Core Insights - The "Lujiazui Swire Source" project is a significant part of the expansion and efficiency enhancement of Lujiazui Financial City and the "One River, One River" construction plan in Shanghai [1][2] - The project covers a total construction area of approximately 540,000 square meters and is designed to integrate waterfront luxury residences, international commercial spaces, and cultural activity areas [1] - The project aims to create a vibrant high-end lifestyle multi-format complex, differentiating its commercial positioning from existing Swire brands like "Taikoo Li" and "Taikoo Hui" [1] Project Overview - The project is located on a site that was previously the Minsheng Wharf, now being redeveloped by Lujiazui Group and Swire Properties [1] - It emphasizes the advantages of its riverside location and aims to respond to the Shanghai government’s planning direction for creating an "open, shared, multifunctional, and eco-friendly" waterfront space [1] Residential and Commercial Aspects - The residential portion of the project is expected to be delivered between 2026 and 2027, showcasing the results of urban renewal in Shanghai [2] - The commercial section will focus on high-end lifestyle brands, potentially introducing over 130 premium and selected lifestyle brand tenants, including supermarkets, diverse dining options, and both international and local fashion and home brands [1]

Financial Performance - The company reported a profit of HK$7,121 million, a 74% increase compared to HK$4,096 million in FY2020[9, 192] - Recurring profit increased by 1% to HK$7,152 million in FY2021 from HK$7,089 million in FY2020[9, 113] - Underlying profit decreased by 25% to HK$9,541 million in FY2021, compared to HK$12,679 million in FY2020[9, 113] - The company aims for mid-single-digit annual dividend growth[9, 11] - The full year dividend per share (DPS) for FY2021 was HK$0.95, a 4.4% increase compared to HK$0.91 in FY2020[9, 123, 192] Portfolio Performance - The Hong Kong office portfolio maintained a high overall occupancy of 97%[9] - The Hong Kong retail portfolio is almost fully let[9] - Chinese Mainland retail portfolio experienced a 30% attributable retail sales growth[9] - Chinese Mainland overall portfolio contributed 37% attributable gross rental income in FY2021[46, 47] - Taikoo Li Qiantan achieved approximately 90% occupancy since opening in September 2021[49, 66, 256] Strategic Investments and Capital Management - The company plans to make over HK$100 billion in strategic investments over the next 10 years[9, 11, 13, 188] - The company has sales proceeds of over HK$6.3 billion from EDEN, Singapore and Reach & Rise, Miami[9] - The company's gearing ratio increased to 3.5% in Dec 2021 from 2.3% in Dec 2020[128, 192]

Core Viewpoint - Guangzhou has released the "Opinions on Promoting High-Quality Development of Business Circles," aiming to accelerate the establishment of an international consumption center city and enhance its global influence by 2035 [1][19]. Group 1: Key Business Circle Framework - By 2035, Guangzhou plans to establish a "5+2+4+22" key business circle system, creating a balanced, functional, and influential network of world-class, metropolitan, and regional business circles [1][19]. - By the end of 2025, the city's commercial area is expected to grow by over 1 million square meters, with significant projects like Wanxiang City and Taikoo Li set to open [1][17]. Group 2: Policy Highlights - The "Opinions" focus on six major directions, including optimizing commercial space supply, promoting innovative business formats, and enhancing the quality of business circle environments [3]. Group 3: Land Use and Urban Planning - The plan encourages cross-departmental land use planning to reserve contiguous commercial land for major projects and supports the integration of public green spaces with commercial functions [4]. - It aims to revitalize old buildings and address fragmented commercial land issues in old districts through urban renewal [4]. Group 4: Transportation Optimization - The strategy includes optimizing public transport layouts around business circles, creating a "fast access and slow travel" experience with integrated transport systems [6]. - Key areas like Tianhe Road and Zhujiang New Town will feature a three-dimensional slow travel network [6]. Group 5: Consumer Experience Enhancement - The initiative aims to create diverse consumer scenarios by integrating new business formats such as e-sports and low-altitude tourism, catering to younger and personalized consumer demands [7]. - Support for international brands to establish flagship stores and host global product launches is also included [7]. Group 6: Smart Business Circle Development - The plan promotes the construction of smart business circles with features like intelligent navigation and digital landscape displays to enhance consumer experiences [9]. Group 7: Collaborative Mechanisms - A city-level working group will be established to address challenges in land approval, traffic optimization, and business format upgrades through inter-departmental collaboration [10]. Group 8: International Standards and Bay Area Advantages - The plan includes the development of unique projects like the Nansha International Cruise Home Port and duty-free shopping hubs at Guangzhou North Station and Baiyun Airport [11]. - It aims to enhance international service levels by optimizing payment environments and supporting cross-border consumption [11]. Group 9: Specific Business Circle Development - Various business circles will be developed with specific focuses, such as the Tianhe Road-Zhujiang New Town circle as a world-class comprehensive consumption axis [13]. - The Longchong-Wanbo circle will integrate international tourism and commerce, while the Bai'e Tan circle will focus on cultural and artistic consumption [15][17].