After the demerger in late 2017, Wharf is mostly now a China-focused property developer. We expect China assets to contribute 70% to 80% of the earnings, splitting between investment properties and development properties. A small portfolio of Hong Kong assets, consisting of niche luxury residential properties located on the peak, and some industrial and residential assets in Kowloon East, is expected to contribute 15% of the earnings. Incomes from hotel management and logistic businesses account for the rest. The parent company, Wheelock, holds a 70% stake.