60% 50% 40% 30% 20% 10% 0 2025 2026 Retail Lease Expiry Profile (At 31st December 2024) 2027 and later 42 MANAGEMENT DISCUSSION & ANALYSIS REVIEW OF OPERATIONS Cityplaza maintained full occupancy at 31st December 2024 despite the competitive retail landscape due to increasing outbound travels and online shopping trend. The mall welcomed various new tenants, including APM Monaco, Kometaki, Meet Fresh, MOISELLE, MORE YOGURT, OWNDAYS, Prince Bakery, RAINS, Rituals, Sam Edelman, Samsung, Skin Laundry, SNIDEL, Spicy Noodle and Tian Tian Authentic. lululemon has established a presence in the mall, offering shoppers a mix of athletic and casual styles. Decathlon has debuted at the mall as its largest store on Hong Kong Island, while MUJI has expanded to a new location featuring a food tasting area, coffee stand and water refill station. UNIQLO has also relocated to a new space, unveiling the first UNIQLO Coffee section, kids corner and sustainability embroidery service in Hong Kong. Citygate Outlets Citygate Outlets is the largest premium outlet mall in Hong Kong with approximately 200 shops and restaurants, and with two hotels. It is near tourist attractions and transportation links (Hong Kong International Airport and the Hong Kong-Zhuhai-Macao Bridge) which appeals to both local shoppers and tourists. Citygate has maintained 100% occupancy throughout 2024 with ongoing trade mix refinement. New tenants included Bakehouse, Blue Bottle Coffee, CASETiFY OUTLET, FILA Shoe Space, M&S Food, Tory Burch and Vivienne Westwood. Hong Kong Retail Market Outlook It is expected that footfall and tenants’ sales in Hong Kong will continue to face a number of challenges particularly from the outbound travel trend and the changing tourist spending pattern. With our continuous trade mix refinement, strong marketing and promotion campaigns, and loyalty programme initiatives, it is anticipated that the footfall and sales performance of our malls will remain resilient. The following chart shows the percentage of attributable gross rental income from the retail properties in Hong Kong, 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 20.1% of the attributable gross rental income in the month of December 2024 are due to expire in 2025, with tenancies accounting for a further 26.2% of such rental income due to expire in 2026.