Swire Properties (1972) Q4 2025 earnings summary

Executive summary

• Office occupancy rates in Hong Kong remained stable or slightly declined, with Pacific Place at 96% and Taikoo Place at 89% as of 31 Dec 2025, while Chinese Mainland offices showed strong occupancy, notably HKRI Centre at 93%.

• Retail properties in Hong Kong maintained full occupancy and saw positive retail sales growth, with Pacific Place up 5.6% year-over-year and Cityplaza up 2.7%.

• Mainland China retail assets also performed well, with HKRI Taikoo Hui in Shanghai retail sales up 49.6% and Taikoo Li Qiantan up 6.9% year-over-year.

Segment performance

• Hong Kong office segment experienced a slight decrease in occupancy and negative rental reversions, with Taikoo Place area let down 15% year-over-year.

• Retail segment in Hong Kong and Mainland China showed robust occupancy and sales growth, with all major Hong Kong malls at 100% occupancy and Mainland China malls above 96%.

• Trading properties in Hong Kong and Mainland China reported strong pre-sales, with most units in EIGHT STAR STREET and LA MONTAGNE Phase 4A already sold or pre-sold.

Outlook and guidance

• Multiple major development projects are underway in Mainland China, including Taikoo Place Beijing, Taikoo Li Sanya, and Lujiazui Taikoo Yuan, with expected completions from late 2026 to 2029.

• Trading property handovers and sales recognitions are expected to continue into 2026 and 2027, supporting future revenue streams.