Ayala Land, Inc. (ALI) was organized in 1988 when Ayala Corporation decided to spin off its real estate division into an independent subsidiary to enhance management focus on its real estate business. ALI went public in July 1991 when its class "B" common shares were listed both in the Manila and Makati Stock Exchanges. On September 12, 1997, the Securities and Exchange Commission approved the declassification of ALI's common class "A" and common class "B" shares into common shares. ALI has organized its operations into several core businesses and support businesses. Its core businesses are composed of strategic landbank management, residential development, shopping centers, corporate businesses, and geographic businesses. On the other end, ALI's support businesses consist of construction, hotels, property management, and waterworks operations. ALI also derives other income from its investment activities and sale of non-core assets. The company continues to pursue major high-end land development projects, residential and office condominium development, leisure community projects, and shopping center operations. Its ongoing land development projects include Abrio at NUVALI, Ayala Westgrove Heights, Sonera, Alegria Hills and Ayala Northpoint. Residential condominium projects that have been undertaken in the past three years include The Residences at Greenbelt. Shopping center operations at Ayala Center are ongoing while further redevelopment of both Glorietta and Greenbelt has been pursued. Operation of traditional headquarter-type and BPO buildings likewise continues. ALI also introduced in 2005 its first leisure community project, Anvaya Cove. Source: SEC Form 17-A (2008)