After the close on November 3rd, Swire Properties (HK.01972) released its operating data for the first three quarters of 2023, including data on completed investment properties (office buildings, retail), developing investment properties, hotels, and trading properties.
In the retail property segment, in the Hong Kong region, Pacific Place Mall, Cityplaza, and Citygate Outlets saw year-on-year retail sales growth of 50.1%, 8.8%, and 51.2%, respectively, for the first three quarters.
In mainland China, for the same period, Sanlitun Taikoo Li Beijing, Taikoo Hui Guangzhou, INDIGO Beijing, Taikoo Li Chengdu, Xintiandi Taikoo Hui Shanghai, and Qiantan Taikoo Li Shanghai recorded retail sales growth of 20.2%, 8.9%, 24.6%, 36.1%, 41.6%, and 109.7%, respectively. Notably, Taikoo Hui Guangzhou and INDIGO Beijing achieved 100% occupancy rates.
Furthermore, comparing data from the first half of the year, it was observed that retail sales at Taikoo Li Chengdu accelerated in the third quarter. In February 2023, the group acquired the remaining equity in Chengdu Yintai Taikoo Li, and the project is now fully owned by Swire Properties. In August, the group renamed it “Taikoo Li Chengdu.”
In March 2022, the company announced plans to invest HKD 100 billion over the next ten years, with HKD 50 billion dedicated to active development in mainland China. The announcement also revealed progress on key projects in mainland China:
- Indigo Beijing Phase II: Total GFA of 376,000 square meters, with basement and superstructure work in progress, expected to be completed in mid-2025.
- Sanya Retail Project: Total GFA of 207,000 square meters, with excavation work underway, expected to be completed in 2025.
- Xi’an Taikoo Li: Total GFA of 220,000 square meters, expected to be completed in 2026, with land transfer currently in progress.
It’s worth noting that the expected completion date for Xi’an Taikoo Li has been adjusted from late 2025 to 2026.
As of the close on November 6th, the company’s stock price rose by 2.44% to HKD 15.94 per share, with a total market value of approximately HKD 93.2 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 core businesses include commercial, hotel, retail, and residential properties. Notable completed shopping centers in mainland China include Sanlitun Taikoo Li Beijing (100% ownership), INDIGO Beijing (50% ownership), Taikoo Hui Guangzhou (97% ownership), Taikoo Li Chengdu (100% ownership), Xintiandi Taikoo Hui Shanghai (50% ownership), and Qiantan Taikoo Li Shanghai (50% ownership).
| Source: Company Financial Report
| Image Credit: Company Website
| Editor: LeZhi