Swire Properties (1972) Q3 2025 earnings summary

Executive summary

• Office occupancy in Hong Kong remained high, with Pacific Place at 96% and Taikoo Place at 90% as of 30 Sep 2025, though headline rents saw declines of up to 15% year-over-year.

• Retail properties in Hong Kong and the Chinese Mainland maintained strong occupancy, with most at or near 100%, and retail sales growth ranging from 0.2% to 41.9% year-over-year.

• Multiple investment and trading property projects are under development across Hong Kong, the Chinese Mainland, Indonesia, and Thailand, with several completions and handovers expected from 2025 to 2029.

Segment performance

• Hong Kong office segment saw stable occupancy but experienced negative rental reversions, with Pacific Place and Taikoo Place headline rents down 13–15% year-over-year.

• Retail segment in Hong Kong achieved full occupancy and positive retail sales growth, led by Pacific Place (+3.6%) and Cityplaza (+3.0%).

• Chinese Mainland retail properties reported strong sales growth, notably Taikoo Li Qiantan in Shanghai (+41.9%) and Taikoo Hui in Guangzhou (+7.8%).

• Trading properties in Hong Kong and overseas showed steady sales progress, with high pre-sale rates in projects like EIGHT STAR STREET (36 of 37 units sold) and Savyavasa in Jakarta (165 of 402 units sold/pre-sold).

Significant events and developments

• Major development projects in the pipeline include Taikoo Place Beijing, Taikoo Li Xi'an, and Shanghai New Bund Mixed-use Project, with phased completions from 2026 to 2029.

• Tenant mix enhancement and fit-out works are ongoing in key retail properties in Beijing and Shanghai, impacting current retail sales figures.