Swire Properties revealed performance across its investment property portfolios in its third quarter Operating Statement, including the high occupancy rate of the Company's offices and the overall retail sales improvement in Hong Kong shopping malls.

The occupancy rate of the Company's malls in Hong Kong in the third quarter remained robust – The Mall, Pacific Place maintained at 96% and Cityplaza and Citygate Outlets at 100%. All three malls have shown year-on-year improvement in their retail sales. The overall occupancy of Hong Kong offices slightly dropped to 96% from 97% as at the end of 2021. However, positive rental reversion was seen at One Island East and One Taikoo Place. Despite the challenging market conditions, Two Taikoo Place still achieved good progress in pre-leasing, with leading Japanese bank SMBC committed to taking up two floors that span 45,000 sq ft.

In the Chinese Mainland, the overall retail sales growth recorded a year-on-year decrease across the six malls, but the occupancy rate mostly remained stable.

A Company spokesperson said that the Company's office portfolios continued to remain resilient, despite the soft office market and uncertainty in the macro-economic and geopolitical environment. Retail sales and footfall continued to show improvement in the third quarter with the support of the Government's Consumption Voucher Scheme and the stabilising pandemic situation. However, a moderate decline was seen when the Government relaxed quarantine requirements for international arrivals. The Company will continue to monitor the retail market and attract customers through membership and promotional programmes and various promotions.