Good afternoon, distinguished guests, ladies, and gentlemen.

I have a great honour to welcome so many esteemed guests and respected members of the banking community to today’s signing ceremony for the Group’s 5-year HKD20 billion Syndicated Term and Revolving Credit Facility.  This Facility has met with overwhelming support, attracting a broad spectrum of 16 lenders and expanding from an initial amount of HKD5 billion to more than HKD26 billion at the arrangers’ co-ordinating stage.  Such strong participation is a very strong vote of confidence in our Group and in the future of Hong Kong.

The Facility will be strategically allocated. Part of it will be used to refinance some of the Group’s existing debts while the remainder will serve as working capital to support its business operations and developments.  This approach reflects the Group’s commitment to prudent financial management, ensuring that the Group maintains substantial banking facilities on a standby basis to ensure robust liquidity.

I am pleased to share that the Group continues to hold the best credit ratings available to Hong Kong developers.  Moody’s awards the Group an A1 rating, whilst Standard & Poor’s grants us an A+ rating - a testament to the Group sound financial discipline and resilience.  Over the past 12 months, the two rating agencies have upgraded the Group’s outlook to “stable”, demonstrating our steadfast efforts and disciplined approach. 

Our commitment to developing high-quality properties, supported by our premium brand and trusted reputation, is widely recognized by homebuyers, tenants, shoppers as well as the investment community.  

Although the global economy remains shadowed by the lingering Middle East conflicts and energy shock, Hong Kong’s property market has shown signs of recovery over the past year.  Leveraging our premium brand, the Group has achieved fast asset turnover in its property development business. We will continue to launch new projects for sale in Hong Kong when they are ready, further strengthening cash flow.  

Meanwhile, we have strived to maintain high occupancy rates for our sizeable property investment portfolio in Hong Kong and on the Mainland, which deliver a substantial and stable recurring income.  With the completion of several integrated projects, including the International Gateway Centre (IGC) in Hong Kong and ITC in Shanghai, the Group’s recurring income base is expected to grow steadily.   

As part of an eight-million-square-foot commercial hub in West Kowloon, IGC sits above the High Speed Rail West Kowloon Terminus and is seamlessly connected to the Kowloon Station on the Airport Express. This unrivalled “rail+air” connectivity makes IGC an ideal base for major corporations expanding into the Mainland and global markets, helping position West Kowloon as “Central 2.0”.

Complementing IGC, the Group’s other project in the area, the Artist Square Towers, is also progressing well and remains on track for completion in 2027. Enhanced by extensive green open spaces, spectacular Victoria Harbour views, and the globally renowned West Kowloon Cultural District, West Kowloon is fast becoming Hong Kong’s future-focused international business district, where commerce, arts, culture, sustainability and retail converge. 

We warmly invite you to visit IGC and experience its unique advantages firsthand. We look forward to welcoming many of you establish a presence at IGC and become part of this exciting business hub.

Looking ahead, the Group remains confident in the long-term prospects of both Hong Kong and the Mainland. We will continue to enhance residents’ quality of life through harnessing the latest technologies to deliver high-quality properties and services.  With a strong balance sheet, the Group is well-positioned to pursue land acquisition opportunities for sustainable long-term business development while upholding prudent financial management. Our existing land bank is sufficient to meet our development needs over the next five to six years.  Guided by prudent financial principles, a proven business strategy, and strong execution capabilities, I am confident that our Group will continue to thrive and remain at the forefront of the market.
  
At this juncture, I would like to extend my heartfelt gratitude to the management team of:

Bank of China (Hong Kong) Limited 
DBS Bank Ltd.
The Hongkong and Shanghai Banking Corporation Limited 
Oversea-Chinese Banking Corporation Limited
Agricultural Bank of China Limited Hong Kong Branch 
Hang Seng Bank Limited
Industrial and Commercial Bank of China (Asia) Limited
Bank of Communications (Hong Kong) Limited 
Fubon Bank (Hong Kong) Limited
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation 
BNP Paribas
China Minsheng Banking Corp., Ltd. Hong Kong Branch
Chong Hing Bank Limited
Standard Chartered Bank (Hong Kong) Limited 
United Overseas Bank Limited

Their dedication and professionalism have made this funding exercise a resounding success.

I would also like to thank Linklaters and Johnson Stokes & Master for their preparation of the loan documentation.

Thank you!