Media Coverage

Swire Properties has announced its profit attributable to shareholders for the year ending 31 December 2023 will decrease by approximately 70% from 2022. This decrease is due to a fair value loss of HKD4.5 billion for its investment properties in 2023. The loss was primarily caused by a lower revaluation gain on its retail investment properties in the Chinese Mainland and a fair value loss on office investment properties under development in cities such as Beijing and Hong Kong, reflecting a weak market. It is important to note that the revaluation is non-cash in nature and will not impact the Company's operating cash flow.

Meanwhile, the Company's underlying profit attributable to shareholders for the year ending 31 December 2023 is expected to increase by approximately 30% from 2022. This increase is mainly driven by a gain of approximately HKD3.3 billion from the disposal of nine floors at One Island East, which was completed on 21 December 2023.

Swire Properties said the Company's balance sheet remains strong, with a healthy level of operating cash flow and a low gearing ratio. The company intends to maintain its dividend policy of delivering mid-single-digit annual growth.