28 2024 HK$M 2023 HK$M Revenue Gross Rental Income derived from Office 5,488 5,835 Retail 7,388 7,143 Residential 440 430 Other Revenue (1) 136 117 Property Investment 13,452 13,525 Property Trading 88 166 Hotels 888 979 Total Revenue 14,428 14,670 Operating Profit/(Losses) derived from Property investment From operations 8,250 8,261 Sale of interests in investment properties (220) (60) Fair value losses in respect of investment properties (5,996) (2,829) Property trading (178) (89) Hotels (154) (103) Total Operating Profit 1,702 5,180 Share of Post-tax Profit/(Losses) from Joint Venture and Associated Companies 826 (292) (Loss)/Profit Attributable to the Company’s Shareholders (766) 2,637 (1) Other revenue is mainly estate management fees. Additional information is provided in the following section to reconcile reported and underlying profit attributable to the Company’s shareholders. These reconciling items principally adjust for the fair value movements on investment properties and the associated deferred tax in the Chinese Mainland and the U.S.A., and for other deferred tax provisions in relation to investment properties. In Hong Kong, the Group’s investment properties recorded fair value losses of HK$9,207 million in 2024. In the Chinese Mainland and the U.S.A., investment properties recorded fair value gains of HK$2,647 million and HK$341 million respectively. There are further adjustments to remove the effect of the movement in the fair value of the liability in respect of a put option in favour of the owner of a non-controlling interest, remeasurement gains on interests in joint venture companies which became subsidiary companies after completion of acquisition and a bargain purchase gain arising from the acquisition of an additional interest in a joint venture company. Amortisation of right-of-use assets classified as investment properties is charged to underlying profit. REVIEW OF OPERATIONS