MANAGEMENT DISCUSSION & ANALYSIS | REVIEW OF OPERATIONS Development Highlights ZHANGYUAN Shanghai’s Urban Regeneration Project ZHANGYUAN, Shanghai’s first urban regeneration project space”, providing retail, commerce, office, hotel, residence, to implement protective expropriation and historical art museum and performing arts centre where Shanghai’s restoration, is operated and managed by a joint venture citizens can work, relax, shop and be entertained. between Swire Properties and Shanghai Jing’an Real Estate Swire Properties’ responsibilities in the ZHANGYUAN (Group) Co., Ltd. In November 2022, ZHANGYUAN West project extend to design, leasing, operational management Zone was officially opened to the public as the first phase. and marketing. A host of luxury brands has been introduced Featuring well-preserved Shikumen heritage buildings and and a diverse range of events, exhibitions and arts and rich historical architectural forms in Shanghai, ZHANGYUAN cultural activities will take place in the area. has been reshaped into a high-quality “first urban public 66