Good afternoon, ladies and gentlemen. Welcome to Sun Hung Kai Properties analyst briefing for FY 2023 annual result. Today, we have over 30 analysts joining us. Please stay behind after the briefing and enjoy some refreshment outside the auditorium. As usual, I will give you an overview of the results and the performance of major business segment, then we will have a Q&A session with our senior management. Let me start off the presentation with financial highlights of the results. Please note that all figures are in Hong Kong dollars, unless stated otherwise. For the year end of 30 June 2023, the group's underlying profit amounted to HKD 23.9 billion, down 17% year-on-year. The decrease in underlying profit is primarily due to the decline in profit generated from property sales in Hong Kong, while the group's sizable recurring income generated by rental portfolio and non-property businesses remain relatively stable. The reported profits decreased by 7% to HKD 23.9 billion after taking into account the revaluation gains of investment properties of around HKD 220 million. The underlying earnings per share and the reported earnings per share were HKD 8.24 and HKD 8.25, respectively. On dividend, the board of directors have recommended a final dividend of HKD 3.70 per share. Together with the interim dividend of HKD 1.25, the total dividend for the full year will be HKD 4.95, the same as last year. For the profit breakdown by segment, the group's property development profits declined 29% year-on-year to HKD 11.3 billion. The decline is mainly due to the lower development profit from Hong Kong. On the other hand, property development's profit from Mainland China increased by 178% to HKD 2.6 billion, being driven by higher sales completions. The group's total net rental income amounted to HKD 18.5 billion, down 4% year-on-year. Net rental income in Hong Kong was more or less the same as last financial year, while net rental income from the Mainland portfolio was down 16%, mainly driven by RMB depreciation and rental relief granted to the retail tenants who were affected by the business closure during April and May last year. With full border reopening since early this year, the group's hotel business recorded strong recovery and generated an operating profit of HKD 161 million, against an operating loss of HKD 429 million. Profit from other business were up 10% year-on-year, largely due to better performance from the group's transport, infrastructure, and logistics, as well as Sunevision. The total operating profit was down 11% year-on-year to HKD 34.7 billion. The group continued to maintain a strong financial position. The net gearing ratio as of June 2023 was 18.2% versus 19.2% six months ago. Under the high interest rate environment, the group's interest coverage ratio during the period was 6.8 times. Net book value per share rose to HKD 207.08. As always, we shall continue to adhere to our prudent financial management discipline, with ample liquidity, diversified funding sources, and well-balanced debt maturity profile. 42% of the group's outstanding debts were either Hong Kong dollar fixed debts, fixed-rate debts, or RMB-denominated debts, which are not affected by the rising trend of interest rates in the U.S. Moving on to the performance of the business segments, let's start with the property business in Hong Kong. As at the end of June 2023, the group's total land bank in Hong Kong was around 58 million sq ft of attributable GFA, comprising 36.4 million sq ft of completed properties and 21.6 million sq ft of properties under development. Among the completed properties, retail space accounts for 34%, while offices account for 30% of the total. For properties under development, about 66% were residential properties for sale. During the year, the group added 3 commercial sites with a total GFA of 2.3 million sq ft through public tenders. With these 3 new acquisitions, which will be kept for long-term investment, the group's recurring income will be further strengthened over the medium term. In March, the group successfully acquired a commercial site in Mong Kok through public tender. It will be developed into a comprehensive commercial complex, consisting of around 1.5 million sq ft of floor area, enjoying a convenient transport network to Admiralty and cross-border points to Shenzhen. Upon its completion by 2030, it will synergize with the group's Grand Century Place complex next to MTR Mong Kok East Station, forming a new commercial hub of about 3 million sq ft in Kowloon. Let's turn to our property development business in Hong Kong. The group's recognized property sales in Hong Kong dropped 27% year-on-year to HKD 23.9 billion, while development profits decreased by 43% to about HKD 8.5 billion, reflecting lower sales completions and profit margin. Major contributors include NOVO LAND, Phase One A and One B, Wetland Seasons Bay, Phase Three, The YOHO Hub, Phase One, St. Michel, Phase Two, and KENNEDY 38. And during the financial year, about 2 million sq ft of attributable residential GFA were completed, and a majority of these units have been sold. As at the end of June 2023, about HKD 28 billion contract sales were yet to be recognized, and around HKD 24 billion will be recognized in FY 2024. During the year, the Group's achieved about HKD 33.4 billion contract sales in Hong Kong, representing 13% year-on-year increase and about 95% of its sales target. Around 20% of these achieved contract sale were divided from sales of completed units, and this table shows the major contributors. So in this map, the upcoming launches in the next nine months include six projects across the territories, with diversified product mix appealing to potential buyers. YOHO West, atop the Light Rail Tin Wing Station, will be launched soon, and we will continue to launch new project for sale, rent ready, and speed up the sales of unsold completed units and non-core properties to generate cash flow. Next, I'll go through our Hong Kong rental portfolio. During the year, the group's well-diversified rental portfolio in Hong Kong record gross rental income of HKD 17.7 billion, up 1% year-on-year. The overall occupancy stood at about 93%. Accounting for 51% of gross rental income in Hong Kong, the group's gross rental income from retail portfolio has gone up and registered positive year-on-year growth of 5.5% in the second half of the financial year, amid full border reopening. The gross rental income of office portfolio registered a slight decline of 1.6% to HKD 6.2 billion, mainly due to negative rental reversion. The group's malls show improvement in both footfall and tenant sales after full reopening of the border and lifting of all social distancing measures. Overall, average occupancy stayed at a healthy level of 95% during the year. The group continued to extend its customer base by leveraging its integrated loyalty program, The Point, to enhance shopping, shoppers' experience. The group continues to enhance its quality services and install more superfast EV chargers at its mall, 8 major malls, to cater for the rising trend of using EV. The Point members now can redeem EV supercharger services with their bonus points, the first of its kind in Hong Kong since it was launched in June this year. The group also maintain close relationship with tenants and customers to keep tabs on market trends. In addition to promotional campaigns, the group also regularly renovate its malls and upgrade their open spaces to boost comfort and freshness for customers. The group's office portfolio in Hong Kong registered an average occupancy of about 92% during the year. Despite the challenging operating environment, the office leasing inquiries have shown signs of improvement since border reopening. Our premium offices at IFC in Central were almost fully let. Occupancy of ICC continued to stay at a satisfactory level. Despite keen competitions in Kowloon East, the Millennium City office cluster achieve a satisfactory level of overall occupancy during the year. The group will continue to upgrade the green building standards of its major commercial buildings. Both One IFC Hong Kong and the group's headquarters on Two IFC attained LEED Platinum certifications during the year. In the near term, the group's recurring income base will be further expanded, with new property investment coming on stream. TOWNPLACE WEST KOWLOON is scheduled to commence operations in the fourth quarter of this year. Both the YOHO Mall extension in Yuen Long and The Millennity in Kwun Tong will be opened in 2024. The group's recurring income base will be further enlarged over the medium to long term. The West Kowloon Commercial Cluster comprises of High Speed Rail West Kowloon Terminus Development and the Artist Square Towers projects. Upon their full completions in 2026, they will join the completed Hong Kong ICC and two luxury hotels to form a unique commercial cluster with an aggregate and premium Grade A office space of about 5.7 million sq ft. In addition, the Mong Kok commercial complex is also scheduled for completion by 2030. As mentioned before, the complex will create strong synergy with the group's existing portfolio in the vicinity upon full completion. Next, I will go through our property business on the mainland. As at end of June 2023, the group's attributable land bank on the mainland was 67.5 million sq ft. Of these, over 20 million sq ft were completed properties, and about 47 million sq ft were properties under development. Among the completed properties, 45% of them were shopping centers and premium offices, accounting for 39% of the total. Moving on to the property development business on the mainland, and during the year, the group's recognized property sales on the mainland surged almost 108% year-on-year to HKD 5.3 billion, mainly driven by higher sales completions. Development profit increased by about 180% to HKD 2.8 billion, with higher development margins.... Major contributors include residential projects in Foshan, Dongguan, and Chengdu, and recognized contract sales amounted to $4.4 billion as at the end of June 2023. The group achieved attributable to the sales of about 4 billion RMB on the mainland during the year, which mainly came from the residential portions of Hangzhou IFC, Jovo Town in Chengdu, and Oriental Bund in Foshan. In August, the group launched a third phase of the residential unit at the Hangzhou IFC, and overwhelming responses were received. About 2.3 billion RMB of attributable contract sales were achieved. For the next nine months, the group's launch pipeline on the mainland includes three projects, as shown in this table, with a total attributable GFA of around 853,000 sq ft. Now we'll discuss the performance of our mainland rental portfolio. During the year, the group's gross rental income from mainland rental portfolio decreased by 11% year-on-year to HKD 5.8 billion, or down 4% in RMB terms. The decline was mainly due to the lingering impacts of the pandemic in the first half of the financial year, and rental concessions granted to the tenants that were affected by the business closures during April and May 2022. Both the COVID-related impacts and rental concessions were one-off instances. If excluding rental concessions, the gross rental income from retail portfolio stayed the same as that of the previous year. Situated in prime locations across major cities on the mainland, the group's retail portfolio has been gradually recovering in both traffic and tenant sales since the beginning of this year. The group's Shanghai IFC Mall stood out with its tenant sales rebounding. Its occupancy also maintained at a high level. Other premium malls in the group's portfolio also performed well during the year. The first phase of Nanjing IFC Mall has already opened. Despite challenging office leasing markets on the mainland, the group's Grade A office at IFC, Shanghai IFC, Shanghai ICC, and the first two phases of ITC achieved satisfactory occupancy during the year. In Shanghai, Three ITC Tower A was newly completed, and its occupancy is steadily ramping up. The group has continued its efforts to incorporate screen elements in its major commercial projects, and Beijing APM Office Tower was the new member in receiving LEED certification during the year. This group's recurring income base will further enhance over the medium term with its integrated projects coming on stream. The remaining portion Nanjing IFC Mall will be opened in late 2023. In Shanghai, the construction of remaining parts of Three ITC is in full swing, with superstructure of Tower B and office already topped out. Both office towers, i.e., Tower A and Tower B, have attained platinum pre-certification from LEED and WELL. In addition, ITC Maison, the mega mall, is targeted to open from 2025 onwards by phases with a wide range of well-known global brands. So far, we have received strong interest from luxury brands that come to the group's mainland rental business. I will move on to our hotel operation. After full border reopening, the operating environments of our hotel business have improved substantially, and the group's hotel business generated an operating profit of $161 million against an operating loss of $429 million for the previous year. During the year, Go Royal, a loyalty program for the five Royal brands hotels, has recruited over 100,000 members, and it also launched a campaign with the points to bring in new members. The occupancy of The Ritz-Carlton Shanghai, Pudong, shows notable improvement amid recovery of domestic travel. For new hotels, Andaz Nanjing Hexi at Nanjing IFC commenced operations in April this year. In Suzhou, Four Seasons Hotel will open in late this year. Now let's move on to our ESG initiatives. The group is committed to obtain LEED Gold or Platinum for its major commercial properties under development, which include the High Speed Rail West Kowloon Terminus Development. Besides, we have been actively promoting green construction, green energy transformation, and green commuting. The group is also committed to leveraging resources to give back to society, including nurturing the younger generation and promoting sports for charity and healthier living. For more information about our sustainability performance, please refer to appendix of these PowerPoints or our website. That's all for our business updates. Next, I will discuss the markets and business prospects. In Hong Kong, local economy recovery will be affected by uncertain external environment. However, the government's initiatives will support continuous economic recovery. For the primary residential market, solid end-user demand and a more benign interest rate outlook will support the market. Home buyers prefer new, large-scale developments with comprehensive facilities and favorable initiatives such as talent schemes should underpin medium-term housing demand. For the retail leasing market, domestic consumption will be largely stable. The number of tourists is expected to recover, but their spending patterns may change. On Grade A office market, softer economic growth will continue to weigh on demand and rents in the near term. On the mainland, the economy is facing multiple challenges, such as ongoing geopolitical risk and insufficient domestic demand... For primary residential markets, the easing of mortgage rules and home purchases restriction to pave a way for market recovery. Projects in good location in top-tier cities will outperform. For the retail leasing market on the mainland, the luxury market tends to be more resilient. Retailers are more selective in new store openings amid keen competitions and lower consumer confidence. For Grade A office leasing markets, further improvements of economic activities and financial markets are expected to boost leasing demand. Moving on to our business prospect. As in the past, we will adhere to a selective approach and prudent financial discipline, and strictly control our CapEx. The group's recent additional RMB borrowing helps achieve a better alignment of its RMB-denominated assets and liabilities, and reduce the group's funding cost. As in the past, we will launch new projects for sale when ready, and step up the sale of unsold completed units and non-core properties to generate cash flow. For new launches, the first phase of YOHO West in Yuen Long will be put on market soon. In addition, the group's sizable property investment portfolio and non-property business continue to generate a stable and substantial recurring income, and we will continue to leverage on both digital and traditional channels to increase customer engagement, so as to respond swiftly to customer needs and preference. Also, the group's recurring income base will be further strengthened with new properties for investment coming on stream in the near term. In the medium to longer term, the group's several integrated project under development will contribute to the growth of its recurring income upon their completion. Last but not least, I would like to wrap up my presentation with a message extract from our Chairman's statement. The group's sizable property investment portfolio and non-property business have generated a stable and substantial recurring income. These, together with this strong financial position, have allowed the groups to demonstrate strong resilience in navigating through shock and challenge. With a wealth of experience in weathering various cycles of the city over the past 50 years, the management team is well prepared to lead the group to overcome upcoming challenges. In the years ahead, the group will, as always, observe its prudent financial principles and maintain a focused strategy to achieve sustainable growth. This concludes my presentation, and thank you for your attention. Thank you. Let me introduce the panel to you. From your left, Mr. Brian Sun, whom you've already met. Mr. Christopher Kwok, Executive Director. Mr. Allen Fung, Executive Director. Mr. Victor Lui, Deputy Managing Director. The center, Mr. Raymond Kwok, Chairman and Managing Director. Mr. Mike Wong, Deputy Managing Director. Mr. Adam Kwok, Executive Director. Mr. Eric Tong, Executive Director. And Mr. Frederick Lee, Group Chief Accountant. To begin the Q&A, may I have our Chairman and Managing Director, Mr. Raymond Kwok, to share with us some key messages. Mr. Kwok, please. Thank you. Good afternoon, ladies and gentlemen. The previous year for our group posed significant challenges for the global economy, as businesses grappled with geopolitical risk, trade frictions, and high inflation in the West. The economies and property markets of the mainland and Hong Kong have been weak of late. In the face of an uncertain operating environment, the group firmly adheres to its long-standing principle of prudent financial management. We would selectively replenish our land bank, exercise strict control over capital expenditure, promptly launch new projects for sale upon completion, and speed up the sale of unsold completed units and non-core investment properties to generate a consistent cash flow. In addition, the government's series of measures to attract foreign talents, import labor, and attract key enterprises, is expected to inject new impetus into the local economy, which should bode well for the property market. On property sales, our group's developments have been popular due to the preference of buyers for new large-scale housing estates that offer comprehensive clubhouse facilities and convenient transportation networks. Sun Hung Kai Properties' reputable brand name, appealing products, and exceptional services have continued to win consumer trust in the market. During the year, the group's contracted sales in Hong Kong in attributable terms increased 13% year-on-year to HKD 13.4 billion. New projects to be put up for sale in Hong Kong for the next nine months include YOHO West, which is on top of the Tin Wing Station in Yuen Long, The YOHO Hub II, also in Yuen Long, and the third phase of NOVO LAND in Tsuen Wan. The first phases of Cullinan Sky and Cullinan Harbour will also be on offer. Both projects boast prime locations in Kai Tak. Cullinan Sky offers convenient connectivity with direct access to the MTR Kai Tak Station, while Cullinan Harbour is situated on the waterfront, providing residents with panoramic views of Victoria Harbour and ample car parking facilities. On the mainland, the group recorded attributable contracted sales of HKD 4.5 billion during the year. Projects to be launched on the mainland include Shanghai Arch and new batches of joint ventures developments, such as Hangzhou IFC and Oriental Bund in Foshan. For the current financial year, the group's sales target in Hong Kong is HKD 33 billion, and that in the mainland is HKD 5 billion. On the property investment front, the group's shopping malls, both in Hong Kong and on the mainland, have seen an improvement in footfall and tenant sales after the pandemic. The overall occupancy of the office portfolio remained satisfactory. The group's property investment portfolio has been generating a substantial recurrent income, which is expected to gain additional momentum upon the completion of its new developments. Projects coming on stream include TOWNPLACE West Kowloon, which will be launched soon. TOWNPLACE West Kowloon offers a brand-new apartment living experience and is specifically designed to cater to the needs of local young professionals and incoming talent seeking premium service suites. It offers sweeping views of Victoria Harbour and is conveniently located. It is in close proximity to the group's V Walk shopping mall and MTR Nam Cheong Station, just two MTR stops away from Kowloon Station and the High Speed Rail West Kowloon Terminus. In the long run, the group's recurrent income base will be further strengthened with the completion of major integrated projects. One such project is the mega commercial development in Mong Kok. The site was acquired during the year, and the project is scheduled for completion in 2030. On top of property investments, the group's non-property businesses will also contribute to a stable and substantial recurrent income. The group is committed to enhancing customer experience. The Point, which is an integrated loyalty program for Sun Hung Kai Properties malls, introduced the city's first rewards redeemable super-fast electric vehicle charging service during the year. This service helps promote the adoption of EVs and contributes to the development of Hong Kong as a smart and green city. The service will be extended to all major Sun Hung Kai Properties malls over time. Separately, contactless parking service, another exclusive benefit for The Point members, will be extended to more than 50 Wilson Parking car parks, providing drivers with greater convenience. To support the transformation of Hong Kong into a green and sustainable city, our group continues to invest in and embrace the latest innovative technology to improve the environmental performance of its properties. We endeavor to obtain LEED Gold or Platinum ratings for our major new commercial properties and keep upgrading the green building standards of our major existing commercial properties. We also incorporate health and wellness elements into our residential projects. NOVO LAND is the first residential development in Hong Kong to receive three internationally recognized certificates for healthy buildings. Despite uncertainties in the external environment, Hong Kong retains its unique advantages of one country, two systems, and benefits from the strong support of the motherland while maintaining close connections with the world. The city continues to offer abundant long-term development opportunities. True to its commitments to building homes with heart, the group remains dedicated to providing premium developments and services and building long-term relationships with customers and tenants. Finally, throughout the past 50 years, the group has weathered different social and economic instabilities. Drawing upon its extensive experience in adapting to market and technological changes, supported by exceptional management and operational teams, strong financial position, prudent financial discipline, and a solid recurrent income base, the group is confident in successfully navigating through the uncertainties and the coming and overcoming the future challenges. Thank you. Thank you, Mr. Kwok. We're about to open the floor for questions. Please identify yourself and the name of your company before asking a question. Now, can I have the first question from the floor, please? The first gentleman from the third row, please. Hi, it's Ken from Citi. Can I have three questions? The first is on the property sales. I also want to check with management on your latest view on the Hong Kong residential market, given it's quite soft recently. Some developers are now more willing to cut price to boost sales. So especially you have some upcoming launch in Kai Tak. What will be your strategy like on the Cullinan Sky that you mentioned? And also, on some of your slower moving inventory, like Victoria Harbour, do you have any plan to cut price to boost sales? So this is on the sales part. And secondly, is on the land banking part. We have also seen that the land cost has come down quite a lot. What will be your plan and strategy on land banking for the coming year? Do you think that this is a good opportunity to further replenish more land bank? And lastly, is on gearing. Gearing is still quite okay, I mean, mid-high teens level. But in face of this, rates high for longer environment, what is management view? Is there any plan for further reduction in gearing or basically are satisfied with this level? Thanks. Yes, on the residential market. I think the residential market is now on the recovery track since the border reopening. We have seen a more boosted business sentiment, and also our economy continue to recover. And recently, we have also seen that the residential leasing market had been extremely active. The TTPS scheme, the Top Talent Pass Scheme, of the government, plus the quality migrant and also the employment policies of the government, are all very well received, and adding to the huge accommodation demand from those mainland students. We have seen that the rental index from the government is rising steadily and uptrend is continuing. I think this is providing strong support to the market. Apart from this, we all know that over 60% of homeowners in Hong Kong have paid, pay off their mortgages, and this, again, is a solid fundamental for our market. I think in the next 12 months, those small units in sizable project with comprehensive compose facilities will continue to be dominant of the market. And on the luxury side, those well-located, good quality project with panoramic harbor view will be really appealing to those foreign buyers, including locally and in the mainland. And as for our two projects in Kai Tak, we have two most superior project in the district. The Cullinan Sky being connected to the MTR station, and also the Cullinan Harbour is occupying the most prominent location in the runway and having the best panoramic harbor view. We have full confidence that, upon our launch in next quarter, we can attract all our full luxury buyers, including, locally and the mainland. As for Victoria Harbour, I think now we rarely have a site in Hong Kong Island that is almost abutting the harbour, and together with a high-end shopping mall and international hotel in the vicinity. Recently, we have also put a single block of smaller units for lease, called Victoria Harbour Residence, and we have achieved the highest rent in the eastern side of Victoria Harbour, in Hong Kong Island. We are planning to launch units in the phase two of Victoria Harbour in the next quarter, and we have full confidence that those units will be well received, too. For the land banking, I think we all know that we have a sizable land banking sufficient for our development in the next 5 to 6 years. We shall continue to acquire sites, quality sites that is suitable for our development with reasonable land costs, and we shall continue to participate actively in the future land sales under a prudent financial discipline. Thank you. I think on the gearing side, we'll try to keep our leverage at 20% or below. I think our targeted property sales for this year would be HKD 33 billion in Hong Kong. Also, at the same time, for all the non-core investment properties, well, at the right price, we will sell those non-core investment properties. But anyway, given that, I think interest rate will probably fall early next year. So quite confident that we can achieve the targeted sales and hopefully try to sell more than our target year. Thank you. Can I have the second question, please? The gentleman in the white shirt on the third row. This is Cusson from JP Morgan. I have two questions. One is regarding your dividend payout ratio. We have seen a pretty big increase from 50% to 60% payout ratio for this year. I think together with the increasing completion of your investment property over the next few years, are we going to go back to the previous guidance of 40 to 50% payout ratio, or should we be expecting a change in that number? That's number one. And number two, I think in view of the current market environment in both Hong Kong and China, which is not exactly good, has the company consider expanding your investment to outside Hong Kong, China? ... I think on the dividend ratio as from this coming year we will go back to the range of 40%-50%. So i.e., we'll cap it to 50%, yeah. I think this year, I think, well, actually, the year 2022-2023 it's a bit special because I think we understand some of the shareholders expect us to maintain the dividend, right? So we don't want any surprise. But in our chairman's statement, we already tell our shareholders that next year, we'll go back to the dividend policy of 40% to 50% of underlying profit. On the investment opportunities, I think there are... We'll focus on Hong Kong, really. I think in China, we are already very busy with the sites we have, and we'll focus for the coming year for to execute all our mainland Chinese projects. But I think I would see for land banking, I think we'll focus on Hong Kong. Yeah. Thank you. Can I have a third question, please? Okay, the fourth gentleman on the third row, please. Hi, Karl Choi from Bank of America. I have a couple questions. First, just want to focus on the Hong Kong retail. Can you talk a bit more about the retail sales recovery since the reopening, and how does it compare to pre-COVID times? I think Brian mentioned that spending patterns of mainland tourists may have changed. Do you think we can go back to pre-COVID levels in terms of sales in the near term, and also occupancy costs? Second is, could you give us an update on the pre-leasing progress of your Shanghai properties? Specifically, you mentioned that Three ITC Tower A office opened recently, is ramping up a little bit more. Do you have a little bit more color in terms of where the leasing progress is? Also update for the mall retail portion, ITC Maison. You know, I think you mentioned some good response from our luxury retailers, but a bit more color would be helpful. Thanks. Yes, on the Hong Kong retail market, I think for this financial year, we have seen group shopping malls recording double-digit tenant sales growth, in which we have outperformed the market, despite signs of moderate growth recently. I think I would like to highlight that the sales at our regional malls have already surpassed their pre-COVID levels. As you can all see it from the news, visitors are arriving a bit slower than expected, but they are still continuing to be on the rising trend. We expect retail sales in Hong Kong to continue to grow moderately, and I think this will be backed up by greater support from the government in terms of improving the shortages in the labor market, and also recent announcements by the governments to town to stimulate more visitations by mainland and overseas visitors. Meanwhile, we also leverage the Point multi-program more to extend to build our customer base more and to also to increase the stickiness of both the local and mainland consumers. And then for the ITC project in Shanghai, we have recently completed the Tower A of Three ITC. It has a world-class workspace with a LEED Platinum certification. So far, leasing has been progressing as expected, with the majority being multinational companies. As for the shopping mall, which is still under lease, we've so far received strong interest from luxury brands. We understand from our conversations with luxury retailers in Shanghai, they are a good number of them are still in expansion mode, right? They want to partner with good developers, and we hope to kind of be on top of their mind. So far, our team has been working very closely with them to try out some new concepts. We continue to stay confident in our Shanghai ITC project, and we hope it will become a new landmark when it completes. I would like to add for ITC Tower A, it is already over 40% pre-leased. You have to appreciate that a lot of the foreign companies they have been sending their senior management only since March or April, right? And they will come. I'm sure they will. There'll be more multinational companies, boss, traveling to China. I think for our ITC Tower A, you have to understand, it's a brand new and world-class green workspace with LEED Platinum certification. So we are confident that with the the location and the quality of the building, I think we'll be able to attract tenants from the older buildings to our ITC Tower A. As for the ITC Maison, given our success in the IFC Mall, we have talked to a lot of ITC mall tenants in Shanghai. They are all very keen to expand in IFC Mall, and they also show good interest in also opening up in ITC Maison. So, we are confident that the ITC Maison will be a new landmark in Shanghai when it opens up, yeah. Thank you. Can I have the next question, please? Okay. The third gentleman in the third row, please. Thank you, management. This is Mark Leung from UBS. I have questions regarding on the farmland. So do you have any plans to cooperate with other developers in the farmland development? And the Hong Kong government is also pretty keen to accelerate the farmland resumption, especially within the northern metropolis. So do you expect any resumption income in the next one to two years? Thank you. ... On the farmland conversion, we're glad to advise we have recently concluded two cases in Yunnan of about GFA 1 million sq ft, but able to produce about 2,000 units. And details will be announced very soon, but once everything is concluded, the formality is done. For cooperation with other developers, we have been doing some projects like Hongkong Land, like Cheung Kong or Henderson Land previously. And we are some cases in various parts in the NT where we have joint ventures with other developers. Details may not be able to be revealed at this moment of time. On the Northern Metropolis, it's a grand plan. It's not only to produce more land for housing and to innovation and technology uses, but it's going to be a lot, huge amount of agricultural farmland in that area. Obviously, we have a major foothold in that area. And frankly, we are not keen to focus on the compensation issue. We are very focused on how to turn our whole land holding or the farmland into usable or developable land. But preferably with... In the case of residential and probably the IT subject to government's strategy, how to develop other huge amount of area into IT use, what they call the innovation and technology uses. And this is... This is a huge task, and we are very happy to cooperate. Seeing government has committed, particularly on December 10 policy, they're going to put the detailed land use into town planning schedule in the first quarter of next year, as reviewed recently by Secretary for Development. We're looking forward to seeing the details. But you have to understand that when we buy agricultural land, not to try to wait for government to resume our land. We want to accumulate the agricultural land so that we can build a large project, so that we can provide good facilities and good nature environment for the future residents. And I think for in terms of conversion, it all depends on the government premium. I hope government will be able to adjust to the latest market situation and try to reduce the premium, because the purpose for us and for Hong Kong would be trying to speed up the completion of private sector units. There's no point for government to resume the land and then wait 10 years for the land to be sold, and then for the residential to be built. It's important for this, in order to fast complete these units, it has to be both the effort of private sector and government. There's no point for government to try to resume the land and then rezone, et cetera, for another five years and sell the land to developer. In that case, they will wait for another 10 years before any flat can be sold. As in the past, we believe that we are much faster than the government, if they are just a bit more flexible on the premium. And also, it's important to know, as you all well know, I think developers have turned more conservative. I hope the government has turned more realistic and try to adjust the land premium for modification in view of the high interest rates, and also in view of the fact that everybody wants more private sector housing to be built. We don't want to wait another 10 years, yeah. It has to be the joint effort of private developers and also the government in order to build many units for to satisfy the public. Yeah. Thank you. For the interest of time, can I have the final question, please? Okay, the first gentleman from the fourth row, please. Hi, this is Adam from HSBC. I have three questions. The first one is, the group disposed some non-core assets, including residential for leasing. Is there a target you wish to dispose in the coming fiscal year? The second one is, will the group consider bottom fishing for commercial properties in mainland? And the third and final question will be, what's the group's launch pipelines in mainland in financial year 2024? Sir, can you repeat the second question again? Oh, will the group consider bottom fishing for commercial properties in mainland China? The third question is? The third question would be, what's the group's launch pipeline in the mainland in fiscal year 2024? Okay. Launch, yeah, yeah, that's fine. Yes, on the non-core asset, we are always monitoring and reviewing our non-core asset, including upgrading and also efficient management for possible disposal. We have renovated some units in our Dynasty Court earlier, and those new units have been very appealing to those foreign end users. In last year, we have sold a number of units on average price of HKD 100 billion. We are planning to put more units for sale in the next quarter, and our target on the sales revenue would be HKD 1 billion-HKD 2 billion per annum in the coming years. Thank you. As for the mainland, I think you'll see that our next three years, we are already have our hands full. We have around 11 million sq ft of non-residential IP coming online in the next three years. So that, together with our existing IP portfolio of around 19 million sq ft, it's more than 50% increase. So, as you know, we're very focused on executing it well and turning and realizing the potential in it first. As for sales in mainland, of course, we are keenly observing the market. I think it's very encouraging lately that you're seeing this more and more talk of lifting of home purchase restrictions, and especially in first-tier cities, there's some talk of the price cap being more and more relaxed so that the daogua so that the inversion of secondhand and first-hand is not as severe. I think relevant policies will come out, and we are very keen, especially for our projects in Shanghai or Suzhou, to capitalize on it. Our target is RMB 5 billion this year, but hopefully, if the environment relaxes, policy relaxes, well, we can hopefully even overachieve it. As you... The last piece is Hangzhou has sold very well for us. We've sold around HKD 4.6 billion, which pro rata for us is HKD 2.3 billion in July, August already, and it's all sold out already. I think I would like to add on the non-core properties, it all depends on the demand side, too. I think if there's a good price for our non-core properties, we are very flexible. But it's important, I think, for government to relax on all these tough measures against investors and the mainlanders, right? Because I think when Hong Kong tries to embrace a lot of the talents to come to Hong Kong, at least I think the government should try to attract them by saying, "Hey, if you are a real talent, you're welcome to buy properties at the Hong Kong citizens stamp duty, rather than pay 30% and then wait seven years." I think as if and when the government relaxes on all these very tough measures... Actually, these tough, even these very tough measures don't apply to China, because as I understand, if you are a real talent in China, you're welcome to buy properties, even though you are not from that area. For example, like in Hangzhou, I know the best talents, they even can jump the queue. So it seems for Hong Kong, I think we need to really attract the best and the brightest, and the best way to show our goodwill is to say, "Okay, there's no need to pay stamp duty, but if you leave within seven years, you have to pay back." It's a goodwill gesture, but in any case, I think Hong Kong, we need more new talents or more IT talents, more technology talents to all come to Hong Kong. As you know, I think we have already have some 30- to 40-year-old good talents going to UK for BNO, try to get the citizen. So we need to replenish our lost talents with our mainland Chinese talents. And given that in China, there seems to be a high unemployment in youth, but we don't have enough youths in Hong Kong because our a lot of youths have already gone overseas. So I think we need to attract the best talents, not to attract those average, but try to attract the best talents. And in any case, for the target of our non-core properties, I would say it depends on the demand. I think we have a lot of non-core properties waiting to be sold, but I think that when we need to sell so that we can regenerate the cash flow so as to make use of the coming opportunity in Hong Kong for the next two years. And in terms also of bottom fishing, I think in China, a lot of the bottom fishing, we don't want to buy from the developers, because sometimes their accounts are quite questionable. So we better buy from... It's even, but even all governments on the mainland welcome Hong Kong people to buy. It's just that we have to pick the right site and the best cities. That's all, yeah. But as Adam said, we'll focus on just executing, right? As you know, I think with ITC A and B, and also ITC Maison. So in life, it's not just about buying sites, it's about... The tough part is about execution and trying to find the best tenants. And we believe we have the best products coming up on the mainland, because our buildings are all... So maybe, Eric, you can have what kind of buildings you're building in Shanghai? Yeah. I think, to say about the, talk about the offices, apart from, actually the rental response is very good, and also, it looks like that, all the multinational company, whenever they want a new office in, in Shanghai, at the moment, they come to us first, because our building offers the highest points for them in ESG. All know, all of you know that ESG is a big thing, and, all the company have to be accountable for that. So we're very confident we are building the best, ESG building and also for the shopping mall as well, because, we have all the experience with the Shanghai IFC. So, we know all these, luxurious tenants, quite well, and we're working very closely with them. So we hopefully will be delivering a really good products by the end of next year. Yeah. Eric, you can also explain what we, what you're doing in high-speed railway in Hong Kong. Okay. For that project, I think, the previous analyst from UBS, right? You guys are moving in. Welcome to Sun Hung Kai. I'm sure after you move in, you'll go back to work seven days a week. For the high-speed railway project, we have four towers. Initially, I think UBS asked for half of the tower, you know, with 250,000 sq ft. But now with the merger with the Credit Suisse, they are taking 500,000 sq ft from us, so a whole tower. Also, our co-investor in the office portion, Ping An, they will move their overseas headquarters to this project as well. So we're negotiating with Ping An, you know, for a big portion of another tower. As I said, same for the ICC Shanghai, you know, people are really, especially these multinational companies, they are really tough on these ESG demands. UBS have given us a whole book that 3 inches thick for us to fill in, and then I heard, you know, we got amongst the, I think possibly the highest score, actually in the world, you know? So, Sun Hung Kai, we are committed to build the best project and also the project which will suit the current demands. I think that's very important, yeah. Yeah, especially when the end is here, all from such reputable multinational firms, right? At West Kowloon, we have two top-class hotels, good access to China through the high-speed railway, and also you have the Cultural District, which government has invested a lot of money, and Hong Kong will be the hub between China and the West, right, from the culture side. So please tell your boss, you know, you have to want to move to West Kowloon. Anyway, okay, thank you. Ladies and gentlemen, thank you for joining us today. I hope you've enjoyed the presentation. We have arranged some refreshments outside, so please stay and enjoy. Thank you, and see you next time.