Hubindao opened in October 2015 as a lifestyle shopping mall in downtown Shanghai, featuring restaurants, family-friendly experiences, lifestyle retail and other services outlets. The complex is positioned to meet the shopping and living needs of business professionals working in the office buildings and families living in the residential quarters in the area.  
Hubindao is located directly across CPIC Xintiandi Commercial Center, a development project that is expected to complete construction in phases from 2022 to 2024 and will consist of office, retail, entertainment and cultural properties. We believe Hubindao is poised to benefit from their close proximity to CPIC Xintiandi Commercial Centre, which will provide additional traffic to the properties and increase the vitality of the commercial landscape of the Shanghai Xintiandi Community post-completion. We also have a right to acquire Shui On Land’s interest in CPIC Xintiandi Commercial Centre after its completion, which can increase our flexibility in the operation of these properties.