hong Kong dollar $1.08.

Next is on our financial and capital management. The company continue to uphold prudent financial management while maximizing our capital productivity.

As you can see, the first key metric is our net gearing ratio. As of the end of 2025, our net gearing ratio was 32.4%, improved by 0.5 percentage point from the interim period end, reflecting the results of our capital recycling program.

For effective interest rate, it was 3.7% average for 2025, improved from 4.3% of the previous year, thanks to the decline in HIBOR. We also maintained a healthy mix of fixed-rate debt and floating-rate debt.

Our fixed-rate debt comprised of 54 54% of our total debt as of the end of 2025. Our average debt maturity was 2.8 years at the moment.

I think as you notice from the debt maturity profile, majority of it will be in 2027. We don't have any significant debt in 2026 maturing.

For 2027, that's mainly attributable to the project financing of Lee Garden Eight. We are in talk with our friends in banks, and I think so far we have received very positive response from the banks.

We are confident that such project financing will be refinanced into an operational. The company also maintains strong liquidity and cash position.

We have an undrawn committed facility and cash totaled 14.3 billion as of the end of the year. That's adequate to cover Hysan's debt maturing over the next two years.

Also sustainable finance, we have set out a very clear target for it. We are going to maintain 40% or above green debt in our profile.

Far, we continue to improve this ratio, and as of the end of 2025, it stands at 44%. That's the update on the finance side.

I will pass the time back to Irene for the conclusion.

I'll conclude. Looking ahead, 2026 will continue to face challenges.

We are, however, battle-proven and ready. We are confident in our ability to navigate changes and seize opportunities and that our shared expertise and spirit will carry us forward.

Our rich heritage and commitment to bringing unique experience, innovation, and sustainability to the community will position us well for continued growth. As always, we adhere to our prudent financial management.

While carrying out our capital recycling program, we will remain agile, disciplined, and purpose-driven to shape the future of Lee Gardens and contribute to Hong Kong's ongoing development as a global city. Thank you.

Thank you, management. It is our Q&A session now.

We will take questions from the analyst on-site and we'll further to questions from the online platform. Yes, the gentleman on the first row from UBS.

Thank you, management, for taking my question. This is Ben from UBS.

I actually have two questions here. The first one is on the capital recycling program.

Given the good contracted sell-through on Bamboo Grove so far, do you plan to add more blocks from Bamboo Grove for disposal? That's my first question.

The second one is on LG8. Can you give us some updates on the pre-leasing at LG8?

Are you seeing more inquiries or is there better sentiments in the office markets? If there is more inquiries, mainly which sector are these inquiries from?

Thank you.

I'll start. On Bamboo Grove, it has gone very well and a lot more quickly than we assumed.

We would like to finish Bamboo Grove block 74 and 82 first, and hopefully we'll see that done by middle of this year. Now as far as the other blocks are concerned, we will continue to look at the situation.

If the market warrants it, and if we see that it does provide the purpose and the needs for us, we will consider. We are ready to.

Legally, it's ready. For Lee Garden Eight, we still have two and a bit quarters, about 7 months, 8 months before completion.

We are in discussion, very, very active discussion. The market continues to be difficult.

However, we feel very, very confident. In terms of our pipeline, it's good.

It's strong. We will give you more news when the time comes.

There is still time.

Okay. Fan Chou from the first row from BofA.

Hi. Thank you for taking my question.

Happy Chinese New Year. My first question is our tenant sales during the Chinese New Year or the first two months.

I know it's still early, but are we seeing a acceleration in terms of growth say versus fourth quarter last year? Any color will help.

Secondly is on our existing office portfolio. Glad to see that the occupancy rate continue to climb.

Can you give us more color whether it is expansion demand from your existing tenants or it is relocation from same district or other districts? If you can give a guidance on the rental reversion outlook, how much spot rent will be lower compared to last year?

That will be great. Thank you very much.

I'll start, and then Andy and Ricky can supplement. For the first two months of the year, as we are very, very data-driven and our numbers are very real-time.

I'm going to adjust their budget already, so that is the good news. It's very good news.

We're seeing very, very strong tenant sales in the first two months. We always blend the two months because Chinese New Year can fall into either month, we always put it together.

We can talk more about that. Then in terms of our office portfolio, number one, our retention rate is strong: 85% is pretty damn good.

Number two, big demand? I'm not seeing big demand, but we're seeing fresh demand.

How do we get a 4% increase, right? It's retention and filling up with new tenants.

No, we're pretty pleased. I'd like it to be 100, but at 94 and be able to have a 4% increase, that momentum.

I do think that the office is the last to revive. Residential has residential rent, then sales, retail, and I think office, I want to say I've seen the bottom.

Ricky and Andy?

I think other than the good sales result, we all know that during the Chinese New Year, people said a lot of Hong Kong people outbound is first round. While, even during the few CNY days, we do see very good traffic here, and we are happy to see more tourists than before during those days.

We find the Lee Gardens area become more attractive to visitors, particularly those who really want to know about culture Hong Kong rather than just shopping. This is quite encouraging about our curation trying to attract the right kind of high spender or even tourists to our place.

Actually, that is a very interesting point because we mapped the graph of these few days of Chinese New Year against the previous Chinese New Year. Given the negative migration, if I may call that, you would have expected a bit of a dip, right?

We didn't. We were exactly the same, which tells us two things: one is the inbound have chosen to come to us, and also the locals, even though they are going out, have chosen to spend and be with us.

That is something that we want to happen, and it's very reassuring to see it happen. We actually mapped, and it's absolutely spot-on.

Despite the negative delta, it should have been a negative delta.

Yeah.

In terms of office demand, just back to your question, I think we are seeing strong demand from wealth management business and also healthcare. I think that echo Ricky and Irene's point.

The traffic has been improving quite a lot for the Lee Gardens. We have seen a lot of mainlanders frequent Lee Gardens during the period.

I think that helped the business for wealth management and healthcare as well. We do see a strong demand from those operators.

Those of you with your banks without a wealth office with us, you should. We see tremendous business in the several banks who have, apart from HQ wealth office, the other wealth office, which is big, is with us.

Yeah. It's a very, very interesting and popular destination, particularly for mainlanders.

I have a little kind of observation that I would like to share. At the same time, our occupancy of retail is high.

At the same time, retail rent on normal is much higher than the office. We do see a lot of our kind of service trade,

particularly

beauty or even hair, spa, blah, blah, blah, they moving upward to our office from our retail portfolio,

and

they are doing super good. That become kind of another attraction for those service trade or semi-retail trade to take up the office space as well.

I think that quite unique for Lee Garden as a place that for the catchment, we always say our catchment is small. Why?

We are much more balanced. From corporate to this kind of service, I think we can cater all of them.

For the service trade, there is really no need to be in the middle of your retail mall or on the street. For me, the last thing I want to do is bump into someone after I've had a facial, right?

Going upstairs, enjoying better rent, office is always cheaper than being in the prime. All you need is one or two to start the trend, and people then realize it's actually a very good solution for them, because it's a very private thing: hair, spa, facial, it's private, right?

Massage. Going upstairs, and some of the very high brands are there, enjoy sea view, completely different experience.

Strong sales.

Tenant

sales, very strong sales.

We get turnover rent.

Yes.

Please take the mic.

Yeah. Hi, management.

This is Percy from DBS. Happy Lunar New Year as well.

Congratulations on the good results for the retail portfolio. I have a follow-up question on retail, just wondering what's the current occupancy cost ratio for the retail, and how do you see the reversionary outlook going forward?

Secondly, I have a question on the financial capital management side. Understand we've got quite decent amount of cash back from the sales of Bamboo Grove.

Just wondering what's your priority to use that capital? Will it be mainly on debt reduction or for going CapEx needs?

Because I saw that you also redeemed a bit of your perps, just wondering what's the thinking behind and what's your strategy going forward?

Sounds like an Andy's question.

Yeah. For occupancy cost ratio, of course, we mentioned about tenant sales improving 8% year-on-year, you could expect occupancy cost ratio is better than last year.

It is still around high teens percentage, but certainly improving. We're happy to work together with our tenant to further improve that, of course.

For the rental reversion, I think it's kind of related to that, tenant sales and occupancy cost ratio as well. We're happy to see base rent go up.

As we mentioned, a lot of these positive rental reversion are driven by luxury flagships and maison expansions. Apart from that, of course, for the more mass-oriented retail portfolio, we do see positive rental reversion as well.

For them, I think it's more important for us to curate the right tenant mix, to work with them to drive sales, and at the end it will turn out to be the turnover rent, and we will start a virtuous cycle again. On the capital recycling program, of course, we are happy to see cash coming in fast.

We have mentioned before, certainly deleveraging is on our mind. We have already seen our net gearing ratio coming down half on half.

I think that's our priority. Of course, we do have our strategic plan in execution.

We will allocate the right amount of resources for different strategic initiatives as well to support the company's long-term growth.

There's an interesting point on rental reversion for retail. As we move the base rent up, which I think is important because that's where the quality of earnings is, that's your stable earning, there's always a lag between that and the turnover rent.

We usually are informed by the turnover rent. If turnover rent is quite healthy, significant, then we'll go to the tenant and start to edge up the base, and then it'll take a little bit of time for them to try harder again to produce a turnover rent.

I think the key factor is we work very closely with our tenants. We can see who is struggling, who needs it, and who just won't make it.

You just have to be very close to them. That's something that we're constantly improving with our staff.

It's to stay close. We call it tenant operations.

You really have to know what are their pain points, what are they worried about, what are they suffering, are they getting in enough merchandise, have they lost their top sales team. You have to stay close.

It's like running your own business.

Due to the time constraint, we will take one question from the online platform. It is from the Sea Capital.

Can the management share more about the performance of the high luxury and retails and also the mass market product in your portfolio? How have they behaved differently?

Ricky or Andy?

Yeah?

Yeah.

I think for the luxury market, we talk about the strong growth in watch and jewelries. I think that's outstanding.

The maison, most of them also perform very well. We see very good results over the last few months, from Christmas to New Year's.

Yeah. We also see the performance as quite related to the collaboration with Hysan itself.

Our Club Avenue become a very important engine for them to drive the sales as well. I would say we see the strong partnership now to drive the performance.

I can say particularly within our portfolio. For the non-lux market, we emphasize on one thing: curation.

Okay. It's always very important to find the right tenant.

You can see some people not have business, but some people have queue outside their shops. It's very important you find the right tenant.

That, as Irene just mentioned, is also sometimes it's about your competence or how you spot on that tenant to give them a good package, attract them, and trying to harvest through the turnover rent. I think that over the last 10 years, the company has done a lot of work on that part.

Now we are more confidence about choosing the right tenant to enhance our tenant mix. Yeah.

To— Yeah. Just on the luxury side, we look at productivity per square foot.

Now

quite a few of our lux tenants have doubled their space, and that's very big. What are the key issues?

The key issues are number one, consolidation. They have to understand that they cannot have seven stores around Hong Kong anymore.

That's usually in the discussion. When I discuss a renovation or an expansion with them, we always talk about closures.

They have to. That's number one.

On productivity per square foot, the mode is expanding into private rooms, salon privé, right? Those are empty rooms, do you kidnap a client and put them in and pump them until they buy four handbags, right?

That is experience that is required. They really require this high-luxury rooms, and that is why for Louis Vuitton, it's wonderful to have a Lee Theatre room and to have a Yum Sing Bar room is special.

How do you actually squeeze productivity out of that square footage? Now, I'm very concerned about that, and I always interrogate our tenants: why do we need four of these rooms?

What is your occupancy? How much productivity do you get out of it?

That is where they feel we are constantly on their back. Productivity per square foot is really important.

Don't just occupy space. For us, we look at our space as very, very valuable asset.

If you occupy space, you must produce. It's not linear.

Actually, it has to be better. It's not two times your old productivity.

It has to be better, a premium, because you get the better experience. We stay very close, and that's a very, very big number.

Now, we have our data which shows for Club Avenue members, am I allowed to say that? 70 to 80% of those people shop at those brands.

70

to 80% of Club Avenue. How do you nurture, grow, and recruit?

I must also do another explanation on how we recruit. We don't just have Club Avenue.

We have the Hy! platform, H-Y as in Hysan, but Hy!, right?

That is our general public. Within the general public, because of our data, we spot potentials, and then they get nurtured and grown into our Club Avenue, which is by invitation only.

We just have a massive recruitment platform which nobody else has.

The Hy! membership is over half a million in members and even active is over 150,000.

We constantly reactivate them, de-hibernate them. Having that access and also visibility to behavior is really important.

That's something which I think is actually quite special.

I think that's very important. As you can see in the numbers, of course, we know that Hong Kong retail sales also rebound, and there's a very good improvement in watch and jewelry.

That's what we spot in the wider Hong Kong market as well. For Hysan, as you look at page 24, which we showed earlier, we have sales improvement across all trades, and also even for F&B.

We are seeing productivity going up in 2025. I think that's very important.

That's what Club Avenue member and also what Hy! member contribute to help our business and our tenant as well.

F&B is really important because you always hear the negative side on TV: everyone is closing, it's all these sad and sorry stories, right? They're big performers,

but

we really curate them. Of course, there are some struggling ones.

The struggling ones, we really try to help, if not edge out. Again, it's the curation.

You just can't buy handbags or watch. You need to eat, you need to enjoy events.

We have nearly 200 events a year. Can you imagine playing mahjong in the area?

Crazy, right? We have very, very good events, the whole experience is complete.

Yeah. Next time we can invite you to enjoy the busking within the herbal tea shop.

Leung Cha busking! Who would have

invented that? That's the one in Kung Wo Tong.

You guys know. We do a busking there in With

the most traditional herbal tea,

and

with those brass pots. He's got the DJ in there busking!

No, we try to use every bit of our imagination and step into other people's shoes. What would they enjoy?

It's very tiring. It's nonstop.

Thank you.

Thank you.

Thank you, management. We can conclude the session today.

Wish everyone a Happy Chinese New Year and good health.