Lai Sun Group Presentation 20220711

Lai Sun Group © All rights reserved

2022 Interim Results Presentation and Corporate Update

July 2022

Lai Sun Group © All rights reserved L A I S U N G R O U P 麗新集團

1. Group Overview

2. Property Operations Update

3. 2022 Interim Results Highlights

Appendices

I. Summary of Properties in HK & London

II. Summary of Properties in the PRC

III. Hotel and Restaurants and Food and Beverage (“F&B”) Product Sales Operations

IV. Media and Entertainment Operations

V. Summary of Financials

Contents

2


1. Group Overview


The Group was founded by Mr. Lim Por-Yen, the late Hong Kong industrialist who migrated from Guangdong in 1930’s and started business as a garment manufacturer after the war in 1945

Diversified into Hong Kong property development through Lai Sun Development Company Limited since the 1980’s

Expanded into PRC property development, hotel, media and entertainment businesses since the 1980’s

Actively involved in hospitality, media and entertainment businesses

Owns a portfolio of quality commercial, retail and residential developments in Hong Kong, London and the Mainland China

Introduction to the Lai Sun Group

4


Dr. Lam Kin Ngok, Peter

Standing Committee Member of the 13th CPPCC National Committee

Doctorate of the Academy honoris causa awarded by The HK Academy for Performing Arts

Chairman of Hong Kong Chamber of Films Limited

Chairman of Hong Kong Trade Development Council

Honorary Chairman of Motion Picture Industry Association Limited

Extensive experience in property development & investment, hospitality and media & entertainment businesses

Chairman of Lai Sun Group

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Group Structure as at 31 January 2022

45.31%* (42.37%**)

53.27%* (48.04%**)

75.00%* (38.38%**)

The Lam Family

Lai Sun Garment (International) Limited (“LSG”) Investment Holding

HK Stock Code: 191

Lai Sun Development Company Limited (“LSD”) Property Development & investment in HK & Overseas

Hotel Management & Hospitality HK Stock Code: 488

Total Assets ## :

HK$2.2 bln

HK$87.6 bln

HK$4.0 bln

HK$83.9 bln

Group Market Capitalisation#:

HK$11.6 billion

* Shareholding as at 31 January 2022 includes interests held by certain directors at LSD and eSun levels. LSG’s corporate interest in LSD is 53.19% and LSD’s corporate interest in eSun is 74.62% ** Shareholding as at 31 Jul 2012 includes interests held by certain directors at LSD and eSun levels # As at 31 January 2022 ## As at 31 January 2022

Total Assets## :

Total Assets ## :

6

67.70%* (51.09%**)

eSun Holdings Limited (“eSun”) Media & Entertainment and

Cinema Operations in HK and the PRC HK Stock Code: 571

Media Asia Group Holdings Limited Media and Entertainment

HK Stock Code: 8075

HK$3.0 bln Market Capitalisation#:

Total Assets ## : HK$0.7 bln

Market Capitalisation#:

Total Assets ## :

HK$0.5 bln

HK$3.4 bln

Lai Fung Holdings Limited (“LFH”) Property Development &

investment in the PRC HK Stock Code: 1125

HK$1.9 bln

HK$35.9 bln Total Assets ## :

55.08%





2. Property Operations Update


Strengthen balance sheet

Group consolidated

Deferred tax written back in FY2012

Raise financing Closed a number of fund raising/refinancing transactions

Raised over HK$25.4bn in the past two years

Build pipeline

LFH – conditional waiver approved; could JV with other Lai Sun group companies

Successful tender/auction

- HK: Alto Residences, Hong Kong Ocean Park Marriott Hotel, 93 Pau Chung Street, Monti, Novi, Tai Kei Leng project in Yuen Long, Bal Residence (Hang On Street project), Wong Chuk Hang Station Package Five residential project, 116 Waterloo Road project, 79 Broadcast Drive project and 1&1A Kotewall Road project

- London: 107 Leadenhall, 100 Leadenhall and 106 Leadenhall

- PRC: Hengqin Novotown Phase I (80/20 between LFH and LSD), Shanghai Skyline Tower, Guangzhou Lai Fung International Center and Hengqin Novotown Phase II (100% LFH)

Rental-focused company

Growing rental income

Guangzhou Lai Fung Tower added to the rental portfolio in 2017

Bought out minorities in SHHK Plaza, GZMF Plaza, Northgate Plaza and SHMF Plaza

Hong Kong Ocean Park Marriott Hotel grand opened on 19 Feb 2019

Hengqin Novotown Phase I opened by phases by end of 2019

Shanghai Skyline Tower and Guangzhou Lai Fung International Center are expected to be completed in 2022

Further accretion of interest within 2% “creeper provision”

Addition of new rental properties in the pipeline to strengthen NAV further

Continue to optimise funding structure

HK – actively participating in a number of tender processes

London – planning consent being granted by the City of London’s Planning and Transportation Committee

PRC – continually reviewing opportunities in Shanghai, Guangzhou, Zhongshan and Hengqin

Attributable rental GFA to be added in coming years

PRC : c.2.3 million sq.ft.

Strategy Update

Consolidation continued with greater business coherence

8


Net Asset Value (in HK$’million)

Deferred tax on property revaluation gains written back for LSG and LSD for the year ended 31 Jul 2012

Further accretion of interests at a discount may or may not occur and subject to the “creeper provision” under the Takeovers Code where applicable

LSD LSG

Financial consolidation completed

Concentrate asset base

Stake accretion at steep discount to book value creating gains to strengthen balance sheet further

Steady rental income growth strengthened NAV further

*As reported. The restated amount reflecting the adoption of certain accounting policies in 2012 was HK$13,464 million ** As reported. The restated amount reflecting the adoption of certain accounting policies in 2012 was HK$7,590 million

Strengthen Balance Sheet

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11,959*

16,358 19,128

20,775 22,663

24,358 26,600

31,159

35,828 34,970 34,149 35,130

6,739** 9,027

11,035 12,576 13,796

16,453 18,037

19,837 22,612 21,872 21,727 20,598

31 Jul2011

31 Jul2012

31 Jul2013

31 Jul2014

31 Jul2015

31 Jul2016

31 Jul2017

31 Jul2018

31 Jul2019

31 Jul2020

31 Jul2021

31 Jan2022

31 Jul2011

31 Jul2012

31 Jul2013

31 Jul2014

31 Jul2015

31 Jul2016

31 Jul2017

31 Jul2018

31 Jul2019

31 Jul2020

31 Jul2021

31 Jan2022


Fund Raising

Access to diversified financing alternatives with strong balance sheet

800 800 800 800 800 800 800 800 800

2,200

2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200

2,730 2,730 2,730 2,730 2,730 2,730 2,730 3,550

3,550 3,550 3,550 3,550 3,550 3,550 3,550

2,249 2,249 2,249 2,249 2,249

80 80 80 80 210 210 210

809 809

2,120

2,120 2,120 2,120

1,940 1,940

809

Oct 2012 Nov 2012 Dec 2012 Jan 2013 Mar 2013 Apr2013 Jan 2014 Feb 2014 Jun 2014 July 2014

Cumulative Fund Raising (in HK$’million)

* Excluding proceeds of HK$5,809.1 million from over-subscription of rights issues, which was refunded to subscribers in Feb 2014 # Due to a smaller potion of land cost being refinanced ** CNY1,800 million (HK$2,249m equivalent) *** US$350 million (HK$2,730m equivalent) **** CNY650 million (HK$809m equivalent)

Total funds raised amounted

to over HK$15.4 billion* across the Group

LSD loan for TKO site

LFH – syndicated loan

LSD – US$ guaranteed notes***

LSD – syndicated loan

LSG – club loan

LFH – CNY senior notes**

13,649 11,400 9,280 6,550 3,000 2,200

2.0

3.6

1.5

10.0

2.8

Oversubscription (times)

13,729 13,939

LSG – rights issue

MAGHL – share placement

Announced

Closed

eSun – CNY guaranteed notes****

15,377

1.7

# #

LSG – CNY guaranteed notes****

14,568 4.8

Announced

10


LSD – project loans for Hang On Street project & Tai Kei Leng project

LSD – US$250 million guarantee notes (tap issue)

LSD – rights issue

LSD – project loan for Cheung Sha Wan Plaza (refinancing)

LSG – club loan (refinancing) LFH – project loan for Guangzhou Haizhu Plaza

LFH – syndicated loan (refinancing)

LSD – project loan for Causeway Bay Plaza II (refinancing) – project loan for Wong Chuk Hang project – US$250 million guaranteed notes

LSG rights issue

LSD – issue of new shares under general mandate

LSD – project loan for Lai Sun Commercial Centre (refinancing) – project loan for 79 Broadcast Drive project

440 440 440 440 440 440 440 440 440 440 440 1,007 1,007 1,007 1,007 1,007 1,007 1,007 1,007 1,007 1,007

3,600 3,600 3,600 3,600 3,600 3,600 3,600 3,600 3,600

2,180 2,180 2,180 2,180 2,180 2,180 2,180 2,180

3,972 3,972 3,972 3,972 3,972 3,972 3,972

8,420 8,420 8,420 8,420 8,420 8,420

435 435 435 435 435 235 235 235 235 235

1,950 1,950 1,950 1,950

1,094 1,094 1,094 385 385

1,683

Jan 2020 Jul 2020 Oct 2020 Dec 2020 Mar 2021 Jul 2021 Aug 2021 Sep 2021 Oct 2021 Nov 2021 Mar 2022

5,047

7,227

11,199

19,619 20,289

22,239

Fund Raising (cont’d)

Continuous access to capital

11

LFH – bridging loan for HQ Novotown Phase I

Cumulative fund raising in the past two years (in HK$’million)

* The exchange rates of USD to HKD and RMB to HKD adopted for the purposes of this chart are 7.8 and 1.1 respectively.

Total funds raised amounted

to over HK$25.4 billion* across the Group

440 1,447

25,401

23,333 23,718

LSD – HK$205 million guaranteed notes (private placement) – HK$180 million guaranteed notes (private placement)


Site area: 229,300 sq.ft.

Development GFA: 573,300 sq.ft.

- 458,900 sq.ft. for residential use

- 114,400 sq.ft. for commercial use

Usage: residential and commercial

605 residential units, including 23 houses

Occupation Permit issued in May 2018

Certificate of Compliance issued in Sep 2018

604 units, including 23 houses have been sold, achieving an average selling price of approximately HK$18,000 per sq. ft.

86 car parking spaces released for sale, 76 of which have been sold up to 14 March 2022 with total sales proceeds of approx. HK$206.9 million

Build Pipeline

- Alto Residences (LSD-50%, HK) – Nov 2012

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6 storeys, 471 guest rooms

Total GFA: 365,974 sq.ft.

Marriott as hotel operator and manager

Grand opening on 19 Feb 2019

LSD signed, on 16 Sep 2019, a HK$3,600 million 4-year secured term loan facility with 18 leading banks, which was the first green loan solely used to finance a hotel property in Hong Kong, and was 339% oversubscribed, having received a total commitment of HK$12,200 million.

Achieved “Gold” rating in BEAM Plus Final Assessment

Occupancy rate in January 2022 was approx. 17.5%

Build Pipeline

- Hong Kong Ocean Park Marriott Hotel (100%-LSD, HK) – May 2014

13


On 29 Apr 2014, LSD won the contract for Urban Renewal Authority’s residential-cum-commercial development of San Shan Road/Pau Chung Street project in Ma Tau Kok by tender

Site area: approx. 12,600 sq.ft.

Gross floor area: approx. 111,400 sq.ft.



209 residential units and 7 commercial units

Occupation Permit issued in Jul 2018

Certificate of Compliance issued in Nov 2018

Sale and handover of all 209 residential units and 7 commercial units completed

Car parking spaces were launched for sale in July 2019. Up to 14 Mar 2022, 7 out of 20 car parking spaces and 4 out of 5 motor-parking spaces have been sold and the total sales proceeds amounted to approx. HK$10.2 million

Build Pipeline

- 93 Pau Chung Street (100%-LSD, HK) – Apr 2014

14


LSD completed the purchase of the remaining unit for the proposed development in Ki Lung Street in Sham Shui Po, Kowloon in May 2016

The site comprises numbers 48-56 on Ki Lung Street

Combined site area: approx. 5,100 sq.ft.

Total saleable area: approx. 28,800 sq.ft.

138 residential units

Occupation Permit issued in Jul 2019

Sales and handover of all 138 units have been completed, achieving an average selling price of approx. HK$18,900 per sq.ft.

4 commercial units have been fully leased

Build Pipeline

- Novi (Ki Lung Street project) (100%-LSD, HK) – May 2016

15


On 22 Sep 2015, LSD won the contract for Urban Renewal Authority’s residential-cum-commercial development of Sai Wan Ho Street project in Shau Kei Wan by tender


Total saleable area: approx. 45,800 sq.ft.

Expected total development cost: HK$0.9 billion

144 residential units

Occupation Permit issued in Oct 2019

Certificate of Compliance issued in March 2020

Up to 14 Mar 2022, LSD has sold 136 units with saleable area of approx. 43,034 sq.ft. at an average selling price of approx. HK$21,300 per square foot. Handover of the residential units which have been sold has been substantially completed

Build Pipeline

- Monti (Sai Wan Ho Street project) (100%-LSD, HK) – Sep 2015

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LSD successfully tendered for and secured a site located at No. 266 Tai Kei Leng, Lot No. 5382 in Demarcation District No. 116, Tai Kei Leng, Yuen Long, Hong Kong

Land premium: approx. HK$209.8 million


Total gross floor area: approx. 42,200 sq.ft.

Estimated total investment: approx. HK$471 million

The site is designated for private residential purposes

Construction work is in progress

Expected completion in Q1 2024

Pre-sale of residential units is expected to be launched in 2022

Build Pipeline

- Tai Kei Leng project (100% LSD, HK) – Mar 2019

17


LSD won the contract for Urban Renewal Authority’s residential-cum-commercial development of Hang On Street project at No. 18 Hang On Street, Kwun Tong, Hong Kong by tender

Land premium: approx. HK$883 million.





Estimated total investment: approx. HK$1,334 million

Construction work in progress


Pre-sale of residential units is expected to be launched in 2022

Build Pipeline

- Bal Residence (Hang On Street project) (100% LSD, HK) – Apr 2019

18


In January 2021, the consortium formed by LSD together with New World Development Company Limited, Empire Development Hong Kong (BVI) Limited and CSI Properties Limited successfully won the tender for the Wong Chuk Hang Station Package Five residential development project



Providing around 1,050 residential units upon completion

Design and planning works are in progress

Expected completion in H1 2025

Build Pipeline

- Wong Chuk Hang project – Jan 2021

19


In September 2021, LSD acquired the 3-storey building at 116 Waterloo Road in Ho Man Tin for redevelopment purpose at a consideration of approx. HK$328 million

Acquisition was completed with vacant possession in March 2022

Site area: approx. 9,220* sq.ft.

Total gross floor area: approx. 46,100* sq.ft.

Development plan: Residential development



Build Pipeline

- 116 Waterloo Road project (100% LSD, HK) – Sep 2021

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* Subject to negotiation with Lands Department


In October 2021, LSD successfully tendered for and secured a site at No.79 Broadcast Drive, Kowloon Tong, Hong Kong at a consideration of approx. HK$1,608.3 million



Project design in progress

Development plan: A high-quality luxury residential development

Estimated total investment: approx. HK$2,283 million

Providing around 46 medium-large sized residential units including 3 houses



Build Pipeline

- 79 Broadcast Drive project (100% LSD, HK) – Oct 2021

21


In January 2022, LSD acquired two adjacent buildings at 1&1A Kotewall Road in Mid-Levels, Hong Kong Island for redevelopment purpose at a total consideration of approx. HK$1,300 million



Acquisition was completed with vacant possession in March 2022

Development plan: A luxury residential project

Providing around 25 medium-large sized residential units upon completion



Build Pipeline

- 1&1A Kotewall Road project (100% LSD, HK) – Jan 2022

22


On 25 Apr 2014, LSD succeeded in bidding for 107 Leadenhall in a private auction and the transaction was completed in May 2014

Located at the core of the insurance district in central London

Gross internal area: approx. 146,600 sq.ft. of commercial/office accommodation

Build Pipeline

- 107 Leadenhall – May 2014 (100%-LSD, London)

23


LSD acquired 100 Leadenhall in Nov 2014 and the transaction was completed in Jan 2015

Office and ancillary accommodation of approx. 177,700 sq.ft. gross internal area

Currently let to Chubb Market Company Limited (formerly known as ACE Global Markets Limited)

Build Pipeline

- 100 Leadenhall – Jan 2015 (100%-LSD, London)

24


Build Pipeline

- 106 Leadenhall (100%-LSD, London) – 18 Dec 2015 (cont’d)

25

On 18 Dec 2015, LSD acquired 106 Leadenhall

Located adjacent to our other two wholly-owned properties, namely 100 and 107 Leadenhall Street

Multi-tenanted asset with approx. 19,924 sq.ft. gross internal area of commercial and office area including ancillary space


107 Leadenhall

100 Leadenhall

106 Leadenhall

Build Pipeline

- Potential upside from Leadenhall portfolio

26

“The Cheesegrater” was sold for a record price of £1.15 billion in Mar 2017, representing a net yield of around 3.5% and an average price of approx. £1,885 per square foot.

Combined gross internal area: approx. 344,224 sq.ft.

Total acquisition cost: approx. GBP 189.1 million

All leases being aligned to expire in 2023

The redevelopment of the Leadenhall properties was approved by the City of London’s Planning and Transportation Committee in July 2018

The total gross internal area of the proposed tower is expected to be approx. approx. 1,275,642 sq.ft. including ancillary facilities upon completion.


Proposed view of the Eastern Cluster (from Tower of London) Leadenhall Street elevation

Build Pipeline

- Potential upside from Leadenhall portfolio (cont’d)

27

The planning consent would allow LSD to redevelop the Leadenhall properties into a 56 storey tower with:

approx. 1,068,510 sq.ft. gross internal area of office space

new retail space of approx. 8,730 sq.ft.;

a free, public viewing gallery of approx. 19,967 sq.ft. at levels 55 and 56, offering 360 degree views across London

new pedestrian routes between Leadenhall Street, Bury Street and St Mary Axe, and new public spaces around the base of the building and other ancillary facilities of approx. 178,435 sq.ft.

Target a carbon net zero strategy in line with RIBA 2030 standards by the time of delivery

Knight Frank and CBRE have been appointed as Office Leasing and Development advisers

London & Oriental LLP are the UK Client Representative and Development Adviser


Build Pipeline

- Hengqin Novotown

28

Hong Kong

15 mins’ drive from Macau

90 mins’ drive from Hong Kong


Build Pipeline

- Hengqin Novotown

Light rail station to be located adjacent to our site

Macau Zhuhai

Guangzhou-Zhuhai Intercity Railway Extension

Light Railway with station for Novotown

Hengqin's Light Railway connecting to Macau's Light Railway

Railway Station

Macau University

Guangdong free-trade zone status has been formally announced on 21 Apr 2015

Hengqin is one of the major cities in the Guangdong province within the Greater Bay Area

Hengqin has become a Guangdong-Macau In-Depth Cooperation Zone on 17 Sep 2021

Augmenting the growth of Macau through tourism and entertainment

Creating the “Las Vegas”/”Orlando Florida” of Asia together with Macau

29

Chimelong International Ocean Resort

Guangdong-Macau Traditional Chinese Medicine Industrial Park

New Central Business District

Proposed spa resort area

Our Site – Novotown


Build Pipeline

- Hengqin Novotown Hengqin Novotown

MOU entered into in Sep 2011

Site area : One square kilometre

Phase I (80%-LFH, 20%-LSD) - succeeded in auction in Sep 2013

Site area: 1.4 million sq.ft.

Development GFA: 4.0 million sq.ft. (including car parking spaces and ancillary facilities)

Average land cost: approx. RMB187 per sq.ft. (RMB2,010 per sq.m.)

Usage: cultural, creative industrial and commercial related

Construction work completed

Lionsgate Entertainment World® and National Geographic Ultimate Explorer commenced operation on 31 Jul 2019 and 9 Sep 2019, respectively; Hyatt Regency Hengqin soft opened on 31 December 2019; Leasing of the commercial area is underway with approx. 73% of the leasable area having been leased

Cultural studios and cultural workshop units released for sale. During the period under review, sales of 21,954 square feet of cultural studios and 962 square feet of cultural workshop unit were recognised at an average selling price of HK$5,546 per square foot and HK$4,250 per square foot, respectively, which contributed a total of HK$119.7 million to LFH’s turnover

Phase II (100%-LFH) – succeeded in bidding for the land in Dec 2018

Site area: approx. 1.5 million sq.ft.

Development GFA: 3.1 million sq.ft. (including car parking spaces and ancillary facilities)

Average land cost: approx. RMB246 per sq.ft. (RMB2,650 per sq.m.)

Properties occupied by Harrow Innovation Leadership Academy Hengqin have been sold to the school operator

Construction in progress and completion is expected to be in phases by 2024

LFH is in the process of identifying and planning for a motor-themed experience centre and other facilities

Phase I

Site under 2011 Sep MOU

30

Phase II


Build Pipeline

- Hengqin Novotown Phase I (80%-LFH; 20%-LSD, the PRC) – Sep 2013

31

Performance halls & cultural attractions

Cultural themed hotel

Cultural workshop (for sale) Office

(for sale)

Cultural commercial area (podium)

Cultural studios (for sale)


Build Pipeline

- Hengqin Novotown Phase I (80%-LFH; 20%-LSD, the PRC) – Sep 2013 (cont’d)

Lionsgate Entertainment World® officially opened on 31 Jul 2019

Lionsgate’s first movie-themed multi-sensory interactive center in the world featuring six Hollywood

blockbuster franchises like The Hunger Games, The Twilight Saga, The Divergent Series, Now you See

Me, Gods of Egypt and Escape Plan as the story backgrounds of the attractions, delivering an

innovative, immersive and diversified entertainment experience truly unique in the Greater Bay Area.

Licensing agreement being entered into in Nov 2015 with Lionsgate LBE, Inc. for the development and

operation of this immersive experience center.

Village Roadshow Theme Parks was appointed in Jul 2016 to be the consultant and operator for a

minimum of ten years.

32


Build Pipeline


National Geographic Ultimate Explorer officially opened on 9 Sep 2019

Licensing agreements being entered into in Nov 2015 with a master license holder

of National Geographic Society to develop a family edutainment center in Phase I

of the Novotown

Covering an area of approx. 50,200 sq.ft., National Geographic Ultimate Explorer

contains 18 individual attractions including rides, F&B facilities, retail premises,

virtual reality and/or 4-D interactive experiences, and other types of

entertainment & educational attractions

33


Hyatt being engaged as the manager for the cultural themed hotel in Mar 2015

The 493-room Hyatt Regency Hotel is set to turn Novotown into a staycation spot for families

Soft opened in Dec 2019

Occupancy rate in January 2022 was appox. 19.1%

Build Pipeline


34


Build Pipeline


Entered into cooperation framework agreement in Apr 2016 with Trans-Island

Limousine Service Limited (“TIL”, subsidiary of Kwoon Chung Bus Holdings

Limited) to develop a cross-border bus service between HK and Hengqin

The cross border bus service between Hong Kong and Hengqin Novotown has

been launched in Jul 2019

The routes are supported by TIL’s professional teams. TIL will coordinate its

marketing effort based on Novotown’s strategy in order to improve its

international recognition and attract overseas visitors

35


Build Pipeline


36

The Hall of Inspiration is a multi-purpose venue for

a wide spectrum of events, including fashion shows,

gala dinners, TV broadcasts, reality shows, mini

concerts, corporate meetings and conferences etc.

The Hall of Celebration alongside the uniquely

designed garden is a perfect venue to hold your

dream wedding ceremony, private events,

wedding banquet

In February 2021, a new interactive

attraction - "Wonders of Kung Fu" - was

launched in the outdoor garden space of

Novotown Phase I. This attraction in the

5,000 square meters outdoor garden offers

more than 10 interactive points, including

light shows providing immersive experience

and interactive games with Chinese Kungfu

and cuisine being the key underlying theme.


Build Pipeline


In May 2022, LFH has entered into a cooperation agreement with Zhuhai Duty

Free Enterprises Group Co., Ltd. (“Zhuhai Duty Free Group”) to develop a duty-

free and travel retail project in Novotown

Zhuhai Duty Free Group is one of the first wholly state-owned companies

approved by the State Council to carry out wholesale and retail businesses of

duty-free goods in China. It is one of the pioneers of the duty-free sector in

China

This cooperation has laid a solid foundation for Zhuhai Duty Free Group and Lai

Sun Group for future partnerships in the duty-free and travel retail market in the

Hengqin Guangdong-Macao In-Depth Cooperation Zone and is a significant step

toward boosting new types of consumptions in Hengqin

37


Build Pipeline

- Hengqin Novotown Phase II (100%-LFH) – Dec 2018

38

A licence agreement was entered into in Jun 2017 with Real

Madrid Club de Fútbol in relation to the development and

operation of a location based entertainment centre, namely

Real Madrid World in Novotown

Real Madrid World is expected to contain over 20 attractions

and will be made up of several signature experiences

including the Flying Theatre and the Stuntpit, an array of

interactive training games, a walkthrough of Real Madrid

history, plus dining and retail outlets.


Build Pipeline

- Hengqin Novotown Phase II (100%-LFH) – Dec 2018

39

During the period under review, Novotown Phase II was awarded as a winner under the Retail & Leisure International (“RLI”)

Best Placemaking Scheme category at the Global RLI Awards for 2021 and was awarded the 5 Star – Best Mixed-use

Architecture for Guangdong Province, China at Asia Pacific Property Awards 2021-2022.

Real Madrid World

Real Madrid World


Build Pipeline

In Jul 2014, LFH succeeded in the bid of the land use rights of the land located by the Huangpu river in Huangpu district, Shanghai, the PRC


Attributable gross floor area: approx. 77,900 sq.ft.

Types of products: high end luxury residential units

Construction works completed in Aug 2019

Launched for sale in Sep 2020

Sales of 2 residential units and 2 car parking spaces have been completed during the period under review, contributing a total turnover of approximately HK$59.4 million

As at 31 Jan 2022, the contracted sales for 1 residential unit and 1 car parking space amounted to approximately HK$35.0 million

As at 31 Jan 2022, two residential units and 14 car parking spaces of this development remained unsold

- Shanghai Wuli Bridge project (100%-LFH, the PRC) – Jul 2014

40


Build Pipeline

- Shanghai Skyline Tower (Shanghai Northgate Plaza Redevelopment) (100%-LFH, the PRC)

41

Shanghai Skyline Tower is a mixed-use redevelopment project of Shanghai Northgate Plaza I, Northgate Plaza II and the Hui Gong Building, located in the Jing’an District of Shanghai near the Shanghai Railway Terminal

Shanghai Northgate Plaza I comprised of office units, a retail podium and car parking spaces

Shanghai Northgate Plaza II was a vacant site adjacent to Northgate Plaza I

Acquisition of the 6th to 11th floors of Hui Gong Building was completed in Sep 2016

Shanghai Skyline Tower under a comprehensive redevelopment plan which includes an office tower, a shopping mall and an underground car parking structure is in progress

Rental GFA to add: approx. 727,200 sq.ft.

Expected total development cost: RMB1.7 bln

Pre-leasing in progress

Expected construction completion: H2 2022


Build Pipeline

- Guangzhou Lai Fung International Center (Guangzhou Haizhu Plaza Project) (100%-LFH, the PRC)

42

Located on Chang Di Main Road in Yuexiu District, Guangzhou along the Pearl River

Total project GFA of approx. 580,800 sq.ft.

Intended to be developed for rental purposes


Construction commenced in H1 2019 and the completion is expected to be in H2 2022

Pre-leasing work is in progress


Build Pipeline

- Zhongshan Palm Spring (100%-LFH, the PRC)

43

The overall development has a total planned GFA of approx. 6.075 million sq.ft., comprising of high-rise residential towers, townhouses, serviced apartments and commercial blocks. Construction of Phases III and IV has been completed and handover of pre-sold units is in progress.

During the period under review, 334,283 square feet of high-rise residential units and 12,496 square feet of house units were recognised at average selling prices of HK$1,846 and HK$3,602 per square foot, respectively, which contributed a total of HK$609.6 million to the sales turnover.

As at 31 January 2022, contracted but not yet recognised sales for high-rise residential units and house units amounted to HK$898.6 million and HK$68.6 million, at average selling prices of HK$1,962 per square foot and HK$3,652 per square foot, respectively.

The STARR Resort Residence was closed in 2019 and the serviced apartment units were launched for sale in May 2019. During the period under review, 2 serviced apartment units have been sold for a total sales proceed of approximately HK$2.8 million. As at 31 January 2022, contracted but not yet recognised sales for one serviced apartment unit amounted to HK$1.7 million, at an average selling prices of HK$1,592 per square foot.

As at 31 January 2022, completed units held for sale in this development, including residential units, serviced apartment units and commercial units, amounted to approximately 1,483,068 square feet with a total carrying amount of approximately HK$1,136.6 million. The carrying amount of the 2,680 unsold car parking spaces of this development as at 31 January 2022 was approximately HK$253.5 million.


Project under development

Usage Group interest

Attributable GFA (sq.ft.)

Estimated total development cost (100%)

(HK$'million)

Expected OP Date

LFH - Mainland China

Shanghai Skyline Tower (Shanghai Northgate Plaza Redevelopment)

Commercial/Office 100% 727,248 2,060 H2 2022

Guangzhou Lai Fung International Center (Guangzhou Haizhu Plaza project)

Commercial/Office 100% 580,825 1,701 H2 2022

Hengqin Novotown Phase II (Note 1) Commercial/Office/ Serviced apartment

100% 2,686,508 6,659 2024 (by phases)

Subtotal: 3,995,581 10,420

LSD – Hong Kong and overseas

Bal Residence (Hang On Street project) Residential/commercial 100% 71,800 1,334 Q4 2023

Tai Kei Leng project Residential 100% 42,200 471 Q1 2024

Wong Chuk Hang project Residential 15% 95,423 Note 2 H1 2025

116 Waterloo Road project Residential 100% 46,102 Note 3 H1 2026

79 Broadcast Drive project Residential 100% 71,591 2,283 Q4 2025

1&1A Kotewall Road project Residential 100% 57,450 Note 3 H1 2026

Phuket hotel project Hotel 37.5% Note 4 Note 4 Note 4

Subtotal: 384,566 4,088

Total: 4,380,147 14,224

44

Notes: 1. LFH is identifying and planning for a motor-themed experience centre and other facilities in Novotown Phase II 2. Project design is in progress, LSD will provide updates on projects as and when available 3. The acquisition was completed with vacant possession in March 2022. Redevelopment details will be provided as and when available 4. The Phuket hotel project is still at the planning stage. LSD will provide material updates on this project as and when available

Build Pipeline


LFH Conditional Waiver approved

Continued accretion of equity interests across the group

Lam Family increased stake in LSG

LSD’s successful tender of the TKO site

LFH 2014 US$200m bond consent solicitation completed

Ownership changes Financial

Acquisitions Operations

eSun’s acquisition of 85% interest in KIGHL

Nov Jan Jul 12 Aug Dec Feb Mar Apr May Jun Jul 13 Sep Oct

LFH’s SH HK Plaza 5% minority buyout

LFH’s NG Plaza 2% minority buyout

LFH’s GZ MF Plaza 22.5% minority buyout

LFH’s successful auction for Hengqin Phase I

LFH invited eSun to co-invest in Hengqin Phase I

LSD appointed as the most preferred proponent for the Hong Kong Ocean Park Marriott Hotel MAGHL

HK$80m share placement

LSG HK$215.8m rights issue

Continued accretion of equity interests across the group

Financial consolidation of LSG/LSD and eSun/LFH

LSD HK$2.2bn syndicated loan

LSG HK$800m syndicated loan

LSD US$350m guaranteed notes

LFH HK$3.55bn syndicated loans

LFH RMB1.8bn bond

eSun commenced accreting stake in LFH

LSD won URA’s San Shan Road/Pau Chung Street project in Ma Tau Kok by tender

eSun RMB650m secured guaranteed notes LSD HK$1.94bn term loan for TKO site

LSD & LSG capital reductions completed

Feb Mar Aug 13 Nov Sep Oct Jan Dec Apr Jun Jul 14 May

LSD awarded the Hong Kong Ocean Park Marriott Hotel project

LSD acquired 107 Leadenhall in London

Lam Family increased stake in LSG

LFH’s acquisition of a piece of land in Shanghai

LSG RMB650m secured guaranteed notes

Research coverage

2013/2014 – Consolidating Strengths

45





Aug 14 Dec Jan Feb Mar Apr May Jun Sep Oct Nov

AGM to approve final dividend Research coverage

LSD GBP85.6m project loan for 100 Leadenhall Signed development agreement for Hong Kong Ocean Park Marriott Hotel

LSD change in board lot size


LSD GBP48m project loan for 107 Leadenhall

LSD HK$720m project loan for URA’s San Shan Road/Pau Chung Street project in Ma Tau Kok

Jul 15

46

LSD Rated research report issued by DBS

LSD Rated research report issued by BNP

LFH ‘s SHMFP 5% minority buyout

LFH ‘s property swap in relation to Eastern Place V and Paramount Centre

Aug 15 Dec Jan Feb Mar Apr May Jun Sep Oct Nov Jul 16

LSD won URA’s Sai Wan Ho Street project in Shau Kei Wan by tender

AGM to approve final dividend

LFH & LSG change in board lot size

LSD HK$924.3m rights issue

LFH HK$3.69bn syndicated loans

LSD HK$3.0bn term loan

LSD HK$3.6bn term loan for Ocean Hotel project

Completion of LSD’s HK$924.3m rights issue and LSG’s interest in LSD increased to 61.93%

LFH, LSD & LSG Level 1 ADR Programme being effective

LSD completed site amalgamation for Ki Lung Street project

LFH acquired 6 floors of Hui Gong Building






Research coverage

47

Aug 16 Dec Jan Feb Mar Apr May Jun Sep Oct Nov Jul 17

eSun Placing of new shares under general mandate

LSD acquired 49.96% interest in Camper & Nicholsons International SA

LSD acquired 2% additional interest in eSun

LSD’s investment in Phuket hotel project


Aug 17 Sep Oct Dec Jan Feb Mar Apr May Jun Nov Jul 18

LFH US$350m guaranteed notes

LSD’s disposal of 36 Queen’s Street

LSD’s disposal of 50% interest in 8 Observatory Road

LSD’s conditional voluntary general offer to eSun and mandatory general offer to LFH

Opening of eSun VGO

LFH, LSD & LSG completion of share consolidation and change in board lot size

LSG’s disposal of approx. 8.42% interest in LSD





Research coverage

48

LSD HK$3,600m green loan for Hong Kong Ocean Park Marriott Hotel

Aug 19 Dec Jan Feb Mar Sep Oct Nov Apr May

LFH Zhuhai Da Hengqin Real Estate Co. Ltd.’s capital injection into Hengqin Novotown Phase I

LSD’s conditional voluntary general cash offer to LFH (“LFH VGO”)

LSD’s acquisition of 50% interest in Fairmont St. Andrews resort in Scotland

Close of LFH VGO

Jun Jul 20

LSD GBP77.58m project loan for 100, 106 & 107 Leadenhall

Aug 18 Dec Jan Feb Mar Sep Oct Nov

LFH’s acquisition of land for Novotown Phase II

Restoration of eSun’s public float

Completion of disposal of 50% interest in 8 Observatory Road

Close of eSun VGO

Close of LFH MGO

Opening of LFH MGO

Apr May Jun Jul 19

eSun sale of 20% interest in Hengqin Novotown Phase I to LSD

LSD won URA’s Hang On Street project in Kwun Tong by tender

LSD won a site in Yuen Long by tender

LFH amendments to the existing non-competition undertakings approved





Research coverage

49

Aug 20 Dec Jan Feb Mar Sep Oct Nov

LSD HK$3,600m 5-year secured term loan and revolving credit facility

LSD won the tender for the Wong Chuk Hang Station Package Five residential development project

Completion of the loan capitalisation proposal entered into between eSun and MAGHL

LSG HK$1,000m 5-year secured term loan and revolving credit facility

Jul Aug 21 Apr May Jun


LSD Issue of shares under general mandate

LFH HK$3,280m offshore secured term/revolving loan facility and HK$692 million equivalent onshore secured term loan facility

LSG HK$434.6m rights issue

LSD Establishment of US$2,000m medium term note programme

LSD HK$180m guaranteed notes (private placement)

LSD HK$500m 59-months secured term loan facility

LSD HK$205m guaranteed notes (private placement)

LFH Establishment of US$2,000m medium term note programme

LSD HK$1,183m 5-year secured project loan facility

Sep 21 Oct

LSD acquired 116 Waterloo Road for redevelopment purpose

LSD US$250m guaranteed notes (tap)

LSD HK$1,093.8m rights issue

Nov Dec

LSD acquired 79 Broadcast Drive for residential development project

Jan Feb Mar

LSD acquired 1&1A Kotewall Road for residential development project

May Apr Jun 22


Discount to Net Asset Value (“NAV”) – LSG

50

CAGR: 4.3%

CAGR: 10.7%

6,739

9,027

11,035

12,576 13,796

16,453 18,037

19,837

22,612 21,872 21,727

20,598

1,391 1,310 2,426 2,120 1,930 2,406

6,570

4,429 3,675

3,172

1,347 2,208

79% 85%

78% 83% 86% 85%

64%

78% 84% 85%

94% 89%

-20%

0%

20%

40%

60%

80%

100%

-

5,000

10,000

15,000

20,000

25,000

31 Jul2011

31 Jul2012

31 Jul2013

31 Jul2014

31 Jul2015

31 Jul2016

31 Jul2017

31 Jul2018

31 Jul2019

31 Jul2020

31 Jul2021

31 Jan2022

Net Asset Value (in HK$'million) Market Cap (in HK$'million) Discount to NAV


Discount to Net Asset Value (“NAV”) – LSD

51

CAGR: 10.3%

CAGR: 2.9%

11,959

16,358

19,128 20,775

22,663 24,358

26,600

31,159

35,828 34,970

34,149 35,130

2,903 2,809 4,554 3,932 3,396 4,222

8,773 8,134 6,720

5,061 3,250 3,972

76%

83% 76%

81% 85%

83%

67% 74%

81% 86%

90% 89%

-20%

0%

20%

40%

60%

80%

100%

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

31 Jul2011

31 Jul2012

31 Jul2013

31 Jul2014

31 Jul2015

31 Jul2016

31 Jul2017

31 Jul2018

31 Jul2019

31 Jul2020

31 Jul2021

31 Jan2022



Discount to Net Asset Value (“NAV”) - LFH

52

CAGR: -1.4%

CAGR: 5.1%

9,073

10,438 11,419

12,663 13,466 13,315 14,584

15,503 15,834

14,309

15,431 15,755

2,213 2,350 3,090 2,931 2,661

2,316

3,908 3,578

2,567 2,956 2,089 1,887

76% 77% 73%

77% 80% 83%

73% 77%

84% 79%

86% 88%

-20%

0%

20%

40%

60%

80%

100%

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

31 Jul2011

31 Jul2012

31 Jul2013

31 Jul2014

31 Jul2015

31 Jul2016

31 Jul2017

31 Jul2018

31 Jul2019

31 Jul2020

31 Jul2021

31 Jan2022



Lai Fung Holdings Limited (“LFH”) Property Development &

Investment in the PRC HK Stock Code: 1125

45.31%*

53.27%*

75.00%*

55.08%*

67.70%*

The Lam Family

Lai Sun Garment (International) Limited (“LSG”)

Investment Holding HK Stock Code: 191

eSun Holdings Limited (“eSun”) Media & Entertainment and

Cinema Operations in HK and the PRC HK Stock Code: 571

Media Asia Group Holdings Limited Media and Entertainment

HK Stock Code: 8075

Substantial Shareholders

* Shareholding as at 25 Mar 2022 including interests held by certain directors at LSD and eSun levels. LSG’s corporate interest in LSD is 53.19% and LSD’s corporate interest in eSun is 74.62%

# Shareholdings as at 25 Mar 2022

## Shareholdings as at 2 Jun 2022

53

29.41%#

27.19%##

10.02%##

10.05%##

Lai Sun Development Company Limited (“LSD”) Property Development & Investment in HK & Overseas Hotel Management & Hospitality

HK Stock Code: 488 CapitaLand – 19.45%#

Moerus Capital Management – 7.54%#

Mr. Yu Cheuk Yi & Ms. Yu Siu Yuk

5.28%#

Argyle Street Management


Major assets of LSD*:

Hong Kong:

CSW Plaza

CWB Plaza II

Lai Sun Commercial Centre

CCB Tower

United Kingdom:

107 Leadenhall Street



Operations Update At

tribu

tabl

e re

ntal

GFA

(‘0

00 s

q.ft.

) At

trib

utab

le s

alea

ble

GFA

(‘0

00 s

q.ft.

)

Major assets of LSG:

Crocodile Center

Por Yen Building

LSD, together with New World Development, Empire Group and CSI Properties won the tender for the Wong Chuk Hang project in Jan 2021

LSD won a piece of land by tender at 79 Broadcast Drive, Kowloon Tong in Oct 2021

Acquisition of 116 Waterloo Road was completed with vacant possession in Mar 2022

Acquisition of 1&1A Kotewall Road was completed with vacant possession in Mar 2022

Continue efforts to secure new projects

Hong Kong and London – replenishing landbank

54

* Excluding LSD’s 20% interest in Hengqin Novotown Phase I

93 Pau Chung Street

Alto Residences

Monti

Novi

Hang On Street project

Tai Kei Leng project

Wong Chuk Hang project

116 Waterloo Road

79 Broadcast Drive

1&1A Kotewall Road

251

344

1,291

31-Jan-22

1,886

77

210

175

77 96

42

72

46

72

57

31-Jan-22 FY2024 FY2026


Rental turnover (HK$’million)

* Recognised as share of profits from joint ventures

Rental Income Growth – Hong Kong and London

55

Six months ended 31 January

2022 2021 % change

LSG

Crocodile Center 42.7 40.7 +4.9%

Por Yen Building 7.8 7.7 +1.3%

Others 2.4 2.2 +9.1%

LSG Subtotal: 52.9 50.6 +4.5%

LSD

Hong Kong

Cheung Sha Wan Plaza 136.1 154.9 -12.1% Causeway Bay Plaza 2 79.0 86.6 -8.8%

Lai Sun Commercial Centre 24.0 22.1 +8.6%

Others 2.5 2.0 +25.0%

Subtotal: 241.6 265.6 -9.0%

London, United Kingdom

107 Leadenhall Street 13.6 23.0 -40.9%



Subtotal: 42.9 55.9 -23.3%

Subtotal: 284.5 321.5 -11.5%

CCB Tower (50% basis)* 59.0 68.6 -14.0%

Alto Residences (50% basis)* 22.2 10.9 +103.7%

LSD Subtotal: 365.7 401.0 -8.8%

LSD & LSG Total: 418.6 451.6 -7.3%


Operations Update

Hotel and Serviced Apartment Operation – 2,059 rooms in total

56

Location Ownership No. of rooms

Hong Kong and overseas

Hong Kong Ocean Park Marriott Hotel Hong Kong 100% LSD 471

Caravelle Hotel Ho Chi Minh City 26.01% LSD 335

Fairmount St. Andrews Resort (Note) Scotland 50% LSD 211

Subtotal: 1,017

Mainland China

Ascott Huai Hai Road Shanghai Shanghai 100% LFH 310

STARR Hotel Shanghai Shanghai 100% LFH 239

Hyatt Regency Hengqin Hengqin 80% LFH, 20% LSD 493

Subtotal: 1,042

Total: 2,059

Note: Performance of the 50:50 joint venture of Fairmont St. Andrews resort is recognised as “Share of profits and losses of joint ventures” in the consolidated income statement of LSD.


Hotel and Serviced Apartment Operation

57

Note: On 100% basis

For the six months ended 31 January 2022 Location Ownership No. of roomsNote Turnover Period end

(HK$ million) occupancy (%)

Hong Kong and overseas Hong Kong Ocean Park Marriott Hotel Hong Kong 100% LSD 471 174.2 17.5%

Caravelle Hotel Ho Chi Minh City 26.01% LSD 335 51.0 14.3%

Subtotal: 806 225.2 Mainland China

Ascott Huaihai Road Shanghai Shanghai 100% LFH 310 53.9 70.4%

STARR Hotel Shanghai Shanghai 100% LFH 239 12.2 52.7%

Hyatt Regency Hengqin Hengqin 80% LFH, 20% LSD 493 45.1 19.1%

Subtotal: 1,042 111.2

Hotel management fee (0.8)

Total: 1,848 335.6

Joint Venture Project

Fairmont St. Andrews (50% basis) Scotland 50% LSD 211 40.3 26.9%


4,482 4,796 5,523

6,104

727

581

963

314**

31-Jan-2022 FY 2022 FY 2023 FY 2024Existing Newly completed rental properties to be added

Attributable rental GFA (‘000 sq.ft.)

FY 2022

Properties to be added:

Shanghai Skyline

Tower (Shanghai

Northgate Plaza

Redevelopment

Project)

6,104

4,796*

Operations Update

PRC – growing the rental portfolio…

58

* Including 100% Novotown Phase I

** GFA of Novotown Phase I attributable to LSD (excluding car parking spaces and ancillary facilities)

7,067

FY 2024


Commercial spaces

and part of office and

serviced apartment

buildings of Hengqin

Novotown Phase II

5,523

FY 2023


Guangzhou Lai Fung

International Center

(Guangzhou Haizhu

Plaza Project)


Attributable saleable GFA (‘000 sq.ft.)

Project completed for sale as at 31 Jan 2022 approx. 2.4 million sq.ft.##

Land bank as at 31 Jan 2022 – 4.0 million sq.ft.#

* Excluding commercial portion of the Zhongshan Palm Spring for self-use ** GFA of Novotown Phase I attributable to LSD (excluding car parking spaces and ancillary facilities) # Referring to properties under development # # Referring to the completed properties for sale excluding commercial portion of the Zhongshan Palm Spring for self-use and including 100% Hengqin Novotown Phase I

Operations Update

PRC – steady build-for-sale pipeline; replenishing land bank

59

2,533*

FY2024


Part of spaces to be occupied by

Harrow ILA Hengqin and part of

office and serviced apartment

buildings in Novotown Phase II

2,324*

1,724

209**

31-Jan-2022 FY2024

Completed properties held for sale as at 31 January 2022 Newly completed for-sale properties to be added

Shanghai 18%

Guangzhou 15% Hengqin

67%

For Sale 43%

For Rental 57%

Shanghai 0.2%

Zhongshan 56.3%

Hengqin 43.5%

1,724


For the six months ended 31 Jan For the six months ended 31 Jan

2022 2021 % change

2022 2021 % change

(HK$ million) (HK$ million) (RMB million) (RMB million)

@0.8242 @0.8622

Shanghai

Shanghai Hong Kong Plaza 211.6 194.8 +8.6% 174.4 168.0 +3.8%

Shanghai May Flower Plaza 35.5 31.9 +11.3% 29.3 27.5 +6.5%

Shanghai Regents Park 10.1 11.7 -12.9% 8.3 10.0 -17.0%

Subtotal: 257.2 238.4 +7.9% 212.0 205.5 +3.2%

Guangzhou Guangzhou May Flower Plaza 64.3 59.0 +9.0% 53.0 50.9 +4.1%

Guangzhou West Point 14.9 13.4 +11.2% 12.3 11.6 +6.0%

Guangzhou Lai Fung Tower 70.4 73.8 -4.6% 58.0 63.6 -8.8%

Subtotal: 149.6 146.2 +2.3% 123.3 126.1 -2.2%

Zhongshan Zhongshan Palm Spring 5.3 3.3 +60.6% 4.4 2.8 +57.1%

Subtotal: 5.3 3.3 +60.6% 4.4 2.8 +57.1%

Hengqin Hengqin Novotown 48.4 46.9 +3.2% 39.9 40.4 -1.2%

Subtotal: 48.4 46.9 +3.2% 39.9 40.4 -1.2%

Others 12.3 10.0 +23.0% 10.1 8.6 +17.4%

Total: 472.8 444.7 +6.3% 389.7 383.4 +1.6%

Rental turnover

Rental Income Growth – the PRC

60


Contracted but not recognised sales – the PRC

61

# Value-added tax inclusive ## Value-added tax exclusive * Will be recorded as disposal of assets classified as held for sale and the sales proceeds net of cost will be included in other operating income in the consolidated income statement of LFH Group when the sale is completed ** Will be recognised as income from finance lease under turnover

As at 31 January 2022

Approximate GFA Average

Selling Price# Turnover##

No. of units sq.ft. HK$/square foot HK$ million RMB million

Zhongshan Palm Spring

Residential High-rise Units 389 458,006 1,962 898.6 740.6

Residential House Units 9 18,786 3,652 68.6 56.5

Serviced Apartment Unit* 1 1,068 1,592 1.7 1.4

Shanghai Wuli Bridge Project

Residential Unit 1 2,265 15,143 34.3 28.3

Hengqin Novotown Phase I

Cultural Studios 12 40,913 4,991 204.2 168.3

Cultural Workshop Unit 1 962 4,054 3.9 3.2

Hengqin Novotown Phase II

Harrow ILA Hengqin Buildings** N/A 149,078 1,239 184.7 152.3

Sub-total 413 671,078 2,080 1,396.0 1,150.6

Shanghai Wuli Bridge Project

Car Parking Space 1 0.7 0.6

Shanghai Regents Park


Guangzhou King’s Park


Sub-total 3 2.2 1.9

Total 1,398.2 1,152.5


Contracted but not recognised sales – Hong Kong

62

* Representing property sales proceeds of HK$955.4 million and rental proceeds of HK$90.8 million in relation to certain houses offering early occupation benefit which allows the purchasers to move in earlier before completion of the sale ** Representing property sales proceeds of HK$394.9 million and rental proceeds of HK$28.2 million in relation to certain residential units offering early occupation benefit which allows the purchasers to move in earlier before completion of the sale


No. of Units

Approximate Saleable Area

Average Selling Price

Turnover

(Square feet) (HK$/square foot) (HK$ million)

Contracted sales from joint venture project

Alto Residences (50% basis) House Residential Units Car Parking Space

8 8 9

22,371

8,025 N/A

23,383 26,359

N/A

523.1*

211.5**

23.7

Sub-total 758.3


3. 2022 Interim Results Highlights


For the six months ended 31 January 2022 (HK$ million unless specified otherwise)

Revenue Net loss attributable to owners of the

company Key drivers

LSG HK$2,770.8 million

Reported : Net loss of HK$323.8 million (loss per share of HK$0.551)

Overall performance dominated by LSD

Relatively steady performance from rental properties in Hong Kong

Adjusted : Net loss of HK$304.0 million (loss per share of HK$0.517)

LSD HK$2,719.5 million


Consolidating financial results of LFH Group and eSun Group

The decrease in turnover from sale of properties primarily driven by the sales performance of LFH’s development projects in

Mainland China was partially offset by the increase in revenue from hotel operations and restaurant and food & beverage

product sales operations of LSD, as well as cinema operation and media and entertainment businesses of eSun Group

The narrowed loss is primarily attributable to the increase in valuations of investment properties owned by LSD and held

through joint ventures of LSD during the period under review as compared to the same period last year Adjusted :

Net loss of HK$571.0 million (loss per share of HK$0.652)

LFH HK$1,281.1 million


Relatively steady performance from rental portfolio

Property sales primarily driven by the sales performance of Zhongshan Palm Spring and Hengqin Novotown Phase I

Net loss attributable to owners’ of LFH Group narrowed primarily due to (i) improved profitability of property sales during the

period under review; (ii) the absence of the write-down of properties under development to net realisable value during the

period as compared to the same period last year; and (iii) decrease in valuations of investment properties owned by LFH Adjusted :

Net loss of HK$72.6 million (loss per share of HK$0.219)

eSun HK$506.7 million For the period

: Net loss of HK$128.3 million (loss per share of HK$0.086)

Operations include development, operation of and investment in media and entertainment, music production and

distribution, the investment in and production and distribution of television programs, films and video format products and

cinema operation in Hong Kong and Mainland China

The increase in consolidated loss is primarily due to (i) a significant reduction in government grants and rent concessions

related to COVID-19; and (ii) the non-recurrence of a gain on disposal of asset classified as held for sale, during the period

under review

Snapshot of Interim Results

64


HK$20,597.7mn

HK$35,130.2mn

HK$15,754.7mn HK$1,165.0mn

93%

52% 46%

5%

35% 34%

LSG LSD LFH eSun

Net Assets (in HK$' million) and Net Asset Value ("NAV") per share (in HK$) as at 31 Jan 2022

Net debt to equity ratio as at 31 Jan 2022

Gearing ratio excluding net debt of listed subs

Gearing ratio excluding net debt of listed subs and London portfolio

(HK$34.98)

(HK$36.26)

(HK$0.78) (HK$47.59)

Stable Financial Foundation

65


Cash and bank balance (HK$'million) LSG LSD LFH eSun

Consolidated 9,253.7 8,787.2 4,635.2 1,365.0

Ex-listed subs 466.5 2,786.6 N/A 1,228.0

Undrawn facilities (HK$'million)

Consolidated 5,691.2 5,641.2 2,520.6 23.4

Ex-listed subs 50.0 3,097.3 N/A 23.4

Total debt (HK$ million)

Consolidated 28,370.3 26,951.4 11,886.3 376.9

Ex-listed subs 1,418.9 14,688.2 N/A 376.9


(HK$55.79)

Stable Financial Foundation (cont’d)

66

Date Major debt Financing Term Interest Rate Banks Oversubscription

LSD

Jul 2021

US$250mil guaranteed notes 5-year 5% BNP/DBS/HSBC/UBS Total order of over

US$923mil

Sep 2021

US$250mil guaranteed notes (tap) 5-year 5% BNP/DBS/Haitong/HSBC/UBS Total order of over

US$1.33bil

Nov 2021

HK$205mil guaranteed notes (private placement)

5-year 4.9% DBS N/A

Nov 2021

HK$180mil guaranteed notes (private placement)

7.25-year 5.25% OCBC N/A

Mar 2022

HK$500mil secured term loan (Lai Sun Commercial Centre)

59-month 1.18% over HIBOR Hang Seng Bank N/A

Mar 2022

HK$1,183mil secured project loan (79 Broadcast Drive project)

5-year 1% over HIBOR BEA/Bank of Communications/BOC/DBS/Dah Sing/CCB(Asia)/OCBC/Hang Seng/China Everbright Bank (Total 9 banks)

249%


Appendix I – Summary of Properties in HK & Overseas


Overview of major properties in Hong Kong and overseas

Commercial

/ Retail Office Industrial Residential Hotel/SA Total

Lai Sun Garment

Completed properties held for Rental 91 - 160 - - 251

Lai Sun Development

Completed properties held for Rental 537 1,030 67 - - 1,634

Completed Hotel Properties and Serviced Apartments

- - - - 603 603

Properties Under Development 8 - - 376 - 384

Completed properties held for Sale 33 - - 44 - 77

Lai Sun Development Total GFA

578 1,030 67 420 603 2,698

GFA by type as at 31 January 2022 (‘000 sq.ft.)

Note: The above table excludes GFA of properties held by LFH Group and LSD’s 20% interest in Novotown Phase I in Hengqin, the PRC

By type

By asset class

Completed properties

held for Rental 64%

Completed Hotel

Properties and Serviced Apartments

20%

Properties Under

Development 13%

Completed properties

held for Sale 3%

68

Commercial 23%

Office 35%

Industrial 8%

Residential 14%

Hotel 20%


AIA Central 1 Connaught Road Central, Central, Hong Kong Building specification: • Completed in 2005

• Partner with AIA (90%AIA : 10%LSD)

• GFA: 428,962 sq.ft. (excl. car parking spaces)

• Grade A office building

• 39-storey including basement

• 26-storey of leasable office

• 61 car parks

CCB Tower 3 Connaught Road Central, Central, Hong Kong

Building specification: • Partner with China Construction Bank (50:50 JV)

• The redeveloped office tower is a landmark property

in Central, Hong Kong • GFA: approx. 229,206 sq.ft. (excl. car parking spaces)

• Grade A office building

• Head Office for China Construction Bank

• 37 car parks

Major Rental Properties – Hong Kong

Prime commercial areas in Hong Kong

69



Causeway Bay Plaza 2 463-483 Lockhart Road, Causeway Bay, Hong Kong (100%) Building specification: • Completed in 1992

• GFA: 206,038 sq.ft. (excl. car parking spaces)

• Office and retail

• 28-storey

• Retail 109,770 sq.ft.

• Office 96,268 sq.ft.

• 57 car parks

• Tenants include HSBC branch, commercial offices and major restaurants


70


Cheung Sha Wan Plaza 833 Cheung Sha Wan Road, Cheung Sha Wan, Kowloon, Hong Kong (100%) Building specification: • Completed in 1989 • GFA: 643,703 sq.ft. (excl. car parking spaces) • 2 office towers

• Retail podium (5-storey) • 355 car parks



71


Crocodile Center (retail podium) 79 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong (100%) Building Specification: • Completed in 2009 • GFA: 91,201 sq.ft. (excl. car parking spaces) • Office / retail mixed use development Tenants dominated by local restaurant groups

Lai Sun Commercial Centre 680 Cheung Sha Wan Road, Cheung Sha Wan, Kowloon, Hong Kong (100%) Building Specification: • Completed in 1987 • GFA: 169,244 sq.ft. (excl. car parking spaces) • Office / retail mixed use development • 538 car parks Tenants in arcade include an MCL cinema operated by eSun and local retailers Most of the office space are taken up by the Lai Sun Group and Crocodile (sister company)


72



Property Development & Investment in Hong Kong & Overseas

339 Tai Hang Road, Hong Kong (100%) Project Particulars: • Luxury residential development at

the southern part of Wong Nai Chung district

• Total GFA of approx. 30,400 sq.ft. • 8 out of 9 units being sold up to 14

March 2022

Ocean One, Yau Tong, Kowloon (100%) Project Particulars: • Residential-cum-commercial property

• Total GFA of approx. 122,000 sq.ft.

• 124 residential units and 2 commercial

units • All residential units being sold

• 2 commercial units and 7 car parking

spaces remain unsold

Major Development Properties – Hong Kong

Projects completed for sale

73


Alto Residences, Tseung Kwan O Project Particulars: • 50:50JV • Land area: approx. 229,300 sq.ft. • Total GFA: approx. 573,300 sq.ft. • 605 units, including 23 houses

• Occupation Permit being issued in May 2018

• Certificate of Compliance being issued in Sep 2018

• Up to 14 March 2022, 604 units, including 23 houses being sold

• Up to 14 March 2022, 76 car parking spaces being sold and the

total sales proceeds amounted to approximately HK$206.9 million



74


93 Pau Chung Street

(100% LSD)

Project Particulars:

• Site area: approx. 12,600 sq.ft.

• Permitted GFA: approx. 111,400 sq.ft.



• 209 flats, including studios, one and two bedroom units

• Occupation Permit being issued in Jul 2018

• Certificate of Compliance being issued in Nov 2018

• Sale and handover of 209 residential units and 7 commercial units completed

• Up to 14 March 2022, 7 out of 20 car parking spaces and 4 out of 5 motor-parking spaces have been sold



75




76

Novi

(100% LSD)


• Combined site area: approx. 5,100 sq.ft.

• Total gross floor area: approx. 42,900 sq.ft.

• Occupation Permit being issued in Jul 2019

• Sale and handover of all 138 units have been completed

• 4 commercial units have been fully leased



Projects completed for sale Monti

(100% LSD)



• 144 residential units, with total saleable area of approx. 45,800 sq.ft.

• Occupation permit being issued in Oct 2019

• Certificate of Compliance being issued in March 2020

• Up to 14 March 2022, 136 units have been sold; handover substantially completed

77


Hong Kong Ocean Park Marriott Hotel (100% LSD)

• 6 storeys, 471 guest rooms

• Total GFA: 365,974 sq.ft.

• Marriott as hotel operator and manager

• Hotel license being issued in Oct 2018

• Grand opened on 19 Feb 2019

• Achieved “Gold” rating in BEAM Plus Final Assessment

• Period end occupancy rate: 17.5%


Completed Hotel Property

78



Projects under development

79

Tai Kei Leng project

(100% LSD)



• Total gross floor area: maximum of approx. 42,200 sq.ft.

• The site is designated for private residential purposes

• Estimated total investment: approx. HK$471 million

• Construction work is in progress

• Construction work expected to be completed in Q1 2024

• Pre-sale of residential units is expected to be launched in 2022




80

Bal Residence (Hang On Street project)

(100% LSD)



• The site is designated for residential-cum-commercial purposes

• Total gross floor area: maximum of approx. 71,800 sq.ft.

- Commercial: 8,100 sq.ft.

- Residential: 63,700 sq.ft.

• Estimated total investment: approx. HK$1,334 million

• Construction works in progress

• Construction work expected to be completed in Q4 2023

• Pre-sale of residential units is expected to be launched in 2022




81

Wong Chuk Hang project

(15% LSD)




• The site is designated for 2 residential towers, providing around 1,050 residential units upon completion

• Design and planning works are in progress

• Expected completion in H1 2025




82

116 Waterloo Road project

(100% LSD)


• Acquisition was completed with vacant possession in March 2022

• Site area: approx. approx. 9,220* sq.ft.

• Total gross floor area: approx. 46,100* sq.ft.

• The site is designated to redevelop for private residential units



* Subject to negotiation with Lands Department




83

79 Broadcast Drive project

(100% LSD)




• Estimated total investment: approx. HK$2,283 million

• The site is designated for high-quality luxury residential development, offering around 46 medium-large sized residential units, including 3 houses


• Expected completion in Q4 2025




84

1&1A Kotewall Road project

(100% LSD)


• Acquisition was completed with vacant possession in March 2022



• The site is designated to redevelop for a luxury residential project, offering around 25 medium-large sized residential units




107 Leadenhall

(100% LSD)

On 25 Apr 2014, LSD succeeded in bidding for 107 Leadenhall in a private auction and the transaction was completed in May 2014

Located at the core of the insurance district in central London

Gross internal area: approx. 146,600 sq.ft. of office accommodation

Major Rental Properties - London

Core of the financial district in central London

85


100 Leadenhall

(100% LSD)

LSD acquired 100 Leadenhall in Nov 2014 and the transaction was completed in Jan 2015

Office and ancillary accommodation of approx. 177,700 sq.ft. gross internal area

Currently let to Chubb Market Company Limited (formerly known as “ACE Global Markets Limited”)



86


107 Leadenhall

100 Leadenhall

106 Leadenhall

(100% LSD)

In December 2015, LSD acquired the property located adjacent to 100 and 107 Leadenhall Street

Multi-tenanted asset with approx. 19,900 sq.ft. gross internal area of commercial and offices space

106 Leadenhall



87


Appendix II – Summary of Properties in the PRC


Commercial / Retail

31%

Office 38%

Serviced Apartments

18%

Residential 13%

Shanghai 22%

Guangzhou 17%

Zhongshan 14%

Hengqin 47%

Completed Properties

held for rental 32%

Completed Hotel

Properties and Serviced Apartments

10%

Properties Under

Development 35%

Completed Properties

Held for Sale 23%

Shanghai Attributable GFA

('000 sq.ft.)

Rental properties 1,229

Hotel properties and serviced apartments 502

Properties under development 727

Completed properties held for sale 5

Total GFA 2,463

Zhongshan

Guangzhou

Shanghai

Total GFA of major properties in the PRC: 11.4 million sq.ft.*

By type

By asset class

By geography

*Including 100% Hengqin Novotown Phase I

Hengqin

Overview of major properties in the PRC – Lai Fung & LSD

89

Zhongshan Attributable GFA

('000 sq.ft.)

Rental properties 148

Hotel properties and serviced apartments -

Properties under development -

Completed properties held for sale 1,516

Total GFA 1,664

Hengqin Attributable GFA

('000 sq.ft.)

Rental properties 975

Hotel properties and serviced apartments 595

Properties under development 2,688

Completed properties held for sale 1,044

Total GFA 5,302

Guangzhou Attributable GFA

('000 sq.ft.)

Rental properties 1,347

Hotel properties and serviced apartments -

Properties under development 581

Completed properties held for sale -

Total GFA 1,928


GFA by type as at 31 January 2022 (‘000 sq.ft.)

Commercial /

Retail Office

Hotel and Serviced

Apartments Residential Total

No. of car parks

LSD1

Completed Properties held for rental2

195 - - - 195 369


- - 119 - 119 -

Completed Properties Held for Sale - 105 74 30 209

LSD Total GFA 195 105 193 30 523 369

Lai Fung

Completed Properties held for rental2

2,437

1,067 - - 3,504 2,274


- - 978 - 978 -

Properties Under Development3

721 2,696 578 - 3,995 2,211

Completed Properties Held for Sale

1644 421 296 1,476 2,357 3,496

Lai Fung Total GFA 3,322 4,184 1,852 1,476 10,834 7,981

1. As at 31 January 2022, Hengqin Novotown Phase I is 80% owned by LFH and 20% owned by LSD 2. Completed and rental generating properties 3. All properties under construction 4. Including shopping arcade space in Zhongshan Palm Spring which is for self-use

Overview of major properties in the PRC – Lai Fung & LSD

90


Hong Kong Plaza, Shanghai (100% LFH)

Building Specification

• 32-storey office tower, 32-storey serviced apartment, 7-level commercial podium with basement parkade

• GFA: 1.19 million sq.ft. / Office: 362,100 sq.ft. / Serviced apartment: 358,000 sq.ft. / Retail: 468,400 sq.ft. / 350 car parks

Leasing condition – Jan 2022

• Retail: 95.3% / Office: 91.2% / Serviced Apartment: 70.4%

Major Tenants

The Apple Store, Tiffany, Genesis Motor, Tasaki, Swarovski and internationally renowned luxury brands and a wide array of dining options

Major Rental Properties - PRC

Hong Kong Plaza, Shanghai

91


Shanghai May Flower Plaza (The Mid Town) (100% LFH)

Mixed use development comprising retail, offices and residential with total project GFA of approx. 1,195,000 sq.ft.

Located in Jing’an District at the heart of Shanghai, situated near the Zhongshan Road North Metro Station and along metro lines (M3, M4, M8)

The Group owns 100% in the retail podium with GFA of approx. 320,300 sq.ft.

98.7% leased as at 31 Jan 2022


May Flower Plaza, Shanghai

92


West Point, Guangzhou

(100% LFH)

Building Specification

• Retail podium / Car parks


• Retail: 172,000 sq.ft.


Retail: 92.0%

May Flower Plaza, Guangzhou

(100% LFH)

Building Specification • 13-storey complex


• Retail: 357,400 sq.ft.

• Office: 79,500 sq.ft.

• 136 car parks


• Retail: 98.6%


May Flower Plaza and West Point, Guangzhou

93


Lai Fung Tower, Guangzhou (100% LFH)

Building Specification:

• 38-storey office building


- Retail: 112,300 sq.ft.

- Office: 625,800 sq.ft.

- 313 car parks


• Retail: 100%

• Office: 97.9%*

*Excluding self-use area


Lai Fung Tower, Guangzhou

94


Wuli Bridge project

(100% LFH)

Located by the Huangpu river in Huangpu district, Shanghai, the PRC


Attributable gross floor area: approx. 77,900 sq.ft.

Types of products: high end luxury residential units

Construction works completed in Aug 2019

28 residential units and 43 car parking spaces

Launched for sale in Sep 2020

Sales of 2 residential units and 2 car parking spaces have been completed during the period under review, contributing a total turnover of approximately HK$59.4 million

The contracted sales for 1 residential unit and 1 car parking space of this development as at 31 January 2022 amounted to approximately HK$35.0 million

As at 31 January 2022, two residential units and 14 car parking spaces of this development remained unsold

Major Development Properties - PRC

Key projects completed for sale

95


Palm Spring, Zhongshan

(100% LFH)



96

The overall development has a total planned GFA of approx. 6.075 million sq.ft., comprising of high-rise residential towers, townhouses, serviced apartments and commercial blocks. Construction of Phases III and IV of Zhongshan Palm Spring has been completed and handover of pre-sold units is in progress.

During the period under review, 334,283 square feet of high-rise residential units and 12,496 square feet of house units were recognised at average selling prices of HK$1,846 and HK$3,602 per square foot, respectively, which contributed a total of HK$609.6 million to the sales turnover.

As at 31 January 2022, contracted but not yet recognised sales for high-rise residential units and house units amounted to HK$898.6 million and HK$68.6 million, at average selling prices of HK$1,962 per square foot and HK$3,652 per square foot, respectively.

The STARR Resort Residence was closed in 2019 and the serviced apartment units were launched for sale in May 2019. During the period under review, 2 serviced apartment units have been sold for a total sales proceed of approximately HK$2.8 million. As at 31 January 2022, contracted but not yet recognised sales for serviced apartment units amounted to HK$1.7 million, at an average selling prices of HK$1,592 per square foot.

As at 31 January 2022, completed units held for sale in this development, including residential units, serviced apartment units and commercial units, amounted to approximately 1,483,068 square feet with a total carrying amount of approximately HK$1,136.6 million. The carrying amount of the 2,680 unsold car parking spaces of this development as at 31 January 2022 was approximately HK$253.5 million.




97

Licensing agreement being entered into in Nov 2015 with Lionsgate LBE, Inc. for the development and operation of Lionsgate Entertainment World® in Novotown Phase I. Village Roadshow Theme Parks was appointed in Jul 2016 being the consultant and operator for a minimum of ten years. Lionsgate Entertainment World® commenced operation on 31 Jul 2019

Licensing agreements being entered into in Nov 2015 with a master license holder of National Geographic Society (“NGS”) to develop a family edutainment center, called National Geographic Ultimate Explorer in Novotown Phase I. National Geographic Ultimate Explorer commenced operation on 9 Sep 2019

Hyatt Regency Hotel soft opened in Dec 2019

Leasing of the commercial area is underway with approx. 73% of the leasable area having been leased

During the period under review, sales of 21,954 square feet of cultural studios and 962 square feet of cultural workshop units were recognised at an average selling price of HK$5,546 per square foot and HK$4,250 per square foot, respectively, which contributed a total of HK$119.7 million to the Group’s turnover

As at 31 January 2022, contracted but not yet recognised sales for cultural studios and cultural workshop units amounted to HK$204.2 million and HK$3.9 million, at an average selling price of HK$4,991 per square foot and HK$4,054 per square foot respectively.

As at 31 January 2022, completed properties held for sale in Novotown Phase I, including cultural studios, cultural workshop units and office units, amounted to approximately 1,044,200 square feet with a total carrying amount of approximately HK$2,533.8 million.

Hengqin Novotown Phase I (80% LFH - 20% LSD) - succeed in auction in Sep 2013

Site area: 1.4 million sq.ft.

80:20 held by LFH and LSD

Development GFA: 4.2 million sq.ft. including car parking spaces and ancillary facilities

Average land cost: RMB2,010 per sq.m.

Usage: cultural, creative industrial and commercial related

Construction work completed in the end of 2019

Hyatt being engaged as the manager for the cultural themed hotel in Mar 2015


Hengqin Novotown Phase II (100% LFH) - Succeeded in bidding-for-sale process in Dec 2018

Site area: approx. 1.5 million sq.ft.

Expect to provide commercial and experiential entertainment facilities, office space and serviced apartment space of 357,100 square feet, 1,585,000 square feet and 578,400 square feet, respectively

Properties in Novotown Phase II occupied by Harrow ILA Hengqin have been sold to the school operator, which enabled the Group to crystalise the value of its investment in Novotown Phase II and gradually recoup funding to improve the project’s working capital position

In Jun 2017, LFH entered into a licence agreement with Real Madrid in relation to the development and operation of the Real Madrid LBE in Novotown

LFH is in the process of identifying and planning for a motor-themed experience centre and other facilities in Novotown Phase II

Construction in progress and completion is expected to be in phases by 2024


Up and coming

98



Up and coming

99

Shanghai Skyline Tower (Shanghai Northgate Plaza Redevelopment Project) (100% LFH)

Shanghai Skyline Tower is a mixed-use redevelopment project of Shanghai Northgate Plaza I, Northgate Plaza II and the Hui Gong Building, located in the Jing’an District of Shanghai near the Shanghai Railway Terminal

Shanghai Northgate Plaza I was comprised of office units, a retail podium and car parking spaces

Shanghai Northgate Plaza II is a vacant site adjacent to Northgate Plaza I

Acquisition of the 6th to 11th floors of Hui Gong Building was completed in Sep 2016

Shanghai Skyline Tower under a comprehensive redevelopment plan which includes an office tower, a shopping mall and an underground car parking structure is in progress

Rental GFA to add: approx. 727,200 sq.ft.


Construction works in progress

Expected completion: H2 2022

Pre-leasing in progress



Up and coming

100

Guangzhou Lai Fung International Center (Guangzhou Haizhu Plaza Project) (100% LFH)

Located on Chang Di Main Road in Yuexiu District, Guangzhou along the Pearl River

Total project GFA of approx. 580,800 sq.ft.

Intended to be developed for rental purposes

Construction works in progress

Expected completion: H2 2022

Pre-leasing work in progress


Appendix III – Hotel and Restaurant and F&B Product Sales Operations


Hotel Ownership & Management

102

2,059 rooms

in total

Hong Kong Ocean Park Marriott Hotel (100% LSD), 471 rooms Fairmont St. Andrews, Scotland (50% LSD), 211 rooms

Ascott Huai Hai Road Shanghai (100% LFH), 310 rooms

STARR Hotel Shanghai (100% LFH), 239 rooms

Hyatt Regency Hengqin (80% LFH, 20% LSD), 493 rooms

Caravelle Hotel, Ho Chi Minh City (26.01% LSD), 335 rooms


Hotel Ownership & Management (cont’d)

103

The hotel project in Phuket,

Thailand that LSD invested in

June 2017 is still at the planning

stage

For the six months ended 31 Jan 2022 Turnover Period end

occupancy (%) (HK$ million)

Hong Kong and overseas

Hong Kong Ocean Park Marriott Hotel 174.2 17.5%

Caravelle Hotel 51.0 14.3%

225.2

Mainland China

Ascott Huai Hai Road Shanghai 53.9 70.4%

STARR Hotel Shanghai 12.2 52.7%

Hyatt Regency Hengqin 45.1 19.1%

111.2

Subtotal: 336.4

Hotel management fee (0.8)

Total: 335.6

Joint Venture Project

Fairmont St. Andrews (50% basis) 40.3 26.9%


Asian Cuisine

• China Tang Landmark (50%)

(The Plate Michelin (2019-2021))

• China Tang Beijing (Beijing) (67%)

• Howard’s Gourmet (50%)

• Chiu Tang Central (67%)

• Old Bazaar Kitchen (63%)

• Sun’s Bazaar KiKi Tea Telford Plaza (69%)

• Canton Bistro (100%)

• KiKi Noodle Bar IFC (67%)

• KiKi Noodle Bar K11 MUSEA (67%)

• KiKi Noodle Bar Shanghai One ITC mall (Shanghai) (67%)

• China Club (10%)

Hotel Management Property Development & Investment in Hong Kong & Overseas Restaurant and F&B Product Sales Operations

Acclaimed Michelin starred restaurants

104

Howard’s Gourmet

Chiu Tang Central China Tang Landmark

China Tang Beijing


Hospitality Hotel Management Restaurant and F&B Product Sales Operations (cont’d)


105

Western/International Cuisine • 8 ½ Otto e Mezzo, BOMBANA Hong Kong (37%)

(Three Michelin stars (2012-2022))

• 8 ½ Otto e Mezzo, BOMBANA Shanghai (Shanghai) (13%)

(Two Michelin stars (2017-2022))

• Opera BOMBANA (Beijing) (20%)

• CIAK – In The Kitchen (62%)

(The Plate Michelin (2019);

One Michelin Star (2015-2017))

• CIAK – All Day Italian (67%)

(Michelin Bib Gourmand (2017-2021))

• Beefbar (62%)

(One Michelin star (2017-2022))

• Takumi by Daisuke Mori (63%)


• Prohibition (100%)

• ZEST by Konishi (67%)


• Cipriani (44%)

• ADD+ (67%)

• MOSU Hong Kong (67%)

• 8 ½ Otto e Mezzo, BOMBANA Macau (management only)


8 ½ Otto e Mezzo, BOMBANA (Shanghai)

8 ½ Otto e Mezzo, BOMBANA

Mosu Hong Kong

Opera BOMBANA (Beijing)

Beefbar, Hong Kong


Hospitality

Japanese Cuisine

• Masa Hong Kong (67%)

• Rozan (67%)

• Yamato (59%)

Hotel Management Restaurant and F&B Product Sales Operations (cont’d)


106

Masa Hong Kong

Yamato Rozan


Appendix IV – Media and Entertainment


Produced and co-produced over 300 films in the past 20 years, including : 1921, Founding of An Army, Founding of A Republic, Trivisa, Love Off The Cuff, Line Walker, Manhunt, Infernal Affairs Series, Initial D, Triumph In The Skies, The Warlords, If You Are The One, etc.

Organised over 1,000 live performances including Andy Lau, Sammi Cheng, Leon Lai, etc.

Managing a music library of over 6,000 songs including Sammi Cheng, Eason Chan, Andy Hui, Leslie Cheung, Anita Mui, etc.

Representing and managing over 50 leading talents in Asia

Managing a film library of over 240 films

Published over 300 title albums

One of the most diversified leading Chinese language content and entertainment providers in Asia

Media & Entertainment

108


Media Asia’s films won over 300 international awards out of over 600 nominations from major international film festivals and award ceremonies

Media Asia’s music albums and singers received numerous awards in major music festivals

Award and Achievements

109


One of the top Chinese-language film production companies in Asia

Cooperation with influential state-owned film enterprises and invest in film production and distribution under CEPA arrangement

Film Production

110


Exc l us ive D i st r ibut ion an d co- o perat ion

S t ro n g D ist r ibut ion Cap abi l i ty

Film & Video Distribution

111

Intercontinental Film Distribution Limited of IGHL is the sole sub-distributor in Hong Kong and Macau for Paramount Pictures International

Acquires quality films internationally, including the U.S., Europe, Japan and South Korea

Over 240 films in own library


Access to production licenses in mainland China

Solid co-operation relationship with top producers, artistes and TV stations

Experienced distribution team with solid relationships with major television networks

Ex-TVB’s head of drama production, Mr. Tommy Leung (梁家樹), was with TVB for over 40 years is TV division head

TV Production and Distribution

112


M a r k e t L e a d e r o f L i v e E n t e r t a i n m e n t i n H o n g K o n g

Live Entertainment & Music

113

Over 80% market share, promotes and invests in live events across PRC and globally

Diversified live entertainment events - major pop concerts, touring shows and musicals

Past events included global acts such as Andrea Bocelli, Jennifer Lopez, as well as Asian Pop such as Super Junior and Girls Generation

Co-producer of Asia’s top music award, the Mnet Asia Music Award (“MAMA”) from 2013 to 2018

M u s i c L i b r a r y

Manages over 6,000 songs in music library, including some all-time hits from Leslie Cheung, Anita Mui and Roman Tam

Significant collection of Andy Lau’s music library with over 600 songs and 250 music videos

Engaged Warner Music as worldwide distribution agent

Music catalog licensed to Tencent Music for use in PRC


Artiste Management and Collaboration

114


eSun currently owns 95% interest in Intercontinental Group Holdings Limited (“IGHL”)

Multiplex Cinema Limited (MCL), a subsidiary of IGHL established in 1982, is one of the major cinema operators in Hong Kong

Cinemas in Hong Kong and Mainland China

115

Note: On 100% basis

Cinema in operation No. of Screens No. of seats

Mainland China (Note) (Note)

Suzhou Grand Cinema City 10 1,440

Guangzhou May Flower Cinema City 7 606

Zhongshan May Flower Cinema City 5 905

Subtotal 22 2,951

Hong Kong

Festival Grand Cinema 8 1,196

Grand Kornhill Cinema 5 706

Grand Windsor Cinmea 3 246

K11 Art House 12 1,708

MCL Amoy Cinema 3 603

MCL Cheung Sha Wan Cinema 4 418

MCL Citygate Cinema 4 673

MCL Cyberport Cinema 4 818

MCL Green Code Cinema 3 285

MCL Metro City Cinema 6 690

MCL South Horizons Cinema 3 555

MCL Telford Cinema 6 789

Movie Town – New Town Plaza 7 1,702

STAR Cinema 6 622

MCL Cinemas PLUS+ Plaza Hollywood (50% JV project) 6 1,595

Subtotal 80 12,606

Upcoming Cinema

Hong Kong Estimate Opening

Kai Tak cinema project Q2 2023 7 917

The One Q3 2023 6 822

Subtotal 13 1,739

Total 115 17,296


Appendix V – Summary of Financials


Financial Summary – Lai Sun Garment

117

* Excluding the effect of property revaluations

For the six months ended 31 January (HK$ million unless stated otherwise)

2022 2021 % change Turnover 2,770.8 2,794.1 -1%

- Property Investment 696.8 711.1 -2% - Property Development 858.9 1,220.0 -30% - Hotel Operation 335.6 289.3 16% - Restaurant and F&B Product Sales Operations 248.9 172.1 45% - Media and Entertainment 147.2 163.5 -10% - Film and TV program 135.4 57.2 137% - Cinema Operation 223.9 61.1 266% - Theme Park Operation 10.3 14.2 -27% - Others 113.8 105.6 8%

Gross Profit 1,009.0 675.6 49% Gross margin 36% 24%

Net loss attributable to owners of the company - As reported (323.8) (797.2) N/A - Adjusted* (304.0) (229.5) N/A

Net loss per share (HK$) - As reported (0.551) (1.658) N/A - Adjusted (0.517) (0.477) N/A


Financial Summary – Lai Sun Garment (cont’d)

118

* Excluding cash and bank balances of LSD ** Excluding undrawn facilities of LSD

(HK$million unless stated otherwise)

As at 31 January 2022 As at 31 July 2021 % change

Total assets 87,596.9 89,509.4 -2%

Cash and bank balances 9,253.7 13,769.7 -33%

Standalone cash and bank balances* 466.5 3,159.3 -85%

Interest bearing debt 28,370.3 27,674.5 3%

Undrawn facilities 5,691.2 4,482.4 27%

Standalone undrawn facilities** 50.0 580.0 -91%

Equity attributable to owners of the company 20,597.7 21,726.9 -5%

NAV per share (HK$) 34.976 55.340

Gearing Ratio

- Total Debt/Total Assets 32% 31%

- Net Debt/Equity 93% 76%


Financial Summary – Lai Sun Development

119


For the six months ended 31 January (HK$'million unless stated otherwise)

2022 2021 % change Turnover 2,719.5 2,745.4 -1%

- Property Investment 644.2 660.9 -3% - Property Development 858.9 1,220.0 -30% - Restaurant and F&B Product Sales Operations 248.9 172.1 45% - Hotel Operation 335.6 289.3 16% - Media and Entertainment 147.2 163.5 -10% - Film and TV program 135.4 57.2 137% - Cinema Operation 223.9 61.1 266% - Theme Park Operation 10.3 14.2 -27% - Others 115.1 107.1 7%

Gross Profit 967.1 618.1 56% Gross margin 36% 23%

Net loss attributable to owners of the company - As reported (479.9) (1,227.4) N/A - Adjusted* (571.0) (419.5) N/A

Net loss per share (HK$) - As reported (0.548) (1.784) N/A - Adjusted (0.652) (0.610) N/A


Financial Summary – Lai Sun Development (cont’d)

120

* Excluding cash and bank balances of eSun and LFH ** Excluding undrawn facilities of eSun and LFH

(HK$'million unless stated otherwise)


Total assets 83,891.3 83,038.1 1%


Standalone cash and bank balances* 2,786.6 4,269.8 -35%


Undrawn facilities 5,641.2 3,902.4 45%

Standalone undrawn facilities** 3,097.3 852.8 263%

Equity attributable to owners of the company 35,130.2 34,149.3 3%

NAV per share (HK$) 36.258 55.791

Gearing Ratio




Financial Summary – Lai Fung

121

For the six months ended 31 January


2022 2021 % change

Turnover 1,281.1 1,554.7 -18%

- Property Investment 361.7 341.5 6%

- Hotel and serviced apartment operation 111.1 103.2 8%

- Property Development 798.0 1,095.8 -27%

- Themed Park Operation 10.3 14.2 -27%

Gross Profit 619.9 290.6 113%

Gross margin 48% 19%

Net loss attributable to owners of the company

- As reported (74.9) (446.1) N/A

- Adjusted* (72.6) (510.3) N/A

Net loss per share (HK$)

- As reported (0.226) (1.348) N/A

- Adjusted (0.219) (1.541) N/A



Financial Summary – Lai Fung (cont’d)

122



Total assets 35,855.2 35,138.9 2%



Undrawn facilities 2,520.6 3,026.3 -17%

Equity attributable to owners of the company 15,754.7 15,431.3 2%

NAV per share (HK$) 47.59 46.62

Gearing Ratio




Financial Summary – eSun

123

For the six months ended 31 January

(HK$ million unless stated otherwise)

2022 2021 % change

Turnover 506.7 284.1 78%

- Media and Entertainment 147.2 163.5 -10%

- Film and TV program 135.4 57.2 137%

- Cinema Operation 223.9 61.1 266%

- Corporate and others 0.2 2.3 -91%

Gross Profit 220.2 98.7 123%

Gross margin 43% 35%

Net loss attributable to owners of the company

- As reported (128.3) (75.7) N/A

- Adjusted (128.3) (75.7) N/A

Net loss per share (HK$)

- As reported (0.086) (0.051) N/A

- Adjusted (0.086) (0.051) N/A


Financial Summary – eSun (cont’d)

124

* Excluding cash and bank balances of MAGHL (if applicable) ** Excluding undrawn facilities of MAGHL (if applicable)

(HK$ million unless stated otherwise)


Total assets 3,434.2 3,717.1 -8%


Standalone cash and bank balances* 1,228.0 1,345.4 -9%

Interest bearing debt 376.9 383.0 -2%

Undrawn facilities 23.4 23.3 0.4%

Standalone undrawn facilities** 23.4 23.3 0.4%

Equity attributable to owners of the company 1,165.0 1,263.4 -8%

NAV per share (HK$) 0.781 0.847

Gearing Ratio


- Total Debt/Equity 32% 30%


The financial information included in this document does not constitute the Company’s statutory annual consolidated financial statements but derived from those financial statements. Further information relating to these statutory financial statements required to be disclosed in accordance with section 436 of the Companies Ordinance is as follows: The Company has delivered, or will deliver in the case of the latest financial statements, all published financial statements to the Registrar of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Companies Ordinance. Auditors’ reports have been prepared on those financial statements of the Group. The auditors’ reports were unqualified; did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying its reports; and did not contain a statement under sections 406(2), 407(2) or (3) of the Companies Ordinance. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Lai Sung group of companies, comprising: Lai Sun Garment (International) Limited, Lai Sun Development Company Limited, eSun Holdings Limited, Lai Fung Holdings Limited and Media Asia Group Holdings Limited (each a "Company“ and together the “Group”) or any of its subsidiaries or affiliates in any jurisdiction or an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Group or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document. This document is highly confidential and being given solely for your information and for your use and may not be shared, copied, reproduced or redistributed to any other person in any manner. This document contains "forward-looking statements", which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Group's control that could cause the actual results, performance or achievements of the Group to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the economic, political and legal environment of Hong Kong and other countries the Group operations in, volatility in stock markets or in the price of its shares, financial risk management and the impact of general business and global economic conditions. Such forward-looking statements are based on numerous assumptions regarding the Group's present and future business strategies and the environment in which the Group will operate in the future. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as at the date as of which they are made, and the Group expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. Neither the Group, nor any of its agents, employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this document. This document contains data sourced from and the views of independent third parties. In replicating such data in this document, the Group makes no representation, whether express or implied, as to the accuracy of such data. The replication of any views in this document should be not treated as an indication that the Group agrees with or concurs with such views. The information contained in this document is provided as at the date of this document and is subject to change without notice.

Disclaimer

125

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