RESILIENCE INDICATOR 2 Economic Resilience Taikoo Hui Guangzhou’s strong 昀椀nancial performance makes it a desirable location for many brands and especially new brands entering the Guangzhou and the South China market. Taikoo Hui Guangzhou has shown remarkable economic resilience in the face of the pandemic. YEAR-ON-YEAR RETAIL SALES Since its opening, Taikoo Hui Guangzhou has steadily established itself as a renowned retail landmark, as 36% 33% evidenced by the consistent growth in retail sales. 25% 27% 16% 20% During the height of the COVID-19 pandemic, retail 11% 10% 11% sales at Taikoo Hui Guangzhou bucked the trend and surged 36% in 2020, the largest increase since 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 its opening over a decade ago. It also maintained a Annual retail sales Year-on-year sales growth rate positive growth rate of 33% in 2021. Percentage change in commercial retail sales at Taikoo Hui Guangzhou, 2011 to 2021 ECONOMIC RECOVERY DURING COVID-19 Before the pandemic, the occupancy rate at the 100% Mandarin Oriental, Guangzhou had been on the rise 80% year-on-year since the hotel’s opening. In 2020, due 60% to the pandemic, the hotel occupancy rate decreased, 40% but the lowest occupancy rate still exceeded 50%, and 20% quickly recovered to 60.8% in 2021. Further increases in 0% demand are expected in the future. 2013 2014 2015 2016 2017 2018 2019 2020 2021 Changes in hotel occupancy 42 The Creative Transformation of Taikoo Hui Guangzhou