The resurgence of COVID-19 outbreaks in Hong Kong and the Chinese Mainland throughout the first quarter of the year have impacted the sales performance at the Company's shopping malls operating in the region. Despite of this, occupancy at various malls and office portfolios remained high. The sales performance of Brickell City Centre in Miami the United States grew by 54.1% compared to the last quarter.

For the Hong Kong retail market, while Cityplaza and Citygate Outlets recorded 100% occupancy rates, occupancy at Pacific Place was steady at 96%. Retail sales at the malls, however, were impacted by the pandemic, recording 10.4%, 21.3% and 9.1% drops, respectively.
For its office portfolio, occupancy at Pacific Place and Taikoo Place overall remained steady at 98% and 97% respectively. Occupancy of One Island East and One Taikoo Place remained high at 99%, with no rental reversion.

In the Chinese Mainland, the overall occupancy of the six shopping malls remained high.

A Swire Properties spokesperson said Hong Kong's retail market was severely affected by the fifth wave of the pandemic and the overall office market remains soft. In the Chinese Mainland, the malls were impacted by COVID-19 outbreaks at different cities of varying scales in the first quarter, which affected performances differently, with footfall and business affected by the respective travel restrictions and social-distancing measures.