Real estate development is the Group’s principal business, focusing to date on the development of luxury and middle-income residential properties and mixed-use properties in Ulaanbaatar, Mongolia. As at 30 June 2016, the Group had completed development of approximately 53,000 sqm in GFA of real estate across five developments in Ulaanbaatar. The Group currently has approximately 38,000 sqm in GFA (comprising approximately 33,000 sqm in GSA) under construction on one site. In addition, the Directors believe that the Group owns through land-use or land-possession rights, acquired over a number of years, a substantial land bank of eight lots in prime locations in and around Ulaanbaatar on which they believe over 450,000 sqm in GFA can be constructed.