18 CHAIRMAN’S STATEMENT In Beijing, we are enhancing our Taikoo Li Sanlitun development with the latest renovations catering to the growing demand for luxury retail, as well as supporting the Beijing Government’s initiative to establish the capital as an international consumption centre. The North zone is undergoing extensive upgrading, and The Opposite House hotel site is currently being redeveloped as a new retail landmark for global flagship stores. We are introducing our Taikoo Place brand to Beijing by renaming the Greater INDIGO development as “Taikoo Place Beijing”. Having increased our stake in August 2024, this project now represents our single largest investment in the Chinese Mainland. Taikoo Li Chengdu is undergoing a second wave of trade-mix upgrading, which is now close to completion. Taikoo Li Xi’an will open its sales gallery in 2025, while our retail development in Sanya is also making good progress. We also remain focused on expanding our presence in the Greater Bay Area, given its strategic significance. In Guangzhou, Taikoo Hui Guangzhou, the city’s leading luxury mall, will be expanded by the former Cultural Centre at 387 Tianhe Road, to meet the growing demand from luxury tenants. Taikoo Li Julong Wan Guangzhou, our investment in the retail portion of the transformational mixed-use development, will be launched in phases from the end of 2025. Retail and Residential Overview Our retail malls in Hong Kong have remained resilient despite the challenging market conditions, with all three maintaining full occupancy. Our shopping malls in the Chinese Mainland continue to perform well, with high foot traffic underscoring their appeal as preferred destinations. In Hong Kong, we have spent the past few years building our residential pipeline in the city, and have five projects in various prime locations on Hong Kong Island. In South East Asia, we remain focused on Jakarta, Singapore, Ho Chi Minh City and Bangkok as our core markets. In the Chinese Mainland, we have been delighted by the sales performance of the Shanghai New Bund mixed-use project in Qiantan, and by the positive response to the pre-sales of Lujiazui Taikoo Yuan Residences. Outlook Over the short term, the office market in Hong Kong will likely remain subdued, while retail sales growth in the Chinese Mainland is expected to improve. For the rest of 2025, our priority will be executing our growth plans and enhancing the resilience of our existing portfolios. Despite the ongoing economic uncertainty, we have every confidence that investing in Hong Kong, the Greater Bay Area and the wider Chinese Mainland, as well as South East Asia, continues to be the right thing to do. We remain committed to our key markets and believe we are well- positioned for when conditions improve in the future. Guy Bradley Chairman Hong Kong, 13th March 2025