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.
With Hong Kong's economy poised for a recovery in the retail segment as all COVID-19 restrictions have now been lifted, the Group is positioned to benefit through our focus on retail commercial assets. An increase in visitor arrivals, particularly from mainland China, will continue to support the business activity in the Group’s retail space in Harbour Crystal Centre (portion).
The recent acquisition of Concord Square mall in Tsuen Wan allows us to tap into the retail recovery that is underway. Comprehensive plans are in place to refurbish the property and attract suitable tenants for this mall, which is expected to have a new name and be fully operational by 2024.
Key risks include the high interest-rate environment in Hong Kong as well as the lackluster recovery in the Chinese economy in general. However, given our new asset’s positioning as a mid-end shopping centre serving a bustling neighbourhood in the core retail district of Tsuen Wan, we expect to have sustainable healthy rental income in the medium- and long-term. Longer term, the Group will continue to evaluate attractive opportunities in the retail segment to expand our portfolio.