Swire Properties posted a HK$1.20 billion ($154 million) loss for H1 2025, versus a HK$1.79 billion ($230 million) profit a year earlier — its first interim loss since 2010 — despite revenue rising 20% to HK$8.72 billion ($1.12 billion). A HK$4.68 billion ($602 million) drop in investment property valuations, mainly from a weak Hong Kong office market, drove the loss. Underlying profit fell 4% to HK$3.42 billion ($440 million) as Hong Kong office rents slid 4.7%. Retail was steadier: Hong Kong mall rents dipped 2%, while mainland retail revenue rose 2% to HK$2.27 billion ($292 million) with sales 70% above 2019 levels.