Directors' Report

1. Principal Activities

   The principal activities of the Group consist of property investment, development and management, and property-related services.

   The principal activity of the Company is that of a holding, management and investment company.

2. Results
   

   There were no material transfers to or from provisions during the year except for amounts set aside for such items as depreciation, provisions for doubtful debts and income tax as disclosed in the accounts.

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