Swire Properties reported stable occupancy rates in its Hong Kong malls amid the dip in retail sales during the first half of this year, according to its Quarterly Operating Statement issued the day before. Occupancy at the three malls in Hong Kong remained firm in the second quarter, with that in Cityplaza and Citygate Outlets remaining at 100%, and Pacific Place at 96%.

The Company's office portfolio remained resilient, despite the soft overall office market. Occupancy rates at both Taikoo Place and Pacific Place remained relatively high with a negative rental reversion. A Company spokesperson noted that this was due to rentals being concluded three years on from the previous peak of the market. The media reported that Two Taikoo Place has attained a pre-leasing rate of close to 50%.

The media also reported that retail sales of the Company's malls in the Chinese Mainland dropped in the second quarter, with malls in Shanghai and Beijing being greatly impacted by pandemic control measures. The spokesperson shared that Taikoo Li Qiantan was one of the very few shopping malls authorised to partly operate during the citywide lockdown.