OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 61 ANNUAL REPORT 2024 Hangzhou West HSR Integrated Development 6 Global Times, 22 Jan 2025 https://www.globaltimes.cn/page/202501/1327362.shtml#:~:text=The%20Ministry%20of%20Culture%20and,the%20Xinhua%20News%20Agency%20reported 7 Grand View Research China Mice Market Size and Outlook 2024 – 2030 https://www.grandviewresearch.com/horizon/outlook/micemarket/china#:~:text=China%20 mice%20market%20highlights,generating%20event%20type%20in%202024. The tourism industry in China has been on a steady recovery since the pandemic. As of the end of 2024, the service sector saw significant growth. The domestic tourism industry has shown resilience, with over 5.6 billion domestic trips in 2024, up 724 million from a year earlier, marking a YoY growth of 14.8%. Domestic tourists spent RMB5.75 trillion in 2024, up 17.1% from RMB840 billion a year ago.6 In 2024 alone, the Chinese meetings, incentives, conferences and exhibitions (“MICE”) market generated US$81.1 billion, and this is anticipated to climb at a projected annual growth rate of 9.5% to US$139.7 billion by 2030.7 MARKET REVIEW In 2024, Perennial Holdings achieved significant progress across its highly anticipated landmark commercialcentric TODs. Commercial TODs • Hangzhou West HSR Integrated Development Construction at Hangzhou HSR TOD is progressing well, with residential Towers C and D reaching structural topping-out. The remaining two tallest towers, entailing offices, hotels and residential units, are scheduled to top out in 2025. During the year, Hangzhou HSR TOD also launched the brand “Hyatt UBC” for its luxury 5-star hotel, which will be situated within the 320m-high skyscraper nicknamed ”Golden Finger”. With carefully designed components such as offices catering to global headquarters, premier retail spaces with an iconic alfresco ambience, a Hyatt-branded luxury hotel cluster, a 300m-high Cloud Gate Eye observation deck, exclusive private clubs and luxurious high-rise private residences, Hangzhou HSR TOD is poised to become a prominent landmark, standing at the forefront of Hangzhou’s dynamic skyline. • Beijing Tongzhou Integrated Development Beijing Tongzhou TOD, comprising office, residential and retail components, is being developed in two phases, with phased completion expected to commence in 2025. In Phase I, the main tower of Plot 13 has reached structural topping-out and façade work for Plot 14-1 has been completed. Plot 13 has been designated for the development’s residential and retail components, while Plot 14 will house offices and retail units. In Phase 2, facade and construction works for the connecting zones are currently underway. • Shenyang Longemont Integrated Development Through active leasing and tenant management, the retail mall within the Shenyang Longement Integrated Development secured tenants such as Uniqlo, Decathlon, H&M and MUJI. It also introduced strategic anchor tenants, Zhujuer Immersive Theme Park, which can accommodate up to 5,000 visitors, and large-scale retail chain Beauty Supermarket. Meanwhile, Shenyang Longemont Offices renewed contracts with anchor tenants in 2024, such as Taiping Life, Taikang Life and Shenyang Zhihuigu Technology Service Co., Ltd. Having commenced operations in 1Q 2024, Shenyang Super Outlet+ Mall has committed tenants such as international brands Coach, Nike, Armani Exchange and Versace, and an indoor theme park, Snow City. In 3Q 2024, the mall introduced the anchor tenant, Himaxx, a warehouse-style multi-brand retailer. New restaurant and entertainment brands were further introduced to complement the tenant mix. Retail Developments • Perennial Qingyang Mall Perennial Qingyang Mall celebrated its 10th anniversary in 2024, achieving record daily shopper traffic of over 50,000 people. During the year, annual sales exceeded RMB500 million, and close-to-full occupancy was maintained, bolstered by a rejuvenated tenant mix. New brands such as MAC Punk KTV, Alice Dance, Bei Bei Qiao Western Cuisine and Xu Fu Niu Rou Chao Huo, along with new trade categories, such as medical and aesthetics clinics, contributed to its revitalisation. Established tenants such as MUJI, Starbucks and McDonald’s also renewed their leases. Asset Enhancement Initiatives (“AEIs”) were undertaken, including subdividing larger units into smaller ones to optimise rental income and the upgrading of M&E amenities to improve energy efficiency.
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