In July 2013, The Group announced an agreement with Grosvenor to enter into a 50:50 joint venture partnership to redevelop the site of 1-5 Grosvenor Place, Belgravia, into a mixed-use scheme incorporating HSH’s first hotel in the UK –The Peninsula London. In the past 12 months, significant progress has been made in the design and planning of the project. Subject to obtaining planning approvals, we are targeting to commence demolition and construction by 2016. This project is consistent with our Group’s long term strategy, representing our desire to further expand in Europe.