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Greater Bay Area Residential Transactions Stabilized in 2H 2024 With Central Government’s Support

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Neighborhood Retail Assets and Industrial/Logistics Sector Gain Investors’ Interest

  • Since the Politburo’s emphasis in its September 2024 meeting that authorities “must work to halt the real estate market decline and spur a stable recovery,” Chinese mainland residential market sentiment has strengthened significantly, supporting a pick-up in primary market home sales
  • Total investment volume in the Greater Bay Area (GBA) commercial real estate (CRE) market recorded RMB44.7 billion in 2024, accounting for 20% of total Chinese mainland CRE investment volume
  • The industrial/ logistics sector became sought-after, accounting for 22% of total investment volume in the GBA, with transaction activity in second-tier GBA cities performing notably well

HONG KONG SAR – Media OutReach Newswire – 14 January 2025 – Global real estate services firm Cushman & Wakefield today published its Greater Bay Area Residential and Investment Market 2024 Review and 2025 Outlook. In reviewing 2024, GBA residential market sentiment remained cautious in the first three quarters, due to the slower-than-expected pace of economic recovery and a lack of confidence among potential buyers. However, since the Central Government emphasized at the Politburo meeting that authorities “must work to halt the real estate market decline and spur a stable recovery,” and put forward stimulus measures targeting both the demand and supply sides, residential transaction activity started to strengthen from October. The CRE investment market also began to show a steady uptrend from Q4 onwards, with neighborhood retail assets and the industrial/ logistics projects being the most sought-after by investors.

GBA Residential Market

Overall GBA residential market sentiment remained cautious in the first half of 2024 due to the economic slowdown in the Chinese mainland combined with a lack of confidence in the real estate market. Although overall GBA primary market residential transactions picked up in June following the introduction of the “517” new housing policies, the market then gradually digested the favorable impact in the subsequent months, failing to bring a sustained stimulus to residential transactions.

In late September, the Central Government then emphasized at the Politburo meeting that authorities “must work to halt the real estate market decline and spur a stable recovery”. Unlike the “517” new housing policies, which mainly targeted the demand side, this time the policies were designed to stimulate the market from both the demand and supply sides. The Central Government also introduced real estate measures summarized as “four cancellations, four reductions, and two additions,” aimed at lowering the cost of entry for buyers,and boosting the market’s confidence in developers’ capital flow by encouraging local governments to use funds from special-purpose bonds to reclaim and acquire idle land and unsold units. Since October, the residential market has become more active, with transaction numbers picking up significantly. Around 40,000 transactions were recorded in the GBA primary residential market in October, growing 70% m-o-m. Transactions through Q4 showed a strong recovery, growing 42% y-o-y and 72% q-o-q, with new home sales in Shenzhen and Guangzhou surging 165% and 72% respectively over the same period last year. These figures reflect that with the support of favorable policies, residential transaction activity in the Greater Bay Area is gradually recovering. Although total primary market transactions for the full-year 2024 reached approximately 318,000 units, a 16% y-o-y drop from 2023, the decline was concentrated in the first three quarters. (Chart 1).

Chart 1: GBA First-Hand Residential Sales

Primary market home prices are more swayed by the quality level of newly launched projects, and first-hand residential prices in the nine GBA Chinese mainland cities showed a mixed trend in 2H 2024. Secondary market home prices generally better reflect current underlying trends, and National Bureau of Statistics data shows that Shenzhen secondary home prices had been in a correction of -9.2% for the first nine months of 2024. However, since the Central Government introduced a series of stimulus measures for the real estate market in September and October, in particular the special-purpose bonds to improve developers’ cash flow, the sales price index of secondary market residential buildings in Shenzhen has stabilized, with m-o-m increases of 0.7% in October and 0.5% in November. We expect the price index in December to record similar growth to November, narrowing the annual decline to 7.7% (Chart 2).

Chart 2: Change in Shenzhen Secondary Home Price Index

Alva To, Cushman & Wakefield’s Vice President, Greater China & Head of Consulting, Greater China
said, “In reviewing the easing policies introduced in 2H 2024, the Central Government has not only stimulated housing demand but also strived to stabilize supply. Among the measures, we believe the policy of encouraging local governments to use funds from special-purpose bonds to reclaim and acquire idle land and unsold units is the most noteworthy. This is expected to help developers improve their cash flow and liquidity, in turn strengthening market’s confidence in developers’ deliveries, while also ensuring a stable housing supply. Only with the gradual restoration of market confidence can the purchasing power stimulated by easing policies be truly unleashed. Looking ahead to 2025, we believe that the most challenging time is over and that the property market is now gradually stabilizing with the support of the Central Government’s policies. With the support of favorable policies, transaction numbers are likely to be maintained at the current level. We forecast that total first-hand residential transactions in the GBA will increase by 20% to around 380,000 units in 2025, supporting the gradual recovery of home prices.”

GBA CRE Investment Market

Charli Chan, Cushman & Wakefield’s Deputy Managing Director, Head of HK PRC Team, Capital Markets, said, “After significant downward asset price adjustments in the middle of the year, the GBA CRE investment market began to show a trend of stable recovery trend from Q4 2024. The GBA CRE investment market (large-sized deals at RMB100 million or above) recorded 66 deals totaling RMB44.7 billion for the full-year 2024, decreasing 9% y-o-y, accounting for 20% of the overall Chinese mainland investment market (Chart 3). Of the 66 large-sized deals, 15 were above the RMB1 billion mark, accounting for 23% of the total number of transactions, up from 20% in 2023. The GBA commercial property investment market continued to focus on the two first-tier mainland cities, Shenzhen and Guangzhou, recording total transaction volumes of RMB23.9 billion and RMB14.6 billion, respectively.

By property type, the office/R&D office sector continued to take the largest share of the market, accounting for more than half of the total investment volume for 2024. The share of the industrial/ logistics sector increased notably, from 9% of total investment volume in 2023 to 22% in 2024, chiefly driven by logistics demand spurred by cross-border e-commerce activities (Chart 4). This trend is also in line with the firm’s forecast six months ago.

Chart 4: Total CRE Investment Volume in the GBA by Property Type

Charli Chan
added, “Looking ahead to 2025, investors are likely to remain cautious in the current market conditions. The abundant new supply of industrial, logistics, and office premises, combined with relatively few buyers in the market, is going to lead to increased competition, bringing downward pressure on property prices. However, the low interest rate environment in the Chinese mainland, and with further rate cuts anticipated, is expected to offset the downward pressure to a certain extent. Property prices are expected to remain generally stable in 2025.

“In terms of property type, the logistics sector currently remains the top choice for investors. However, Guangdong is facing a supply boom in the coming two years, which may exert pressure on rents. Neighborhood retail assets and community malls are expected to remain sought after, and industrial parks are also attracting greater market attention with the benefit of relatively long-term tenants. Yet, investors are advised to adjust their strategies in a timely manner, considering the effectiveness of the ‘Industry’s Going Upstairs’ (IGU) policy and the actual market situation. Among all asset classes, the office sector has experienced the greatest price pressure. We suggest investors to pay attention to projects held by U.S. dollar funds that are willing to offload assets with price discounts.”

Please click here to download photos.

Caption:
Alva To, Cushman & Wakefield’s Vice President, Greater China & Head of Consulting, Greater China (Left)
and Charli Chan, Cushman & Wakefield’s Deputy Managing Director, Head of HK PRC Team, Capital Markets (Right).

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The issuer is solely responsible for the content of this announcement.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2023, the firm reported revenue of $9.5 billion across its core services of valuation, consulting, project & development services, capital markets, project & occupier services, industrial & logistics, retail and others. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit or follow us on LinkedIn ().

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From Engineering Feats to Ecological Regeneration, Vinhomes Green Paradise Debuts the ESG++ Framework for Future Cities

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HO CHI MINH CITY, VIETNAM – Media OutReach Newswire – 13 January 2026 – For decades, the global map of urban development seemed firmly defined by familiar names. The United States shaped the world’s financial megacities; Dubai astonished the globe with audacious land reclamation projects; Singapore became a benchmark for disciplined, sustainable planning. Within that sweeping current, Vietnam was often perceived as a latecomer, observing, learning, adapting, and steadily refining its own path.

Today, that narrative is shifting. When Vinhomes Green Paradise confidently steps onto the global stage, alongside projects from the world’s most advanced economies, it represents far more than the launch of a new development. It marks a moment when Vietnamese urban thinking moves beyond its domestic context, ready to be assessed, debated, and recognized at a regional and international level.

This is not merely a project announcement. It is a signal of transformation.

When Vietnamese Cities Enter the Global Conversation

Vietnam has, in recent years, earned international recognition through prestigious awards in planning, architecture, and real estate, including the Asia Pacific Property Awards and the International Property Awards. These accolades reflect the growing professionalism and creative capacity of Vietnamese developers, architects, and planners.

Yet Vinhomes Green Paradise occupies a different dimension of aspiration. Its significance does not lie in a single master plan or architectural statement, but in a comprehensive urban philosophy, one where sustainability, advanced technology, and environmental responsibility are no longer supporting ideas, but core drivers placed on equal footing with economic growth.

In this sense, the project signals that Vietnamese expertise has matured. It suggests a readiness not just to learn from the world, but to engage in meaningful dialogue with it, and to contribute original thinking to the global discourse on future cities.

The choice of location is no coincidence. Can Gio is one of Vietnam’s most ecologically sensitive regions, home to more than 75,000 hectares of mangrove forests recognized by UNESCO as a World Biosphere Reserve.

Developing nearly 3,000 hectares in such an environment presents an unprecedented challenge. In a place where ecosystems are delicate and interconnected, any miscalculation could leave irreversible consequences.

Vinhomes Green Paradise emerges precisely within this context. It serves as a comprehensive test of urban knowledge, technological capability, governance capacity, and, above all, environmental accountability. Its implementation demonstrates that Vietnamese enterprises are prepared to meet the most demanding international standards in ecological urban development.

From Urban Project to UrbanNature Ecosystem

What truly distinguishes Vinhomes Green Paradise is not its scale, but its development philosophy. The project is not positioned as a conventional modern township. Instead, it is conceived as an integrated urban–nature ecosystem, where human life and the natural environment coexist in a state of long-term balance.

Green infrastructure, smart-city technologies, renewable energy systems, digital governance, and ecological restoration are woven into a single, unified framework. Globally, only a handful of pioneering cities, such as Masdar in the United Arab Emirates or Songdo in South Korea, have pursued such an integrated approach at scale.

The emergence of Vinhomes Green Paradise signals that Vietnam is no longer standing at the periphery of this movement. It is entering the arena with the confidence to participate, and potentially to lead, in the global race toward sustainable urban futures.

ESG++: Beyond Sustainability Toward Regeneration

While ESG (Environmental, Social, Governance) principles have become a global standard, Vinhomes Green Paradise advances the concept further through an ESG++ framework, adding two critical dimensions: Regeneration and Resilience.

Rather than expanding by consuming natural resources, the project prioritizes ecological restoration, aiming not merely to minimize harm, but to actively return value to the environment. The vision is of a city that can generate its own energy, treat and reuse its wastewater, and maintain ecological equilibrium over time.

Urban experts increasingly agree that such models are essential in an era of climate change, particularly for coastal cities facing rising sea levels and extreme weather. In this context, Vinhomes Green Paradise contributes to defining a new benchmark for sustainable coastal urbanism, not only in Vietnam, but globally.

Building a megacity in an environmentally sensitive coastal zone demands deep interdisciplinary expertise, spanning geology, hydrology, ecology, materials science, and energy systems. The financial and technological investments required are immense, and few developers are willing, or able, to assume such complexity and risk.

It is within this demanding framework that the involvement of AOMI Construction Co., Ltd., becomes particularly significant. AOMI is the owner of the K-DPM soil solidification technology, one of the world’s most advanced solutions for soft-ground and land reclamation projects.

Drawing from Japan’s extensive experience as an island nation with limited land resources, Mr. Okori Katsumi, a Japanese expert, representative of AOMI Construction Co., Ltd., explains: “Japan has long faced constraints in land availability. For decades, we have turned to the sea, creating airports, urban spaces, and new living environments through carefully engineered land reclamation.”

Traditional methods, such as mixing cement directly with soil, revealed critical limitations in scale and transportability. K-DPM technology was developed to overcome these barriers by using high-pressure air to move and solidify large volumes of dredged material, reducing construction time while minimizing environmental impact through reduced reliance on sand extraction.

From Engineering Feats to a 21st-Century Symbol

Japan’s experience in land reclamation has consistently emphasized environmental protection, using containment barriers to limit water turbidity, and applying strict standards for pH levels and material compatibility with surrounding ecosystems. These principles are now being adapted and elevated in Can Gio.

For Vingroup, Vinhomes Green Paradise is not its first venture into coastal engineering. In 2017, the VinFast manufacturing complex in Hai Phong, over 60% of which involved land reclamation, was completed in a record 21 months, setting new benchmarks for speed and technical execution.

In Can Gio, the challenge has been taken further. The project benefits from consultancy by Dutch experts, representing a nation globally renowned for water management and land reclamation expertise. The objective extends beyond structural durability to the comprehensive preservation of indigenous ecosystems over the long term.

If land reclamation once astonished the world through icons like Palm Jumeirah in Dubai, Vinhomes Green Paradise seeks to redefine that legacy through a fundamentally different philosophy: Respect for nature and ecological regeneration.

This ESG++ megacity is more than proof of advanced engineering capability. It stands as a symbol of Vietnam’s national vision, one that looks toward the ocean not as a frontier to conquer, but as a partner in shaping resilient, future-ready cities.

Ultimately, Vinhomes Green Paradise is not simply a real estate development. It is a declaration of aspiration and confidence, a statement that Vietnamese urbanism has entered a new era, where healing people and healing nature are no longer separate goals, but a shared mission for sustainable progress in the 21st century.

Hashtag: #Vinhomes

The issuer is solely responsible for the content of this announcement.

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HDBank completes issuance of US$100 million green bonds to international investors

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HO CHI MINH CITY, VIETNAM – Media OutReach Newswire – 12 January 2026 – Ho Chi Minh City Development Commercial Bank (HDBank, ticker symbol: HDB) has successfully issued a second tranche of international green bonds worth US$50 million to the Dutch Entrepreneurial Development Bank (FMO) and British International Investment (BII), the UK’s development finance institution and impact investor, completing its $100 million international green bond initiative in 2025.

HDBank’s international green bond programme strengthens funding diversification and supports sustainable, green and inclusive finance initiatives in Vietnam.

The announcement was made at “The USD100 Million Green Bond Issuance Disclosure Ceremony” recently held between HDBank and its green bond investors including FMO, BII and the International Finance Corporation (IFC) – a member of the World Bank Group in the presence of the Deputy Consul General of the Netherlands and representatives from the British Consulate General in Ho Chi Minh City.

The bonds included $30 million privately issued to FMO and $20 million to BII. The first tranche was issued to IFC, which facilitated the participation of FMO and BII in the second tranche.

The bonds have a three-year term, are non-convertible and unsecured and issued without warrants.

Nguyen Huu Dang, HDBank’s CEO, said: “Sustainable development goals lie at the heart of HDBank’s strategy, which is centred on delivering the best value for customers, partners and the community. This international green bond initiative marks an important stepping stone on our journey towards achieving those goals.”

The issuance help diversify HDBank’s funding sources, support its sustainable growth strategy and create a foundation for it to continue attracting additional international capital for green finance, sustainable development and inclusive finance initiatives in Vietnam.

This, in turn, helps customers access capital to deploy solar energy projects, electric vehicles, green buildings, and other energy-saving solutions.

Projects financed by the green bond proceeds must undergo rigorous screening, meet environmental and social risk management requirements, and comply with eligibility criteria under the Bank’s Sustainable Finance Framework. These projects are expected to reduce approximately 102,000 tons of CO₂ over 10 years, improve environmental quality and contribute to Vietnam’s Net Zero 2050 commitment.

Weichuan Xu, IFC’s lead for the Financial Institutions Group in Vietnam, Cambodia and Lao PDR, said the issuance marked a significant step in expanding HDBank’s climate finance portfolio and advancing Vietnam’s economic and social progress.

“The funds raised will support projects that foster sustainable industries, generate jobs and strengthen communities,” he added.

Representatives from FMO and BII also highlighted the transaction as a strong signal of the growing readiness and potential of Vietnam’s sustainable finance ecosystem, helping attract more capital for climate-responsible projects.

With this milestone, HDBank reinforces its commitment to sustainable finance and the long-term prosperity of its customers, partners and the community, while expanding its presence on the global financial map.

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The issuer is solely responsible for the content of this announcement.

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Hang Lung Enters the Next Phase in Its Sustainability Journey with Ambitious New Targets

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New targets outlined for 2030 following the successful conclusion of the 25×25 sustainability targets

HONG KONG SAR and SHANGHAI, CHINA – Media OutReach Newswire – 12 January 2026 – Hang Lung Properties Limited (SEHK stock code: 00101) (“Hang Lung” or the “Company”) today announces a new phase in its sustainability journey, unveiling 20 refreshed 2030 targets that build on its success in achieving its 25 x 25 Sustainability Targets.

Launched in 2021, the 25 x 25 targets defined Hang Lung’s agenda to the end of 2025 across four priorities: Climate Resilience, Resource Management, Wellbeing, and Sustainable Transactions. The Company has achieved its earlier ambitions, and exceeded targets related to greenhouse gas emissions reduction, renewable energy, and energy efficiency. Establishing such a concrete and robust set of targets also helped the Company develop practices in sustainability innovation and continual improvement.

Building on this success, now with expanded data, greater organizational maturity, and heightened ambition, Hang Lung’s refreshed 2030 targets reflect its position as an industry leader in sustainability.

The 20 targets for 2030 continue to be organized under the four priorities that define Hang Lung’s approach to sustainability, including the below highlights:

  • Climate Resilience: Among the first real estate companies in Asia to have near- and long-term targets fully aligned with the Science Based Target initiative’s Buildings Criteria and its emission reduction pathway (1.5°C). Also, Hang Lung is the first real estate company in Asia to establish a Climate Value-at-Risk target.
  • Resource Management: The first real estate company in Asia to formulate a target for biodiversity net gain (10%) on all new development projects and major renovations, supporting urban ecosystems and enhancing green spaces.
  • Wellbeing: Generate at least HK$40 million in social value through community investments.
  • Sustainable Transactions: Collaborate with tenants representing 25% of our leased floor area through our sustainability partnerships program.

Collaboration across the value chain remains central to Hang Lung’s approach, extending beyond traditional metrics. Hang Lung aims to partner with suppliers and tenants through quantifiable targets to drive progress upstream and downstream. In addition, the Company is committed to supporting innovation in standards development to facilitate impactful sustainability initiatives across sectors and jurisdictions.

Mr. Adriel Chan, Chair of Hang Lung Properties and Chair of the Sustainability Steering Committee, commented: “We are excited to embark on this next phase of our sustainability journey, reflecting Hang Lung’s growing role not just as a leader in sustainability action, but also in sustainability thought leadership. By working closely with partners across our value chain, we are confident that we can deliver on these commitments and continue to foster excellence in sustainable development in Asia.”

Mr. John Haffner, Deputy Director – Sustainability, added: “Over the past several years, we have seen how ambitious targets focus our efforts and help develop a culture of innovation. Building on our achievements and lessons learned, our 2030 targets are sharper and more data-driven, and will help us achieve greater impact in our communities.”

Full details of the 25 x 25 wrap-up and the new 2030 targets will be shared in Hang Lung’s 2025 Sustainability Report to be released in March. The report will provide further insights into the Company’s achievements, lessons learned, and emerging plans to support the refreshed 2030 targets, inviting partners and the wider public to join forces in shaping a sustainable future.

Appendix
Overview of 2030 Sustainability Goals and Targets

Priority 2030 Goals 2030 Targets
Climate Resilience

Reduce carbon footprint in line with science and adapt to a changing climate

1. In-use operational emissions: 56.1% per m2 reduction in scope 1, 2 and 3 in-use operational GHG emissions of owned and leased buildings from a 2023 base year.
2. Upfront embodied emissions: 42% reduction in upfront embodied emissions from a 2023 base year.
3. Renewable electricity: 70% of our landlord’s electricity consumption across the portfolio provided by renewable electricity.
4. Adaptation: 10% reduction in our Climate Value-at-Risk compared to the absence of implemented adaptation measures.
Resource Management

Drive efficient and circular use of natural resources and help regenerate nature

5. Energy Use Intensity: 10% reduction in the landlord’s energy use intensity from a 2023 base year.
6. Operational Waste: 35% recycling of municipal solid waste generated from operating properties.
7. Construction Waste: 90% recycling of construction waste generated from construction sites.
8. Water: 8% reduction in freshwater intensity from a 2023 base year.
9. Biodiversity: 10% biodiversity net gain on all new development projects and major renovations with landscape renovation.
Wellbeing

Foster safe, inclusive and healthy spaces that enhance quality of life for all stakeholders

10. Health and safety: Maintain zero work-related fatalities, serious injuries, and occupational diseases for employees and contractors. Maintain a Lost Time Injury Rate of 1.5 or below for employees and contractors.
11. Indoor air quality: Maintain, more than 90% of the time, PM2.5, TVOC and CO2 levels below levels defined in the RESET Air standard.
12. Employee engagement: Maintain an employee engagement survey rating greater than or equal to the 75th percentile.
13. Diversity: At least 5% of our workforce across the portfolio is comprised of people from diverse backgrounds.*
14. Diversity: Maintain Female-to-Male pay ratio of 1:1; maintain gender balance in management positions.
15. Social impact: Create at least HK$40 million in social value through our community investments.
Sustainable Transactions

Collaborate with key stakeholders across our value chain to advance our sustainability priorities

16. Tenant electricity intensity: Benchmarking provided to 100% of tenants across the Chinese Mainland portfolio and work with tenants towards a 10% reduction in their electricity intensity from a 2023 base year.
17. Tenants: Tenants representing 25% of our leased floor area in applicable Chinese Mainland and Hong Kong properties participate in our tenant sustainability partnerships program.
18. Suppliers: Regularly conduct ESG risk screening for 100% of active suppliers and provide ESG assessments for suppliers covering 50% of spending.
19. Procurement: 15% of spending on operational procurement qualifies as sustainable procurement.
20. Standards development: Undertake at least three innovative initiatives in standards development to help accelerate learning and sustainability impact.

* Our definition of diverse background includes people with disabilities and ethnic minorities.

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About Hang Lung Properties

Hang Lung Properties Limited (SEHK stock code: 00101) creates compelling spaces that enrich lives. Headquartered in Hong Kong and Shanghai, the Company manages a portfolio of over 3.5 million square meters of retail, office, residential, and hotel properties across Hong Kong and mainland China.
The Company’s diverse portfolio in Hong Kong includes office towers and malls in prime districts, as well as luxury residential developments in prestigious areas. In mainland China, under the signature “66” brand, the Company’s mixed-use and retail developments are regarded as premium landmarks, strategically located in the hearts of key cities of Shanghai, Shenyang, Jinan, Wuxi, Tianjin, Dalian, Kunming, Wuhan, and Hangzhou.
The Company is recognized for pioneering sustainability in the real estate industry, with an MSCI ESG rating of AA and inclusion on CDP “A List” for Climate Change. The Company powers 80% of its operating properties in the Mainland with renewable energy, with a net zero commitment by 2050.
At Hang Lung Properties – We Do It Well.
For more information, please visit .

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