We now start the Q&A session. As the briefing is currently on webcast, please raise your hand and wait for the mic for your questions. Please let us know your name and your organization, and also please ask no more than two question at a time. We now take the first question. The gentleman on the second row, please. Hi, Karl Choi from Bank of America. Two questions. First, about Queensway Plaza. The site is gonna be tender out in the next fiscal year. Given the location obviously could be very interesting to Swire Properties. Just wondering how you balance against the fact that it seems like there's a lot of Hong Kong office supply coming up, even just beyond the next 1-2 years. Although with the way things have been going, maybe you can even win it with a very low bid. Second question is regarding dividend policy. Thank you very much for the commitment to the mid-single digit growth in dividend. The interest rate environment is, you know, you know, seems to be higher for longer, compared when you set the policy, you know, last year. Just want to sort of, you know, if you can talk a bit about your ability to maintain that policy in this environment, especially even though your gearing is low, especially if you go forward with a lot of the projects that you're looking at with all the MOUs that you have signed in mainland China, or even if you see a scenario where if you do, you know, proceed with all these MOUs, do you see any need to raise equity? Thanks. Thanks, Karl. Maybe I'll take the first one. Fanny, the second one. I think you mentioned the Queensway site. I mean, I think this is as you would understand, it's something we've been sort of anticipating for some years. It's good to have some certainty on the timing and the government's expectation of timing. We don't know exactly when it will be, sometime in the next 12 months. We certainly look forward to seeing the tender documents, which we'll be reading with considerable interest. I mean, it's a core site. It's clearly in what we refer to as Greater Admiralty, and we see a sort of gradual shift of demand, you know, from old Central to New Central, let's say. You know, we assume for such a core site that there will be competition. We expect that, you know, both local developers and maybe some of the mainland developers will be interested. You know, we'll be looking at it very carefully, and clearly it's a, it's a very important consideration for us in 2023. Second question on our capability to maintain the dividend policy. First of all, you may notice that the 39% commitment on our HKD 100 billion plan, part of that has been settled, and then the remaining part of that will only be spent and spread over the next 4-5 years, and it won't have an immediate spending impact on the next 1-2 years gearing. Number three is that the gearing impact will be mitigated by the fact that we are expecting raising rental income generated from the new projects as well as the organic growth from the existing project. Also, we expect new generation new contribution from our trading portfolio starting from 2025. By building all this sort of pipeline, so that we can have future growing the sustainable profitability in the future, that exactly is generating a good profitability that we can continuously grow our sustainable profit and as well as generating new cash flow to support the dividend growth. To answer your question, Karl, I think near term we may see an increase in the gearing, but due to the extremely low gearing that we are starting with, I don't think that the gearing even in the next 1 to 2 year will go up to a level which will compromise our capability to deliver mid-single digit dividend growth as well as compromising our HK$100 billion investment plan, which are all planned within our cash flow and capital allocation. Thank you. The gentleman on this side, please, on the second row. Thank you management. This is Mark Leung from UBS. I have two questions. I think the first one is, when I look on the Taikoo Place side, actually we got several project under compulsory sale application. Because for the office markets remain a bit weak, we will consider to change those then into residential, and then maybe we can recycle the cash faster. I think that's the first question. Second question is regarding on the mainland retail. Not sure if you can give us more colors on the year-to-date sales recovery and what is the details for the expansion plan in Guangzhou and Futian in Shenzhen. Thank you. Mark, thank you. Thanks for the question. I mean, you refer to the pink sites in the master plan. I mean, not all of those sites are office. Some of those sites which we have marked are also for development for residential. I think on the core sites that we've identified, these are long-term projects. By definition, the site assembly has been over a long period of time, and the completion is towards the back end of this decade. We'd be looking at completion in sort of 2030 for some of these projects, by which time, we're confident that again, this flight to quality is continuing to build critical mass in Taikoo Place, will justify the development of new office supply for Taikoo Place. In terms of retail sales in the Chinese mainland, I mean, it's early days. I think there's some distortion just because of the timing of Chinese New Year, generally sort of. We have to look at January and February together. As I said earlier, I think the signs are very encouraging across all our retail-led developments, all six in the Chinese mainland. We've seen extremely strong sales in Guangzhou, in Chengdu, we've seen examples of record sales over the Valentine period. That's been consistent in Shanghai and also in Beijing. We've seen particularly strong demand for luxury brands and luxury goods. We believe that will continue, I think. Your final question, sorry, your last question was Guangzhou and Shenzhen. Yes, so we, for some time, we've expressed, you know, our strong commitment to continue to play our role in the Greater Bay Area. About 80% of our assets are in the Greater Bay between Guangzhou and Hong Kong, and we want to continue to build on that. We have a strong position in Guangzhou with Taikoo Hui. We have a very interesting opportunity in Julong Wan, which we're working on at the moment, which we think will be very complementary to Taikoo Hui. In Shenzhen, things may be a little bit further out, we've been working hard. We have an office we set up a few years ago, a business development office in Shenzhen specifically to look for retail-led opportunities in Shenzhen. We signed an agreement with the Futian government last year. We're working very closely with them on some exciting opportunities. We think that, you know, a Taikoo Li or Taikoo Hui would be a fantastic addition to the retail scene in Shenzhen. Thank you. Turning to the next question. The gentleman on the second row, please. Hi, management. This is Haitong, Andy So. First of all, I would like to ask about the share buyback. We understand that your parent company, Swire Pacific, has been quite proactively buying back shares in the past couple of months. I just would like to know about your thought on going forward, I mean, on doing share buyback going forward. This is point number one. Point number two is that I would like to ask about the pre-leasing. Can management give us some update on the pre-leasing of Six PP in Wan Chai and the Two Taikoo Place? Thank you. Fanny, do you want to take the share buyback? Yeah. -pre-leasing? Okay. I think on the share buyback, first of all, we also noted that our parent company's Swire Pacific share buyback were welcomed by the market as evidenced by the Swire Pacific strong share price performance. On the other hand, we have been making very good progress with our HK$100 billion investment plan, with close to 40% of our commitment made within one year since the announcement of the plan. Our priority is to prioritize the capital allocation to implement the investment plan, which will generate a sustainable underlying profit, as well as driving the dividend growth going forward then. That said, we will consider share buyback in our capital allocation along with new investment and also, of course, very mindful about delivering the mid-single digit dividend growth in the meantime. You know, I think in terms of the pre-leasing, we covered some of the numbers. I'll start with Two Taikoo Place. Pre-leasing commitment was at 50, just over 50, 56%. I think since the turn of the year, we're seeing a lot more RFPs, a lot more inspections, a lot more interest. It's still slow, but the momentum is building, and we're confident we'll continue to, you know, to make good progress in Two Taikoo Place. There are several other elements with... If you're familiar with the area, we're completing the reconnection of the bridge network, the climate-controlled bridge network in Q3 this year, and then these wonderful public space, the park and the Taikoo Garden, will be completed towards the end of this year. I think, you know, all of that obviously helps a lot with the inspections. We're very, very encouraged by progress in Taikoo Place. It's early days in Six PP, but I think the pre-leasing is already 23%. We're working hard on that. So far so good. Thank you. In the interest of time, we'll take the last question. May I invite another question from the floor? If there is no further question, this concludes our analyst briefing today. Thank you for joining us.