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Swire Properties posts mixed Q1 results in China

Swire Properties reported its Q1 2024 data, highlighting mixed results in mainland China’s retail sector. Occupancy rates were generally high: Beijing’s Taikoo Li Sanlitun at 97%, Guangzhou’s Taikoo Hui at 100%, Beijing’s Indigo at 99%, Chengdu’s Taikoo Li at 98%, and Shanghai's Qiantan Taikoo Li at 98%. However, retail sales declined in most areas, except for a slight increase at Shanghai’s Qiantan Taikoo Li. Notably, Shanghai’s Xintiandi Taikoo Hui saw a significant retail drop of 19.4%. Following these results, Swire Properties’ stock price decreased by 3.43%, bringing its market value to approximately $11.71 billion (HK$92.2 billion).

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