Rental income is the segment which I am monitoring closely and it continued its strong uptrend with a 6.1% year on year. This was due to the purchase of Lombard street which was reported in the Q4 of last year. If we compare quarter on quarter, it is stable at $37.7m, which was unchanged from previous quarter. This comes in at $150m annualized.

The sale of development properties is the swing factor here. In this quarter, sale of development properties come from the sale of the site in Gold Coast, Australia which the company reported a $2.6m gain on profits.

The share of profits from their associates in Shanghai continues to perform well, though it dropped 12.8% year on year. This doesn't contribute to a cashflow until the ...