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Swire Properties posts profit decline

Swire Properties disclosed its 2023 full-year performance, revealing a 6% increase in operating revenue to $1.88 billion (HK$14.67 billion) compared to 2022, while net profit attributable to shareholders plummeted by 67 percent to $337.54 million (HK$2.64 billion). The main revenue source remains investment properties, with 9.6% YoY growth to $1.73 billion (HK$13.53 billion), driven by a 22% surge in retail property revenue, notably from the Taikoo Li and Taikoo Hui brands. In mainland China, rental income from retail properties skyrocketed 42% to $536.45 million (HK$ 4.2 billion). Group Chairman Bradley Whiteley outlined plans to double mainland China’s total gross floor area by 2032, emphasizing the country’s pivotal role in global growth.

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