Greetings. Welcome to New World Development 2026 full-year annual results presentation.

Sorry for the long wait. Thank you for your patience.

I am Patrick Cheong, Director for IR. I'm also the moderator for this session.

Let me introduce to you our management in attendance. They are New World Development Executive Director and Executive Chairman, Ms.

Echo Huang; New World Development Executive Director, Mr. Sitt Nam-Hoi; New World Development Executive Director, CFO, and Joint Company Secretary, Mr.

Edward Lau; New World Development Executive Director and New World China CEO, Mr. Benny Chan.

If you have any questions, please type your questions in the chat box, and during Q&A session, I will read out your questions. I'll pass the floor now to Echo.

Friends from the press and investment community, sorry for the long wait.

Thank you for joining us at the New World Group's 2026 full-year annual results presentation. Time really flies.

18 months ago at the results announcement for the first half of FY2025, for the first time, I shared with you our company's results, and at that time, I proposed three main directions of work. First, focus on the real estate business, continue to conduct and advance business development, and ensure robust operations.

Second, improve our company's cash flow and manage our finances proactively. Third, continue to optimize operational efficiency and governance capabilities and maintain transparent communication with the market.

Over the past year and a half, our team worked very hard to successfully stabilize our business and our financial condition. Sales were on target.

We maintained cash flow and completed refinancing of HK$88.2 billion. In the past year, the property market atmosphere in Hong Kong improved significantly.

Transactions were active. Property prices have stabilized.

Driven by the gradual market recovery, our company has made satisfactory progress in various businesses. I would like to share with you three key points.

First, core business performed well. Our net recurring operating profit, after accounting for interest and taxes, successfully achieved a turnaround from a loss to a profit.

The benefits of New World, K11, and Pavilia brands are strong. Our contracted sales for the year reached HK$29.6 billion, exceeding our full-year target of HK$27 billion set at the beginning of the year.

Many developments sell very well. The rental situation of shopping malls and offices continues to improve both in Hong Kong and Mainland China.

For example, K11 MUSEA in Hong Kong reached record high in foot traffic and sales. As for the mainland, the offices at K11 ATELIER in Shanghai are about to start operation, and the rental situation is good, with pre-lease rates of more than 70%.

The Rosewood Hong Kong also tops the list of the World's Best Hotels again this year, becoming the first hotel in history to win the world's number one for two consecutive years. In terms of costs, we have taken a three-pronged approach to reduce capex, operating expenses, and finance costs.

Our total financing costs for the year was reduced by about HK$1.1 billion compared to last year, and the average interest rate was down by 80 points. Our core operating profit rose more than 20%, and after accounting for interest and tax, we further turned loss into profit this year.

We recorded a profit of HK$2.2 billion, the first profit in the past three years. Second, we further expand the channels for asset disposal to speed up cash collection.

A few days earlier, we issued a notice announcing that we are moving forward with the spinoff of Shanghai's original K11 to be listed on the Shanghai Stock Exchange in the form of a commercial real estate investment trust, or C-REIT, and the application was successfully accepted. This time is the first Hong Kong-funded Mainland real estate C-REIT.

C-REIT is actually one of the forms of asset disposal, and this scheme can also further expand our group's channels for monetization so that we can have more different ways to release the value of Mainland assets in the future. This Shanghai K11 project is only the first example of us leveraging the C-REIT platform.

We still have many mature assets on the Mainland, and we have identified a series of suitable projects, which will be gradually advanced in the future according to the market situation. In addition to C-REIT, we also have other different asset monetization options.

On the Mainland, we announced the sale of our office projects in Hangzhou Phase 1 and Ningbo, reflecting that our diversified asset portfolio is extremely attractive in the market. When the market recovers, they can be sold at good price.

Third, our group reached an agreement with the Airport Authority to significantly adjust the valuation and related provisions of 11 SKIES, taking an important step towards the next phase of our company's development. We reached a legally binding agreement with the Airport Authority on 11 SKIES earlier today.

We will return the operating rights of 11 SKIES to them earlier, and in addition, pay about HK$2.3 billion in cash within a year, plus about HK$1.05 billion in equivalent services. Because of this, we have made impairment and provisions for 11 SKIES this year.

I would like to point out one thing. Our company's agreement with the Airport Authority and the impairment and provisions for 11 SKIES resolve a major issue, and we have made an important step forward for our company's next phase of development.

I believe that this arrangement will also be more beneficial to the future development of this project. I hope you will note that with regard to our company's financial situation, there are four points that I would like you to pay attention to.

First, our sales target will be kept at a high level of HK$27 billion, of which we plan to launch a total of over 3,000 units in Hong Kong in FY2027, including four Pavilia projects and a range of new developments. Second, for FY2026 second half, we have two new developments' contracted sales of The Pavilia Farm and Pavilia Rosa, totaling about HK$2.4 billion, and we will collect cash in first half FY2027, and this will bring further revenue and cash flow support to the group.

Third, being affected by the timing of cash collection, coupled with factors such as accounting treatment of JV in Hong Kong and the repayment of construction loan of JV, our net debt in June compared to June last year has increased. However, with gradual cash collection from these projects and our group's continued effort to reduce debt, the situation will gradually improve.

If you include C-REIT and also payments that we will receive from The Pavilia Farm and Pavilia Rosa in first half FY2027, we expect that there will be considerable cash recovery to our group in total. Edward will explain to you in greater detail afterwards.

Fourth, banks continue to support New World. Our group issued a circular, and we managed to increase the credit facility of a bank from the original HK$3.9 billion to HK$4.9 billion, an increase by HK$1 billion.

Although we currently have no need or plan to use this loan, we successfully increased the credit facility, and this is able to provide additional standby funds for our group. At the same time, we have also successfully secured new construction loans in Hong Kong and the Mainland.

This reflects the banks' confidence in the operation and development of our group's business. Looking ahead, we will continue our seven-step debt reduction strategy, will continue to seize opportunities for market improvement, accelerate sales, and continue to reduce operating expenses and capex.

Optimizing our balance sheet remains the most important job of our management team. I'm pleased to see that our company's operations as well as our financial position continue to be stable.

Our team is experienced and has demonstrated immeasurable unity, perseverance, and loyalty. I'm confident that the team and I are well equipped to continue to meet the challenges.

Now let me very quickly walk you through our financial performance for FY2026. Our core operating profit and segment results increased by 28% and 15% respectively, benefiting from the overall housing market recovery and our strict cost control.

As mentioned earlier, our loss in FY2026 was primarily caused by the non-cash impairment and provisions of 11 SKIES. If such non-cash impairments and provisions are excluded, our net recurring operating profit this time is actually a positive number.

Regarding expenditure, G&A expenses was HK$2.8 billion, down 19% year-on-year, mainly due to our continued optimization of our organizational structure, while the effectiveness of the previously implemented cost-saving measures was reflected this year. We successfully achieved cost savings.

In FY2026, our capex was HK$11.8 billion, down HK$800 million from the previous year. Comparing with FY2023, it is down 40%, reflecting our group's continued strict control of capex.

For FY2027, our capex guidance is kept below HK$12 billion. Regarding debts, our total debt continued to decrease, and as at the end of June 2026, our total debt decreased by HK$2.7 billion compared with June 2025.

Our net debt had increased, and Edward will explain the main reason afterwards. Based on our current financial situation, we have decided to continue to suspend payment of dividend as well as the group-level perpetual bond interest, which is the old perpetual bond interest.

Then let me turn to the situation of the property market in Hong Kong and Mainland China. The Hong Kong property market has rebounded by more than 10% since the beginning of this year.

In the past year, we actively grasped the market recovery, accelerated launch of several developments, and we delivered bright results in the Hong Kong market. The rhythm of property sales and operating results have continued to improve.

Many developments have shown strong sales performance. In Hong Kong, full-year contracted sales reached about HK$22 billion, the highest since FY2021.

Looking ahead, I remain optimistic about the long-term development of the Hong Kong property market. In the short run, this month, the US hiked interest rate, coupled with Mainland capital controls and other factors, certain uncertainty will be brought to the market, but in the long run, Hong Kong's advantage or strength as an international financial center remains solid.

In fact, on the 16th of this month, the Hong Kong government officially announced Hong Kong's first Five-Year Plan, providing a clearer direction for future economic, land, and urban development, further boosting market confidence in Hong Kong's long-term development. Meanwhile, the government's continued introduction of tax measures related to finance, funds, and family offices in recent years has further enhanced Hong Kong's attractiveness to international funds and professional talents.

The implementation of various talent programs has achieved remarkable results. Including family members, a total of more than 500,000 people have come to Hong Kong, continuing to drive the demand for housing and rental.

In the rental market, residential rent has consistently recorded growth over the past few years. The current rental index has risen by 30% cumulatively compared to its lows in early 2023 and is also about 1% above its pre-pandemic highs in 2019, reflecting that actual housing demand continues to grow.

With inflow of talents, strong rent, and the gradual digestion of residential supply, I believe that even with rising interest rates, the impact on the property market will remain relatively mild. The foundation for long-term development of the Hong Kong property market remains solid.

In the future, our company will continue to steadily advance our sales work, speed up cash collection, and flexibly adjust our strategy to respond to market volatility. In addition, we're also making good progress in the Northern Metropolis and farmland.

In addition to each project being steadily progressing as planned, the government's land acquisition or land resumption plan in the Northern Metropolis is also expected to bring considerable cash back to the group, further enhancing our liquidity and flexibility in finance. As for the Mainland property market, in FY2026, we recorded contracted sales of RMB 6.8 billion.

In FY2027, we plan to launch the Bay Pavilia project located upstream of Shenwan, Nanshan, Shenzhen, which will be the group's first Pavilia Collection project on the Mainland, contributing to our sales in FY2027. Our full-year sales target for Hong Kong plus Mainland China for FY2027 will remain at HK$27 billion.

Now let me talk about the new 828 policy in the Mainland property market. The state requires that new applications of residential projects need to see topping out first before they can start selling.

This requirement has little impact on our property development business in Mainland China because we are currently mainly selling existing properties on the Mainland, and the projects we have built have been carried out according to the old system with relevant approval, we will not be affected. Regarding investment properties, in Hong Kong, K11 MUSEA at Victoria Dockside and K11 ATELIER as well as K11 ARTUS continue to maintain close to 100% occupancy rates.

K11 MUSEA's mall sales increased 23% year-on-year in FY2026, and its Q4 mall sales recorded its highest quarterly performance since opening. For other offices, occupancy rates recorded significant improvements.

Occupancy rate of Manning House and New World Tower in Central reached 97% and 90% respectively. Occupancy rate of our twin towers offices located in King Lam Street, Cheung Sha Wan has reached 83%.

In Mainland China, Guangzhou Hanxi K11, which opened at the end of September last year, has reached 80% occupancy rate in just one year of operation, while the occupancy rates of our two K11s in Wuhan, Hankou K11 and Guanggu K11, have also increased further to 92% and 94% respectively. In addition, our K11 ELYSIA project in Shanghai, the office building K11 ATELIER has been completed and is expected to start operation in Q4 this year.

The pre-lease response is quite satisfactory, with pre-lease rate exceeding 70%. Overall, our company's operations continue to be steadily improving.

I will defer to Edward, our CFO, to explain our financial situation.

Thank you, Echo. Echo just mentioned that a few days ago, we announced the spinoff of the existing K11 in Shanghai, and it will be listed on the Shanghai Stock Exchange through C-REIT, and the Shanghai Stock Exchange had also announced that it has officially accepted this application.

Regarding this C-REIT project, the reference valuation of Shanghai K11 Art Mall and K11 ATELIER New World Tower is RMB 4.6 billion. The group is expected to subscribe for 20% of C-REIT shares.

In other words, we'll sell 80% of the equity of the above assets to public investors. This project is expected to bring cash of about RMB 3.2 billion to the group, or about HK$3.7 billion.

We expect to complete this project within FY2027. Echo mentioned just now that this project can further expand the channels for monetization of our group's assets so that in the future, we'll have more different ways to release the value of Mainland assets.

Our net debt in June 2026 rose by HK$6.2 billion compared to June last year. The main reasons are: first, in FY2026, although the immediate mortgage repayment ratio for our properties is generally high, these immediate mortgage repayment plan will generally bring us cash payment in 120 to 180 days.

As Echo mentioned earlier, the amount involved in these two projects alone is already around HK$2.4 billion. These projects are actually The Pavilia Farm and Pavilia Rosa.

As mentioned earlier, cash from sale transactions such as C-REIT and Hangzhou Phase 1 office will not begin to return until first half FY2027, and C-REITs alone are expected to involve about HK$3.7 billion. Second, a significant portion of our contracted sales in FY2026 came from JV projects such as Deep Water Pavilia, Pavilia Forest, The Knightsbridge, and The Legacy, and cash received from these JV projects will not be included in the cash of the listco until it is distributed back to us.

Third, some of the JV projects have completed construction work in FY2026, the relevant construction loans have also expired. We have already paid off the relevant loans with the developers that we work with together.

The remaining related secured loans is such that there is a reduction by HK$4.8 billion from HK$5.5 billion down to HK$700 million. We expect that the cash from sales will be enough to repay the loan.

Increase in net debt reflects primarily difference in cash collection and timing, rather than due to changes in the fundamentals of our group's operations. With the amount of project sales coming in place and C-REIT, there are also other asset disposal transactions that will be completed, our group's debt level will also be improved.

In terms of total debt, in FY2026, total debt was reduced by HK$2.7 billion from HK$146 billion in June 2025 down to HK$143.3 billion in June this year. Net debt increased by HK$6.2 billion compared to June 2025 for the reasons mentioned earlier, and for 11 SKIES, we have made non-cash impairments and provisions, our net gearing ratio rose to 68.3%.

If the timing factor of non-cash impairments and provisions is excluded, then net gearing ratio will be more or less the same. If the timing factor is further taken into consideration, the net gearing ratio will be an additional 310 points lower.

Benefiting from interest rate cut in the US as well as Hong Kong, our average interest rate also fell 80 points from 4.8% in FY2025 to 4.0%. Our total financing cost decreased from HK$7.4 billion in FY2025 to HK$6.3 billion this year, it is a decrease by HK$1.1 billion.

I'll now pass the floor back to Echo.

Thank you, Edward. Due to time constraints, we will not report the progress of each business in detail this time.

If you have any questions, please feel free to ask during the Q&A session. Once again, I would like to apologize for being late today.

In the future, we'll continue to actively manage our finances to achieve stability and progress. Finally, I would like to once again thank all investors, banks, and stakeholders for their support and trust in us over the past period.

Besides, I really want to thank every single colleague once again for their hard work and persistence. The team has been working very hard during this period, demonstrating a high degree of professionalism, passion in work, and loyalty to the company.

We are united, and as a result, there is continuous improvement in our operations.

Thank you very much, and I'm sure the future will get better and better. Thank you.

Thank you, Echo. We will proceed to Q&A now.

If you have any questions, please type your questions in the chat box on the webcast platform. We have received many questions already, and I have already categorized the questions, and our management will answer these questions one by one.

The first question is about 11 SKIES. Why is it that the company decided to give up on 11 SKIES and pass the project back to the Airport Authority?

Let me answer this question. As I mentioned earlier, this time our company works with the Airport Authority, and we have reached an agreement on the future arrangement for 11 SKIES, and provision and impairment has been made for the project.

We have resolved a major issue, and this is an important step on our company's long-term development. I believe that this is beneficial to future development of this project.

I believe that this arrangement is an appropriate arrangement. In terms of airport retail and commercial management, the Airport Authority has rich operation experience.

If 11 SKIES project is returned to AA, there would be a bigger synergy.

Thank you, Echo. The next question is also about 11 SKIES.

In the market, there has been rumor that this project involves tenancy agreements of as high as HK$70 to HK$80 billion. Why is it that New World only needs to pay HK$3 billion to AA in order to withdraw from the project?

Let me answer. This time, after deliberation with the AA, we have reached this agreement, and this is an overall arrangement for 11 SKIES.

The terms and conditions and the financial arrangement has been explained in the announcement. With this arrangement, 11 SKIES can reach better synergy with the airport retail and commercial management.

This is beneficial to further development of this project.

Thank you, Echo. Next question: In the past three years, the company recorded big loss, and this time, because of 11 SKIES, there's a loss of $20-odd billion.

When do you think that the company can achieve a turnaround? Now

let me emphasize. This time the loss is mainly caused by 11 SKIES.

Our company has reached agreement with Airport Authority, and provisions and impairments are made for 11 SKIES. A major problem has been resolved.

I think that we have made an important step for the next phase of development for our company. If we exclude the non-cash impairment and provision in this FY, even if we include interest expenses and tax expense, we have achieved a turnaround operationally.

In the past three years, this is the first time that we're achieving a turnaround. This reflects that in relation to improving operational efficiency, increasing revenue, and controlling costs, we have already made preliminary progress, and our businesses are gradually improving.

Impairment is a non-cash provision, and it is determined by market conditions. The focus of our company is whether we can achieve operating profits and whether our business has improved.

On these two points, in the past 18 months, we have achieved some good results. Looking into the future, optimizing the balance sheet is still the most important work for the management team.

We will continue our seven-step debt reduction strategy, will continue to seize market opportunities to accelerate sales. At the same time, we will continue to lower operating expenses and capex so that we can achieve progress amidst stability.

We have confidence, or I have confidence, that when the market stabilizes, our profit performance will gradually improve.

Thank you, Echo. Next question is: Recently, the Federal Reserve increased interest rate by 1/4%, and this is the first rate hike in more than three years, and this year there will be one more hike.

Now, New World's debt level is still quite high now, with this interest hike, how big is the impact on your finances? Will that affect your debt reduction plan, and how much is your interest expense?

Edward can take the questions. Yes,

thank you, Echo. All along, we have been actively and cautiously managing our finances.

Our goal is to reduce our total debt, in recent years, we have been optimizing our financial structure and financing cost. Our work has been underway.

Our total financing cost was down HK$1.1 billion as compared to last year, and average interest rate was down by 80 points. When interest rate goes up 0.25%, the financing cost will increase by around HK$200 million.

This isn't a big impact on us. We'll continue to monitor the interest rate trend, and we will manage our interest rate risk and overall financing cost.

Our top priority is to improve our cash flow and to lower our total debt.

Thank you, Edward. Next question is related.

This year, in this fiscal year, your contracted sales and cost control has been good, but why is it that your net debt is still rising? Edward, please answer the question.

Okay. As Echo just mentioned, optimizing our company's balance sheet is still our most important work.

As mentioned earlier, in FY2026, there is a reduction by HK$2.7 billion in total debt, but net debt has increased. There are two main reasons.

First, in FY2026, the transacted payment can only come back to us in FY2027. The amount is HK$2.4 billion.

Then there's C-REIT, Hangzhou Phase 1 office, cash collection will only happen in first half FY2027, and for the C-REIT itself, the amount is HK$3.7 billion. Then there is accounting arrangement in relation to JV projects.

In FY2026, the construction projects of the JV projects have been completed, and together with the developers we work with, we have already repaid some of the loans. The guarantee amount is reduced by HK$4.8 billion in FY2026, only HK$700 million remains.

We have confidence that future sales will be enough to repay this financial guarantee. Now, the increase in net debt is because shareholders' equity is affected by 11 SKIES and also the impairment loss, there is a decrease, and net debt was up by 68.3%.

If we exclude the non-cash impairment and provision, net gearing ratio will be close to the level of June last year. If we consider cash flow timing factor, our net gearing ratio will be even lower by 310 more points.

We'll continue to sell our property units and dispose our assets, and also by stringent fund management or capital management, we will continue to lower our debt.

Regarding the rate hike cycle, what do you think will be the impact on Hong Kong property market transaction volume and also the sentiment and so on? Will that affect your sales target?

Let me answer the question. Within the short run, there are still uncertainties in the market.

However, in relation to long-term development of the Hong Kong property market, we are still optimistic. As mentioned earlier, on 16th of this month, the government formally announced the first Five-Year Plan of Hong Kong, for future economic, land, and urban development, there is now clearer direction.

Now the market has bigger confidence in Hong Kong's long-term development. Recently, for new property launches, there was good results.

Even though the macro environment is still cautious, I think there is still sound user demand. At the same time, Hong Kong residential demand benefits from inflow of talents.

In the past few years, various talent programs have attracted more than 500,000 people coming to Hong Kong. They continue to drive demand for housing and rental properties.

When talents continue to come and that there is strong demand in rental, when residential supply is gradually digested, I believe that even though interest rate continues to increase, the impact on the property market will be mild. The foundation for long-term development of the Hong Kong property market is still sound.

In FY2027, our full-year sales target in Hong Kong and Mainland is still HK$27 billion.

Thank you, Echo. The next question is about C-REIT.

For C-REIT as a financing tool, regarding asset quality and project operation, there will be higher regulatory requirement. In the future, will you still make use of C-REIT to dispose assets, and will there be concrete cash collection timetable?

Benny, please?

Thank you. As Echo just mentioned, lowering the level of debt is still one of our most important goals and objectives for the management.

This time, C-REIT can bring back cash to us. At the same time, it can expand the channels for monetization of our assets, there is another platform for monetization and also achievement of liquidity.

Now on the Mainland, we have many high-quality, mature assets, and then they can meet the regulatory requirements for C-REIT. The projects need to have clear and specific titles of ownership, stable cash flow, and sustainable operation capability.

This time, our C-REIT application has received the acknowledgement certificate from Shanghai Stock Exchange within two days, and so this shows that our New World brand and also our product quality and operation capability are well recognized on the Mainland. Regarding the transaction details, we have already received the acknowledgement letter from Shanghai Stock Exchange, and then there'll be RMB 3.2 billion of cash collection for the group.

We will announce in due course if there is further updates. Now, if this is successful, then it is going to be the first Hong Kong-funded C-REIT, and this is going to be a demonstration effect.

On the Mainland, we have many more mature assets. We have identified some appropriate projects.

In the future, in accordance with the market and project situation, we will advance different asset monetization options.

Thank you, Benny. Here's a question about K11.

K11 Select recently opened in Xiamen. Is it related to New World?

Let me answer this question. The Xiamen K11 Select is not a K11 project under New World Group.

K11 series under our group at present does not manage property projects developed by third parties. K11 is a wholly owned trademark and brand of our group.

After Dr. Adrian Cheng left our group, he had sought our consent to use the K11 by AC brand name.

Now, for K11 by AC, K11 by AC is investment business and its operation, including light assets management projects, they are not related to New World Group or K11 at all. At the same time, K11 MUSEA in Hong Kong, K11 ARTUS in Hong Kong, Shenzhen K11 ECOAST, Shanghai K11 ELYSIA, and all our K11 ATELIER office projects that we run, in other words, all the K11 projects stated in our annual report are not related to K11 by AC at all.

Under the management of New World, K11 has its unique positioning and clear strategies and professional and sound teams. They perform very well in FY2026, and K11 segment results was up 9% year-on-year.

Many projects have shown satisfactory performance.

Thank you, Echo. Because of time, I will now read out the last question.

The last question is about property development in Hong Kong. The planning and land resumption work of Northern Metropolis has made some progress recently.

What is the development potential of the Northern Metropolis? What do you think, and in that area, what land reserve do you have, and what are your plans?

Will you have any new projects to be launched?

As mentioned, this year in the Policy Address and in Hong Kong's first Five-Year Plan, it is stated that the Northern Metropolis is going to be an important growth engine for property development. The Northern Metropolis development direction and our farmland reserve and our strategies are highly aligned.

For our land resource development and planning, we are given very clear direction. For our group's projects in the Northern Metropolis, we have a lot of confidence.

We now have 12 million-odd square meters of farmland reserve. Many of them are in good locations, we will seize the development opportunities in the Northern Metropolis.

In Fanling Ma Sik Road and Yuen Long South Phase 1 projects, they are already underway in terms of construction, and sale can start earliest in FY2027. Fanling Ma Sik Road is going to be the first Pavilia project in the Northern Metropolis.

Apart from residential units, there will be large-scale commercial facilities, we can benefit from demand driven by infrastructure and population growth in the area. For Yuen Long South Phase 2, Lung Tin Chuen Phase 5, and Yuen Long Lam Hau Tsuen projects, we are getting planning permit gradually, we can develop up to 7,000 units of residential properties, and then this can expand our development footprint in the Northern Metropolis.

For short-term, medium-term, long-term land bank, well, it can be enriched, and there will be new driving force for our future business development, and it will also give stable sales resources to us. We will bring in strategic working partners to expedite the development progress in the Northern Metropolis.

When there is continuous development in infrastructure and various industries, well, that will be stronger development potential in the long run. Then for new launches in FY2027, we will launch three brand new projects.

Together with China Merchants Shekou, we will develop the Fanling Ma Sik Road project. It is the first Pavilia Collection in Northern Metropolis.

There will be 2,300 units, residential units, and that is going to be the biggest shopping mall in the area. There will be community ancillary facilities.

The nearby bypass road will be commissioned in middle of the year, and then there will be even better transport supporting facilities. We believe that this project will attract the attention of many investors and buyers.

The second one is in Tsim Sha Tsui, Hankow Road. It is a commercial-cum-residential project.

There will be 27 stories. This project has residential, commercial, office, and hotel uses, and it is in the city center, core area.

Transport supporting facilities are very comprehensive. We want to attract buyers who look for high-quality lifestyle.

There will be 100 residential units and a 100-room hotel. Then the third project will be the redevelopment of State Theatre in North Point.

It is the office portion. There will be both sale and rental strategy.

We can flexibly meet the needs of the market. There is convenient transport for this project, and there is also K11 mall.

For different types of enterprises, there will be high-quality commercial space. We will also launch other investment projects.

Thank you, Mr. Sitt.

Finally, once again, thank you all, and again, let me say sorry to you because of the long wait. This is the FY2026 annual results presentation of New World, this is concluded here.

Thank you very much.