80 MANAGEMENT DISCUSSION & ANALYSIS FINANCIAL REVIEW Investment Appraisal and Performance Review Net Assets Employed Capital Commitments(1) 2024 HK$M 2023 HK$M 2024 HK$M 2023 HK$M Property investment 289,799 300,678 31,064 24,823 Property trading 26,108 17,334 – – Hotels 6,266 6,816 593 392 Total net assets employed 322,173 324,828 31,657 25,215 Less: net debt (43,746) (36,679) Less: non-controlling interests (3,101) (3,067) Equity attributable to the Company’s shareholders 275,326 285,082 Equity Attributable to the Company’s Shareholders(2) Return on Average Equity Attributable to the Company’s Shareholders(2) 2024 HK$M 2023 HK$M 2024 2023 Property investment 264,708 276,512 -0.1% 1.0% Property trading 4,832 3,038 -5.9% -4.8% Hotels 5,786 5,532 -3.4% -1.8% Total 275,326 285,082 -0.3% 0.9% (1) The capital commitments represent the Group’s capital commitments plus the Group’s share of the capital commitments of joint venture companies. (2) Refer to Glossary on page 215 for definitions.