Hysan Development is considering investing in e-commerce projects to bolster earnings. 'The company has been spending lots of time in studying the potential in expanding into e-commerce,' managing director Peter Lee Ting-chang said after yesterday's annual general meeting. He expected details of the first e-commerce investment would be finalised this year. Hysan would focus on investments related to its core business, he said. It was still holding 'tens of millions' of shares in China Telecom (Hong Kong), although the lock-up agreement has expired, and would consider unloading the shares if they could generate an attractive return, he said. Hysan's debt had fallen to about HK$5 billion from HK$6 billion last year, he said, adding that the net gearing ratio was also down - to 16 per cent from last year's 30 per cent. Mr Lee had positive views about the property market given the company's office, retail and residential sectors had achieved satisfactory performance. Vacancy rates at its retail properties were less than 1 per cent while inquiries were rising for office and residential properties. Occupancy rates were 92 per cent for its office properties and 90 per cent for its luxury residences. Hysan has 4.67 million square feet in its investment property portfolio, - the majority commercial projects located in Causeway Bay. Mr Lee said Hysan was still looking at redeveloping two of its commercial buildings in Causeway Bay - Leighton Centre and One Hysan Avenue. Property director Pauline Wong Yu Wah-ling said the company managed to achieve a higher rental rate than last year.