MANAGEMENT DISCUSSION & ANALYSIS FINANCIAL REVIEW Investment Appraisal and Performance Review Net Assets Employed Capital Commitments(1) 2023 2022 2023 2022 HK$M HK$M HK$M HK$M Property investment 300,678 293,752 24,823 27,402 Property trading 17,334 11,612 – – Hotels 6,816 5,841 392 552 Total net assets employed 324,828 311,205 25,215 27,954 Less: net debt (36,679) (18,947) Less: non-controlling interests (3,067) (3,047) Equity attributable to the Company’s shareholders 285,082 289,211 Return on Average Equity Equity Attributable to the Attributable to the Company’s Shareholders(2) Company’s Shareholders(2) 2023 2022 HK$M HK$M 2023 2022 Property investment 276,512 279,688 1.0% 2.9% Property trading 3,038 3,992 -4.8% 3.9% Hotels 5,532 5,531 -1.8% -6.0% Total 285,082 289,211 0.9% 2.7% (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 223 for definitions. 80