MANAGEMENT DISCUSSION & ANALYSIS REVIEW OF OPERATIONS Chinese Mainland Vietnam In November 2023, the Group completed the In 2020, the Group agreed with City Garden Joint Stock acquisition of 40% equity interest in developments from Company to develop The River, a luxury residential the Lujiazui Group to develop two new landmarks property in Ho Chi Minh City, Vietnam. The development, (Shanghai New Bund Mixed-use Project and Shanghai which was completed in August 2022, comprises 525 Yangjing Mixed-use Project) in Shanghai’s Pudong New luxury apartments in three towers. The Group has an Area. These two sites will be developed into large-scale, effective 20% interest in the development. Approximately mixed-use projects, including retail, office and premium 93% of the units had been sold at 8th March 2024. residential components. Structural works are in progress Handover of the completed units to purchasers is at the New Bund plot while basement structure works in progress. are underway at the Yangjing plot. Around 75% of the In 2021, the Group made a minority investment in total saleable area in the New Bund plot residential Empire City, a residential-led mixed-use development project have been presold at 31st December 2023, with (with residential, retail, office, hotel and serviced an expected completion date from 2025 onwards. apartment components) in Ho Chi Minh City, Vietnam. Indonesia The development is under construction and is expected to be completed in phases up to 2028. The Group In 2019, a joint venture between the Group and Jakarta invested in the development through an agreement with Setiabudi Internasional Group completed the Gaw Capital Partners, an existing participant in the acquisition of a plot of land in South Jakarta, Indonesia. development. Over 53% of the residential units had been The land is being developed for residential purposes pre-sold or sold at 8th March 2024. with an aggregate GFA of approximately 1,123,000 square feet. Towers have been topped out. The Thailand development is expected to comprise around 400 In February 2023, the Group acquired a 40% interest in residential units and to be completed in 2024. The a site located on Wireless Road in Lumphini sub-district Group has a 50% interest in the joint venture. Pre-sales in Pathum Wan district, Bangkok. In partnership with are in progress. 80 units had been pre-sold at City Realty Co. Ltd., the site, which is under design stage, 8th March 2024. is expected to be developed for residential purposes with a site area of approximately 136,000 square feet. The development is expected to comprise over 400 residential units in two towers and to be completed in 2029. 58