Good morning. Good morning. Lots of familiar faces, which is great to see. As most of you know, this is my first time doing this, so have leniency on the newbie. Welcome everyone to Hongkong Land's results presentation for the first half of 2024. I am Michael Smith, the Chief Executive of Hongkong Land, and with me is Craig Beattie, our Chief Financial Officer. Over the past few months, I've had an opportunity of meeting many of our colleagues, our business partners, and tenants from across the region to better understand their achievements, their challenges, and their aspirations. I was impressed by the expertise and passion there is an abundance amongst colleagues across the business, and the high standards and expectations to which Hongkong Land is held by our business partners and tenants. Having spent that time getting to know the business, I've initiated a strategic review of our overall business strategy, our long-term goals, and our commercial priorities. This is the first time in 135 years that Hongkong Land has had a self-reflection. The strategic review will look at how we optimize the way we operate and better leverage our core strengths to deliver sustained growth of the business. The review will conclude before the end of the year, at which time we intend to present our vision for Hongkong Land's future to you all. Getting back to the presentation at hand, there'll be an opportunity for questions at the end. For those of you on the webcam, please send us your questions through the website, and we'll include them in the Q&A session. Firstly, the agenda. Today, I'm going to take you through some key highlights of the first half of the year, provide a trading update on the group's key business strategies before turning it over to Craig to talk through the financial and sustainability highlights. I'll then conclude with our outlook for the second half of the year, followed by our Q&A session. Before moving on to the results, let me first walk through a few key highlights from the first half of the year. All monetary amounts are in US dollars unless otherwise stated. Firstly, on the office front. Despite headwinds in the global financial markets, the group's core office portfolios continue to outperform the market. In Hong Kong, portfolio vacancy remains significantly lower than the market, despite completion of new supply in Central. This is largely a result of the group's capturing a flight to quality demand via active lease management, delivering premium tenant services, as well as strong sustainability credentials. In Singapore, our portfolio is effectively fully occupied, with positive rental reversions driven by both tight supply in the core business district around Marina Bay and market-leading offerings and amenities. On the luxury retail front, the group is pleased to deepen its strategic partnerships with its luxury retail tenants by meeting their changing demands on space and elevated experience for their discerning shoppers. In Hong Kong, the recently announced Tomorrow's CENTRAL transformation plan for LANDMARK will result in the creation of 10 multi-story maisons and a luxury retail proposition that would not only be unique in the city, but also globally. The group will invest around $400 million over the next three years to complete this project, with our luxury retail partners investing a further $600 million on their respective flagships. I think that 600's quite a conservative estimate. ONE CENTRAL MACAU is currently undergoing an evolution. While the scale of the project is significantly smaller than that of LANDMARK, this repositioning will help result in improvement of amenities and optimization of tenant mix to better cater to the group's deep pool of very important customers. On the Chinese mainland retail, the group continues to make steady progress on growing its retail footprint and recurring income base. WF CENTRAL in Beijing benefited from higher tenant sales and rents post-repositioning, whilst The Ring, Chongqing saw double-digit tenant sales growth in the first half of 2024. Separately, the group opened The Ring, Chengdu in June, which has a net leasable area of some 51,000 sq m and achieves over 90% occupancy. Capital recycling from our development property business. In light of the subdued property market conditions on Chinese mainland, the group conducted a comprehensive review of its pricing strategy on its build-to-sell portfolio. This was a very granular project-by-project assessment that we undertook across our portfolio. A non-cash provision of $290 million was recognized on a handful of selected projects, with the bulk of it relating to residential assets in non-prime locations, principally across three cities, which Craig will explain further, to facilitate recycling of capital from existing inventory. Well-located projects in core areas such as the residential for sale component of the West Bund project continue to outperform the market. On the financial front, the group continues to maintain a strong balance sheet and a net gearing position with no change to net debt from the end of last year. Our average borrowing cost sits at 3.7%, a result of our active capital management. Our credit ratings remain robust despite macroeconomic uncertainties. On the sustainability front, as expectations on the group's sustainability performance from tenants, from key business partners and the investment community continue to increase, I am pleased to report that the group continues to make solid progress towards sustainability commitments across the region. On decarbonization, the group remains on track in working towards its absolute Scope 1 and 2 emissions target of 46.2% by 2030 from its 2019 baseline. For 2023, this group achieved a 29% reduction. We're more than halfway to our goal. In addition, the group recently became the first developer to attain triple platinum ratings for existing building certifications from BEAM Plus, LEED, and WELL standards across its entire commercial portfolio in Hong Kong, underscoring our commitment to meet and exceed the highest standards. Turning to an overview of the 2024 half-year results. The group's underlying loss in the first half of 2024 was $7 million, significantly down year-on-year as the group recorded a non-cash provision on selected development properties across China's mainland. Excluding this provision, the underlying profit was $288 million. Profit from the group's investment properties remained resilient as improved performance from our Singapore office and Chinese mainland retail partially offset reduced contributions from the Hong Kong office portfolio. Loss attributable to shareholders was $833 million, which included a net loss of $826 million arising from revaluations of the group's investment properties, primarily due to a modest decline in open market rents for Hong Kong office. The board has declared an interim dividend of $0.06 per share, which is unchanged in the prior year. The group's financial position remains strong, with net debt maintained at $5.4 billion, which is consistent with that at the end of December 2023. The NAV per share as well as the shareholder funds as at 30 June 2024 declined compared to the end of 2023, mainly due to the revaluation loss on the Hong Kong office portfolio. An update on our key business segments. On the Hong Kong office portfolio. The portfolio remained resilient and continued to outperform the market, underpinned by a flight to quality. We are seeing an increased divergence in office market with buildings that are located in core areas with strong sustainability performance, as well as high-quality facilities and services outperform the market of rents and vacancies. This is particularly clear when you look at our vacancies compared to the broader market. Under the backdrop of a market vacancy of 12.1% for Hong Kong central Grade A offices at the end of June, which is, I think, amongst the highest on record at the mid-year. Our office portfolio outperformed with a physical vacancy of only 7.3%, down slightly from 7.4% as at the end of 2023, bucking the trend of increasing vacancies across the broader market. Vacancy on a committed basis is down to 6.8%, nearly half of the broader market. Negative rental reversions during the period were in the low double-digit range. The Weighted Average Lease Expiry of 3.7 years was largely in line with the end of 2023, whilst the WALE for the top 30 tenants is considerably lower at over five years longer. This is indicative of the group's approach of building and maintaining long-term relationships and keeping a strong mix of tenants in our community. In terms of scheduled lease expiration and rent reversions taking place in the second half of 2024, the bottom left-hand chart. Over 90% of our rent reviews have been completed with the vast majority of tenants staying within our portfolio. Our leasing team now can just focus on the existing vacancies rather than having to focus on rental reversions and rental lease negotiations. In terms of leasing trends in recent months, the flight to quality demand is coming largely from family offices and asset managers. Though the size requirements are small, typically at 5,000 sq ft or below. As part of LANDMARK's transformation plan, four floors of office space totaling just under 50,000 sq ft will be converted to retail use. The group has identified alternative spaces for all affected office tenants, with the vast majority remaining in our portfolio. Moving on to the central office market, just some observations that we thought we'd highlight. In terms of vacancy, the group's central portfolio has outperformed the broader central market since 2017. Since 2020, the gap in vacancy between Hongkong Land central portfolio and central overall has widened. This is partly explained by the flight to quality trend we have seen developing since 2020, where tenants have increasingly indicated their preference for high-quality office space over absolute size. The group's CENTRAL portfolio, with its unique ecosystem including top-notch ancillary facilities, strong tenant community the group has cultivated over many years, as well as significant efforts on delivering sustainability credentials to meet rising tenant expectations. It's positioned to continue to take advantage of this. The chart on the right shows a comparison between the group's CENTRAL portfolio net rent against the broader CENTRAL spot rents. The gap has further increased since 2022. This is indicative of the flight to quality and the trend of the group's buildings have been benefited from and has thus been able to be more resilient than the broader market. Turning to Hong Kong retail. Average net rents remain broadly stable at HKD 206 per sq ft, despite retail sales being down 11% compared to the first half of 2023. The LANDMARK performed better than market, which based on HKSAR government statistics on sales under the jewelry, watches, and clocks category, was down over 21% for year to date May. LANDMARK VIC loyalty sales were up 11% compared to the first half of 2023, demonstrating the resilient spending by our core customers. Overall, there were three key factors impacting tenant sales, including, firstly, a high base from the first half of 2023 upon reopening from COVID, but before flight capacity was fully restored. Secondly, there has been some leakage in sales to other destinations in Asia, particularly Japan, in the second quarter, largely as a result of the strong Hong Kong dollar. Thirdly, planned tenant movements to facilitate the recently announced transformation of LANDMARK. As of June 2024, the physical vacancy and vacancy on a committed basis were 2.6% and 1.4% respectively. The group expects the LANDMARK to be effectively fully occupied post-transformation works. Chances are you would have heard about the LANDMARK transformation already. We made quite a big show of it back in July 26th. Before we get into more details on the transformation, LANDMARK, in its current form, already enjoys the support of some of the most loyal customers globally. In 2023, the top 70 customers who shop at LANDMARK spent over HKD 1 billion. So $125 million spent by 70 people. The average annual spend of our top tier VICs was about HKD 1 million, and on average, they made a purchase every other week. This transformation is about jointly investing with our key brand partners to better service their needs and elevate the customer experience. The group will invest over $400 million to expand and transform LANDMARK over a three-year period. This transformation will cement LANDMARK, the CENTRAL Portfolio and CENTRAL as the city's preeminent luxury and lifestyle retail destination for the long term, with the highlight being the creation of 10 new maison destinations. I'd now like to break it up a little bit and show you a video to give you a taste of our vision of Tomorrow's CENTRAL. Great. Many exciting times ahead. I'm looking forward to seeing an eight-story Hermès and an eight-story Chanel. It's going to be quite exciting. Why has Hongkong Land committed to undertake this transformation? First, this strategic investment is a powerful endorsement of CENTRAL as the city's iconic retail and lifestyle destination. It also demonstrates the group's and strategic partners' shared, unwavered confidence in Hong Kong and reinforces its bright future as global financial center and luxury retail destination. Second, this strategic investment will reinforce the Central Portfolio and Central as a world-class retail, dining, and business destination for decades to come. Effectively, we're building a moat around Central. Thirdly, the evolving needs and wants of customers and clients have spurred our key brands and tenants to spend more than $600 million to create new global luxury flagships to elevate the customer experience. This project provides an unprecedented amount of retail space for them to meet their strategic objectives, which enables the group to extend our long-standing partnerships with all of them. These brand partners have committed to average lease terms of around 10 years. Fourthly, the project will enable the group to capitalize on growth opportunities this will bring, including rental upside on the expanded luxury retail space, as well as further enhancing the Central ecosystem, which benefits all our tenants and their employees. I know most of you are interested in getting a sense of returns on investment. Our initial assumptions at underwrite had been an IRR in the mid to high teens. Based on the contractual obligations we now have entered into, we believe that the IRR is going to be in excess of 20%. This will be one of the better investments, I think, that Hongkong Land has ever made. In addition, the group also expects this transformation to further enhance the value, actually, significantly enhance the value of the Central Portfolio. Finally, this transformative initiative is a pivotal milestone that exemplifies our global Central vision to create world-class, luxury-based lifestyle and retail destinations that serve as gravitational hubs for the world's most prestigious brands and their discerning customers. It will serve as a blueprint for Hongkong Land's global developments, such as Shanghai's West Bund area and beyond. Some key features of the LANDMARK renovation. We will develop 10 globally defining maison locations, some of which will be the largest stores anywhere in the world. We will create a jewelry and watch boulevard along Chater Road. We'll introduce 30 new and refreshed F&B concepts. Retail diversity being incredibly important because clients enjoy the experience both of local and international brands. When complete, the LANDMARK will still offer more than 200 stores, with what we currently have, and we will continue to retain many of the unique Hong Kong brands that LANDMARK is known for, as well as the many only in Hong Kong brands that LANDMARK is privileged to have. There will be a reconfiguration of the core retail podiums with improved circulation and connectivity, including new office lobbies for Edinburgh Tower and Gloucester Tower, moving from the second floor to the third floor of LANDMARK ATRIUM. New access points in lower level of LANDMARK ATRIUM, as well as redesign of the LANDMARK basement and the arcade in LANDMARK PRINCE'S. Looking briefly at the timeline, you will have seen this morning whilst coming to this event that preparatory works for the program have already begun in LANDMARK ATRIUM, LANDMARK ALEXANDRA, and LANDMARK CHATER. Each of the major phases of work has been carefully timed to ensure that LANDMARK continues to be activated, energized, and vibrant throughout the three-year period. We plan to have new openings in LANDMARK every year, including the recently opened Sotheby's Maison downstairs, and I really do encourage all of you to go and have a look, because it is really another world when you come out from the lower floor up again, it feels as though you're moving from one world to another. We see Central and LANDMARK being at the heart of Central as not only a place of location, but more importantly of lifestyle. It is a destination that allows people to work and play in one holistic ecosystem. This is a lifestyle that Hongkong Land has been diligently curating for the people of Hong Kong and for visitors for 135 years, since we bought our first piece of land here in 1889. With this investment, we look forward to evolving it further for generations to come. Turning now to our Singapore office portfolio, which has performed very well, driven by flight to quality demand and limited new supply, despite cautious business sentiment. Average rents continue to show growth whilst occupancy remained resilient. Not dissimilar to Hong Kong, better quality buildings located in prime areas have benefited from this flight to quality and have outperformed the market. Physical vacancy across the portfolio was 2.6% on a committed basis. Vacancy was down to 1.1%, so given structural vacancy, it's effectively fully occupied. This compares favorably to the overall market vacancy of 5.3%. As of the end of June, 11% of the portfolio was subject to expiration in the second half of 2024. This expiration pertains largely to two major tenants, in which negotiations are at an advanced stage, and we expect deals to be signed imminently. Once renewed, our top 10 tenants' WALE will increase from 3.2 years currently up to 4.7 years, with quite positive rentable versions expected on both of these leases. In terms of leasing trends in recent months, most of the inquiries received are from financial services and consulting-related sectors. Moving on to the group's Chinese mainland business. Over the past five years, contributions from our retail portfolio on the Chinese mainland has grown steadily as the group continues to execute on its existing pipeline. Growth is expected to continue and be supported by the recent opening of The Ring, Chengdu in June of this year, as well as the upcoming pipeline of retail assets scheduled to open between 2025 and 2027. At WF CENTRAL, our CENTRAL Series branded mall in Beijing, performance was stable despite challenging market conditions, with luxury good sales in China contracting in recent months. This is largely the result of repositioning efforts that we've undertaken over the past 12 to 18 months. In Chongqing, The Ring mall continues to show improved performance since it opened in 2021, so we're now going into the second leasing cycle of that asset. Tenant sales have grown by around 30% in the last year, so it's a very encouraging sort of backdrop. The CENTRAL Series malls is part of Hongkong Land's retail strategy to develop best-in-class luxury retail and lifestyle destinations in major cities. We're actively leveraging our heritage, our experience, and capabilities in Hong Kong and Singapore to grow our CENTRAL Series brand on the Chinese mainland. To cater to the uniqueness of each market, we structured the CENTRAL brand across different product lines. LANDMARK, along with the West Bund Central, form two cornerstone projects to our leading global CENTRAL product line. These are projects in one-of-a-kind locations that can support a holistic ecosystem of high-end retail, office, and hotel with the potential to attain global significance. This is supported by two other product lines, Mega Central and Boutique Central. These product lines will be developed over time as we identify new cities which are significant geographically and where we can adapt scale and composition. Turning now to the group's largest ongoing project, West Bund. Before I give you an update on recent activities, let's have a look at a video introduction of this mega project, please. What we've tried to do is extend that riverside path into our site to create a vibrant, buzzing, exciting new district. Many exciting things to look forward to over the next couple of years, including what we're doing here and what we're doing in Shanghai. I'd highly recommend that if you are in Shanghai next, this project really is coming out of the ground quite quickly. The first phase, which we call Lot G, is effectively completed. Very encouragingly, the residential component has outperformed our expectations. We released 80 units, a couple of months ago, and they've all pre-sold at a price of CNY 178,000 per square meter. This is the highest average selling price achieved amongst all high-rise residential projects launched in Shanghai in 2024. To give you a sense, the lump sum quantum in US dollars, it's an average price of close to $8 million for each unit. There was a $630 million for 80 apartments. The buyer pool of the project was restricted to Shanghai residents or non-locals who have paid taxes in the city for not less than three years. There were also a resale restriction of five years. Despite the restriction, the project was extremely well-received and required allocation using a lottery system that was governed by the government. It's just a really good endorsement that these are people who want to live and stay in this West Bund community. It made us feel very good that if this is the first thing to happen here, it's a great first thing to have. Handover to buyers is expected in the second half of 2024, so it'll come through in the next results. With the group's profit recognition on this component alone being over $70 million, which is considerably more than we expected at the time of underwriting. Another element here, the first phase of the group's proprietary branded serviced apartments. West Bund Central Residences was launched earlier this year and has been very well-received by the market. We put 40 units. At the moment, the physical occupancy is already over 50%, and we have lease commitments to ensure that occupancy will be closer to 80%. To give you some sense of pricing of these apartments, the average rental price per unit achieved is over 30,000 RMB per month, which is amongst the highest in Shanghai. The group will launch a further 800 units in phases under the same West Bund Central Residences brand from early 2025 onwards. There will be a further 300 serviced apartments to be managed and operated by Mandarin Oriental, which will be launched in early 2028. Upon completion, the group will have close to 1,200 units of high-end residential apartments, rental apartments along the famed Huangpu River, which is a pretty unique opportunity. In terms of Plot G retail, for the first retail piece that is open, the retail components will open in phases from 2024 through to 2027. The first phase is located, as we said, on Plot G, which is adjacent to the residential components that we sold. The 80 apartments has some retail ancillary at the bottom with a total GFA of around 10,000 sq m. This phase is already over 80% pre-leased with brand opening scheduled for next month. Some of the more unique brands scheduled to open include Panatta, which is a high-end gym club operator now with a diamond class flagship at West Bund. Union Specialty Coffee, an award-winning coffee shop from Japan opening its first shop in China. Shogun Burger, a renowned burger shop from Japan also opening its first store in China. The group continues to make progress in executing on its CENTRAL Series assets with construction work and pre-leasing discussions largely on track. Construction progress on Suzhou Central, our first venture in the city, is on schedule, as you can see from the left-hand side. Opening is scheduled for early to mid-2026. Mandarin will be occupying the hotel. We have the mall, which as I mentioned, we've had very good traction with many of the luxury brands. Another project we're very excited about is MixC CENTRAL, Chongqing. It's our joint venture with China Resources in the city center. Guanyinqiao CBD district is also under construction with an opening expected in mid to late 2026. Including the LANDMARK and on an attributable basis, the total net leasable area of the CENTRAL Series retail assets is expected to increase from the current 92,000 sq m predominantly here, to some 250,000 sq m by 2027. These are very much luxury-based central offerings. Separate from the CENTRAL Series, the group has also established a lifestyle retail series, The Ring. We have been a very large residential developer, and these are many of the lifestyle malls that we were committed to complete as part of residential projects. After the successful opening of The Ring, Chongqing in 2021, the group was pleased to open its second Ring series mall in Chengdu last month. The wholly-owned property has a net leasable area of 50,000 sq m and was over 90% pre-let prior to opening. Over the next several years, the group will open another 5 The Ring series malls on the Chinese mainland in each of Shanghai, Nanjing, Chongqing, Hangzhou and Wuhan. Including the group's other exciting lifestyle retail assets, and on an attributable basis, the total net leasable area of The Ring malls is expected to increase from the current 189,000 sq m to some 360,000 sq m by 2027. Across our retail portfolio, there will be more than 6 million sq ft of space across here and China. In terms of our group's development property portfolio, market conditions remain weak, which is no surprise to anyone in this room. Although the group has made progress in managing its exposure by focusing on accelerating sales and recycling capital from existing inventory, net investment in development properties on the Chinese mainland decreased by 40%, from $6.6 billion to $5.7 billion as the group suspended land banking activities and generated close to $800 million in pre-sale proceeds. In addition, a wide-ranging review of project pricing was conducted, with provisions recognized on slow-moving products at selected projects to drive sales velocity and further reduce the group's exposure. While market conditions remain challenging, the group's products, which are primarily targeted at upgraders demand, continue to outperform the market. Contract sales in the first half of 2024 reached $838 million, which is up 12% from the first half of 2023. No, it wasn't Shanghai, was it? There will be more of that coming through in the second half when we, I think, hand over Shanghai West Bund in September. In addition to the aforementioned example of the strong performance of the residential units of West Bund, the group also recorded the highest contracted sales among all developers in Chongqing during the first half of the year. This concludes my updates on the group's key business segments. I will now hand over to Craig to go through the financial and sustainability highlights. Thank you. Thanks, Michael. Good morning, everyone. I will now take you through the financial results for the first half of 2024, and as usual, all the numbers referred to are in U.S. dollars unless otherwise indicated. The group delivered a solid performance in the first half despite the macro challenges. While contributions from development properties declined due to the market conditions in China, which resulted in the one-off provision, contributions from our investment properties portfolio was resilient. Investment properties operating profits decreased by $15 million year-on-year, and there were positive rental reversions in Singapore and improved contributions from our mall in Beijing, which partially offset the decline in Hong Kong office rents due to negative rental reversions. Operating profits from development properties, excluding the one-off provisions, decreased by $117 million year-on-year, primarily due to a combination of lower profit margins and less planned sales completions on the Chinese mainland. Total contributions in Southeast Asia was lower year-on-year due to a lower progress on project completions there. The bulk of the $295 million China provision related to residential trading components on a handful of specific projects or phases where the expected sales price based on market comparables had fallen below carrying value. There was a $7 million increase in net financing costs, although this was largely offset by a reduction in corporate expenses. Turning to rental income, which was comparable to the same period in 2023. Rental income from Hong Kong office declined by 4% due to negative rental reversions, and vacancy was stable. Rental income from Hong Kong retail declined slightly due to the lower tenant sales year-on-year, as Michael mentioned earlier, as there was some leakage of retail sales to other markets. There was moderate growth in our Singapore office portfolio, supported by low vacancies and limited new supply in the CBD market. Growth in our China retail portfolio was led by higher contributions from our mall in Beijing, driven by tenant mix optimization efforts there. Performance from the other segments, including our hotel operations, were stable. Turning now to the operating profit of the group's development properties by region. Please note this slide includes the group share of joint ventures and associates. Profits on the Chinese mainland are recognized when projects complete construction and are handed over to buyers. This means that construction progress and the number of projects in the pipeline will cause fluctuations in profitability across our reporting periods. Profits in the period, excluding the inventory provisions, reduced by 77% year-over-year, reflecting a combination of fewer number of project completions and lower margins. Profits in Singapore are recognized in a different way, and they're recognized on a percentage of construction completion basis. Profits in the first half were lower due to lower stock levels. Contributions in Indonesia declined due to less planned sales completions. The inventory provisions that we've mentioned were predominantly in Chongqing, Wuhan and Nanjing, and only on selected projects where the inventory was generally slower moving and located in less prime locations. Over 80% of our projects in the mainland have healthy project profit margins with no impairment. Let me now give you an update on our balance sheet. Net asset value at the end of June was $30.5 billion, down 4.6% compared to the end of 2023. This decrease was mainly due to a slight fall in investment property valuations in Hong Kong. Positive contributions from underlying earnings per share were more than offset by inventory provisions in China. Exchange translation differences of $284 million mainly related to assets in the Chinese mainland and Singapore, which had a lower value due to the strengthening of the U.S. dollar. Overall, net asset value per share was $13.82 at the 30th of June. Our investment properties portfolio valuation decreased by a net 3% compared to the end of 2023. The decline is primarily due to a 6% decrease in Hong Kong office due to the lower open market rents that we mentioned earlier. This decrease was partly offset by an 11% increase in the value of our Hong Kong retail portfolio, driven by a valuation uplift for the LANDMARK retail transformation project that we've just announced, which factors in the committed rental growth from the new leases that we've signed. Cap rates in the period were largely unchanged. I'd just like to take a moment to highlight the resilience of the group's recurring rental income portfolio, despite the volatile market conditions that we've all witnessed over the past five years. You'll see on this slide that the reduction in rental income from the portfolio in Hong Kong has been compensated by recurring income growth from other regions, especially from Singapore and in mainland China. Let's turn to dividends. The group declared an interim dividend of $0.06, which was unchanged despite the drop in underlying earnings, and we endeavor to maintain a steady and hopefully increasing dividend over time. Hongkong Land has a strong track record of maintaining dividend per share through different market cycles, which is underpinned by our resilient recurring income from our core assets that was on the previous slide. Our robust net debt position, no land acquisitions in the first half of this year, ongoing capital recycling from our China development properties portfolio, and proactive efforts to manage operating and financing costs. The maturity profile of the group's debt is shown on the left-hand side of this slide. The debt maturities are staggered over a number of years and are well-diversified between a mix of banks and debt capital markets. The group is in a strong position with respect to its refinancing plans, as no bonds are due to mature until the second half of next year, and we remain well-supported by a broad range of relationship banks. The average tenor of our drawn debt at the end of June was 6.2 years. Average interest cost was 3.7%, down from 3.9% at the end of last year, driven by lower average interest costs in renminbi onshore borrowings. The impact of higher for longer market interest rates was mitigated by having 65% of our debt at fixed rates. At the end of June, the group had available liquidity of $3 billion, and our credit ratings by both S&P and Moody's remain unchanged at A and A3 respectively. Let me move on to sustainability now and give you a few highlights of what has happened in recent months for the group overall. In respect of our science-based targets, which we signed up to a couple of years ago, the group continued to make great progress here. On decarbonization, the group's now achieved a 29% reduction in its Scope 1 and 2 GHG emissions at the end of last year compared to our 2019 baseline, which is more than halfway towards achieving the group's committed 46.2% reduction in Scope 1 and Scope 2 GHG emissions by the year 2030. As a leader in sustainable building practices, particularly in Hong Kong, the group constantly reinvests in its portfolio in Central and continues to advance in the Green Building Certification program. We've now just achieved another milestone where as the whole entire Central portfolio of buildings has achieved LEED Platinum rating for existing building operations. Jardine House, which recently celebrated its 50th anniversary, has become the highest-scoring building in all of Hong Kong under the scheme, which is quite a remarkable achievement. As a result, we are now the largest owner of LEED Platinum certified buildings in Hong Kong, and the Central portfolio represents 27% of all LEED EBOM Platinum certified buildings in the city. As you can see in the slide, we're now triple platinum-rated for our entire portfolio. In April this year, we launched the WOMEN in CENTRAL initiative, which aims to create an inclusive community within the Hongkong Land ecosystem in Central and to drive diversity and inclusiveness in the workplace and in our society at large. In collaboration with our tenants, WOMEN in CENTRAL organized a series of enriching and engaging events with the intent to educate, communicate, give back, and build community. This is really the start of a program that you should expect to see more of in the months and years ahead. Over the past year, we've also introduced the Sustainable Shopping Rewards program to encourage our retail customers to make sustainable product purchases at participating retail tenants, both here in LANDMARK but also in WF CENTRAL in Beijing. Over 36 brands participated, offering over 170 sustainable products. Finally, Hongkong Land HOME FUND, which we established three years ago, has invested over HKD 117 million into a variety of community projects with two key main areas of focus, which is to provide upward mobility for young people and to assist families with housing challenges, both of which are particularly acute problems in Hong Kong. To date, these programs have benefited over 500,000 individuals across the communities in which the group operates in Hong Kong, Mainland China, and Singapore. Let me now hand back to Michael, who will close with comments on the outlook for the rest of this year. Thank you, Craig. Operating conditions across the group's key markets are likely to remain uncertain for the remainder of 2024. In the office sector in Hong Kong, demand is expected to remain weak until there is an upturn in capital markets activities. The group's Central office portfolio, however, is expected to be resilient and continue to outperform the broader market, underpinned by the unique Central ecosystem, its prime location, as well as scarcity of supply of high-quality, well-managed space in Central. Negative rent reversions are expected to moderate but will likely persist at least until 2025, given elevated vacancies across a number of Grade A office buildings in Central. The group's LANDMARK retail portfolio, with its competitive strength in luxury retail and lifestyle offerings, as well as robust loyalty program in BESPOKE, is expected to remain resilient in a mixed market. The group's key focus going forward are to continue to differentiate its amenities, strengthen and broaden relationships with our key strategic partners, as well as to stay connected with our customers. I think Sotheby's is a great example of what we want to do going forward. All the nine maisons that have to follow Sotheby's have got a pretty high bar to emulate. In Singapore, office demand is expected to be muted to the uncertain macroeconomic outlook, limiting near-term growth potential in office rents. Although in a tightly supplied market, the group's market-leading office portfolio should continue to enjoy low vacancies. We remain optimistic about the growth potential of our Chinese mainland retail portfolio, although we are cautious in our short-term trading outlook. Following the extensive review of the group's development projects, the group's strategy on residential developments on the Chinese mainland is to prioritize returning capital from existing inventory. Contributions are expected to increase in the second half of the year as a few projects, including the West Bund Central, are expected to be handed over. In Singapore, sales of the group's existing projects have performed well, whilst the pipeline of two projects is underway and expected to be launched gradually over the next 12 months. Due to the non-cash provision on development properties impacting the group's first half underlying profits, full-year underlying profits on a non-cash basis are also expected to be significantly below 2023. Let me now close by saying it's a pleasure and a privilege to be appointed as the Chief Executive of Hongkong Land, I believe one of the most prestigious real estate companies in Asia. While the market is challenging, this is an exciting time for our company. Strategic investments like that of Tomorrow's CENTRAL will elevate our core central retail portfolio, promise us to strengthen its status as a premier destination, expand our market share in the luxury goods segment, and deliver significant returns. Our West Bund Central project has started strongly. There's a lot more to come. Finally, the strategic review I have initiated will lay out our future growth priorities of who we want to be in 2030 and how we're going to get there and optimize our business. We look forward to sharing our vision for the future with you before the end of this year. I'd like to thank you for your support. Be nice to meet, my first one, happy to take any questions that you may now have. I can sit down and take. Thank you. Ka-hoi, want to kick off? Hi, Ka-hoi Choi from Bank of America. Welcome aboard, Michael. Thank you. A couple questions for you. First of all, could you give us a little bit more color regarding the strategic review, about the scope of the review, what areas you plan to cover, a little bit more color will be helpful. Importantly, is there anything that's off the table? For example, asset disposals. Previously, the group was pretty adamant about not selling any of its Hong Kong office assets. Is that still the case? Second, regarding mainland China retail, you mentioned the slowdown in the second quarter, and you also mentioned pretty good pre-leasing progress with your upcoming upscale mall in the Westbund Central and also Suzhou. Any concerns that the luxury retailers will start to pull back as a result of the slowdown in Chinese consumption? Thanks. Great. Great questions. Thank you. The scope of the review, look, we are about halfway through. We have appointed a consultant to help. I think that consultant may have reached out to a few of you and wants to ask you your views of Hongkong Land. From my understanding, there isn't anything restricted from the table. First time in 135 years to take a really good look at ourselves and where we want to be. Our business model has been consistent. We've built a great track record, great properties, great management. There's some core DNA to Hongkong Land that I think there's real opportunity to leverage off. It's probably too premature to say too much now, we will, in November, be engaging a lot more with you and the investor community to explain our vision and how we're going to get there. To your question, there's nothing. It's really quite a blank piece of paper, external sort of advisory and working towards what's best for Hongkong Land and our shareholders. On the second point, in terms of the luxury brand concerns, look, we're very fortunate we have no luxury completions next year. Next year I think is going to be a tough year. I think many of the luxury tenants are still quite optimistic about 2026 and 2027 as we move through the cycle. We have had some very good commitments to West Bund and Tsim Sha Tsui in particular. We're happy that we're not completing next year. I think next year could be quite challenging. Even with this project, all of the commitments, this will be fully open in 2027. Fortunate timing or otherwise, we've managed to maybe miss out on a little bit of a dip. I don't know, Craig, have you got any No. No? Well covered. Thanks, Michael and Craig. This is Cindy from Citi. I have two questions. First is on Hong Kong retail. You mentioned that Hong Kong retail first half, you have tenant sales declining 11%, but VIC sales actually increasing. Is the increase coming from particular sides or more VIC customers? How much of a VIC sales as a component to your overall retail sales? With your renovation work kicking off from third quarter, how should we expect such impact to your tenant sales outlook in second half and next year potentially? Second question is actually on your capital management. We understand you have the stable dividend policy. Just trying to think about your CapEx plan, the kind of rental pressure, macro pressure, still high interest cost. How should we reconcile your, say, current gearing and your tolerance level versus the upcoming dividend policy? In the case of, say, gearing hitting above 20%, let's say your negative cash flow, what will trigger you to review your dividend policy, actually? Additionally on buyback, any thoughts on that? Thank you. Maybe I'll take the first and give you the second. Yeah, sure. Okay. In terms of Hong Kong retail, we are very fortunate to have a very strong, loyal customer base. The first Chanel opened here in the '70s, the first LV. I mean, all of the luxury brands have had many multi-generational experience in LANDMARK, and many of their customers remember when their grandparents and their parents have shopped in LANDMARK. That's a really incredibly loyal customer base, and we do benefit from that. As I mentioned, the top 70 customers based on our BESPOKE loyalty program, spent HKD 1 billion. They are on a similar trajectory for this year. It's an incredibly resilient customer base. 85% of our customers are local Hong Kong families or local Hong Kong buyers. Unlike, I guess, some of the others in Tsim Sha Tsui, where that composition is much more tourist-related, particularly for Mainland. We have none of those impacts on us. I think I mentioned that the VIC customer base is up sort of 11% year-on-year, and that's versus the broader market, which is down sort of 21%. That really does show its resilience. I think on the capital management side, a few things to say here. First of all, the LANDMARK renovation that's been announced is obviously a three-year transformation project. It's been designed in a way that the retail will remain open throughout the period. We're not closing the entire retail. To give you a sense of impact, later this year, about 20% of the retail area will be taken back to commence the renovation works. That 20% will increase to about 37% throughout 2025, and then it will fall quite significantly as we get stores returning back and they open. I think the biggest financial impact will be next year in terms of rental income, but it's not the entire portfolio is taken out. I think on the dividend point and gearing, it's important to note, as I was trying to show earlier, really what underpins our dividend is our investment property portfolio, which has been very resilient. We also loop through the cycles with our dividend. What I mean by that is, whilst there may be some dips from time to time, we tend and strive to maintain the dividend throughout that period. The way we're thinking about the LANDMARK renovation is that it's a temporary impact, not a permanent impact. As Michael was sharing earlier, the post-renovation rental impacts are actually positive and quite significantly positive. I think the board tends to look through that near term dip in the cycle. On the gearing point, I think the other point to note is that because we have a reasonable amount of residential properties inventory in Asia and Southeast Asia, in China and Southeast Asia, that will naturally recycle. As we sell down the inventory, that returns cash to the group, and given the scale of that portfolio, our net debt position will actually start to trend down over time. In terms of our dividend position, we feel quite robust about where we are, which is why it's been maintained. The LANDMARK retail rents I think are sort of up 23%-24%, right? Yeah, there's quite a. pretty significant. Yeah, post-rental benefit. As we mentioned, we've suspended new land acquisitions. If that suspension continues, to Craig's point, there's quite a lot of capital that will come back to Hong Kong, and our $5.3 billion could sort of go to net cash quite quickly. Question. Thank you very much for taking my question. This is Mark Leung from UBS. I have three questions. The first one I think is more on Michael because, basically you have been on board maybe for several months. I just want to check, going forward, of the business units you would like to spend more time to focus on, or do you think any areas that Hongkong need to further improve? I think that's the first questions. For the second question, I think it's also related to the strategic review as well, because I recalled in the past few years of the announcement, we always mention of the Asian Gateway Cities. Since I did not see this first in this time, just want to check, is there any intention that we doesn't mention the Asian Gateway Cities into our announcements? I think the third question is regarding on the potential, cap rate as well, because, maybe that's more related to Craig. I see the office cap rate remain unchanged, but the retail has slightly expanded a bit. Just want to check what is the differential treatment and the rationale behind. Thank you. Okay, great. Great questions. I'll start with the first two. Yeah. In terms of where I want to focus my time, look, I feel very privileged to be the Chief Executive of Hongkong Land, given how many exciting things we're currently underway. These are quite long-term visionary projects. What we're doing here and what we're doing in West Bund Central is incredible. I want to make sure that I'm spending a lot of time future-proofing the business by focusing time here. I think our China residential development business is critical to really get to the we have 37 projects in the residential space, moving that inventory, being pragmatic around provisions and being able to recycle some of that capital is very important. I think there's probably, some of this will come out in the strategic review, one of the sort of initial observations that I've had is that the business is quite complex, I'm not sure whether the market gives the complexity of the business a lot of value, it is quite complex. As part of this strategic review, thinking about simplifying, making the investment case a little bit more easy to understand, could be some of the broad objectives for the strategic review, probably too premature to say that now. Sort of how to simplify the overall business. On the second question, Asian Gateway Cities, again, the strategic review will determine maybe what sectors, what geographies we are best placed to leverage off the embedded sort of DNA and skills of Hongkong Land. As I mentioned earlier, nothing is off the table. We've got a pretty open slate. I don't think there was anything purposeful about not mentioning them. If anything, if we had a property in Tokyo right now, I think our share price would be quite a lot higher. I think there's real benefit to diversification as we're showing in our business. I'd probably just add to that point, though, that we're not looking to move beyond Asia as part of the strategy review. A question Michael's had a lot of times given his previous role, Asia will remain the focus. I think on the point around cap rates, you're right, the office cap rates are unchanged. They continue to be supported by the prime nature of the location. A limited number of office transactions in Hong Kong, there have been two that have been cited as in support of cap rates, which is why it's not changed. The retail one's kind of interesting, actually. The approach that valuers take during a renovation is to, they've widened the cap rate slightly by 10 basis points during the renovation phase. I wouldn't focus on that too much because what's going to be more interesting is what happens to the cap rate once the renovation is completed. Because it's not escaped our attention that actually the LANDMARK at the end of its re-imagination is really going to be amongst the best in the world in terms of the brand representations. If you look to other international markets, London, Paris, New York, for example, where we've seen quite a lot of very prime retail transactions of late, the cap rates that have been achieved and those are well below what's currently being used. I'm personally quite bullish about the outlook for retail in our portfolio. Do you want to answer any- Let's take a few questions online because there's a few coming in. The first one's from CICC, Cheryl Chai. What's the expected CapEx for this financial year and then financial year 2025 and 2026? Let me take that question. I think the main thing here is probably in relation to LANDMARK renovation, where our share of the cost is $400 million to be invested over the next three years. The bulk of that will come in 2025 and 2026 just because of the phasing of the works. The important point is that for the last 10 years, Hongkong Land has invested quite a lot of CapEx in the renovation and retrofitting of its portfolio here. This is really why we've been able to achieve market leading sustainability credentials, we've invested anything between $50 million-$100 million in each of the past 10 years to do that. Now that we move into the renovation of the retail, there'll be less investment needed on the office space, it's now shifting into the retail. The point I want to get here is that really the CapEx commitment for Hongkong Land is actually quite manageable relative to what we've been investing in the past. Just to remind everybody that the large West Bund Central project is 43% owned by Hongkong Land. Our investment in that project was made in 2020 when we bought the land. There's no further equity injection required from the group into that project. The construction costs are being financed through a combination of local CNY borrowing and also the proceeds that we've been generating from sales of residential apartments. I wouldn't expect any significant impact on the group's net debt from West Bund Central. Next question from IAM. What's the short-term disruption and financial impact to Hongkong Land from the LANDMARK renovation? I think we've addressed those questions already. Maybe a question for you, Michael. Will the LANDMARK Hong Kong concept be similar to what we're trying to achieve in West Bund Central? Look, I think that the luxury-based offerings that we're sort of synonymous with, particularly here, is something that we want to transfer all of those skills and I think it's a very strong sort of core competency that we can transfer elsewhere. There's a 1.4 kilometer retail strip. Many of our luxury-based brands have already identified their sites, want to grow with us. They have a lot of choice in somewhere like Shanghai. I think given our track record and history here and our strong relationships here, helps to transcend over to places like Shanghai and Suzhou and potentially other markets. Yes. I mean, I think it's similar in spirit, Because of the unique nature of West Bund Central, it will be quite a different experience. Yes. Actually, the retail is a lot larger in West Bund Central. It's five times this. There will be a luxury precinct, there will also be a larger, more premium mass market element too, as well. The beauty of having such a large parcel of land under one master plan, we have a passive partners there. We really have full autonomy to proceed as we feel. It's great having that opportunity, particularly on the Huangpu River. It's really quite unique. Got a question from Joe Ho from Rondell Investments. First one is, how much office GFA will be converted to retail under the Tomorrow's CENTRAL program? Here we've taken back two floors of office in the bottom of Prince's Building and the bottom of Gloucester Tower. In total, it's about 50,000 sq ft, roughly, that's been taken back and then used and added back into the retail. The retail lettable area is increasing, but it's not going up by a massive amount. It's going up by 2%, only about 9,000 sq ft in total. The reason it's not going up so much is because we are using some of the extra space to create retail corridors, which are not lettable. The Harvey Nichols or former Harvey Nichols space in particular, is going to be broken up into a series of smaller retail. I think the key point here is that the retail that we do have, half of it approximately, is given over to the 10 Maisons that we mentioned earlier, and the rent that we've achieved on these new leases is quite significantly higher. Overall, the productive nature of the space is going to increase. I think the second question Joe's asking is, could you comment on your mainland residential development strategy going forward, given the current weak market? You've stopped land banking in first half 2024. Will you stop further? Will you target to sell the under development projects on the mainland and even the IP projects? I think we have discussed about the suspension of the land acquisition. I think that's something we'll focus on the strategic review and then come up with a determination. The markets are weak. We have a considerable amount of inventory. The focus right now is recycling that inventory. In terms of target to sell under development projects, absolutely. In terms of the IP projects, I think these type of assets are long-term, multigenerational assets for us. The CENTRAL Series really is Suzhou, Chongqing, this one, and Beijing. I would assume, I suspect that these are projects that will be a little bit like this one, which we'll keep within and create a very high quality recurring income stream that hopefully you guys will put a higher multiple on over time. The other properties are available. Many of those ring malls were built, these lifestyle malls were built on the back of a significant residential community which we've made past profits on. As we continue to perform, as we saw with Chongqing, where turnover is now up 30%, the yield on cost is increasingly going up, and we'll be in a position at some point where we could sell these projects at a profit. Right now is a tough market to sell retail. We're under no rush. As we build these out, we might have eight or nine or 10 ring malls across the country. It could be an interesting proposition for a C-REIT, or all sorts of different things that we could consider. Basically, all development properties by nature are built for sale. Yes. They will be sold at some point. Any other questions from the floor? That'd be nice. Sarah? Come on. Sarah Cooper, Bank of America. Just a couple of questions, actually. Mike, curious, now that you've been in the seat for four months. You said you were impressed by what you'd seen. Any big opportunities that you see? Any thoughts about the easiest wins yet to come? Any thoughts on how maybe Hongkong Land can buck the Hong Kong trend in terms of trading closer to an asset value versus the historical Hong Kong property company discounts or management discounts, I might say? Secondly, just really curious on the sustainability, given the age of the buildings. Craig, you alluded to that. Can you just for a simpleton like me, explain how that's been achieved? Sure. Thanks, Sarah. A great question, and more will be evolved at the end of the year. Right now, the points I made, it's a really talented group of people. There's a huge amount of passion and loyalty to the business. The culture, the history, the sort of fabric of 135 years is amazing. All of those things were as I expected, if not even stronger. I think the tenant relationships that we've curated over many years is incredible. In terms of future opportunities, we have $1.3 billion-$1.4 billion of recurring income, a lot of which previously was going into development type businesses. If there is a continued hiatus in that, there's still a lot of cash flow coming through, which could be directed elsewhere. It's a little bit like an insurance company with its annuity streams coming through, and how we can best harness that, how we can grow it and harness it, is probably where the opportunities lie. Nothing specific yet. At the end of the year, hopefully there will be. I think the complexity of our business makes it difficult. I think as being one of you guys for 20 years, looking at companies quite regularly, the more simpler, the better. I do think there's a simplification story here that can help close the gap. What that story is will be resolved, I think that's definitely an opportunity for us in this business as to how we can close that gap by providing you guys with a much clearer story, a much more higher valued recurring income stream, these type of things, and that's sort of the broad direction. While still leveraging off the development capability that we have and the property management capability and sort of the core parts of the business. We will tell more in November. That is one of the big areas of focus. Yes Of trying to narrow the gap. On the sustainability point, through a lot of hard work, Sarah, and investment, to be honest. The buildings here, you all see the core, the walls. Inside the walls, we've basically replaced pretty much everything. All the M&E equipment's been upgraded, all the pipes, all the air conditioning, everything we've done to try and get up to the sort of top standards across the portfolio overall. The other thing that we're in a really strong position with is around data, because we've got a large portfolio and we've been operating for a long time. For the last 10+ years, we've been gathering operational data on the portfolio and we've now aggregated it, and we're using it to do simple things like manage the air conditioning when it's turned on and off, when we do the maintenance on elevators, all sorts of stuff that we're doing. The $50 million-$100 million of CapEx that I mentioned earlier is really being primarily focused on trying to get our buildings right up there. It's a message that we keep wanting to continue to communicate because there's a perception in the market that new buildings are the best buildings from a sustainability point of view. The Jardine House example that I shared, which has the highest LEED operational rating in Hong Kong, score, really tells you that's not quite the case. We've got a bit of a PR story to do, I think, to sort of educate the market. This is really important because pretty much all our tenants and occupiers really demand best quality sustainability credentials, but that's how we've gone about it. There's one question here from Eco Base, Brian Lim. Will Hongkong Land be diversifying outside of its core markets? I think it was similar to the question asked. It's not lost on us that if you look at the correlation between the Hong Kong Central Office Index and the Hongkong Land share price, it's pretty closely correlated. There's no point doing anything outside of Hong Kong office if that's the case. I think in terms of diversification as a theme, our ways in which we can reduce that sort of reliance is something interesting. Got a question here. Any more questions? Yeah. Thank you. Michael, very good to meet you. This is Raymond from HSBC. Actually, I just have one question, which is related to Hong Kong office. Actually, put it in the other side. Like the Hong Kong office market is still remain quite challenging, but based on your thinking, will Hongkong Land consider the focus or put high priority on the existing projects or actually look for more opportunities, to like extend your actual Hong Kong office portfolio, given the price has corrected quite a lot. Say, for example, maybe there's a very nice project that's going to be complete in two years later, say, for example, in Causeway Bay, will you ever consider to expand your portfolios in Central or Causeway Bay or other prime areas Central to expand your Hong Kong office portfolio? Thank you. Great question. I think all of this will be reviewed and is being reviewed as part of the strategic review. I think we are very concentrated in Hong Kong. We are. I think the correlation, as I mentioned, with office rental indexes and our share price is very strong. Do we want to continue to do that or do we want to diversify a bit more so that we're not just a one-trick pony? I think that's just a broad question. I think we'll continue to build a moat around our portfolio. We've got 12 office buildings linked into two Mandarin Orientals, the shopping mall, I mean, it's an amazing complex. Defending that from competition and future-proofing it like we're doing with the Tomorrow's CENTRAL will be something that we will continue to do. Whether we want to continue doubling down and increasing our exposure or not is something that we'll have to sort of self-reflect on. Great. Fantastic. I think we've hit 11 o'clock now. Thank you for being very nice to me during my first results announcement and appreciate all your attendance and looking forward to staying engaged over years to come. Great.