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Report of the Directors

The Directors have pleasure in presenting their annual report together with the audited consolidated financial statements for the year ended 31 December 2010.

Principal Activities

The principal activity of the Company is investment holding.

The principal activities of the subsidiaries are property development and investment, hotel and restaurant operations, manager of real estate investment trust, trading of building materials, share investment, provision of management and maintenance services, property management, insurance agency and fitness centre operation.

Results and Dividends

The results of the Group for the year ended 31 December 2010 are set out in the consolidated income statement.

The Directors have recommended the payment of a final dividend of HK38 cents per share to the shareholders whose names appear on the Registers of Members of the Company on Thursday, 12 May 2011. Subject to the approval of the shareholders at the forthcoming Annual General Meeting, the final dividend will be payable on 17 June 2011 in cash with a scrip dividend alternative. Taken together with the interim dividend of HK19 cents per share paid in October 2010, this will make a total dividend of HK57 cents per share for the year ended 31 December 2010.

Proposed Amendments to the Bye-laws

The Directors proposed certain amendments to the Bye-laws of the Company in order to bring the Bye-laws up to date and in line with the requirements under the Listing Rules and current practice in Hong Kong. The proposed amendments to the Bye-laws are subject to the approval of shareholders by way of special resolution at the forthcoming Annual General Meeting. Details of proposed amendments to the Bye-laws and the notice of the forthcoming Annual General Meeting are contained in the accompanying circular to shareholders dated 31 March 2011.

Movements in Reserves

Details of movements in the reserves of the Group and the Company during the year are set out in the consolidated statement of changes in equity.

Five YearsFinancial Summary

A summary of the results and of the assets and liabilities of the Group for the last five financial years is set out in Appendix II to this Annual Report.

Annual Report 2010

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