We have achieved yet another successful year with both our business and financial position continued to strengthen in 2007 and attain delightful results.

The Group's profit attributable to shareholders increased from HK$705 million for 2006 to HK$851 million for 2007, representing an increase of 21%. The Board recommended a final dividend of HK$0.28 per share. Together with the interim dividend of HK$0.24 per share, the total dividend for 2007 is HK$0.52 per share.

Toll road business remained as the Group's core business and continued to contribute stable cash and profit. Property sales increased from HK$506 million in 2006 to HK$2,408 million in 2007. Upon completion of the acquisition of Sunco Property, the size of our landbank was doubled. Together with certain new investments made in the second half of 2007, our landbank reached 6.1 million sq.m. as of 31 December 2007.

The procedural steps of the acquisition of Sunco Property have caused certain disputes and we have taken appropriate legal actions to resolve them. We believe that an equitable result will be achieved and these disputes should not have any material impact on the Group.

The Group anticipates that the PRC's economy will continue to grow. The austerity measures will benefit the society as well as the economy. These factors will all facilitate the development of the Group's business in the long term. However, in the short run, the policies of the PRC Government towards both the infrastructure and real estate businesses will be in a state of flux due to the implementation of austerity measures and the impact on the sub-prime mortgage incident. The Group will adopt a prudent and optimistic development approach and continue to enhance our efficiency and improve competitiveness in order to maintain the growth momentum of our business.

In 2008, the Group will continue to maximize the value of toll road business, including divesting the Class I/II highway portfolio and increasing investments in expressways. In respect of the property business, the Group will continue to strengthen the team setup and enhance its efficiency to maximize the value of the existing portfolio, and to gradually build up the landbank size when opportunities arise. At the same time, the Group will seek a separate listing of the property business when it is suitable.

On behalf of the Board, we express our gratitude to our business partners, customers and shareholders. We would also like to extend our appreciation to our staff for their dedication.

Zen Wei Pao, William
Chairman

Hong Kong, 8 April 2008