Media Coverage

Swire Properties announced its earnings results for the half-year ended on 30 June 2023, reporting a recurring underlying profit increase of HKD220 million, or 6%, reaching HKD3.9 billion. This growth can be attributed to higher retail rental income and increased operating profit before depreciation from the Company’s hotels in Hong Kong and the Chinese Mainland. Swire Properties also declared a first interim dividend of HKD0.33 per share, marking a 3% year-on-year increase, and expressed its aim to deliver mid-single-digit annual growth in dividends.

Chief Executive Tim Blackburn said retail sales at some of Swire Properties’ shopping malls have returned to pre-pandemic levels. He further noted the encouraging recovery of retail malls in Hong Kong as tourism and travel continue to rebound. Meanwhile, the office market remains soft, but the overall office occupancy rate remains resilient at 94% as of 30 June 2023.

Swire Pacific Chairman Guy Bradley reported a 40% increase in retail sales in the Chinese Mainland. He also revealed that the Company has committed approximately HKD39 billion of its HKD100 billion investment plan, which will be allocated to developing new projects in Hong Kong, the Chinese Mainland and Southeast Asia over the next decade. This includes HKD17 billion for the Chinese Mainland, HKD11 billion for Hong Kong and HKD11 billion for residential trading projects.