Thank you. Um, ladies and gentlemen, we have announced our interim results of the financial year 2020--, 2025/2026 last, last night.

And, actually, you can go to our website. We posted the, the results in details in the website as well, in our company website.

This morning, we have a, a interim result, briefing session. On page 5, on page 5, that's highlight the key theme of the first half.

Adjusted revenue reached $4.9 billion. Cash profits, adjusted cash profits, $203 million Hong Kong dollar.

The major source of income, the major source of the revenue, property development, which is, $3.2 billion Hong Kong dollar, mainly from the settlement of our, some major, projects in UK, in Australia. The Victoria Riverside in Manchester, we have completed the Tower B and C, and Bromley Street as well.

Also we have the sales of the inventory in Melbourne, West Side Place. That, that's is a four tower, right?

Also the, Aspen at Consort Place in London. Also, we have the, settlement, from the property development sales of our JV projects, including Pavilia Forest in Hong Kong, Kai Tak, and also the Dorsett Place Waterfront Subang in Malaysia, and the Tower 4 of the Queen's Wharf Residences in Brisbane.

Other than the settlement, which is, we, we can, you, you can see from our first-half results, also we have the presale. 640 Bourke Street in Melbourne was launched late March this year, up to now it's been like 10, 11 months for the, for the for for since launch.

We have sold out almost, 40%, right? Total cumulative presale value and the, unbooked contracted sales amounted to $9.3 billion Hong Kong dollar.

Hotel, up about 10% to $1 billion Hong Kong dollar. I think the major contribution coming from the, well, this hotel, Dorsett Kai Tak, which opened, end of September last year.

And, well, in particular, since the opening of the Kai Tak Stadium next door, since March, I think the, the hotel occupancy, room rate, improved a lot as well. Hopefully, that will be continuing, the, the the growth and performance, and reflecting in the second half, and so on as well.

Dorsett Canary Wharf London and HabX Shanghai soft-launched in September 2025. Honestly, well, they just opened, in our first half, in particular the HabX Shanghai, which is only open on 29th of September, only two, three days in the in the first half.

Hopefully, on the second half and also in particular next year, that would be full-year impact and, contributing to the cash flow as well. Car park, down a bit, 10%, to $343 million.

Gaming, up about 11%, which is, $218 million Hong Kong dollar as well. That is the revenue.

And, the net loss attributable to the shareholder, $988 million Hong Kong dollar, although we have, cash profit adjusted 2000-- I mean $203 million. Meaning that, well, there are some non-cash adjustment, right?

Mainly coming from the, impairment losses, for example, the $193 million, which is actually on the one of our, project, 100% owned project, in Sai Ying Pun, in Sai Ying Pun. Yeah, and also, well, the, impairment loss, recognized for the, PPE, which is, $88 million Hong Kong dollar, which is in relation to, a deposit for the, for a land acquisition, but back to maybe 20, 10, 15 years ago, so, that is, we have compromised, I mean we have discussed with the valuer, and and and we have made the, impairment loss this year.

Share of the impairment loss by JV and also associate, I think obviously, that is the, one of the JV project, in in Hong Kong, the Kai Tak, we have made $530 million Hong Kong dollar. The difference, $110 million, is actually coming from the DBC, which is the, entertainment entertainment resort in Brisbane.

Maybe we may talk about that more in detail later on. Reduction in the net debt, improvement in the adjusted net gearing ratio.

As like I said, we've got quite a few project completion, and we've got, some non-core and core, the the disposal. In fact, we have paid down, quite a lot on the project loans, as well as some unsecured loan as well.

So, at the end of, end of September, the net gearing ratio is talking about, 45-- 64.9%, down a bit, well, about 2.6, 2.7, points compared with end of March, meaning that, well, during this, 6 months, we have achieved, down a little bit, 2.7 points. I think, in the coming, ongoing in the second half, hopefully we we have, more project to complete, get getting some cash flow, on the core business, and also some of them may be, hopefully, non-core disposals as well.

Hopefully, the net gearing ratio will further down. Conti-- well, the continuously unlocking value.

During the first half, we monetized, mainly two transaction, yeah. It's about, $1 billion Hong Kong dollar, coming from sales of our Hong Kong mortgage book, which is talking about $347 million; disposal of the BC stake, well, that that is another mortgage book, but in, Australia and UK, which is talking about almost, $700 million plus, altogether is about, well, $1 billion Hong Kong dollar.

Also, we have entered into a non-binding term sheet to dispose of certain interests of the Ritz-Carlton Perth, just now, well, two weeks ago, yeah. Hopefully, we can, I think, when we come across, more maturity stage, well, we may have some, discussion or announcement on that, hopefully we can, we can we we can achieve it.

Also we have entered into an agreement to dispose of car park in Chatswood London, Sydney, for like, Australian dollar $3.7 million. In fact, in the past, I think almost 24 months, Care Park has been doing a good good job for selling quite quite some non-core car park assets in order to have a more like, like business model, right?

Getting back some cash and reduce, this is actually our objectives as well. On considering to unlock some hotel revaluation surplus, which is talking about $18 billion Hong Kong dollar, that one we have, corporate exercise, we may, we may proceed, but at the moment we we can't disclose anything, but we have this idea, and hopefully when when the market comes, we may go further and and have more disclosure.

Restructuring on the investment in Queensland, I think that's is, when we have on 12th or 13th 12th of August this year, we have, an announcement talking about the implementation deed, for our one of our JV project, which is the, Queen's Wharf, Brisbane projects. Existing, well, we are holding 25%.

Hopefully, when we have completed the transaction, we will increase our stake to 50%.

Sorry, regarding the Queen's Wharf Brisbane project, the completion is supposed to be on end of November, but we've just extended due to there's a lot of CPs requirements from the governments, but we are very hopeful we will be finished by end of March, at the moment, yeah.

On next page, 7, this is some highlights. In fact, I have, I have talked about that, in the last two pages.

One of the key point, on from this page is the, the adjusted gross profit margin. We have, 3.6 points increased, mainly from the sales of property.

Also, well, the finance costs come down a little bit. For P&L, disclosure, the finance costs is talking about, $373 million Hong Kong dollar, compared with last financial, the interim period, down a bit, 25%.

I think most of the bank loan, we are actually with the Hong Kong dollar. If you, if you guys remember, remember, the HIBOR come down since March, since May, then come back a little bit, in August and September.

In fact, it's helped a lot on our, finance cost saving as well. Hopefully, the in the second half, when the US, rate come down, hopefully, right, Hong Kong will will will will go in line as well.

That would be a little bit help on our finance costs as well. On page 8, that is talking about the gross profit margin.

Overall, 30, 34.8%, compared with last interim period, 31%, increased a little bit, well, 3%, almost 10% in terms of the rate comparison. As you can see, well, the main driver, or the contribution, is actually from the, property sales, property development, which is, 31%, compared with last year al- almost 27%.

I think, that is a higher gross profit margin recorded from the, sales of project, sales of the properties in Australia, and also UK. UK is in particular the Manchester projects, yeah.

When we talk about the, net gearing ratio on page 9, you may see, we have reduced about $1.2 billion, debts, although, well, we have some other impact from the, impairment losses. The net gearing ratio come down to 64.9%, and if you, well, we have a pro forma adjusted net gearing ratio before impairment, which is talking about 63%.

Hopefully, we will have, further improvement in the second half as well. Short-term debts: this page, a lot of, commercial banks, very concerned about that.

I think so that's why I, par- in particular, set up a separate page to talk about that in detail. Short-term debt meaning, well, in the coming or from, end of March, in end of September point of view, in the coming 12 months that would be mature.

$10 billion, improved a little bit, about $900 million compared with the, end of March. Corporate hospitality and car park loans, which is talking about eight, $5.8 mil- $5.8 billion.

In fact, I think most of them are actually come in relation to, hotel asset. I think the hotel asset, in particular Hong Kong, Hong Kong is, From a hotel division, Hong Kong is the, main contribution from a cash flow, from a revenue perspective.

In particular, if you talk talking about the occupancy, the room rate, I think Hong Kong, the first half compared to last year first half, it improved a lot. So, we don't see any, well, we I think the banks support us very well.

The refinancing, I think is, Hopefully, it's a matter of procedure, right? The project development lo- loans, which is talking about 780.

I think, that is talking about our projects, in particular for the presale, from a presale perspective. I think most of our project, when we come to, end of the completion, end of the, development program, is actually, I can say, more over 90% or even 100% presold already.

I think we are focused on the mass market and, focused in the CBD as well across, Manchester, the whole Australia, Singapore, even Hong Kong is now looks like picking up and more stabilized as well. I think once we have completed all the, projects, get a get a, get the legal title exchange, get the sales proceeds, pay down the project loans, that is, yeah, the how how it works.

Th- this one is, The the the most important is when we will complete the project. I think that's on the track.

Other corporate loans: that is most concerned, yeah, for by some banks. This is meaning that, well, this is unsecured loan.

In the As at end of September, we have, $2.7 billion, outstanding as at, end of September. I think, half, over half of which has been dealing with the bank with the, I mean, having, refinanced already.

Another 50%, well, less than 50% actually, well, is it's not coming to the, maturity. So, I I would say, well, this this 50%, we have been dealing with, roll it over, refinance it, because, this is maturity within this the last two months, Septem-, October and November.

This is a matter of the, rollover. I think, so long as I can we we can prove to the bank cash flow, the business diversification, the risk, and also the, the build-to-sell model, sales of property, and also our recurring business, I think that's just the, our our cash flow, and then, the the banks support us, yeah.

In fact, more than 50% has been rolled over already. Terms, the loans with partial repayment terms: this is the repayment schedule where we talk where we start the loan, we have the repayment schedule.

And, as at end of as as at end of, September, we have $640 million, on on repayment schedule within the coming 12 months. That is, this is payment.

This is expec- expected. The other clause, data point, is the, liability with the repayment repayable on demand clauses.

This is very academic. Even though we've got some loan 3-year, 5-year, but, there is a clause stating that, well, this is on demand.

According to the accounting standard, we have to classify as a as a current liability, but in fact, I would say, so far so many years, in the past at least 15, 20 years, we haven't seen any dollar call because of this clause, right, the the demand clause. It's a very ac- academic.

So, that is the, how we are dealing with the short-term debts coming, yeah. Page 11:, I think we have accelerate, quite a few project, completion of the property development, in particular Victoria Riverside, like I said just now, well, Tower B and C.

In fact, this project consists of Tower A, B, and C. B, C has been handed over since July.

As actually end of September, all the bank loan of this project has been paid off, meaning that the Tower A is actually unencumbered. We're expecting the Tower A to be completed in the first half in the first half, yeah, of next financial year.

Hopefully, May, June, July, well, so that we can get back, the sales proceeds of Tower A. We're expecting the Tower A, like I said, this is 100% presold already.

The Tower A will have the cash flow about $1 billion Hong Kong dollar. Also actively monetized if some some inventory: Mount Arcadia in Hong Kong, Aspen in, London, and West Side Place.

I think we pick up the right city. Um, most of most of the cities that we have our property development and the sales are actually, enjoying the population growth, the hard demand for the housing as well, so, we monetize, quite quite a lot in the sec- in the first half as well.

We spend a lot, effort, on the monetize existing inventory. As at end of September, it's actually $10 billion outstanding, on the book, on the book as at end of September, in which almost, a quarter, $2.7 billion, has been contracted.

Hopefully, well, typically, when you contracted, within 3 months, 2 month 2 months, 3 months, that will be coming into our cash flow and then get the title, get the get the sales proceeds, you know. So, $2.7 billion should be coming into the second half as well.

Divesting some non-core asset and business, previously, well, in the last two pages we talked about that as well. We cashed out the, the Hong Kong portfolio Hong Kong mortgage book portfolio, BC Invest, and Chatswood hotel, Chatswood car park, which is a smaller one.

Also we have entered into a non-binding contract with the, to sell the, certain interest in the, Ritz-Carlton Perth as well. And, also we have the hotel portfolio for a sustained- sustainable growth.

Kai Tak just opened last year, and, in particular, well, the loca- the the benefit of the location, I think, looking forward, well, this cash, this, our flagship hotel in in Hong Kong, Kai Tak, right? It's a it's a good start in our portfolio.

Some hotel are actually opening, Dorsett Canary Wharf London soft-opened in September. That is bring up bringing up the, the revenue as well.

Liquidity:, other than the liquidity level, which as at end of September, $3.7 billion, also we have some undrawn facility for treasury, corporate use, construction purpose. Added about together, it's talking about $5.8 billion.

We've got five hotel unencumbered totaling about $1.3 billion Hong Kong dollar. For the capital commitment, I think, this is stated $938 million, but from my point of view, it's actually less than that because, some of them actually supported by bank and some of them actually we are not in the rush, well, but, yeah, hopefully, the hotel portfolio actually coming to the final stage.

We I think once we, the hotel rooms are big enough, we may not consider to, increase the the hotel room as well. That is the financial part.

The The remaining the sell, the, property development, I may I pass to the, Wendy?

Thank you, Boswell. Before I begin my presentation, I want to express my deepest condolences to the victims and their families.

My father and I were in London when we first learned of this tragedy, and we are deeply saddened by this. We immediately reached out to the Hong Kong government to see what we could do to help and support.

Hong Kong is our home, and it's close to our hearts. As a family together with FEC and Dorsett, we are committed to doing what we can to help and to stand alongside with the community.

I will leave the details with Wendy later. Regarding property updates: in the face of market conditions, we continue to accelerate project completions to enable earlier revenue recognitions, optimize cash flow, strategic reduce debt levels, and strengthen overall financial performance.

We maintain a robust development pipeline of approximately $62 billion, which will support sustainable growth over the next 6 to 8 years. We have actually successfully reduced our gearing ratio from the highest points of 74% down to 63% adjusted gearing ratio before impairment, which is roughly we have reduced $8.3 billion Hong Kong dollars within 2 years.

This is a remarkable result with the whole company's teamwork. For interim period for property development, revenue from $3.2 billion versus $3.6 billion last year, half last interim period.

Profit margin, however, has risen from 3 31.3% versus 26.8%, which Boswell has also explained due to Australia and also our Manchester project. For this interim period, adjusted property development revenue amounted to $3.2 billion, mainly contributed by Tower B, C in our Manchester project, which is roughly $750 million; Aspen in London, revenue around $270 million; and West Side Place, Melbourne, revenue around $672 million; and Mount Arcadia in Hong Kong, roughly $130 $139 million.

In addition, with our joint venture projects, including Pavilia Forest in Hong Kong, 50% revenue of roughly $574 million; Dorsett Place Waterfront Subang in Malaysia, $149 million; and Queen's Wharf Residences Tower 4 in Brisbane, 50% of the revenue, which equates to $460 million. Sales momentum has been picking up in the recent months.

As of 30th September 2025, we have secured approximately $9.3 billion in presales and contracted sales, providing a strong visibility of our future revenue. Overall, Manchester is one of the strongest markets we have.

We started sales price at around £380 per square feet, and up to today we are selling over £580 per square feet, which is over 50% growth in the recent years. Victoria Riverside has been a key revenue contributor this half year.

Located in Red Bank neighborhood of Victoria North, the project comprises of three towers and 38 townhouses. Tower B, C, together with the townhouses, completed in July 2025 with an expected GDV of about $1.1 billion.

Over 90% of units have been presold. Tower A, with 275 units and an expected GDV of $1 billion, is scheduled for completion in the first half year of 2027.

Approximately 99% of its units are all already presold. We have actually, like what Boswell said, already repaid all our construction loan.

This $1 billion is pure cash flow sending back to Hong Kong headquarters. In Manchester, we've sold out all other development inventories.

With our track record of delivery of housing in Manchester, Manchester government are very supportive of our schemes. We have recently received another $900 million new tram stop funding into our development.

This will greatly benefit our existing customers and future schemes. Perth Hub, the first phase of Perth City Link, was completed last financial year with all units fully settled this half year.

Located next to the Perth Arena, it is a mixed-use development comprising of over 300 residential apartments with a total GDV of approximately $816 million. This marks the first project successfully delivered by FEC Construction Australia.

Perth the Dorsett Perth, also being delivered by FEC Construction, is progressing well and is expected to be completed in FY 2027, further enhancing our presence in the city. In London, Aspen at Consort Place has been another key revenue contributor this half year.

Located in the heart of Canary Wharf, it comprises of over 500 apartments with a total GDV of $4.5 billion. Completion has commenced in phases, with handovers starting in May 2024.

In the first half of FY 2026, approximately $270 million was settled. As of 30 September 2025, remaining stock stood at around $2 billion, of which $163 million has already been secured as contracted sales.

Sales and settlement are expected to continue. With the shortage supply of housing in London and large corporations like HSBC deciding to stay in Canary Wharf, and new technology companies are also seen moving into Canary Wharf, we are hopeful this will boost Aspen sales in the near future.

For Melbourne, we continue with our existing strategy by actively selling our completed inventory. West Side Place in Melbourne, Australia, is another success story.

It features a total GDV of approximately $10 billion Hong Kong dollars. Over the last two and a half years, despite market, we've outperformed and sold out 1,400 units, selling 10 units per week.

As of today, we only have just over 30 apartments left to sell. This is a success story, and a huge credit goes to the project and sales and marketing team.

In Hong Kong, we continue to actively selling our completed inventory through targeted campaigns. Mount Arcadia, located on Tai Po Road, comprises of 62 apartments and four houses with a GDV of $1.8 billion.

We right now only have 11 units remaining and four houses. Pavilia Forest, it actually has been outperforming the whole Kai Tak strip.

New World has been really trying to push this, and really credit goes to their sales and marketing team. We launched the Pavilia Forest in Kai Tak, a 50% joint venture project with a total GDV of $10.4 billion, in July 2024.

As of 30th September, we have already sold over 700 units with a GDV of over $5 billion Hong Kong dollars out of the 1,300 apartments. This testifies Hong Kong demand on residential apartments.

The project was completed and began handover in September this year. In the first half FY 2026, total settlements amounted to over $1.1 billion, of which approximately $570 million attributed to our 50% stake.

There's roughly $4.6 billion remaining stocks, which are mostly on the upper floors with the panoramic view. In Brisbane, our joint venture project, Queen's Wharf Residences Tower 4, continue to contribute to adjusted revenue, total GDV of $3 billion Hong Kong dollars.

We have total 667 units, and we only have three units left. Tower 5 were relaunched for sales in August 2025 at a further 15% uplift.

As of 30 September, approximately 50% of these relaunched units were presold, reflecting resilient demand at higher price. Tower 5 had a successful relaunch, over 75% is presold and completing in end of 2028.

For Melbourne, given the success of West Side Place, we have recently launched our mixed-use development project, 640 Bourke Street, in February 2025. Located in the heart of CBD right adjacent to West Side Place and Upper West Side, the development will have 68 levels and comprises of over 600 apartment units with a total GDV of approximately $4 billion.

This is an ultra-luxury apartment development, and it's asking for one of the highest residential pricing in Melbourne. The project received a strong market response at launch, and were able to achieve higher selling price, driving an uplift in overall average pricing and reinforcing the premium position of the development.

Over 53% presold and reserved at $17,000 per square meter. Completion is expected in FY 2029.

Overall, we remain cautiously optimistic that our strategic focus will continue to support sustainable growth and stability for FEC in the years ahead. We have approximately $62 billion in our development pipeline, and by driving early project completion, we aim to contribute meaningfully to debt reduction.

Thank you very much for your time. We appreciate your continued support and look forward to sharing more to you.

Winnie, would you want to do hotel operations? Thank you.

Thank you. Yeah.

Good morning. Regarding the hotel performance, our total revenue is up 9.5%, making us from $997 million Hong Kong dollars to one one one, yeah, $1 billion, yes, one almost $1 billion Hong Kong.

I think this is a big milestone for us to reach the $1 billion mark. In terms of the occupancy, we have been trading up.

Again, I think, in terms of geographical location, there are definitely some stronger ones, and I do think that our strategy in kind of diversifying in different city makes a huge difference in tough times. I think Malaysia has gone up quite a fair bit.

Hong Kong is on a trend up, we're very happy. I think that's kind of what I'd like to share.

In terms of the room rate, the Dorsett Group has gone up about 5.2%, with Palasino about 1.3, and, again, similarly, the RevPAR will have the same trend, bringing our RevPAR from $542 to $572. I won't go through the detail kind of performance analysis.

I'm sure a lot of our investors can read for themselves. Regarding the new hotel opening, we've also just partially opened Canary Wharf, with the units that are open, our occupancy is around 70%, it's not bad.

It's, of course, phase by phase cuz we want to get into service as soon as possible. I recently came back from Shanghai, and we've launched our first hostel project, HubX, and it's been very successful.

This model actually brings down the cost a lot. If you look at the furniture, it's really very simple.

In terms of the construction, again, I can foresee that this brand we can do a lot of turnarounds. At the moment, of course, because the location is right opposite Shanghai University, there are a lot of students booking, but this is really a youth hostel kind of brand.

Again, it's very fast turnaround. It's at the moment the average stay is about 1.3 days, and you can foresee I think the number of staff, I would believe that this margin eventually will be higher than the four-stars because you do need much less number of staff.

In terms of the booking and all that, we're going all-electronic, even the door lock and all that, we will be using all-electronic. Again, I do foresee that once the success of this brand, we will try to bring it to Hong Kong as well.

Similarly to what we've done with Dao, Dao by Dorsett North London has also just opened. This is more serviced apartment.

Our first one was in Singapore, and, of course, with the success of Singapore, we also opened London, the first one, the Shepherds Bush one, and now with the North London. I think I spoke with several investors in the last two years, we've really tried to pivot into more asset-light model.

Thankfully, the market has been quite receptive. In terms of operation, we are still streamlining because, of course, from an owner-operator model to going into a asset-light, it does take a little bit more buildup of basically your SOPs, but with the digitalization, in fact, I think it's much easier to be consistent.

We have had Dorsett Changi City Singapore, and, in fact, this hotel, our investors are so happy because we've bought up I think in terms of the valuation, it's almost doubled. At the time that we bought it until now, it's really about 2 years, yeah.

I think by this way we really do deliver, as always, value for investors. The model, for some of you may not know, let me update.

The model that we have actually used here is that we go in, Dorsett go in about 15% equity, majority will be TPG-Angelo Gordon as well as Altelia, a family office over there, and we basically went in and add value in the way of creating more rooms. We've created almost 100 extra rooms, so, as a lot of you seasoned investor know, hotels are really valued by how much per key, so, of course, there's an immediate effect of uplift once you create more rooms.

Dorsett Agora Sakai is our first hotel as a Dorsett into Japan. It's very well-received.

In fact, the local government is so proud of our product. This year's marathon will be starting in our hotel in Osaka, please feel free any of our investor would like to join our marathon.

Again, what we have deployed in this hotel, the Sakai is we really look at how to add value to the city, because this is kind of a joint venture with the local government. Apart from building the hotel, really enhancing the area.

Actually, where our car park is, we've brought in a aquarium that has four dolphins, and there's kind of a Cirque du Soleil in the same area. Really we look at it as a total package.

Quite a lot of people go to Japan for a total package. Of course, given the current sentiment, my forecast for Christmas will be a bit definitely, I would feel that it will be less than expected.

In terms of management contract, I'm happy to announce that we have now two, The Dorsett Fiji is still going on, but we have signed as of last week into the second phase of Nanyang Technological University, managing their student accommodations, as well as Dao, this Dao product will be in Johor Bahru. In terms of the pipeline, we do have a Dorsett Perth and Dorsett Brisbane coming along.

In total, this will bring our room count March 31st to over 10,000 rooms. We can talk more on the Q&A session, but at that I will leave it to Boswell to carry on the car park.

Thank you. On page 35, car park revenue decreased about 10% to $343 million.

We just mentioned this in the first page. Adjusted gross profit margin decreased to 20%.

I think the main reason is the property holding costs due to the government regulation over the Victoria states in Australia. We continuously to phase out some underperforming car parks and divest some mature car parks to unlock the capital for the future investment and debt reduction.

Like I said, well, in the last 24 months, we actually sold out quite a few bit on the non-core car park asset as well. Also we have entered into agreement to dispose one of the car park in Chatswood, Sydney, for $3.7 million Aussie.

Also the gaming part, this is the Palasino. In terms of the revenue, it reached $218 million, increased by 11%.

The adjusted gross profit margin increased to 42%. Due to the increased visitation following the Austria marketing campaign.

Currently, well, FEC holds about 72% of Palasino, and hopefully also we are going to open another new Mikulov casino in Czech Republic. QWB, that is Queen's Wharf Brisbane projects.

This project was soft-opened end of August last year. Up to now, it's been over a year.

We have opened the gaming floor, the mass gaming floor, the premium floor as well, and also one hotel, The Star Grand Hotel, and also some of the retail, the F&B as well. On 12 August, we have entered into implementation deed with the 50% owner, Star, for the asset swap agreement, yeah.

We may talk about that later on.

I think just a few notes on this Queen's Wharf Brisbane. We've just recently celebrated our anniversary, and we actually have calculated over 10 million people has actually went through our precinct, we're very, very happy with this footfall.

Going forward, of course, there's The Star Grand Hotel, which is over 300 rooms, and we are looking to adding 700 more with Dorsett and also Rosewood Brisbane. As Boswell, and I'm sure everyone's aware, that we are actually in the midst of completing our transaction, and also we are in the midst of looking at international operators, right?

At the moment, there are quite a few very international operators at a very competitive price, with a much lower management fee, but, of course, with a huger awareness of brands as in Asia, right? We are hopeful for this Brisbane project to fly in the very near future, especially given the Brisbane Olympics coming up.

Also, of course, with the monopoly of over 25 years and also a gaming license of a substantial years, we believe that this is a very, very valuable project that we would be looking forward to completing the 50% transaction together. Thank you.

Now, I'll pass it back to Boswell on the prospects.

The outlook: actually, well, this is summary of what we have discussed just now. Gearing ratio, leverage, expected to be further down, since this is our first priority to pay down the bank loans and all that, right?

Also we have got some non-core and core business coming in the second half in particular. Accelerating the completion of the property development: we just mentioned one of the projects, Victoria Riverside, we have done it, and hopefully in the first half of next financial year, in particular for the Tower A, when completed, there will be another big cash coming in.

Disposal of non-core asset we just mentioned, which is about 2 weeks ago we have entered into a non-binding term sheet to dispose one of our hotel in Australia. Unlocking the hotel revenue surplus, hopefully we can present more details in the right timing.

For the visibility of the cash flow coming from the property side and also the recurring business: $9.3 billion in the presale and sales contract, out of which, $2.7 billion actually coming from the completed stock sales, and also the difference, talking about this, about 6 7 billion, are actually the sales of projects. Sales of projects, this is in relation to the presale that will be coming into completion within this coming 2 years.

Hotel: recurring cash flow expected to grow with in particular with some new hotels stabilization. Four new hotel coming up in 12 months.

Car park: phase out the underperforming, mature car park asset for the purpose to cashing out and get the cash for the debt reduction as well, becoming more towards to asset-light business model. Gaming: open another small casino, and also we have the restructuring of the QWB projects.

This is the end of the presentation.

Online, actually, some questions, I may pick one, huh. One of the question on the online dialog is the URA project, which is the Sai Ying Pun projects, Pavilia Forest.

"Do you see any further impairment?" That's just the impairment we have recognized in the first half.

In the second half, I think, hopefully they are all related to Hong Kong property market. Hopefully, the Hong Kong property market getting more stabilized, in particular since a couple months ago.

In fact, our sales in Pavilia Forest project are actually quite doing well. Hopefully, in the second half, we can achieve what we want to achieve, right?

In fact, we are having some kind of different strategy on the sales as well. Hopefully, we will not have any material impairment, but is really subject to the market, to be honest.

From the market at the moment, I can't say I doubt, but I must say I don't foresee there will be a further impairment. Actually, I think this impairment we've been quite conservative, given the uptick on the market in Hong Kong at the moment.

I don't believe so, to be honest, yeah.

Maybe I will talk a little bit about sustainability, because I see that it's in the appendix. Cuz I see also banks that have supported us in a sustainability loan.

If you look at our loan book, we are actually converting, especially the hotel side, more and more loans on the sustainability side. I do chair the ESG of the group.

Maybe since we have investors here, I will talk about the strategy and in terms of what we're thinking in the sustainability front. Our group's focus has always been more, in terms of ESG, on the S part, the social part.

We do have quality scholars, and, in fact, they are really making great impact in the world. I think most notably is a head of our alumni scholar, Natalie Cheung.

She's the first lady that actually went to North Pole, actually, really, in terms of one of the leader in sustainability in Hong Kong. Of course, earlier my sister did mention about the Tai Po fire.

In fact, the last 2 days I have been working with the government and seeing how we can relieve the immediate housing. Thankfully, with kind of working around the clock, Dorsett as well as FEC has really been supporting our project, Runway 1331, which is the old Kai Tak project.

At the moment, yes, as of last night, I think we can deliver about 1,000 housing for the immediate relief for all the residents in Tai Po. They will be coming in phase by phase but because, of course, majority of the current residents are still wanting to be near the hospital, as well as near their building, because this help that we are extending will not be 3 nights.

At least I would foresee a month or so. Our group have actually had the experience from actually relieving the victim and the victims' family from Grenfell a couple of years ago.

Grenfell, London, there was a big fire, and the group Dorsett Shepherds Bush was also the major hotel in supporting the relief. I think, in terms of really our belief and where our heart is, is really very much into this.

What I do hope, really, in terms of adding value to the ESG in Hong Kong, as per se, is to bring more measurements. I see a lot of investors are here.

I really hope that you all share what I preach for is to actually have impact investment, because only by this way we can actually measure each other and push for kind of the uplift of the whole support into this. For sure, in terms of the relief work currently in Tai Po, please, if there are any investors, 我講中文好嗎？因為呢幾日都一路去...係好多好有心嘅人呢，一路有捐物資呀等等過嚟。噉所以如果你哋，即係有咁樣嘅意願呀，或者你哋識啲人，你哋都可以直接搵我咯。噉樣。Thank you.

Yeah. Quite a few question actually in relation to the perp.

Um, the question are sort of, any plan, any redemption plan, any restructuring plan, any, what do you think and, and how to settle the, the high interest, high high coupon rates, perpetual bond? I think, I, overall having a comment on this.

I think the first priority is actually on the bank loan reduction, yeah. So, the good thing is we have, over $61 billion Hong Kong dollar on the pipeline, which is all active project.

I think $61 billion is actu- actually big enough for us to for FEC to develop, to sell, to record, like, in the book in the coming 8 years, 10 years, right? So, we are not in a rush to increase the land bank, the land the land replenishment.

Of course, we do not rule out that, well, if there is a very, very attractive in terms of the cost and all that, we we may also enter into, but, yeah, we are not in the need. On the other hand, other than this, first priority on the land on the on the bank loan, we are actually we have to keep a very healthy and also safe level from a bank confidence perspective.

I think we have to deal deal with this first. So, we know that this is a very expensive, but we're trying out to, accelerate our projects, get the bank loan, at, before definitely before the perpetual, yeah.

Thank you.

Thank you.