Asiasec Properties Limited ("ASL"), formerly known as Dan Form Holdings Company Limited ("Dan Form"), was incorporated in 1973, and was listed in the Stock Exchange of Hong Kong in the same year. In the year of 2016, the company and its subsidiaries (the "Group") was acquired by Autobest Holdings Limited, a wholly-owned subsidiary of Tian An China Investments Company Limited (Stock Code : 28), which becomes the largest shareholder of the Group. Mr. Patrick Lee Seng Wei is the Chairman of the Group. In the year of 2017, Dan Form changed its name to ASL.The Group’s core businesses comprise property investment, property leasing and estate management in Hong Kong.

Business Outlook  

The retail property leasing market in Hong Kong remains challenging in 2025, with continued pressure on rental rates and occupancy levels. While some stabilization has emerged in select prime locations, the broader market continues to face headwinds from cautious consumer spending and ongoing structural changes in retail patterns including local consumers frequently crossing into mainland China. However, there are early signs of potential improvement, with retail sales in Hong Kong showing a year-on-year increase for the first time in over a year. Tourism recovery, though progressing, has yet to fully restore pre-pandemic retail demand levels. 

The expected completion and grand opening of Laneway (formerly Concord Square) in the second half of 2025 represents a significant milestone for the Group. We have secured a variety of tenants for the extensively refurbished shopping mall. However, the success of our leasing efforts will continue to depend on finalizing anchor tenant commitments in a competitive environment where retailers remain selective about new commitments and lease terms. 

On the macroeconomic front, while Hong Kong achieved 3.1% year-on-year growth in Q2 2025, this growth has not yet translated into meaningful improvement in retail property fundamentals. Recent monetary policy adjustments and expectations of continued easing may provide some support for property values over time, though the benefits to retail leasing markets are likely to be gradual. 

The Group maintains a cautious but opportunistic approach, focusing on operational efficiency and selective capital deployment. We remain positioned to benefit from any market recovery and continue to prioritize financial discipline given the uncertain retail environment.