70% 50% 60% 40% 10% 30% 20% 0 2025 2026 Office Lease Expiry Profile (At 31st December 2024) 2027 and later 52 MANAGEMENT DISCUSSION & ANALYSIS REVIEW OF OPERATIONS The following chart shows the percentage of attributable gross rental income from the office properties in the Chinese Mainland, for the month ended 31st December 2024, derived from leases expiring in the periods with no committed renewals or new lettings. Tenancies accounting for approximately 20.4% of the attributable gross rental income in the month of December 2024 are due to expire in 2025, with tenancies accounting for a further 18% of such rental income due to expire in 2026. Serviced Apartments There are 24 serviced apartments at the Mandarin Oriental in Taikoo Hui Guangzhou, 42 serviced apartments at The Temple House in Taikoo Li Chengdu and 102 serviced apartments at The Middle House Residences in HKRI Taikoo Hui Shanghai. The performance of the serviced apartments in 2024 was mixed. Occupancy at the Mandarin Oriental in Guangzhou, The Temple House in Chengdu and The Middle House Residences in Shanghai was 88%, 52% and 84% respectively at 31st December 2024. Chinese Mainland Serviced Apartments Market Outlook The performance of the serviced apartments is expected to remain stable in 2025. Investment Properties Under Development Taikoo Place Beijing (formerly known as INDIGO Phase Two, Beijing) Taikoo Place Beijing is an extension of the existing INDIGO development, with a GFA of approximately 4 million square feet. It will be an office-led mixed-use development and is planned to be completed in two phases from mid-2026. Superstructure works, mechanical and electrical installation works are in progress. In June 2024, the Group entered into an equity and debt transfer agreement with the China Life group and the Sino-Ocean group, pursuant to which the Group and the China Life group have conditionally agreed to acquire a 14.895% and a 49.895% equity interest in the project company of Taikoo Place Beijing, respectively, from the Sino-Ocean group. The acquisitions were completed in early August. Following the completion of the acquisitions, the Group’s interest in Taikoo Place Beijing has increased from 35% to 49.895% and the China Life group owns a 49.895% interest in Taikoo Place Beijing. Taikoo Place Beijing has been renamed from INDIGO Phase Two since November 2024.