MANAGEMENT DISCUSSION & ANALYSIS REVIEW OF OPERATIONS Investment Properties – Chinese Mainland Overview The property portfolio in the Chinese Mainland comprises an aggregate of 30.5 million square feet of space, 18.1 million square feet of which is attributable to the Group. Completed properties amount to 14.1 million square feet, with 16.4 million square feet under development. Total attributable gross rental income from investment properties in the Chinese Mainland was HK$6,045 million in 2023. At 31st December 2023, the investment properties in the Chinese Mainland were valued at HK$132,090 million. Of this amount, the Group’s attributable interest was HK$88,005 million. (1) Chinese Mainland Property Portfolio GFA (sq. ft.) (100% Basis) Investment Under Attributable Total Properties Hotels Planning Interest Completed Taikoo Li Sanlitun, Beijing 1,792,309 1,622,846 169,463 – 100% Taikoo Li Chengdu (2) 1,654,565 1,461,428 193,137 – 100% Taikoo Hui, Guangzhou 3,782,327 3,272,893 509,434 – 97% INDIGO, Beijing 1,894,141 1,535,840 358,301 – 50% HKRI Taikoo Hui, Shanghai 3,731,964 3,155,381 576,583 – 50% Taikoo Li Qiantan, Shanghai 1,188,727 1,188,727 – – 50% Hui Fang, Guangzhou 90,847 90,847 – – 100% Others 2,917 2,917 – – 100% Sub-Total 14,137,797 12,330,879 1,806,918 – Under Development (3) INDIGO Phase Two, Beijing 4,045,514 3,698,711 346,803 – 35% Taikoo Li Xi’an (4) 2,936,376 – – 2,936,376 70% Sanya (5) 2,233,401 2,233,401 – – 50% Shanghai New Bund Mixed-use Project(6) 2,980,380 2,980,380 – – 40% Shanghai Yangjing Mixed-use Project(7) 4,181,136 – – 4,181,136 40% Sub-Total 16,376,807 8,912,492 346,803 7,117,512 Total 30,514,604 21,243,371 2,153,721 7,117,512 (1) Including hotels and properties leased for investment. (2) The Group acquired the remaining 35% interest in Sino-Ocean Taikoo Li Chengdu in February 2023, and renamed it as Taikoo Li Chengdu in August 2023. The Group’s interest increased from 65% to 100% after the transaction. (3) This is an office-led mixed-use development. The development is planned to be completed in two phases, in 2025 and 2026. (4) This is a retail-led mixed-use development. The development scheme is being planned. The development is planned to be completed in phases from 2026. (5) This is a retail-led development. The development is planned to be completed in phases from late 2025. (6) This is a mixed-use development. The development is planned to be completed from 2025. (7) This is a mixed-use development including residential portion for trading. The development scheme is being planned. The development is planned to be completed in phases from 2027. 44