Tim Blackburn, Chief Executive of Swire Properties, said that as the Company celebrates its 50th anniversary, it will continue investing in Hong Kong and core markets with its previously announced HKD100 billion investment plan.

Blackburn opined that Hong Kong's office market will remain soft, amid increased new supply, but the Company's office portfolio at Pacific Place and Taikoo Place has remained resilient with high occupancy rates. The pre-leasing of Two Taikoo Place has reached 50%, attracting tenants looking for spaces with good amenities and a sustainable design. He expected that Hong Kong's office outlook would be stable in the medium term, and when the borders reopen, new or pent-up demand will be unleashed.

On Hong Kong's residential market, Blackburn noted that some corrections in property prices are a result of short-term factors such as higher interest rates and economic uncertainty, but the demand for homes will remain strong in the medium term. The Company has several residential projects in the pipeline, including Wong Chuk Hang and Chai Wan developments, and would look for suitable opportunities in the Northern Metropolis.

In the next decade, HKD50 billion of the HKD100 billion investment plan will be invested in the Chinese Mainland, focusing on existing and emerging tier-one cities. Blackburn shared that the Company is particularly eyeing on the Greater Bay Area, specifically Shenzhen. The Company earlier announced its first Shenzhen project – a brand-new The House Collective hotel – and is plans to bring a mixed-use concept there. It remains positive on the outlook for the Chinese Mainland despite the short-term volatility, firmly believing the economy to rebound.