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 

While challenges in the Hong Kong retail property market are expected to persist in the foreseeable future, we anticipate signs of recovery as we move towards the end of the year. Interest rate cuts, expected to materialise in the latter half of 2024, should provide a boost to the overall Hong Kong economy, potentially increasing household disposable income and stimulating retail spending.

The lowering of interest rates is also expected to support the capital values of our properties, providing stability to our asset base. This may also create a more favorable environment for the Group’s two shopping malls Harbour Crystal Centre (portion) and Concord Square, potentially leading to improved occupancy rates and tenant sales as consumer confidence gradually rebuilds. We will closely monitor these trends and adjust our leasing strategies accordingly to capitalize on any upturn in the retail market.

As we enter the final stages of the refurbishment project for Concord Square (to be renamed Laneway), we anticipate increased leasing activity and interest from potential tenants. The expected rental income from this property should support significant revenue growth in 2025. Additionally, we remain alert to acquisition opportunities in the retail commercial property market, ready to act on any exceptionally discounted assets that align with our long-term strategy.