Probably what you're all here for is the questions afterwards. I would characterize 2018 as the results as another solid year for the company, with our businesses performing well right across the board. We had strong growth in underlying profit, reflecting a double-digit growth in recurring profit from property investment and profits from sales of non-core properties. We also enjoyed an expanding investment properties portfolio supporting growth in recurring profit and sustainable dividends, which has left us in a strong financial position now to pursue growth opportunities. The results, I'm very pleased to report, are a 30% increase in underlying profit and a 9% increase in DPS. We've clarified the dividend policy this year. You can see what it says in the box on the top right there.
Basically, the position now on dividends is to deliver sustainable growth in dividends and to pay out approximately half of our underlying profits in ordinary dividend over time. I think that's a positive change for the better. In terms of the compound growth rate in dividends over the last five years, we've delivered a 6% increase, and are paying a total dividend for 2018 of HKD 0.84 per share. Key developments in the year. On the asset disposal side, as you probably heard in the Swire Pacific briefing, we raised over HKD 20 billion, primarily in the sale of three office buildings, Cityp laza Three and Four, which we've conditionally agreed to sell for HKD 15 billion last June. That should complete in April this year. We booked the profits on the sale of the Kowloon Bay office building, again, which we deemed a non-core asset.
Those profits were booked, and we realized HKD 6.5 billion last year. So over HKD 20 billion raised. On the completion side of projects, we've had a very successful year with One Taikoo Place, which not only hit OP on time last year in October, but by the time November came around, we'd 100% leased the building, which was a great success and a good result for the team. In Wong Chuk Hang, the South Island Place asset was also completed in construction terms in August. The leasing there progress I'll talk about later is very encouraging, too. Over up in China, in Shanghai, we finished the final piece of the HKRI Taikoo Hui mixed-use development, which was The Middle House hotel, and we opened that property in May.
In terms of pipeline, you can see on the right-hand side, we have a sort of healthy increase pipeline there with the sixth investment in China called Taikoo Li Qiantan, which was a 50% acquisition, which we completed in March 2018. It's 100% retail in Pudong, in an area that we think has very high potential for the future. So we're very happy about that. The other projects in the pipeline cover both office and residential. I'll talk about them in more detail as we go through. Here's the pipeline as is. I guess the message on here really is that it's very balanced. The new projects are balanced across geography, and they're also balanced across sector.
You are seeing what I think is a very healthy pipeline of investment properties in both Hong Kong and China, and also some trading properties now, which we are very pleased to be able to say we have. I will just hand over to Fanny to talk a little bit about some financial highlights, and I will come back after that.
Thank you, Guy. Underlying profit growth is very strong in 2018, up 30% from that of 2017. A big part of that is the sale of investment property. We generated HKD 2.6 billion from the sale of our office building in Kowloon Bay, and as well as some units in Aberdeen, as well as some other non-core investment in Hong Kong. Other than that, investment property portfolio also got a very strong growth, 11% increase in the underlying profit, which amount to HKD 761 million in Hong Kong dollar terms which offset the reduction in the trading property portfolio of about HKD 1 billion. If you recall, last year in 2017, we had the profit recognized for the sale of 197 units of ALASSIO, which recognized quite a lot of profit. Without that, there was a dip in our trading property profit .
The strong growth in the investment property portfolio basically is driven from the very strong growth in the gross rental income as well. 10% growth in the gross rental income. All our markets are recording a very good growth. In Hong Kong, the positive rental reversions and the firm occupancy drive the rental growth together with the contribution of our One Taikoo Place, which is opened in the fourth quarter of 2018, all together add up to a 4% increase in the GRI. In the retail side in Hong Kong, all our three shopping malls also recorded a very good growth in the sales, which also drives the rental increase, giving a 6% growth in the gross rental income. Our portfolio in mainland China got a very good story in 2018. All the five centers recorded tremendous growth in 2018 with positive rental reversion and also improved occupancy.
Even in the Renminbi terms, it represented a total of 17% increase in the GRI. The U.S. portfolio also recorded very significant ramp-up in the shopping mall of Brickell City Centre, recording almost a double GRI increase. With that, our total attributable GRI in 2018 was up to HKD 13.8 billion. In terms of the balance sheet, very important item in the balance sheet is the investment properties. Our investment properties increased by 2% to the end of 2018 to HKD 270 billion. The increase was largely driven by the fact that we have a substantial increase in the fair value gains of HKD 19.5 billion.
This particular increase in the fair value gain was mainly driven by the fact that there was a reduction of 12.5 basis points in the capitalization rate applicable to the office portfolio in Hong Kong, which partly offset by the fact that we transferred the Cityplaza Three and Cityplaza Four properties from investment property to asset classified for sale, there was a reduction of about HKD 14.8 billion. We spent HKD 4.7 billion on the CapEx, and there was an unfavorable RMB translation difference, which caused a reduction of CNY 1.5 billion. So overall, the IP portfolio increased in value by 2%.
Thanks, Fanny. Just switching into some detail on the Hong Kong portfolio next. In terms of the office, you can see that, as you saw with the numbers, the strong performance has continued in 2018 that we've seen for the last few years now. The reversions across the board in office were positive, and you can see some of the latest rentals that we've been achieving in One and Two Pacific Place, albeit for fairly small units, are hitting up to $165, which is a high point there. Over in Quarry Bay, the Taikoo Place rentals, you can see that we've achieved from the mid-50s to the low 70s for the newer modern buildings that we're putting up as part of the decentralization trend. So a good story in Hong Kong office.
Equally, in 2018, we had a good story across the board in Hong Kong retail with increased retail sales, as you can see there. Pacific Place enjoying an increase to 11.8% year- on- year. I mentioned One Taikoo Place down in Quarry Bay. That really has benefited and driven the whole momentum around decentralization, which has been the most exciting story, I think, in terms of Hong Kong office in the last few years. We're very pleased to be at the center of all that. Taikoo Place is a huge beneficiary of the chase for lower rents and better spec buildings. You can see from some of that list there, the office tenants, that there's some fantastic names that have already made the move. People like Baker McKenzie, Ernst & Young, and Facebook down there represent a very healthy cross-section.
I would like to just flag the fact that the Royal Bank of Canada came in to nearly finish off the building. For us, they're moving down almost in their entirety, which represents the first time a bank has taken its front-of-house team down into a decentralized location. I think that's probably the start of a very healthy trend in the banking sector as well. So we're very pleased about that. I mentioned it's 100% leased at One Taikoo Place. We're expecting by the end of 2019, the end of this year, that about 80% of the tenants will have moved in.
The other decentralized location in Hong Kong at the moment, which we're playing a big part in, is Wong Chuk Hang. The South Island Place office building, which we co-own with China Motor Bus, is running at 73% occupancy right now. It's completed last year in August, as I said. It's the largest floor plate building in Wong Chuk Hang and really sort of setting the market down there. We're not sitting still in Hong Kong. On the retail side, 2019 will show the opening of the extension at Citygate, which is very exciting. It's pretty much well-leased already, about 90%, I think, and we'll be looking forward to opening that in a few months' time. Back in Taikoo Place, all attention goes back now to Two Taikoo Place, which is under construction. We hope it'll open in sort of either end of 2021 or early 2022.
We're not sitting still with Two Taikoo Place. If you look to the far right there, we've got two buildings that are under compulsory sale applications, which, if successful, would amount to being the latest product in the Taikoo Place office suite. That's very exciting. Scale wise, it's about 780,000 sq ft. On the trading side, I mentioned that it's quite good to see us back there. We've got a small project in Wing Fung Street underway, which should be complete in 2022. There's a project that we're co-developing with Henderson in Pan Hoi Street, which will be, at the moment, earmarked for trading. Of course there's the Wan Chai project, which is residential, and that's in joint venture with China Motor Bus again. It's very, very good to see that we're starting to get back into some trading opportunities in Hong Kong.
In terms of the Hong Kong portfolio, you can see that we're, as I said, not sitting still, and the pipeline continues to grow. I think this is just the positive message here is that we just have a continued investment in Hong Kong. It's our home. We believe in it very much, and we've got a good story going. This chart shows the direction we're moving in. Switching north into mainland China, you can see the last few years have been an incredible story in terms of growth in attributable gross rental income, where we've almost tripled levels since 2012. It's just been a phenomenal success, predominantly retail driven. I'm very happy to report that we grew that figure last year by 20% versus the prior year, which amounts to a very, very strong China performance in 2018.
Incidentally, if you look at the bottom there, the China contribution to the totals for our properties, gross rental income is now just under 30%, which is very pleasing to see. I mentioned in the media conference that we had very good, strong momentum in retail in China, and these figures here demonstrate that. You can see pretty much across the board, a very healthy year-on-year growth in sales. Very strong occupancies in the five projects that we have open. China, I would say, is looking good at the moment, and we expect that to continue into the next couple of years for sure. Pipeline terms, there's the addition later this year to Sanlitun West in Beijing that we talked about last August. Then the very exciting third Taikoo Li project in Qiantan in Shanghai, which is our movement into Pudong.
We are expecting to open probably towards the end of 2020. It is a very exciting location for us down there, and we are really happy to be scaling up activities and investments in Shanghai generally. Wouldn't be complete without a mention of the U.S.A. Pretty much similar story to the interims. The shopping center is 89% occupied, and the retail sales, although growing off a really low base, are looking very satisfactory for now. The two office towers have been 100% occupied for some time now with a list of tenants down there, as you can see, which are some very famous names on there, and we have a great rent roll going there.
The one situation that hasn't improved really is on the condominium side, where Reach and Rise, although we have sold nearly all of Reach and two-thirds of Rise, so we are not in a dire situation, I would say the market for condominium sales in Miami continues to be pretty slow. That is very much a function of the economies down in South America, for whom a large part of the buyers of condominiums in Miam i come.
For that market to pick up, we really need Brazil to come back and one or two other economies down there, and then we will be rolling again in Miami. Forbes, I do not know if you saw that recently, just came out with an article describing Brickell as one of the fastest growing destinations in the U.S.A. So I think we are in the right place, certainly in the right city for now.
Miami is a very good emerging story. Quick note on our fledgling young hotel business. It is a young and very growing business. It provides a bit of magic to the mix. We have two fantastic brands now in The House Collective and East. The most recent one, of which I mentioned earlier, The Middle House, opened last year. A lot has been said about how long it takes these hotels to pick up. But I would say that I was very pleased in 2018 to note that the managed hotels that we actually operate ourselves grew at an operating profit level of 15% year-on-year, which was very pleasing. We now have all our seven hotels under management open, and they just need to start scaling up in terms of maturity. So an exciting and emerging story there.
Beyond those seven hotels, we also confirmed last year that we want to extend those two successful brands into other cities in Asia on an operator model basis. There will be no capital outlay for us, but we will be looking to replicate the success of those brands in cities in predominantly Asia-Pacific, where we feel there is a need for a House or an East brand, and that is quite exciting for the hotel team. Switch back to Fanny now for some more detailed financing, if you haven't had enough of that.
Our financial position continues to get stronger and stronger. A few key points to highlight here. Very strong cash inflow from the investment property portfolio, HKD 10 billion inflow. Another HKD 10 billion coming from the investment program that Guy mentioned about. Capital expenditure, HKD 4 billion, which largely included the Taikoo Place redevelopment. On the investment on the joint venture and associated companies, HKD 2.9 billion, including the Shenzhen investment, which was injected this year. That brings the total net debt down to HKD 29.9 billion. Together with the valuation gain that we recorded in 2018, gearing substantially dropped to 10.6%, a 3 percentage point drop. If you look at the table summarizing the past five years financial parameter, all are moving in the right direction, very strong growth, reflecting in the interest cover.
The weighted average cost of debt continued to reduce to 3.3%. That is due to the fact that we have some very expensive debt, which we managed to repay upon expiry. The maturity profile of our debt portfolio also continue to be very strong. All together, we got HKD 44 billion committed loan facilities, of which we have drawn down HKD 31.9 billion. We still have committed and cash, and all the liquidity adding together, add up to HKD 15 billion for us to use. If you look at the fixed to floating ratio, 75% fixed debt on a gross basis. Our credit rating is also very strong and maintain a stable outlook. With this financial position, we put the company in a very strong position to capture all the growth opportunities in the future. Capital commitment.
The total capital commitment at the end of 2018 was HKD 17.6 billion. Hong Kong is a large chunk of that, HKD 16 billion. Guy mentioned about the Wah Ha and the Zung Fu Industrial Building. The capital commitment is under that particular line together with the Po Wah Building. Mainland China, HKD 2 billion. Part of that was due to the Shenzhen project that we got. The movement in the capital commitment, as I explained just now, there is an upward trend because we are getting stronger investment pipeline. This one summarize all the capital recycling exercise that we have done so far. HKD 25 billion committed so far, we have signed. The thing that I want to highlight here is for the Kowloon Bay line, we have all received all these particular proceeds.
City Plaza Three and Four, we have received 25% of the total HKD 15 billion of that proceed. The remaining last line, the HKD 3.7 billion, we have also completed that particular transaction. As far as our inflow from the capital recycling, substantially, we have committed and received quite a lot of the proceed already.
Thanks, Fanny. Lastly, the prospects. I will not go through this line by line, but there is a couple of highlights I would like to just flag in Hong Kong, where in the office sector, we expect high occupancy and limited supply to underpin rents at Pacific Place. Correspondingly, high occupancy and strong demand are expected to result in resilient rents down in Taikoo Place. On the retail side, we, particularly at Pacific Place, finished 2018 with a reasonably soft second half compared to the first half. What we have seen in the first couple of months of this year is that softness continuing into 2019.
I would also point out that as we start to change a couple of the larger space anchors in Pacific Place later this year, they being Harvey Nichols and some remodeling on GREAT, the supermarket. We will have to sort of shut down some spaces.
I do not expect 2019 to be a very stellar year in Pacific Place in terms of sales growth, because we are actually going to have to do some remodeling. Those are part of the turnaround of Pacific Place, and they are very important almost final steps in what has been a sort of three-year program for Pacific Place. Retail outlook, I think, is probably tending towards the soft in Hong Kong. Obviously, in China, we feel that the sales situation is very different, and we are expecting sales to grow steadily in nearly all of our centers, particularly Beijing, Guangzhou, and Shanghai. Just last, but definitely not least, we have been reporting progress on sustainable development in the last few years. We did, as you all know, the first green bond, I think, certainly for us, but in Hong Kong property last year.
HKD 500 million of which about 80% of it is already been allocated. That was a great financing that we got away. On the people side of the sustainable development program, we have just now adopted a diversity and inclusion policy, and we are starting to bring out flexible working guidelines and various people-related campaigns like that, which I think are very positive for staff. On the place-making central pillar of the whole strategy, you will notice at One Taikoo Place, we are very platinum, whether it is LEED, BEAM Plus or what I think is an increasingly important area of employee wellness. We have also achieved the WELL platinum grade. One Taikoo Place in terms of specification is really, really sustainable as well as very, very tech. Very pleased about that.
Finally, on the energy side, something that is really important to the business is that we continue to, year- on- year, produce great energy reductions in all of our buildings just by constant focus on getting those numbers down. It is the biggest sort of footprint we have on the earth, is our contribution to sort of energy and carbon there. We take that very seriously. Some good statistics shown here to show that we are performing well in that area. With that, let us get into some questions. Thank you.
Thank you, Guy and Fanny. We will now open the floor for questions. As today's briefing is being live webcast, please remember to use microphone when you ask your questions. Also, please tell us your name and organization and try to keep the questions to no more than two at a time. We will now take the first question from the floor. This gentleman in the front row, please.
Hi, Guy, Fanny. It is Ken from Citi. I have two questions. First question regarding dividend policy. You mentioned about the dividend policy is around 50% of the underlying profit, which this year payout, which have included, if you talk about those disposal gain. Can I say if 2019, you are likely to record a huge disposal gain on City Plaza Three and Four versus the historic cost, very low, HKD 1 billion- HKD 2 billion.
Does it mean that those gain part will be paid out as ordinary dividend? If it is the case, what is next 2020? If there is no gain, then should we expect a drop afterwards? This is the first question. The second question is regarding your huge process, something like HKD 14 billion-HKD 15 billion to be received, likely to drive your gearing ratio to 5%. What are you going to use of this balance sheet?
Anything that you are thinking of can buy now or you are interested in? What is your target debt or gearing, which represent with the debt headroom?
Fanny, you want to give them both?
Thank you, Ken, for your question. Dividend. I think the thing I want to particularly emphasize is the growth. We are committed to deliver a sustainable growth in absolute dividend per share growth. What that means is, we will be continued delivering that dividend per share growth every year. The divestment profit that arising from the City Plaza Three and Four will form part of the distributable proof in the future, but we are trying to use the money to generate proper sustainable rental income in the future. What that means, you can read it as, because this divestment income can be lumpy, the payout ratio may sometimes drop below that. This year, 2018, the underlying profit, and the payout ratio from that underlying profit is 48%.
I would expect that 2019 will be lower than that because you mentioned about we have a very chunky divestment profit. I can assure you that we aim to deliver a growth in the absolute dividend per share growth, which will be sustainable in the future as well.
The second.
The second question is in relation to how are we going to make use of the money. I think the short term, there will be a very strong cash position. As we spend all our money in the pipeline that Guy mentioned about, the gearing ratio may gradually pick up. We have quite a lot of investment in the future. Apart from the HKD 17 billion that I mentioned in the CapEx, I do need to emphasize that the trading property project, which included in Guy's slide about the Chai Wan project and as well as the Pan Hoi Street project, which are trading in nature, and they are not included in the capital commitment schedule, which we do need to earmark some money to do that particular project.
You can expect short term, we'll be building up a little bit of a strong financial position, but it will be used up.
Well, we do want to get back into the auction room. We saw we bid unsuccessfully, unfortunately, in Shanghai in January for a project that was right next door to HKRI Taikoo Hui. Then I'm confident there'll be some more auction opportunities in Hong Kong going forward.
Thank you. We'll take the second question. This gentleman at the second last row. Thank you.
Thank you. This is Raymond Liu from HSBC. I got two questions. The first question is regarding to the building that you mentioned, Wah Ha and Zung Fu Buildings. Can you share with us more updates on this project? Because the scale of this project is quite big. Will they become another Taikoo Place projects in the Island East portfolios? This is the first question. The second question is about the office rental reversion in Hong Kong, especially in the Pacific Place. In terms of rental reversion, very strong in the fourth quarter last year, around 26%. Do you expect the rental reversion to further accelerate, like close to 30% in 2019? Thanks.
Maybe I'll cover those. On the second question of rental reversions, yes, it was a very strong year in Pacific Place office. We do expect reversions to be positive, maybe not quite in that sort of area of magnitude, but certainly they'll be positive again in 2019 for Pacific Place. The first one was?
Wah Ha and Zung Fu.
Wah Ha and Zung Fu, yeah. Look, I think that's a pretty good bet that they're likely to be the sort of next generation in the one, two Taikoo Place office suite, which is a continuing story and a very strong one, I think, for Taikoo Place. It's all subject to obviously getting 100% ownership, of course, and that process is taking a little bit longer than it used to. We're not there yet. We haven't crossed that line. We submitted last February, and I think we're still in the middle of all that. So there's a ways to go yet on that. But certainly, the way we're thinking about the design, it's certainly going to be the latest and greatest in terms of spec.
Thank you. We can take the next question. This gentleman on the second row.
Hi, Karl [inaudible] from Merrill Lynch. A couple questions. First is, Guy, you mentioned the re-tenanting exercise over at Pacific Place. Can you give a little bit more color on what you intend to do and also the percentage of space that will be impacted? Second is on the Sanlitun West. Can you give a little bit more color on how the pre-leasing is going on? Thanks.
Thanks, Karl. Well, look, the major re-tenanting exercise is actually one that's already been announced with Harvey Nichols. Effectively they have just under 85,000 sq ft of space over two floors. We're taking a floor of that back. They're very happy with that. We're very happy with it because what it allows us to do is to subdivide the floor that we gain, put more variety into that space. Harvey Nichols, through the use of technology, are able to half the amount of space that they have and more than double the range of merchandise. So consumers will be able to go into Harvey Nichols in future and buy pretty much anything they can find in the entire global catalog from the store, which I think is pretty exciting. So that's the major re-tenanting ahead.
The Great work we've mentioned before, I think, we've renewed the supermarket anchor tenancy with Great. As part of that renewal, they're going to go put the store through some refurbishment, which I think will be very exciting when it's finished. So two large spaces that are going to be under work this year. At the end of it, we'll have a very good looking Pacific Place to show for us, I think. Sanlitun West, we've published the latest. It's essentially going to be three or four new anchors in what is the most high traffic and high revenue producing corner of Sanlitun. We haven't announced who's going in there yet.
There's going to be a little bit of shifting around there as you know that we're moving the Apple store up in Sanlitun as well from its kind of old location into a new location. With that, there'll be a few of the other anchors that do a shift around. So it'll be the subject of a special announcement when we get ready to do that, Karl.
Thank you. Any other questions? This gentleman in the front row, please.
Thank you. It's David Ng from Macquarie. A question on the Pacific Place office. We heard from some of your peers that some of these mainland tenants may be slowing down a little bit, causing the spot rent to basically slow down in growth. Some of your peers say there's not much impact. How have you seen this impact on the Pacific Place office space over the last six months, and how would you foresee the upcoming year? For the Island East, there's a noticeable gap between the One Island East Taikoo Place 1 versus the other older buildings.
Do you foresee potentially spillover effects in terms of as the space got taken up and not a lot of new space being released, that even the older buildings right now at the 40s or low 50s, can they also move up in term of the rental, or are there things that you are working on, not major, but like things you can work on the older buildings to help to achieve that purpose? The final question is on the retail sales growth of Cityg ate in Tung Chung as well as Cityplaza. The retail sales growth was positive, of course, but it's actually underperformed the overall Hong Kong market retail sales in 2018. What attribute to that, or are there any other things that you are working on into these two assets to remedy that? Thank you.
Okay. Three good questions. PP office, how has it manifested in terms of demand and mainland impact. I think what we would say is that certainly the level of inquiries is a lot lower at the moment, and has been for a few months, than it was 12- 18 months ago. So we've seen a drop-off of inquiries in Pacific Place from the mainland. But we have such a diverse tenant base in Pacific Place that I wouldn't say our exposure to any particular mainland drop-off effect is very great. So, that's where that is. In terms of the Taikoo Place, old curtain walls, well, the buildings, well, the good news is actually that we continue to invest in the entire campus down there. We're lucky enough to, because we own so much of the neighborhood, that we can do a lot of things that we want to do.
That includes the old Taikoo Place curtain wall buildings. We will continue to upgrade them and keep the value high on that. What happens when we do that is that the whole area, in terms of rental levels, is increasing. It is not just a story about focusing on the new buildings and leaving the old ones to sort of wither there. We are actually seeing a rental increase right across the portfolio down in Taikoo Place. I think that is reflective of the product that we are creating and the neighborhood itself, which is actually why people want to be down there, is that there are so many amenities, and they benefit tenants in the old curtain wall buildings just as they do in the new ones. In Hong Kong retail sales, yeah, you are right. Citygate obviously had to go through a little bit of closure.
For example, the cinemas, we were trying to rebuild, and some of the food outlets were closed last year. That would have impacted on the Citygate. Cityplaza, it was only a little bit shy of the Hong Kong average in terms of sales growth. I think Cityplaza was about 6.6%, Hong Kong about 7%-8%. As you know, Cityplaza does not typically benefit from any mainland impact in terms of shopping. In as much as a lot of the other centers in Hong Kong were benefiting from that, Cityplaza was not. For us, it is a good proxy for true sort of Hong Kong demand, minus the mainland effect.
Thank you. I think we have time for one last question. This gentleman at the back, please.
Thanks. Justin Kwok with Goldman. Perhaps I got a question on the medium-term cashflow or the balance sheet situation company. Looking at the slides, you have roughly HKD 18 billion of CapEx committed. Obviously, it was higher than before, but not all the way back to the earlier peak. On the other side, on the following slide, you have successfully recycled HKD 25 billion through different disposals. In a way, I think earlier on, management committed that there is no special dividend on one-off, but I guess from a shareholder point of view, looking at a company, say two, three years down the road, with the accumulation of cash resources, should shareholder be looking at, say, your efforts to, say, pay down debt using these resources?
Or more likely that the CapEx commitment would actually go up higher, much higher than HKD 18 billion, for the reason that you are saving more cash? Thanks.
Well, I will have a go, Fanny, and you can correct me if I get it wrong. But Justin, I think the answer is that the HKD 17 billion capital commitments that we have put in here are those that we are able to tell you about right now. There is a lot more that we want to do. It is really the latter point that you make to explain that. We want to get in the auction room. We want to win some of those sites, both in Hong Kong and in China. And we want to be in a cash position where we can do that. And there is quite a lot of land assembly going on, which is a process that we have used very successfully.
Beyond the HKD 17 billion that we can talk about at the moment, there is a bunch of things going on and a bunch of targeted assets that we want to put ourselves in a position financially to be able to win.
Yeah. To supplement that, I think the continuous investment in our investment pipeline is very important for us to honor our promise that our dividend per share growth will be sustainable. Management is very mindful of continuing building up our investment pipeline, and reserving our financial position to enable the company to do more investment will be very key.
Thank you, Guy and Fanny. This concludes our analyst briefing for today. Thank you again for joining us. Please have a wonderful evening.
Thank you.