After the market close on May 6th, Swire Properties (HK.01972) announced its operational data for the first quarter of 2024, revealing the latest performance of six major international projects in mainland China. Among them, Shanghai’s Taikoo Li Qiantan achieved positive retail sales growth. Here are the specific details:
- Beijing’s Sanlitun Taikoo Li: Retail sales decreased by 5.4% year-over-year. The occupancy rate increased from 94% at the end of 2023 to 97%.
- Guangzhou’s Taikoo Hui: Retail sales decreased by 9.2% year-over-year. The occupancy rate remained at 100%.
- Beijing’s INDIGO: Retail sales decreased by 2.4% year-over-year. The occupancy rate remained at 99%.
- Chengdu Taikoo Li: Retail sales decreased by 14.7% year-over-year. The occupancy rate increased from 97% at the end of 2023 to 98%.
- Shanghai Xintiandi Taikoo Hui: Retail sales decreased by 19.4% year-over-year. The occupancy rate decreased from 93% at the end of 2023 to 92%.
- Shanghai’s Taikoo Li Qiantan: Retail sales increased by 0.7% year-over-year. The occupancy rate remained at 98%.
Additionally, the announcement disclosed the latest progress of five ongoing projects in mainland China:
- INDIGO Phase II: Expected to be completed by the end of 2025. The total floor area is 376,000 square meters, with basement and superstructure construction underway.
- Xi’an Taikoo Li: Expected to be completed from 2026. The total floor area is 273,000 square meters, with excavation works ongoing.
- Sanya Taikoo Li: Expected to be completed by the end of 2025. The total floor area is 207,000 square meters, with basement construction ongoing.
- Shanghai Qiantan No.21 Integrated Development Project: Expected to be completed by the end of 2025. The total floor area is 277,000 square meters, with office building topping out and curtain wall construction ongoing, along with basement and retail construction.
- Shanghai Yangjing Integrated Development Project: Expected to be completed from 2027. The total floor area is 388,000 square meters, with basement construction and superstructure works ongoing.
In its March annual report, the group stated its goal to double the total floor area in mainland China by 2032.
As of the close of May 7th, Swire Properties’ stock price fell 2.82% to HK$15.86 per share, with a total market capitalization of approximately HK$92.8 billion.
About Swire Properties
Swire Properties was established in Hong Kong in 1972 and listed on the main board of the Hong Kong Stock Exchange in 2012. Its business primarily includes commercial, hotel, retail, and residential properties. The completed mainland shopping centers include Beijing Sanlitun Taikoo Li (wholly owned), Beijing INDIGO (50% stake), Guangzhou Taikoo Hui (97% stake), Chengdu Taikoo Li (wholly owned), Shanghai Xintiandi Taikoo Hui (50% stake), and Shanghai Taikoo Li Qiantan (50% stake).
| Source: Company Financial Report
| Image Credit: Company Website
| Editor: LeZhi
