22 CHIEF EXECUTIVE’S STATEMENT The residential market for high-quality developments in prime locations in Tier-1 cities in the Chinese Mainland is expected to remain strong in the short term, as evidenced by the successful sales of Lujiazui Taikoo Yuan Residences in Shanghai in Q4 2024. The long-term outlook for Shanghai’s luxury residential market is positive. Thanks to several key factors including urbanisation, a growing middle class and the limited supply of luxury properties, residential markets are expected to improve in Jakarta, Ho Chi Minh City, and Bangkok. In Miami the luxury residential market remains robust, with South Florida attracting homebuyers due to its favourable climate, tax regime and strategic location as the gateway to Latin America. Hotels The speed of recovery for our hotels in Hong Kong has been slower than expected. In contrast, our hotels in the Chinese Mainland remained relatively stable while our managed hotel in Miami performed well. The outlook for our hotel business in Hong Kong is cautiously optimistic, depending on the rate of recovery of international tourists and business travellers. In the Chinese Mainland, our hotel business is expected to improve steadily in 2025. In accordance with our strategy to expand the hotel business through Hotel Management Agreements, we have several new hotels coming onstream over the next few years, including in Beijing, Shenzhen, Shanghai, Xi’an and Tokyo. Sustainability Leadership We have demonstrated global leadership in sustainable development, earning the highest ranking in the Dow Jones Best-in-Class World Index 2024. Our efforts have been further recognised with top positions in other indices and benchmarks, including the Global Real Estate Sustainability Benchmark (“GRESB”) and the Hang Seng Corporate Sustainability Index. We have been named Global Sector Leader – Listed (Mixed Use) in GRESB for the eighth consecutive year and ranked No.1 in the Hang Seng Corporate Sustainability Index for the seventh year in a row, maintaining the highest “AAA” rating. Our journey towards net-zero emissions is on track, driven by digital innovation and the adoption of new technologies. In 2024, we increased our off-site renewable electricity procurement for our Beijing portfolio to nearly 100%. Consequently, over 60% of electricity consumption in our Chinese Mainland portfolio now comes from renewable energy. We continue to engage our tenants and suppliers through impactful initiatives like the Green Performance Pledge (“GPP”) programme and Green Kitchen Initiative (“GKI”). In 2024 we launched the Green Retail Partnership (“GRP”) Framework to focus on sustainable shop design and performance improvements. In November, we entered into a partnership with LVMH under the GRP to elevate sustainability performance across their stores, offices and F&B locations in the Chinese Mainland and Hong Kong.