Good morning, ladies and gentlemen. Welcome to Far East Consortium International Limited's FY 2026 annual results investor presentation. Before we begin, let me introduce the management. They are Ms. Winnie Chiu, Joint Managing Director and Executive Director. Ms. Wendy Chiu, Joint Managing Director and Executive Director. Mr. Boswell Cheung, Chief Financial Officer and Company Secretary. Now, may I invite Mr. Cheung to start the presentation. Mr. Cheung, please. Thank you. Ladies and gentlemen, thanks for coming. This is the result briefing for the financial year ended 31st March 2026. The result actually released and announced last night. If you go for detail, of course, you can go on our website for the information. Today, well, we can have a highlight. Actually, we may share some business update and all that. Of course, followed by a Q&A. Okay, thank you. The key theme of the financial year 2026, the adjusted revenue, about HKD 10 billion. Adjusted cash profits is around HKD 109 million. Profit development stand at HKD 6.4 billion. In fact, that includes our subsidiary property development project and also our JV as well. The cumulative presale and book contracted sales, about HKD 8.4 billion, out of which actually HKD 1.1 billion has been contracted, and that expecting to be realized or booked within 3, 4 months. That means around by now. That will be actually another support for the financial year 2027. Recent development. Recent completion. Aspen, Victoria Riverside. Aspen is actually in London, Canary Wharf. We have completed last year, and it's actually handed over by phases. Victoria Riverside in Manchester consists of Tower A, B, and C. Tower B and C have been completed last September. Following by the Tower A, which we are expecting to complete in the coming couple of months. That means in the first half of the financial year 2027. The Pavilia Forest, it's right next to the Kai Tak. It's a JV, 50/50. We own 50%. This is a relatively bigger development, 100% focused on the residential apartments. Queen's Wharf, Tower 4, we actually completed this project last financial year, 2025. When we come into 2026, we have the remaining units to be completed. In aggregate, it's talking about HKD 4.5 billion. For the inventory sales, which is talking about HKD 1.8 billion in the financial year 2026, mainly from the Westside Place and also the Mount Arcadia in Hong Kong. Upcoming, well, we've got 640 Bourke Street in Melbourne, located in the city center. We launched the project last year, and which is a very positive market response. We saw up to now, it's about 40%+ already. Upcoming launch is Sai Ying Pun. It's actually a URA project. We're expecting to launch within the second half as well. Ho Chung in Sai Kung, Hong Kong, which is another JV project that we are expecting to launch. This project consists of about 24 houses. Hotel. Well, the revenue up about 50%, HKD 2.4 billion is the revenue. Gross profit margin improved, 47%. I think, in particular, the performance, which is significantly improved in Australia and in Hong Kong. Recent openings, Dorsett Canary Wharf in London, and also we've got another small hotel, Dao by Dorsett North London. Also we've got another hotel, which is HubX in Shanghai. They all opened in the second half of last, I mean, in the financial year 2026. Upcoming openings we are scheduled, well, that is the first Dorsett in Perth, which we are expecting to open second half in the, I think, its first Q of the 2027. As a light business model, well, for hotel. We got another Dao hotel opening in Malaysia in May this year. Additional rooms, over 100 rooms in the Changi City, Singapore, which we have done it end of last year. Car park. Well, the revenue down a little bit, 6.6% at HKD 666 million. I think most of the reason is that, well, as you could remember, we have started dispose quite a lot of the non-core asset, including the car park asset as well. England, I mean, the U.K. and also Victoria in Australia and all that. We have divested some assets, and we are actually terminating some underperforming hotel, I mean the car park contract as well. Now it's actually transitional period, but in fact, it's improved the profits. Gaming is more under casino. The gaming revenue is actually increased by about 10% to HKD 448 million. For the casino revenue, which they have 5 hotels in the portfolio. The revenue is about HKD 600 million. Also, the new launch in Chang, this just launched last year as well, so it's still in the ramming up period. Next page, you can see the continuation of some improvement, in particular on the debt level. I think this is our track record as well. In the last 3 years, the total debt reduced about HKD 8.8 billion. The adjusted net gearing ratio down to 63% as at end of March 2026 versus last year. We actually improved by about 4.5 percentage point. We also have demonstrated in the financial year 2026, that we have disposed quite a lot of the non-core asset as well, including the Hong Kong mortgage book. Obviously, this is our non-core asset. Our another mortgage platform, which is the BC Invest. We also disposed the non-core asset in CAPA as well in Malaysia. In the coming year, 2027, we have actually expecting to complete or actually some of them has been completed already. The hotel and town hall in Hornsey, North London. Also we've got another office building in Central London as well. The location is perfect. We sold out this non-core asset as well, for almost GBP 60 million. 50% of The Ritz-Carlton, Perth for AUD 100 million. This project has been completed in May as well. 49.9% Ritz-Carlton, Melbourne, which is a connected party transaction, for AUD 58 million, we are expecting to complete it in the first half. That means July, August, around. Also on the 31st of March, which is a big day as well. We have increased our DBC ownership from 25% to 50%. It is actually involved with asset swap. Swap means giving out, taking back. We obtain the additional 25% DBC and also we have some other asset to be exchanged, for example, two hotels in the Gold Coast. Going through this process, we have recognized a gain of about HKD 726 million, and that is reflected in the book. This is the estimation. When we come into the FY 2027, we have to reassess. The auditor very well and us will provide all the data and assess again. That will be another final review. That will be reflecting in the balance sheet. P&L as well. On the next page, the post-year-end strategy disposal. Follow-up of what we have just discussed. The London office hotel, we just talked about 68 rooms and the town hall as well. Ritz-Carlton, Perth, 50% stake and also Ritz-Carlton, Melbourne, 49.9% stake. That is the high-level numbers, in which you can see the London office and also the hotel town hall in Hornsey. This is also disclosed in our announcement as well. The gain is expected to be HKD 270 million. Also the Perth Ritz-Carlton, the gain is expected to be around HKD 170 million. The gain from the Ritz-Carlton, Melbourne is about HKD 100 million. Altogether, expected amount of about HKD 540 million. That will be expected to be all completed in the first half. Some highlight numbers of the FY 2026 and FY 2025. Adjusted revenue over HKD 10 billion versus last year dropped about 6%. Adjusted gross profit margin before depreciation and impairment. The point is why we take away the depreciation impairment and looking at the profit margin, it is just like a cash margin. It is talking about 37%, which increased 5.2 percentage points. Net loss attributable to shareholder, HKD 1.2 billion versus HKD 1.2 billion last year is around same 5% drop. Adjusted cash profit, HKD 109 million versus last year, HKD 266 million. Financial cost, as we have just discussed, the debt level dropped. It has helped to some extent, the financial cost as well. In fact, last year, in the FY 2025, the average interest rates for the group as a whole, the bank loan, 6.12% versus 4.87% in the FY 2026. In fact, it dropped a little bit. Of course, it is mainly because of the HIBOR, the interest rate drop in general. This is a little bit help as well. On the other hand, of course, the debt level dropped. This is the result finance cost. While we have impairment loss on the property for sales, is about HKD 200 million, which is in relation to our project in Hong Kong. The other impairment loss was recognized by JV or associate company. This is also disclosed. This is partly because of the DBC and also partly because of the property development in Hong Kong as well. This is discussed, the gain on the asset swap, HKD 726 million. Dividend, not recommended for this FY. Profit margin, the overall gross profit margin increased to 37% from last year, 31.8%. Partly enhanced by the profit development because we noted the higher profit margin in Australia and also in London as well. We have a strong improvement in the hotel operation, in particular in Hong Kong as well. That will be offsetting some of the profit margin drop, for example, the car park operation and the gaming in the Palasino, I mean in Czech. A lot of people, in particular banks, are interested in. As you can see, the total bank loans and notes drop about HKD 1.9 billion, and that turns it HKD 3 billion as a whole as at end of March. The liquidity position, HKD 3.6 billion and net debt is talking about HKD 19.8 billion. In fact, if you look at the net gearing ratio, which is talking about 63%, dropped by 4.5 percentage point. I think we don't have to talk about more in detail because a lot of the non-core asset sold and we got accelerating some of the property development, so getting more cash flow back. Settlement of the construction loan and all that. This is the position that we noted, and we are expecting to reduce obviously because we still have some transaction coming up in the coming financial year as disclosed. Actually some of them we are in some discussion with potential buyers. Short-term debts analysis and liquidity management. I think this page is, again, my favorite page to share with the banks. This is short-term loan, talking about HKD 10 billion is field component. Corporate hospitality and also car park loans, which is talking about the secure loan if you have the hotel or the office building and whatsoever. In fact, most of them are actually hotel. As a whole, I think our portfolio doesn't have a lot of commercial building, frankly speaking. Thanks for the company's direction and the long-term strategy. As at end of March, HKD 5.3 billion loan is to be roll over or renew or refinanced within this coming year. In fact, we have been talking to some of the banks already, we are confident that they can roll over, they can get refinanced. Project development loans which is in relation to the project, long as you have pre-sale, complete, then collection of the sales proceed, the construction loan will be paid down automatically. In particular, our portfolio in Australia, in Singapore, in Manchester, actually very good sales. We are focusing on the market. They are in a good pace in terms of the sales volume also the price in particular in Australia. When we have completed the project and exchange the legal title, get the sales proceed, then we will pay down the construction loan. Honestly, it's quite automatic. This one, very safe. Corporate loan. Well, this is focused on the unsecured loan. In fact, it dropped down a little bit from last year to this year, end of March, HKD 2.4 billion. This is within a year. As a whole, including the unsecured bank loan more than a year. It's talking about HKD 3.2 billion versus the last year, HKD 4.5 billion. It's dropped about HKD 1.3 billion, which is also shown in the result as well. You can refer to. That's demonstrated that we are in a good pace to reduce this unsecured loan. We are quite confident. Loans with a partial repayment terms. I think this is the payment schedule. You enter into a finance document with a repayment schedule quarterly, half a year, or a bullet payment, and that is the payment schedule. The last one is quite academic Repayable on the demand clause, which is talking about HKD 700 million. I think this is in relation to some old-fashioned bank loan document, honestly. So far, we haven't seen any single dollar because of this demand clause that asking the companies to pay even HKD 1. Page 12. That is the capital management initiative. I think we have touched on quite a bit already, well, in particular for some accelerating completion of the property development projects in the U.K., in Hong Kong, in The Pavilia Forest, Paak Wai Sam in Kai Tak. Also we have, like I said, the Tower A, Victoria Riverside in Manchester, which is talking about GBP 100 million. Like I said, the Tower B and C has been completed. The construction loan has been paid off already. We're expecting this GBP 100 million will be coming up into our pocket in the coming two, three months. Yeah. On schedule. Monetizing inventory last year, financial year 2026, we have recorded the HKD 1.8 billion, mainly from Hong Kong and London and Melbourne. Mount Arcadia, Aspen, and Consort Place in Canary Wharf, Westside Place in Melbourne. As at end of March this year, the pre-sale and contracted sales was talking about HKD 8.4 billion, of which HKD 1.1 billion has been contracted sales. That will be reflecting in our book of financial year 2027. Divesting non-core asset, I think we continue. Well, the London office, the hotel, Ritz-Carlton, Perth, and Melbourne, actually, we discussed already. Hotel portfolio, well, Dorsett Kai Tak, as you can see, we have opened almost two years. Yeah. End of September, two years ago. Picking a lot, very good performance. In particular, we have enjoying the traffic of the Kai Tak Sports Stadium as well. New hotel, well, the Canary Wharf, the HubX opened already. Honestly, they are still in the ramp-up period, of course. It's on a good pace. Reduction in the CapEx requirement, in particular for the hotel portfolio. We're expecting to drop 43% to HKD 173 million. That's in fact helping the cash flow, the cash resources as well. On page 13, you can see this is the fund or the liquidity available for the group to use. The existing liquidity, including the undrawn facility, is talking about HKD 5.3 billion and HKD 1.1 billion is the CapEx. Also we have the HKD 8.4 billion, the pre-sales and unbooked contracted sales as well. That will definitely helping our future cash flow requirement. In the coming section is talking about the property development. May I pass to Wendy? Thank you, Boswell Cheung. Good morning, everyone. Thank you for being here today. I'm Wendy Chiu, the joint MD of FEC. I will take you through our property development and project updates. Looking back at the last financial year, while we continue to navigate a volatile macroeconomic environment, we have demonstrated our resilience and strengths to excel and further improve our positions. Against this backdrop, we focus on our strategic initiatives to accelerate project completion and actively pursue inventory sales. All these have allowed us to optimize cash flows and strengthen our overall financial position. As a result in FY 2026, our adjusted revenue from property development is HKD 6.4 billion. In fact, our profit margin actually grew from 26% to 31.1%. Additionally, to build on what Boswell Cheung pointed out earlier on our balance sheet strength, I want to provide some additional context on our successful improving of our gearing ratio. If you remember, three years ago, 2023, our total debt was HKD 32.3 billion. Our gearing ratio went up to 73.8%. Over the past three years, we have successfully brought it down to HKD 23.5 billion, which is a gearing ratio of 63%. We have successfully paid down HKD 8.8 billion on the banking facilities. If we actually further from the 63%, if we counted the disposal of our two Ritz-Carlton hotels, our gearing ratio in fact further came down from 58% to 57.2%, which underscores our ongoing commitment to deleveraging and optimizing our capital structure. Let's talk about the overall market because we're quite a global kind of property developer. In Hong Kong, I think most of you are aware, Hong Kong's improved. We have consecutive months gain price index, strong price rebound, and the residential rental index have been performing very well and increased by 4.1% since 2025. Monthly deals went from ranging 5,000-7,300 per month within these two years. The new launch capture around 35%, which is majority of the sales in Hong Kong. We will later also talk about The Pavilia Forest, Park Wai Sum, which we have extensively increased pricing due to this. In terms of U.K., I'm sure you guys are aware as well that the prime minister have recently announced his resignation. The U.K. market is still quite uncertain. On a positive note, in fact, Andy Burnham just went to our site in Manchester yesterday just to show his support on our track record and what we have done for the recent years. We are very happy about that and very excited about it. In terms of the U.K. market, like what I said, it's still quite weak and fragmented, very price sensitive. That's why we believe that Manchester will grow very well, because we see a lot of people migrating into Manchester. Recent search on residential sales looks a bit better in the recent months. The rental market, however, still stays very strong. The rental average actually increases 4%. In my view, with the shortage of supply and the increase of rental income, we are very hopeful of the growth in U.K. In terms of Australia, it has been outperforming in our whole portfolio. Brisbane has always been a very strong market. We will continue to tap on that market. Brisbane has increased 17.6% annually for the residential price per square feet. Going back to our projects, our newly completed projects contributed about HKD 4.5 billion to this revenue. Namely, just now, Boswell talked about Tower B and C in Manchester, Aspen, The Pavilia Forest, and Queen's Wharf Brisbane. Our existing inventory, we still continue to monetize this. Westside Place and Mount Arcadia have contributed HKD 1.8 billion. Our sales momentum is picking up over the past 12 years. Our pre-sales as of March 31st is HKD 8.4 billion. Looking ahead, we maintain a substantial development pipeline of around HKD 58.8 billion to support our long-term visibility and growth. For Manchester project, Victoria Riverside is one of our key revenue contributors. Our total GDV for this project is HKD 1 billion. We have sold HKD 940 million, remaining only HKD 100 million left. At the moment, we've recognized HKD 852 million. We have completed and handover July 2025. It comprises of three towers and 600 units, 38 townhouses. Tower B, like what Boswell mentioned, is fully settled. Next Tower A is fully cash, free from debts. It consists of 275 residentials. The total GDV is HKD 1 billion. 98% sold, and only HKD 20 million of inventory remaining. Expected to complete this quarter. In fact, we are going to send out letters within a month. For London Aspen at Consort Place is a mixed-use development, consists of over 500 apartments and a Dorsett Hotel, Canary Wharf, which just opened. The total GDV is HKD 4.4 billion. We've sold HKD 2.6 billion. The remaining is HKD 1.8 billion. Now, like what I mentioned, with the shortage of housing supply, the construction have been slowing down because of the percentage of affordable and the strong yield in rental. We would be starting our new marketing schemes. Also we see that there are a lot of companies that are actually staying, in fact, coming into Canary Wharf. We are expected the sales would be continued to accelerate. The Pavilia Forest, Park Wai Sum, it's a project in Kai Tak. It's a joint venture with New World. We previously had 1,300 apartments at a GDV of around HKD 10.4 billion. We have sold HKD 6.9 billion, and we have remaining around HKD 3.5 billion inventories. In fact, this project we've started selling, I'm sure everyone remember, we started selling at HKD 16,000 per square feet. We have now pushed up to at least HKD 22,000 per square feet. We're seeing average around HKD 23,000, HKD 24,000 at the moment. Last month, we recorded a record high of over HKD 29,000 per square feet. All our remaining apartments are actually the sea view and on the top floor. We will be closely monitoring the market. The market's been doing very well, so we will be looking into probably increasing the pricing as we go, which we have recently done for the past half a year. The Queen's Wharf residences, this is in Brisbane. Tower Four has been a success. 100% GDV is HKD 3.1 billion. We've sold HKD 3.1 billion. Our previously completed and handover in March 2025, our recognized attributable revenue this year is HKD 475 million because it's 50% joint venture. We have one apartment left, actually. Tower Five, previously we mentioned, we have relaunched previously, and have increased 12.5%. We have around 60% customers that stayed with us. We have further increased our price to 15%, with a price increment since we launched. Right now, I am very happy to say that we have 97% units sold, and because of this, we have also added 3 more levels in planning and added apartments to push our GDV level previously from HKD 4.9 billion to HKD 5.9 billion. This reinforces our profit margin and our position in Brisbane and Australia. Given our confidence in Brisbane market, we expect Tower 6 to be also maintaining very good sales. We, at the beginning, were looking at, together with Tower 6, a GDV of HKD 9 billion. We are now looking at pushing it to around HKD 11 billion. Tower 5 and 6 are expected to be completed in FY 2029. This is a project in Malaysia. It is Dorsett Place Waterfront, Subang. We have a total GDV of HKD 2 billion. We have sold HKD 948 million. We have around HKD 1 billion remaining. We will continue to recognize the revenue in the coming year. Westside Place, Melbourne, this has been a big win for us. We have over 3,000 units. Close to 3,000 units, excuse me. The total GDV is HKD 10 billion. We have sold HKD 10.3 billion. Only 9 units remaining. If you remember 2 years ago, we have over 1,000 units left. Over these 2 years, the sales team have done a remarkable job. Of course, I still believe our clubhouse is definitely the best in Australia at the moment. Of course, our rental yield is around 5%-6%, hence it really helped and boost the sales of Westside Place. We now only have HKD 39 million of inventory remaining, which we expected to clear out within these 2 months. In terms of Mount Arcadia, a project in Hong Kong, we have a GDV of HKD 1.7 billion. We have sold HKD 1.3 billion. Our remaining is roughly HKD 500 million. It is completed earlier, and we have recognized around roughly HKD 200 million this year. It is situated in Tai Po with 62 apartments and 4 houses. We are planning to launch our 4 houses in the near term as well. We have our recent launch in Melbourne, 640 Bourke Street. This is a 68-level ultra-luxury apartment in Australia, Melbourne. It is very close to The Ritz-Carlton, Melbourne, as well. We have put in the highest price in Melbourne by project. We are asking for roughly around HKD 9,000 per sq ft. Up to today, we are looking at a GDV of HKD 4.1 billion. We have pre-sold HKD 1.5 billion. We have around 629 units. We have pre-sold already 328 units. We will be looking at slowly launching more as the construction go further, just so that we can enhance our revenue recognition and increase the price as we go along. The development is expected to be completed in FY 2029. Just a note, forgot to tell you, for Melbourne and Brisbane, Tower 5, 6, and also this Bourke Street, this will be a FEC construction. At the moment, we are forecasting, in fact, FEC Construction to, in fact, have a HKD 3.3 billion revenue as well in these few years. For our upcoming launch, looking at the market in Hong Kong right now, it is fairly hot. We will be launching 2 key projects. One is in Ho Chung, Hong Kong. One is in Sai Ying Pun, which is a project with URA. We will be looking into launching this pretty soon. Construction has already started. Of course, our Ho Chung project in Sai Kung, which is a joint venture project, and we own around 33% stake. This will be 26 high-end houses with approximately GDV of around HKD 500 million. To Shanghai, we just recently launched our 1,700 units right opposite the Shanghai University. This is our first phase. The approximately total 573,000 lettable area. Our next phase is coming up soon. In fact, it has started construction. That will increase further 2,700 units into this project, and will be expected to complete 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. Approximately HKD 58.8 billion in our development pipeline, and by driving early completion, we aim to contribute meaningful to reduce our debts. Thank you very much for your time and attention. We appreciate your continued support and look forward to sharing our progress with you in the near future. I would like to hand over to Winnie for hotel operation. Thank you. Thanks, Boswell. Thanks, Wendy. Good morning, everyone. Thank you for joining us. Let me just report on our financials in our hotel division. This financial season, all our ratios are up. The total division revenue from hotel is HKD 2.38 billion, 14.6% up compared to last year. In terms of our GOP, in fact, it's recorded quite a good growth of 26.6% to HKD 734 million. In fact, to get the growth, both occupancy, average room rate, and RevPAR all had a good growth. If we talk about different regions, Hong Kong has been doing quite well, really picking up the points. Malaysia is kind of flat. Also, I think China. Sorry. Sorry, can you guys hear me? Yeah. In China, again, I think with a year on year minus 7.7 points change is already considered not bad at all compared to your peers. Singapore has good growth. U.K. is the only region whereby our growth has slowed down and actually dropped. Reason being that we have opened two hotels in this financial year. Namely Canary Wharf, as well as Hornsey. Of course, it does take a little bit of time to ramp up. Yeah. Again, in terms of occupancy rate, The Dorsett Group has 73.4% with an average room rate of HKD 870, bringing our room revenue to HKD 2.2 billion. Combining with Palasino, with HKD 163 in the revenue, that brings up to HKD 2.38 billion. I just want to update all of you on our new openings in this financial year. We have actually launched HubX. HubX is kind of our more youth hostel hotel project, aiming for students, I think they're around 20. You do get students up to 40. Anyone below 40, let's say that. We've been actually getting quite a big traction on there. Mainly because this hotel is right opposite Shanghai University, which has about 60,000 students. In terms of the offering with this brand, what's the difference is, of course, there's 24 hours bar, 24 hours library, and quite a lot of e-gamings. Because you also need those ergonomically friendly chair for people to actually play these games for a long time, and it's been very well-received. Dorsett Canary Wharf opened in September 2025. Wendy has also mentioned that Canary Wharf. Well, actually, all of you are financiers here. You'll also note that Canary Wharf has really been picking up. Please visit us when you go to London next. We do have a very good celebrity chef, Wong Ah-bo. He is actually our chef stationed in Canary Wharf. Since his arrival, actually, we have quite a lot of guests from Hong Kong really going to try his food. You can see that from the picture. It's really very good. Dorsett North London. This is a management contract, because we have sold the property. This is a 68-service apartment in Hornsey. This area, you can actually get some corporate business from Alexandra Palace because that's also a popular concert and exhibition place. Again, this is a management contract. We have also opened Dao by Dorsett Puteri Cove in May 2026. This will be actually financial year 2027, but I just want to update. I actually just came back from Singapore yesterday to look at this. Again, another management contract. We are the only operator of Nanyang Technological University, NTU. We actually remodeled some of their student campus to make it like a student hotel facility, mostly for the EMBA students. We will be opening in August 2026. In terms of pipeline, we have Dorsett Perth coming very soon, in financial year 2027, we have Dorsett Brisbane in Australia coming very soon as well, as well as Dorsett Fiji. I want to bring our investors back to this page in our value enhancement project. A lot of you have followed us for a very long time. Around three years ago, I already started talking about student accommodation. In fact, because of the interest rate, we started looking at how do we keep on growing, but then actually use less of the company resources. We started this OPM, other people's money journey. It's been doing quite well. In fact, our investors are tremendously happy. If you look at two years ago, we bought the Dorsett Changi City. We are minority shareholder, and we bought this together with Angelo Gordon, as well as a few family offices. The upgrade has already been completed. We actually added 100 rooms to this asset, bringing it, in terms of value, doubled in two years, two-point-something years. We don't enjoy the full upside, but we do enjoy the fees. We do take fee on project management as well as if they do exit. I've negotiated for a carry. This will be carry on the business model that we will be going forward. A lot of investors also asked me just now, am I looking at Hong Kong? Sure, why not, if the value is good. For sure, we'll be looking for partners together to do that. Now, we are also going to increase number of rooms in Dao by Dorsett AMTD. Again, three years ago, since we rebranded, it used to be an Oakwood, and this used to be the old DBS building. Since we took the management after Oakwood, that same year, we actually improved the GOP by 80%. Again, not because we're smarter or anything, because we really believe and focus in revenue management and using the hotel revenue management in a service apartment. That really is the key differentiator of ourselves and others. Again, because of the strong growth and all that, we will be adding number of rooms to this property. Also that we're not major shareholder for this building. Yep. I'll just end with our pipeline. At the moment, in terms of our room count, we are 9,803 today, well, March 31st, 2026. By March 31st, 2027, we are 10,791 rooms. Thank you so much. Follow this section is talking about the Care Park as well. We still own Care Park about 90%. This is one of our important subsidiary in the recurring business stream. Revenue last year in the financial year 2026, HKD 666 million, down 6%. Well, we have discussed very earlier that some of the assets been sold out, and we are actually during the transition period to downsize some underperforming contracts. In fact, the bottom line of this Care Park has actually improved. We also noted in the last year, in particular, the land tax affecting our profit margin as well. On the other hand, we also follow the corporate strategy to dispose some of the car park assets in Malaysia, for example, in the financial year of 2026. Previously, we have sold out some big car park in the Boundary Farm in Manchester, some car parks in Victoria State in Australia. We actually continue this disposal of the non-core asset or some mature asset, I would say, for Care Park. Also, existingly, we are managing our own car park and also the third-party management car park, about over 100,000 car park base. Followed by this car park, on the next page, you will see the gaming operation. The gaming operation firstly, it refers to the Palasino. Palasino consists of four casino asset and also five hotel assets. The revenue is talking about HKD 611 million. For the gaming revenue, it's talking about HKD 448 million, increase about 10%. Gross profit margin, 40%. Very stable business. This is why we like it. End of last year, we have another new casino assets to launch, that is the Palasino performance. For the DBC, may I pass to Wendy to talk about this? Thank you, Boswell. For Brisbane DBC, I see a lot of banks here. Just want to say thank you for your support. We have just finished the transaction as of March 31st. As a chairperson of Destination Brisbane, this is an AUD 3 billion project, is a very important cash cow in the future for FEC. This year, focus mainly to drive the efficient deal structure, as many of you will know. We have acquired a large stake in an opportunity through a very minimal cash deployment from Star Brisbane. We bought over the 50% of Star Brisbane, along with some asset swap. We have also asset swapped some of the minority stake we have in Gold Coast, mainly 33% of the two hotel towers. As of today, right now, our joint venture partner and FEC owns 50/50% of this whole precinct, which we have record an AUD 726 million gain. Going forward, I will be more focused on the operation. First thing we did, which is very important, is to change the management agreement. The management fee went from AUD 5 million per month now to AUD 1.5 million per month, which helps our financial significantly. The other thing that we have done is to have a leaner workforce. Previously, we had a couple of thousand workforce. Now we are down to around 1,700. The performance in the gaming casino is really more on driving people into our precinct. I'm very happy to tell everyone that we have reached nearly 10 million visitation per year as of today. We are now focusing on how we generate more revenue from the foot traffic. We started with negative performance cash flow, happy to tell everyone that as of last month, we have recorded a record month EBITDA of AUD 15.6 million. We will see further enhancement as we increase more entertainment throughout the whole precinct. Previously, we were looking into I think we've mentioned previously, DFS have let us down a bit, have left our whole precinct. What we are actually focusing now on when we look back is really on entertainment, because we do drive foot traffic around mostly even more at after dinner time. We do, instead of the retail spaces being retailed luxury brands, which probably closes between 8:00 P.M. until in the morning the next day, we kind of want to activate the whole precinct, make it more exciting, more F&B, more entertainment. That's what we will be focusing on. We have also looked back on the layouts and plans that we have. After speaking to a lot of different operators, all the really good ones. We always talk about how many hotel rooms we have. At the moment, we have 350 hotel rooms in our The Star Brisbane. We have added a few hundred more, and then in our Rosewood and Dorsett, adding around 600 to 700 rooms. Making this precinct around over 1,000 rooms, which we think will greatly benefit us. The other thing that we have done is we are actually looking into increasing our premium gaming customers, which we have recently just opened our chairman's high roller gaming floor as well. It has been a huge success and will continue to drive more businesses into our gaming and entertainment sector. We are very much looking forward to the Brisbane Olympics coming up. I'll pass back to Boswell on the prospectus. Thanks. Thank you, Wendy. Let's talk about the prospect. On page 40 Almost 50 pages. On page 48, I think we continue to have our prudent financial strategy and management. Gearing ratio and the leverage are expected to be further improved. As we have discussed previously in this today, we are actually accelerating some sales, property development, continue to dispose the non-core assets, and at the right time, we are trying to unlock even further our hotel revaluation surplus for the visibility of the cash flow from both property development and also the recurring business. Property development, we have HKD 58 billion pipeline and HKD 8.4 billion in the pre-sales and also the contracted sales, of which, like I said, HKD 1.1 has been locked up already end of March. Of course, this still continues to sell. For example, the Victoria Riverside Tower A, we just mentioned as well in the expecting to complete it in the coming two, three months in the first half. Hotel will obviously continue to grow. In particular, we have another two, three hotels. For example, the Dorsett Kai Tak as well, and RevPAR in Hong Kong in particular to continue to grow. On top of which, we've got four hotels coming up. In particular, the Dorsett Perth will be opening in almost in a year. Car park, continue to phase out the underperforming contracts and where we are towards the asset-light business model and reducing the leverage as well. Gaming, well, restructuring of the Queen's Wharf development projects continue to drive the operational improvement. Of course, we have one of our gaming arms, which is the separate listed company, Palasino. That will be another newly opened casino coming up into the revenue and cash flow as well. Thank you so much. That's the end of the presentation. Thank you, Mr. Cheung. We will begin our Q&A session. If you would like to ask a question, please raise your hand and we will pass the microphone to you. Before asking your question, kindly introduce yourself and the company you represent. For online investors, you are welcome to submit your questions through the Q&A box, and we will read them out one by one. I caught one question from the online as well. Actually, this one question is quite representative, coming from quite a few similar questions. We didn't declare or recommend the dividend. We didn't pay the perpetual bond coupon as well. What is the plan? Well, can I answer it or -- Of course. Yeah, please. Okay. Please. Okay. Actually, I think this is our strategy or this is our direction as well, mentioned in the annual report results or even our chairman interview. First of all, we have to focus our bank loan. That is our first priority. I think most of the banks we have dealing with last year, two years ago, for the refinancing of the property backed loan or unsecured, we are open to discuss and we share our forecast business update and all that. I would say all of the banks actually have confidence in our cash flow or our strategy. In particular, when we've gone through the COVID, diversification is so important and also we enjoy the property cycle as well as the hotel performance cycle as well. Demonstrated that we are actually in a good shape. In particular today, we are actually in the 63% gearing ratio net, and we are expecting to come down further in the coming years. Yes, this is demonstrated that we focus on the bank loan first. For the perpetual bond coupon, you have to consider this is equity in nature. We really want to dealing with the bank loan to maintain a good relationship with our long-term bankers. A lot of banks in Hong Kong, overseas, Singapore, Australia, they are our good friends. Bangkok as well. For the coupon payment, I think we will consider when we coming into a moment that we dealing with our gearing further down, we're more comfortable with the bank loan situation. In fact, we are managing quite well, to be frank. I think that's the answer. Yeah. I think riding on our chairman's also thinking behind previously he has mentioned that obviously 73 was way too high. We want to go down to 50s level. Obviously, we're reaching 50s level. I think he now wants to go down to under 50. Of course, given these two years, we have seen tremendous support from the banks. I think for sure first thing we will be looking at really lowering down our gearing ratio first. On that note, I just want to remind everyone, we are not just a Hong Kong property developer. We're quite global. In terms of Hong Kong, land bank is always more expensive, whereas in Australia and U.K., Manchester, the land pricing is much lower. The construction cost is much higher, hence the gearing ratio will always be a bit higher than Hong Kong because we don't have that per square feet kind of land price in Hong Kong. Having said that too, we'll still be looking at lowering the gearing ratio first. Thank you. Any questions from the floor, please? Or maybe online? Hi. Chris Ko, Pecunia Capital. Just a clarification on the Queen's Wharf. Was the 15.6 overall or attributable? Can you talk about the? Oh, it's. sort of profile of AUD 500 million in CapEx over the next three years? Yeah. Okay. Can you talk about that? Sorry. Just to be clear, the HKD 15.6 million is not attributable. It's a joint venture. We're looking at, of course, going higher because as we're going on to a higher peak season of casino gaming, we're hopefully seeing a growth on that. In terms of the AUD 500 million growth, we are phasing it out into, I think the first would probably we will start the Rosewood and Dorsett first. We are in talks with a lot of potential joint venture partners to further come in. The different brands and also different owners that wants to come in. At the moment, it would definitely still be Rosewood and Dorsett since it's our joint venture partner's brand. Thank you, Wendy. Any questions from online? The question, can you share your refinancing plans for the short-term debts as mentioned on page 11? Well, we talked about that just now, we can talk about it in more detail, right? For the corporate hospitality, meaning hotel, right? Hotel asset, and also car park loans, HKD 5.3 billion. All of the loans are actually asset-backed. Yeah. In particular, this year, the bank loan as at end of March, there are quite a lot of hotels in Hong Kong to be refinanced. This 5.3, actually, most of them are actually from Hong Kong as well. Obviously, the occupancy in the last year in Hong Kong and the RevPAR in Hong Kong obviously improved, and we are expecting to continue the growth. Maybe Wendy can talk about this later on. Anyway. Yeah. These are all asset-backed secured loans, all the refinancing are under kind of discussion. Yeah. I'm not very worried about this. Yeah. Yeah. Also the project development loans, like I said, this is the project-related. Honestly, our market is quite on the mass market. Although we have some houses, luxury market, but honestly, most of them are actually mass market. All of the market are doing very well, in particular Australia, right? Manchester as well. Once we have completed our project, get the sales proceeds, pay down the construction loan, that is the construction loan which we talk about. Don't worry about this. Corporate loans, this is unsecured, like I said. Well, we improved a lot, in particular, not only within a year, as a whole, right? We improved about HKD 1.3 billion for the current liability within a year. Looks like similar, but in fact, we have paid down a bit as well already. Most of the bank, we have been talking with them, we are figuring out the repayment schedule, we're trying to fit our cash flow. We also understand from the banks that, well, sometimes, I mean, well, you guys may have more knowledge than me. Sometimes the bank referred to me that they have a restriction on the CLI and all that, right? They really need someone to help. In particular, we are not focused on the commercial building, it's relatively better than the peer group, honestly, right? This is also, on the other hand, we also want to focus on the, like I said, the chairman also endorsed us to focus on the bank loan, in particular, unsecured loans. This is why we are trying to reduce this and working very well with all the banks, I would say. Repayment schedule, the demand clauses are just academic and the payment schedule. This is, I think, hopefully this is answering the question online, right? Okay. Thank you. Any questions from the floor, please? Thank you so much for joining us. I also like to take this opportunity to really thank our long-term shareholders, stakeholders. I think in every one of our role, stakeholder management is what we do every day. Really, from the management, we truly appreciate the long-term strategy and the long-term view you take on Far East Consortium. We are now what? 53-year-old, huh? 53-year-old- Exactly Yeah, company, of course, we have seen cycles. It is really during more tough times you can actually see in terms of the quality decisions the management makes. I hope that please, I would really value a two-way dialogue. Please speak to us more often and reach out. Yeah. Hopefully we can be back in our dividend payment mode. Thank you. Thank you. Thank you. Ladies and gentlemen, this concludes our investor presentation. Thank you for joining us today. Thank you. Thank you. Thank you.