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 under pressure, as northbound travel to Shenzhen and the wider Greater Bay Area continues to draw local spending away, compounded by the ongoing shift to e-commerce. This weighs particularly on malls such as Laneway in Tsuen Wan, which depend on local catchment footfall, and to a significant extent on the Group’s retail space in Harbour Crystal Centre. We therefore continue to expect some negative rental reversion across the portfolio as leases are renewed or re-let.

On a more positive note, Laneway, which officially opened in January 2026, continues to build recognition in the local area, supporting tenant attraction as the mall becomes better established. We are also pro-actively exploring non-traditional uses for retail space to capture pockets of resilient demand — for example, expanding our health and fitness leasing to include an additional pickleball court, which should drive incremental footfall.

The Company maintains a cautious but opportunistic approach, prioritizing financial discipline and selective capital deployment as leasing conditions evolve.