MANAGEMENT DISCUSSION & ANALYSIS | FINANCIAL REVIEW Investment Appraisal and Performance Review Net Assets Employed Capital Commitments(1) 2022 2021 2022 2021 HK$M HK$M HK$M HK$M Restated Property investment 293,752 288,246 27,402 20,276 Property trading 11,612 9,637 – – Hotels 5,841 6,061 552 408 Total net assets employed 311,205 303,944 27,954 20,684 Less: net debt (18,947) (10,334) Less: non-controlling interests (3,047) (1,986) Equity attributable to the Company’s shareholders 289,211 291,624 Equity Attributable to the Return on Average Equity Attributable to the Company’s Company’s Shareholders(2) Shareholders(2) 2022 2021 HK$M HK$M 2022 2021 Restated Restated Property investment 279,688 281,050 2.9% 2.4% Property trading 3,992 4,771 3.9% 13.3% Hotels 5,531 5,803 -6.0% -5.2% Total 289,211 291,624 2.7% 2.5% (1) The capital commitments represent the Group’s capital commitments plus the Group’s share of the capital commitments of joint venture companies. (2) Refer to Glossary on page 215 for definitions. 80