Swire Properties (1972) Q1 2026 earnings summary

Executive summary

• Office occupancy rates in Hong Kong and Chinese Mainland remained stable, with most properties above 89% as of 31 March 2026.

• Retail properties achieved full or near-full occupancy, with significant year-on-year retail sales growth across all regions.

• Multiple investment and trading property developments are progressing on schedule in Hong Kong, Chinese Mainland, and Southeast Asia.

Segment performance

• Hong Kong office portfolio maintained 91% occupancy, with headline rents showing negative reversions of 13–14% year-on-year.

• Chinese Mainland office occupancy ranged from 90% to 96%, with stable or improving rates.

• Retail sales in Hong Kong malls rose 3.4% to 21.8% year-on-year, while Chinese Mainland retail sales surged up to 81.5% at HKRI Taikoo Hui, Shanghai.

Significant events and developments

• Phase 1 of Taikoo Li Julong Wan Guangzhou retail opened in December 2025, with 68% occupancy as of March 2026.

• Major projects under development include Shanghai New Bund, Lujiazui Taikoo Yuan, Taikoo Li Sanya, and others, with phased completions from 2026 to 2029.

• Trading property sales in Hong Kong, Chinese Mainland, Indonesia, and Thailand are progressing, with a substantial number of units pre-sold and sales recognition expected in 2026–2027.