Financial highlights • Revenue slipped 12.1% year-on-year to HK$1.18 billion. • Loss attributable to owners widened to HK$139 million (1H 2025: HK$120 million); basic loss per share rose to HK4.6 cents. • Underlying profit, which strips out investment-property fair-value movements, dropped to HK$78 million from HK$270 million. • No interim dividend was declared.

Segment performance • Property: Profit halved to HK$289 million, reflecting lower sales recognition and weaker exchange gains. Major drivers:  – Macao: Nova Grand is 94% sold; Nova Park 99% sold.  – Singapore: One Park Nova unit recognised; average prices were 8% above original contracts.  – Mainland China: Shanghai Suhe Centre office occupancy climbed to 82% (1H 2025: 69%); retail occupancy at 95%. • Hospitality & Leisure: Loss narrowed 21% to HK$42 million on improved hotel occupancy—Mandarin Oriental, Macau 82% (1H 2025: 79%); Artyzen Singapore 67% (1H 2025: 46%). • Transportation: Share of loss of HK$19 million versus breakeven, mainly due to higher fuel costs; TurboJET raised fares 10% in April. • Investment: Profit rose to HK$92 million (1H 2025: HK$54 million) on higher dividends from Sociedade de Turismo e Diversões de Macau (HK$92 million).

Cash flow and balance sheet • Cash and deposits stood at HK$9.52 billion (-HK$40 million versus end-2025). • Gross bank borrowings totalled HK$15.74 billion; net borrowings were HK$6.18 billion. • Gearing ratio eased to 19.7% from 20.7%. • 41% of borrowings mature within one year. • Secured debt was HK$4.58 billion, backed by pledged assets of HK$11.15 billion.

Capital actions and commitments • Disposal of designated office and retail space at the Hengqin Integrated Development to SJM — Investment Limited for RMB724 million progressed to governmental approval; completion expected 2H 2026. • Outstanding commitments include HK$25 million for Ocean Park Adventure Zone and US$41 million (HK$318 million) to Perennial HC Holdings.

Outlook Management remains “cautiously positive,” citing policy support for culture-tourism integration in the Greater Bay Area. Near-term focus will be on boosting investment-property occupancy, completing the Hengqin disposal, and executing hospitality expansion—highlighted by a new Xi’an hotel slated for 2029.