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 Hong Kong’s travel restrictions have been fully lifted, we still expect significant headwinds in the retail sector due to reduced consumption from visitors as well as from locals. The fall in visitor arrivals compared to before the pandemic is a major concern, especially for travellers from countries other than China. Another concern is the large increase in outbound travel for Hong Kong residents, which has resulted in reduced spending domestically.

On a more positive note, we expect to see a significant increase in large-scale public events and conferences to Hong Kong, which should help the footfall of the Group’s retail space in Harbour Crystal Centre (portion) due to the property’s nearby transport links.

The completion of refurbishments to Concord Square by year end should result in new rental lease signings later this year. A mild uplift to the Group’s total rental revenue is expected this year, and a significant rise in the Group’s revenue is expected in 2025.

As before, the key risks are still the uncertainty of the recovery in the Chinese economy as well as the likelihood of a long-awaited fall in interest rates. Nonetheless, we believe Concord Square, which caters largely to the local community in Tsuen Wan, should perform well when it re-opens for business.