Founded in 1886 as the 17th company registered in Hong Kong, The Wharf (Holdings) Limited (Stock Code: 0004) is a premier company with strong connection to the history of Hong Kong. As one of the 30 constituent stocks in the original Hang Seng Index from the 1960s, Wharf is backed by a long standing mission of "Building for Tomorrow" and a proven track record in management and execution. After spinning off Wharf Real Estate Investment Company Limited as a separately-listed company (Stock Code: 1997) in 2017, the Group's businesses currently comprise Investment Properties, Hotels and Development Properties in Hong Kong and Mainland China. Other businesses include Logistics Infrastructure through Modern Terminals and Hong Kong Air Cargo Terminals. The Group's exclusive Peak Portfolio, comprising a rare collection of unique properties, continues to feature the highest bespoke quality and craftsmanship catering to the demands of a discerning clientele that does not buy in "off plans" presale. The development profile is characterised by attention to details, generous development cost, long payback period and high capital intensity. In Mainland Investment Properties, starting from a small nascent base some 20 years ago, the Group's proactive efforts are beginning to bear fruit in order to realise plans to generate a proper return over the next 20 to 30 years remaining on the majority of the underlying land leases. However, market dynamics have changed and competition has significantly stiffened. The Mainland Development Properties land bank at the end of June 2022 was 1.94 million square metres. Strict price control and other regulatory policies have depressed selling prices and increased investment risk. The Group has become more selective with new land acquisition. At the same time, the Group's land bank has been marked to market, which is however still undergoing correction. Wharf Hotels manages 16 hotels, with over 5,000 rooms and suites, in Mainland China, Hong Kong and the Philippines. Niccolo Suzhou, opened in A