Real estate investment and property development is one of the core businesses of Emperor Group and is mainly managed by Emperor International Holdings Limited (Stock Code: 163). Formally established in 1990, it has been constantly expanding its businesses and strengthening its property portfolios in Hong Kong, Macau and the Mainland China. In around 2005, taking advantage of Macau's growing gaming and tourism industry, the Group began to acquire a number of local prime properties there. In addition, beginning from 2006, the Group has also been engaged in property development projects in Beijing. Over the years, the Group has been actively acquiring retail spaces in prime shopping locations especially on Russell Street, Causeway Bay, which is comparable with Fifth Avenue in New York and Avenue des Champs-Elysees in Paris. Rentals from these prime properties are expected to provide stable stream of income for years to come.