FOR VIBRANT LIFESTYLES THE REACH, YUEN LONG, HONG KONG

FOR VIBRANT LIFESTYLES THE REACH, YUEN LONG, HONG KONG

Review of Operations Business in Hong Kong Progress of Major Development Projects Status of property developments with anticipated completion during the period to the end of 2017 Double Cove, 8 Wu Kai Sha Road, Ma On Shan (59% owned) Site area : 1,042,397 square feet Gross floor area : 2,950,614 square feet Residential units : 3,535 Expected completion : Third quarter of 2015 (Phase 3) Fourth quarter of 2015 (Phase 4) First quarter of 2016 (Phase 5) Designed by the world-renowned Rogers Stirk Harbour + Partners, Double Cove was declared Best Residential Development (China) and Best Residential Development Large Scale (Hong Kong) in the prestigious China Property Awards 2014. It was also awarded Gold in the Leisure and Cultural Services Department s Best Landscape Award for Private Property Development 2014. Located on a unique twincove peninsula with sweeping views across Tolo Harbour and in close proximity to Wu Kai Sha MTR terminus, this waterfront development is scheduled to be completed in five phases. Phases 1 and 2 were completed in 2013 and 2014 respectively and already its superior building quality and attentive handover services have been highly appreciated by the residents and owners. Construction of the remaining three phases has proceeded to the superstructure stage and they will comprise 13 residential towers containing 1,742 units in various configurations to suit homebuyers preferences. METRO6, 121 Bulkeley Street, Hung Hom (33.33% owned) Site area : 6,268 square feet Gross floor area : 55,557 square feet Residential units : 95 Completion : 26 February 2015 Acquired through a government tender in June 2011, the site is developed into a 25-storey commercial-cum-residential building. A satisfactory response has been received for its pre-sale since July 2014. The Hemispheres, 3 Gordon Road, North Point Site area : 7,386 square feet Gross floor area : 61,603 square feet Residential units : 119 Completion : 12 March 2015 The Hemispheres, a boutique apartment tower, is adjacent to both Fortress Hill and Tin Hau MTR stations. With the vibrant Causeway Bay shopping hub as well as Victoria Park in its proximity, this development offers unrivalled convenience to the residents. 40 Annual Report 2014

Review of Operations Business in Hong Kong Progress of Major Development Projects High Park, 51 Boundary Street Site area : 5,880 square feet Gross floor area : 52,919 square feet Residential units : 59 Expected completion : First quarter of 2015 During the year under review, High Park was Highly Commended in the Best Residential Development (Hong Kong) Category of the prestigious Asia Property Awards 2014. High Park is adjacent to Prince Edward MTR station which is the interchange of Tsuen Wan Line and Kwun Tong Line. Just steps away are the cross-border coach terminus, flower bazaar and Mong Kok shopping avenue. Superstructure works are in progress and it will be developed into a 32-storey residential-cumcommercial tower, overlooking the Police Sports and Recreation Club, as well as the lush greenery nearby. 2-12 Observatory Road, Tsim Sha Tsui (50% owned) Site area : 13,765 square feet Gross floor area : 82,585 square feet Expected completion : Second quarter of 2015 Superstructure works are in progress and this development project, which boasts quality office and retail spaces in the vibrant Tsim Sha Tsui commercial district, will be held for rental purposes. Global Gateway Tower, 63 Wing Hong Street, Cheung Sha Wan Site area : 28,004 square feet Gross floor area : 336,052 square feet Expected completion : Second quarter of 2015 The prime location close to Lai Chi Kok MTR station together with the iconic visionary architecture and round-the-clock facilities make this project a new benchmark for premium industrial premises in West Kowloon. The building has been topped out and interior renovation and E&M installation works are in progress. High One Grand, 188 Fuk Wing Street, Cheung Shan Wan Site area : 7,350 square feet Gross floor area : 62,858 square feet Residential units : 110 Expected completion : Third quarter of 2015 Situated close to both Cheung Sha Wan and Sham Shui Po MTR stations, it will be developed into a 31-storey residentialcum-commercial property. Its prime location, coupled with the Group s reputation for premium quality, splendid design and high specifications made this a popular development amongst homebuyers when it went on pre-sale in August 2014. Superstructure works are in progress. Annual Report 2014 41

Review of Operations Business in Hong Kong Progress of Major Development Projects High One, 571 Fuk Wa Street, Cheung Sha Wan Site area : 7,560 square feet Gross floor area : 63,788 square feet Residential units : 187 Expected completion : Fourth quarter of 2015 Adjacent to both Cheung Sha Wan and Lai Chi Kok MTR stations, High One offers an array of amenities (such as a sports centre and sports ground) within walking distance to meet the needs of the urban dwellers. It will be developed into a quality 27-storey residential-cum-commercial property. Superstructure works have been progressing well and it was launched for pre-sale in November 2014. 200 Ma Tau Wai Road, To Kwa Wan Site area : 4,905 square feet Gross floor area : 41,222 square feet Residential units : 120 Expected completion : Fourth quarter of 2016 Adjacent to Ma Tau Wai MTR station of The Shatin to Central Link, which is now under construction, it will be developed into a residential-cum-commercial property and superstructure works are in progress. 33 Shing On Street, Sai Wan Ho Site area : 7,513 square feet Gross floor area : 79,771 square feet Residential units : 234 Expected completion : Fourth quarter of 2016 Adjacent to Sai Wan Ho MTR station, it will be developed into a quality residential-cum-commercial property and superstructure works are in progress. H Bonaire, 68 Main Street, Ap Lei Chau Site area : 7,953 square feet Gross floor area : 65,763 square feet Residential units : 106 Expected completion : First quarter of 2017 H Bonaire, a high-rise apartment tower above a 3-storey retail and clubhouse podium, offers sweeping views of Aberdeen Harbour to its residents. Adjacent to MTR Lei Tung Station now under construction, it is well situated for convenient access to all districts of Hong Kong. Superstructure work is now underway and it was already put up for pre-sale in December 2014. 42 Annual Report 2014

Review of Operations Business in Hong Kong Progress of Major Development Projects 50-56 and 58-64 Ma Tau Kok Road and 162-168 Pau Chung Street, To Kwa Wan Site area : 11,400 square feet Gross floor area : 102,474 square feet Residential units : 300 Expected completion : Second quarter of 2017 Adjacent to the To Kwa Wan MTR station of The Shatin to Central Link, which is now under construction, this site will be built into a commercial-cum-residential development. According to the Government s Kai Tak Development Plan, an array of amenities including a multi-purpose sports complex and a metro park will be in close proximity. Its foundation work is in progress. Jones Hive, 8 Jones Street, Causeway Bay (79.762% owned) Site area : 6,529 square feet Gross floor area : 65,267 square feet Residential units : 119 Expected completion : Third quarter of 2017 Located in Tai Hang, which houses an array of distinctive dining outlets with Causeway Bay shopping hub and Victoria Park within walking distance, Jones Hive offers unrivalled living convenience to its residents. Superstructure work for this 37-storey residential tower is in progress. Pre-sale was launched in January 2015. 11-33 Li Tak Street, Tai Kok Tsui Site area : 19,600 square feet Gross floor area : 176,400 square feet Residential units : 448 Expected completion : Second quarter of 2017 This commercial-cum-residential development is located in close proximity to the Olympic MTR station, surrounded by various community facilities and shopping arcades. The site is under superstructure stage. Annual Report 2014 43

Review of Operations Business in Hong Kong Location of Various Categories of Development Projects Unsold Units from the Major Development Projects Offered for Sale 1 Double Cove (Phases 1-3) 2 The Reach 3 Green Code 4 High Park 5 High Point 6 High Place 7 The Hemispheres 8 The Gloucester 9 High West 10 39 Conduit Road 11 The Beverly Hills (Phases 1-3) 12 Hill Paramount 13 Green Lodge 14 METRO6 15 High One Grand 16 High One 17 H Bonaire 18 E-Trade Plaza 19 Global Trade Square 20 Global Gateway Tower Projects Pending Sale in 2015 21 Jones Hive 22 200 Ma Tau Wai Road, To Kwa Wan 23 High Park Grand 24 33 Shing On Street, Sai Wan Ho 25 Double Cove (Phase 4) 26 Double Cove (Phase 5) 27 50-56 and 58-64 Ma Tau Kok Road and 162-168 Pau Chung Street, To Kwa Wan 28 11-33 Li Tak Street, Tai Kok Tsui 29 23 Robinson Road, Mid-Levels Existing Urban Redevelopment Projects 30 Big Star Centre 31 45-47 Pottinger Street and Ezra s Lane, Central 32 29 Lugard Road, The Peak 33 14-30 King Wah Road, North Point 34 Yau Tong Bay Newly-acquired Urban Redevelopment Projects with Over 80% Ownership Secured 48 85-95 Shek Pai Wan Road, Aberdeen 49 4-6 Tin Wan Street, Aberdeen 50 12-18 Tin Wan Street, Aberdeen 51 9-13 Sun Chun Street, Tai Hang 52 4A-4P Seymour Road, Mid-Levels 53 73-73E Caine Road, Mid-Levels 54 13-15 Wood Road, Wanchai 55 2 Tai Cheong Street, Sai Wan Ho 56 57-69 Ma Tau Wai Road, 2-20 Bailey Street and 18A-30 Sung Chi Street, To Kwa Wan 57 2A-2F Tak Shing Street, Jordan 58 456-466 Sai Yeung Choi Street North and 50-56 Wong Chuk Street, Sham Shui Po 59 1-19 Nam Cheong Street, Sham Shui Po 60 79-83 Fuk Lo Tsun Road, Kowloon City 61 35-47 Li Tak Street, 2-16 Kok Cheung Street and 32-44 Fuk Chak Street, Tai Kok Tsui 62 21-27 Berwick Street and 202-220 Nam Cheong Street, Shek Kip Mei 63 3-8 Yiu Tung Street, Shek Kip Mei 64 10-16 Gillies Avenue South, Hung Hom 65 26-28 Gillies Avenue South and 76-78 Baker Street, Hung Hom 66 15-21C Whampoa Street and 80-86 Baker Street, Hung Hom 67 6-16A Whampoa Street, Hung Hom 68 30-36 Gillies Avenue South and 75-77 Baker Street, Hung Hom 69 42-44 Gillies Avenue South, Hung Hom 70 23-25 Whampoa Street and 79-81 Baker Street, Hung Hom Airport 71 31-33 Whampoa Street, Hung Hom 72 30-36A Whampoa Street, Hung Hom 73 39-41 Whampoa Street and 12A-12B Bulkeley Street, Hung Hom 74 46-50 Gillies Avenue South, Hung Hom Tuen Mun Tung Chung Newly-acquired Urban Redevelopment Projects Ownership Fully Consolidated 35 208-212 Johnston Road, Wanchai 36 307-329 Des Voeux Road West, Western District 37 450-456G Queen s Road West, Western District 38 852-858 King s Road and 21-39 Mansion Street, Quarry Bay 39 25-29 Kok Cheung Street, Tai Kok Tsui 40 8-30A Ka Shin Street, Tai Kok Tsui 41 2-12 Observatory Road, Tsim Sha Tsui 42 38-40A Hillwood Road, Tsim Sha Tsui 43 1-15 Berwick Street, Shek Kip Mei 44 342-348 Un Chau Street, Cheung Sha Wan 45 352-354 Un Chau Street, Cheung Sha Wan 46 11-19 Wing Lung Street, Cheung Sha Wan 47 7-7G Victory Avenue, Homantin Lantau Island 44 Annual Report 2014

Sheung Shui Lok Ma Chau Fanling 3 13 Tai Po 11 2 Yuen Long New Territories 26 1 25 Sai Kung Ma On Shan Tsuen Wan Shatin 12 Tsing Yi 20 39 61 16 45 46 63 44 15 62 58 43 5 59 4 23 40 28 47 6 60 30 Kowloon 57 42 41 22 64 66 56 14 65 27 67 68 70 71 69 73 74 72 34 Tseung Kwan O 37 36 52 9 10 31 8 54 35 21 29 53 32 19 48 49 50 17 7 38 33 51 Quarry Bay Hong Kong Island 24 55 18 Existing Line MTR Tung Chung Cable Car Light Rail Route 3 Cross Harbour Tunnel Network Extensions In Progress Guangzhou Shenzhen Hong Kong Express Rail Link Shatin to Central Link Kwun Tong Line Extension South Island Line (East) Annual Report 2014 45