| COVER | 1 |
| INSIDE FRONT COVER | 2 |
| CONTENTS | 5 |
| CORPORATE STRUCTURE | 16 |
| FINANCIAL HIGHLIGHTS | 17 |
| CHAIRMAN’S STATEMENT | 18 |
| EXECUTIVE VICE CHAIRMAN’S REPORT | 21 |
| MANAGEMENT DISCUSSION AND ANALYSIS | 42 |
| MAJOR PROPERTY PROJECTS IN HONG KONG | 48 |
| DIRECTORS' PROFILE | 50 |
| SENIOR MANAGEMENT PROFILE | 57 |
| INVESTOR RELATIONS | 58 |
| CORPORATE SUSTAINABILITY | 62 |
| CORPORATE INFORMATION | 71 |
| FINANCIAL SECTION CONTENTS | 72 |
| REPORT OF THE DIRECTORS | 73 |
| INDEPENDENT AUDITOR’S REPORT | 105 |
| CONSOLIDATED INCOME STATEMENT | 106 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 107 |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 108 |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 110 |
| CONSOLIDATED STATEMENT OF CASH FLOWS | 114 |
| NOTES TO THE FINANCIAL STATEMENTS | 116 |
| FIVE-YEAR FINANCIAL SUMMARY | 227 |
| RISK FACTORS | 229 |
| CORPORATE GOVERNANCE REPORT | 244 |
| PRINCIPAL PROJECTS SUMMARY | 254 |
| GLOSSARY OF TERMS | 274 |
| INSIDE BACK COVER | 275 |
| BACK COVER | 276 |