Swire Properties reported a 74% jump in reported profit attributable to shareholders, 1% increase in recurring underlying profit and 25% decrease in underlying profit, mainly due to the reduction in profit from the sale of non-core assets in Hong Kong. Retail business in the Chinese Mainland recorded strong performance of a 30% year-on-year increase in sales.

The Company also announced to invest HKD100 billion over the next decade to develop new projects in Hong Kong, the Chinese Mainland and Southeast Asia. HKD50 billion will be invested in the Chinese Mainland's tier one cities and the gross floor area will double in 10 years. Tim Blackburn, Chief Executive of Swire Properties, expected most of the potential projects could be launched in the next five years.

Blackburn added that Hong Kong's retail market remains to be "especially challenging", but the Company has always partnered with tenants by providing various support, including full rental waiver to tenants who have been mandated to close due to Government regulations, and case-by-case support for retail and F&B tenants. He added that the Company will keep monitoring the development of the pandemic and further review the tenant support measures.

Guy Bradley, Chairman of Swire Pacific and Swire Properties, said that whilst the impact of COVID-19 continued to be felt across all divisions, and the operating environment remained challenging in 2021, the Group's businesses made a significant turnaround. He believes Hong Kong is still a good business environment and the mid-to-long term prospects of the city remain good.