Financing and Investment - The company successfully issued RMB 3.2 billion green bonds, becoming the first Hong Kong enterprise to publicly issue RMB green bonds[8] - 60% of bond and loan financing came from green finance, with a successful issuance of RMB 3.2 billion green bonds[32] - The company plans to invest HKD 100 billion over the next decade in various projects in Hong Kong and mainland China, with HKD 30 billion allocated for residential sales projects including Southeast Asia[72] - Approximately 60% of the HKD 100 billion investment plan has been committed to new and ongoing development projects[42] - The company is investing HKD 100 billion in expanding its residential property portfolio in Southeast Asia, focusing on four major cities: Jakarta, Ho Chi Minh City, Bangkok, and Singapore[53] - The company is strategically acquiring properties to enhance its office business footprint in the region[43] - The group plans to develop residential projects on land reserves in Miami, with ongoing projects in various regions including Hong Kong, mainland China, Indonesia, Vietnam, and Thailand[79] Acquisitions and Developments - The acquisition of remaining equity in the Chengdu project was completed, officially renaming it "Chengdu Taikoo Li"[8] - The group increased its stake in Chengdu Taikoo Li from 50% to 65% for a consideration of RMB 1 billion, and subsequently acquired 100% interests in property management and investment properties for RMB 5.9 million and RMB 4.49 billion respectively[73] - In February 2023, the group acquired a 40% interest in land in Bangkok for approximately THB 2.4 billion, with plans to develop it for residential use[73] - The company is developing multiple large-scale projects in first-tier and emerging first-tier cities in mainland China, including the largest "Taikoo Li" project in Xi'an[45] - The company has committed to several key projects, including residential developments in Hong Kong and retail-led projects in cities like Xi'an and Sanya[72] - The company is exploring new investment opportunities in the Greater Bay Area, including a new hotel series in Shenzhen[45] Financial Performance - Revenue for 2023 reached HKD 14,670 million, representing a 6% increase from HKD 13,826 million in 2022[34] - Basic earnings attributable to shareholders increased by 33% to HKD 11,570 million, up from HKD 8,706 million[34] - The reported earnings attributable to shareholders decreased by 67% to HKD 2,637 million from HKD 7,980 million[34] - The net profit attributable to shareholders for property investment was HKD 7,325 million in 2023, compared to HKD 8,025 million in 2022, reflecting a decrease of 8.7%[36] - The total equity, including non-controlling interests, decreased by 1% to HKD 288,149 million from HKD 292,258 million[34] - The total assets of the company reached HKD 324,828 million in 2023, up from HKD 311,205 million in 2022, representing an increase of 4.9%[36] Sustainability and ESG - The company has a sustainable development strategy for 2030, focusing on community revitalization and enhancing the quality of life for residents[20] - The company has maintained a "AAA" rating for six consecutive years in the global ESG scoring[13] - The company aims to achieve net-zero emissions by 2050 and is actively participating in international initiatives to mitigate climate change[49] - The company aims to achieve net-zero emissions by 2030 and has been recognized in the Dow Jones Sustainability World Index, ranking second in 2023[54] - 50% of tenants signed the "Environmental Performance Charter," covering over 3.5 million square feet of lettable area[30] Employee Engagement and Training - The company has been recognized as one of the top five most attractive employers in Hong Kong according to the Randstad 2023 Employer Brand Survey[16] - Average training hours per employee increased to 23 hours, achieving 89% of the target for a 25% increase by 2025[24] - The lost time injury rate (LTIR) for non-hotel operations was 0.64, below the target of ≤1.2[25] - 35.7% of board members are female, exceeding the target of at least 30%[32] Market Performance and Trends - The Hong Kong retail property portfolio showed strong recovery, with some malls returning to pre-pandemic sales levels[44] - Retail sales in mainland China have significantly exceeded pre-pandemic levels, with strong recovery observed in shopping malls following the lifting of pandemic restrictions[52] - The Hong Kong office market remains weak, with increased supply leading to higher vacancy rates and pressure on demand due to economic uncertainty and high interest rates[51] - The overall demand for retail space in Guangzhou and Chengdu remains strong, while demand in Shanghai and Beijing is expected to stabilize[126] Property Portfolio and Occupancy - The total floor area of the mainland property portfolio is 30.51 million square feet, with 14.14 million square feet completed and 16.38 million square feet under development[109] - The total floor area of completed retail properties in mainland China was 7.84 million square feet, with an occupancy rate of 94%[113] - The total floor area of completed office properties in mainland China is 4.2 million square feet, with the group's attributable interest being 2.9 million square feet[128] - The occupancy rate of the office property portfolio was 89% as of December 31, 2023, and 93% when excluding the newly completed Taikoo Place Two[84] Hotel Management and Performance - The hotel business in Hong Kong and mainland China is expected to continue improving with the increase in international visitors, with the group's hotel, The Upper House, ranked fourth in the "World's 50 Best Hotels" list[53] - The hotel management segment recorded an EBITDA of HKD 88 million in 2023, a significant recovery from a loss of HKD 118 million in 2022[166] - The average room revenue and occupancy rates for the hotels have rebounded strongly following the reopening of borders[167] - The company is expanding its hotel management business, focusing on extending its hotel brand beyond Hong Kong[178]

Financial Performance - Revenue for 2023 increased by 6% to HKD 14,670 million compared to HKD 13,826 million in 2022[4] - Basic earnings attributable to shareholders rose by 33% to HKD 11,570 million from HKD 8,706 million in 2022[4] - The company reported a net profit attributable to shareholders of HKD 2,637 million for 2023, down from HKD 7,980 million in 2022, reflecting a decrease of 67.0%[25] - The basic earnings per share increased by 33% to HKD 1.98 from HKD 1.49 in 2022[4] - The total comprehensive income for 2023 was HKD 1,869 million, compared to HKD 3,340 million in 2022[144] - The profit for the year 2023 was HKD 2,637 million, compared to HKD 7,980 million in 2022, indicating a decrease of about 67%[175] - The recurring basic profit for 2023 was HKD 7.285 billion, compared to HKD 7.176 billion in 2022, indicating a stable performance despite market challenges[17] Cash Flow and Debt - Cash generated from operations increased by 18% to HKD 7,492 million, up from HKD 6,332 million in 2022[4] - The company reported a net debt of HKD 36,679 million, a 94% increase from HKD 18,947 million in 2022[4] - The company’s total borrowings amounted to HKD 41,169 million in 2023, a significant increase from HKD 22,835 million in 2022[138] - The net cash position at the end of 2023 was HKD 5,097 million, compared to HKD 4,502 million at the end of 2022, showing an increase of 13.2%[147] - The weighted average debt maturity is 3.0 years, with a weighted average cost of debt at 4.1%[135] - The company’s cash interest coverage ratio was 4.0 in 2023, reflecting strong cash flow management[139] Investment and Development Plans - The company plans to invest HKD 100 billion over the next decade, with nearly 60% of the funds already committed to new and ongoing development projects[5] - The company plans to invest HKD 300 billion to expand its flagship projects in Hong Kong, with the latest Grade A office building achieving a rental rate of 62%[8] - The company plans to invest HKD 500 billion in the Chinese mainland market, focusing on large-scale integrated development projects[10] - The company aims to double its total floor area in mainland China by 2032, currently operating six international projects in four major cities[5] - The investment plan of HKD 100 billion is progressing smoothly, with nearly 60% of the planned funds committed to new projects aimed at long-term development in key markets[16] Retail and Commercial Performance - The retail portfolio in Hong Kong showed strong recovery in 2023, with retail sales significantly increasing, and membership rewards program members grew by over 30%[9] - Rental income from retail properties rose to HKD 7,143 million in 2023, up from HKD 5,849 million in 2022, marking a significant increase of 22.1%[25] - The retail sales of Taikoo Plaza, East Point City, and Taikoo City Center increased by 44%, 43%, and 6% respectively in 2023, while overall retail sales in Hong Kong rose by 16%[52] - The total rental income from investment properties in mainland China for 2023 was HKD 6.045 billion, reflecting a 38% increase compared to 2022, driven by the recovery post-pandemic and enhanced tenant mix in shopping malls[67] - The total area of completed retail properties in mainland China was 780,000 square feet, with attributable rental income rising 20% to HKD 5.101 billion in 2023[68] Sustainability and Community Engagement - The company is committed to achieving net-zero emissions by 2050 and is actively implementing sustainable development solutions across its property portfolio[16] - The company has launched a supply chain sustainability participation program in Hong Kong and mainland China, collaborating with EcoVadis to enhance supplier performance[21] - The "GPP Academy" program, initiated in 2023, aims to promote knowledge sharing among office tenants to improve sustainability performance[20] - The company is committed to community engagement and has launched various initiatives to stimulate the local economy post-pandemic[13] Market Outlook and Challenges - The office market in Hong Kong is expected to remain under pressure in 2024 due to low demand and increased supply, with rental rates facing downward pressure[18] - The outlook for the Hong Kong office market in 2024 remains bleak due to weak demand and increased supply, with continued downward pressure on rental rates[47] - Retail sales in mainland China are expected to stabilize in 2024 after years of double-digit growth, with a cautious attitude from retailers but an optimistic long-term outlook[79] Property Portfolio and Acquisitions - As of December 31, 2023, the group's total attributable property portfolio amounted to approximately 39.1 million square feet, with 34.4 million square feet being investment properties and hotels[32] - The group has nine ongoing residential development projects, including four in Hong Kong and two in mainland China[36] - The group acquired the remaining 35% interest in Chengdu Taikoo Li in February 2023, increasing its ownership to 100%[69] - The group signed an agreement to sell 12 office floors in Hong Kong for HKD 5.4 billion, with the sale expected to complete in stages from December 2025 to December 2028[31] Hotel Performance - The hotel management segment recorded an EBITDA of HKD 88 million in 2023, a significant recovery from an EBITDA loss of HKD 118 million in 2022[118] - The average room revenue and occupancy rates for hotels in Hong Kong and mainland China have significantly rebounded following the lifting of pandemic-related restrictions[118] - The group anticipates further improvement in hotel performance in Hong Kong and growth in mainland China hotel business in 2024[129]

Financial Performance - The company reported a revenue of HKD 7,297 million for the six months ended June 30, 2023, representing a 6% increase from HKD 6,910 million in the previous year[8]. - The basic earnings attributable to shareholders decreased by 6% to HKD 3,901 million, down from HKD 4,169 million in the previous year[8]. - The company achieved a cash flow from operations of HKD 4,221 million, which is a 7% increase compared to HKD 3,933 million in the previous year[8]. - The reported profit attributable to shareholders for the first half of 2023 was HKD 2.1223 billion, a decrease from HKD 4.348 billion in the first half of 2022[12]. - The recurring basic profit increased by HKD 220 million to HKD 3.892 billion, reflecting a strong recovery in retail properties and hotel business in Hong Kong and mainland China[12]. - The total operating profit of HKD 2,873 million, a decrease from HKD 4,894 million in the previous year, representing a decline of about 41.3%[29]. - The company achieved a net profit attributable to shareholders of HKD 2,223 million, down from HKD 4,348 million in 2022, marking a decrease of approximately 48.9%[29]. - The total profit amounted to HKD 5,327 million, up from HKD 5,039 million, reflecting a growth of 5.7% year-on-year[127]. - The net profit attributable to shareholders for the period was HKD 2,223 million, down 48.9% from HKD 4,348 million in the same period last year[127]. Investment and Expansion Plans - The company has committed approximately 40% of its HKD 100 billion investment plan to new projects, indicating a clear roadmap for future business expansion[11]. - The company plans to invest HKD 50 billion in mainland China, aiming to double the total floor area by 2032[16]. - The company is actively expanding into other first-tier and emerging first-tier cities in China, with major investment projects underway in Xi'an and Sanya[11]. - The company has a HKD 100 billion investment plan aimed at developing new projects in core markets and emerging cities[20]. - Swire Properties plans to double the total floor area in mainland China as part of its investment strategy, focusing on first-tier cities like Beijing, Shanghai, and Guangzhou, while also entering new markets like Xi'an and Sanya[22]. - The company is actively expanding its residential business in Southeast Asia with an investment of HKD 20 billion, focusing on major cities like Ho Chi Minh City and Jakarta[15]. - The company plans to develop a luxury residential project in Miami, named "One Island Drive," which will consist of two buildings, with sales expected to begin in early 2024[35]. - The group has eight large commercial development projects in key locations in mainland China, expected to provide an attributable total floor area of approximately 14.8 million square feet upon completion[36]. Dividend and Shareholder Returns - The company’s first interim dividend increased by 3% to HKD 0.33 per share, compared to HKD 0.32 per share in the previous year[8]. - The first interim dividend for 2023 is HKD 0.33 per share, representing a 3% increase compared to the first interim dividend paid in 2022[12]. - The company declared dividends of HKD 3,978 million for the current period, which is a slight increase from HKD 3,744 million in the previous year[131]. - The group declared an interim dividend of HKD 1,931 million for the year ending December 31, 2023, compared to HKD 3,978 million for the previous year[169]. Debt and Financial Position - The company’s net debt increased by 56% to HKD 29,514 million from HKD 18,947 million in the previous year[8]. - The company’s capital-to-net-debt ratio rose to 10.2%, an increase of 3.7 percentage points from 6.5% in the previous year[8]. - The debt-to-equity ratio increased to 10.2% as of June 30, 2023, compared to 5.3% in the previous year[122]. - The total liabilities as of June 30, 2023, were HKD 47,116 million, an increase from HKD 33,918 million at the end of 2022, representing a growth of approximately 38.5%[129]. - The company reported a net cash inflow from operating activities of HKD 3,374 million for the first half of 2023, compared to HKD 3,179 million in the previous year, reflecting a growth of approximately 6.1%[130]. - The company issued bonds worth HKD 3.251 billion during the first half of 2023[113]. - The total borrowings amounted to HKD 33,108 million, an increase of 45% from HKD 22,835 million as of December 31, 2022[115]. Property and Asset Management - The company’s investment properties increased to HKD 284,607 million as of June 30, 2023, from HKD 271,368 million at the end of 2022, reflecting a growth of about 4.9%[129]. - The total rental income from investment properties amounted to HKD 6,677 million for the six months ended June 30, 2023, compared to HKD 6,215 million in the prior year, reflecting an increase of about 7.4%[142]. - The total rental income from the mainland office property portfolio decreased by 5% to HKD 427 million in the first half of 2023, while excluding currency fluctuations, it increased by 1%[72]. - The total rental income from Hong Kong retail properties for the first half of 2023 was HKD 1.32 billion, reflecting a 17% increase compared to the same period in 2022[52]. - The occupancy rate of the office property portfolio in Hong Kong was 90% as of June 30, 2023, with a rate of 94% excluding the newly completed Taikoo Place Two[46]. - The group has completed the sale of 2,114 out of 2,530 parking spaces at Taikoo City as of August 4, 2023, with 1,460 sales confirmed by June 30, 2023[61]. Sustainability and Corporate Governance - The company is implementing an internal carbon pricing mechanism to quantify the potential impact of carbon emissions on investment projects[17]. - The company has signed over 70 tenants under its "Environmental Performance Charter" since its launch in 2022, promoting sustainability initiatives[25]. - The company is committed to maintaining its leadership in environmental, social, and governance (ESG) areas while accelerating digital transformation[19]. - The company has been included in the 2023 Bloomberg Gender Equality Index, reflecting its commitment to gender equality in the workplace[25]. - The company adhered to all corporate governance codes during the reporting period[179]. Market Outlook and Future Guidance - The company is optimistic about the remaining part of 2023 and plans to focus on a HKD 100 billion investment plan in Hong Kong, mainland China, and Southeast Asia[28]. - Future guidance suggests a projected revenue growth of 12% for the second half of 2023, driven by increased demand in the residential sector[193]. - The company is focusing on sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2030[193]. - The group expects further improvement in retail business in Hong Kong in the second half of 2023, driven by strong marketing activities and membership reward programs[54].

Financial Performance - For the first half of 2023, the company reported a revenue of HKD 7,297 million, representing a 6% increase from HKD 6,910 million in the same period of 2022[3]. - The basic earnings attributable to shareholders decreased by 6% to HKD 3,901 million, down from HKD 4,169 million in the previous year[3]. - The company’s basic earnings per share (EPS) for the first half of 2023 was HKD 0.67, unchanged from the previous year when adjusted for regular earnings[3]. - The company reported a net profit attributable to shareholders of HKD 2,223 million, down 48.9% from HKD 4,348 million in the same period last year[139]. - The group reported a profit attributable to shareholders of HKD 3,855 million for the six months ended June 30, 2023, compared to HKD 3,957 million in the same period last year, a decrease of 2.6%[146]. - The company reported a total comprehensive income of HKD 165 million for the six months ended June 30, 2023, compared to HKD 1,899 million for the same period in 2022[140]. Cash Flow and Debt - The company’s cash flow from operations increased by 7% to HKD 4,221 million, compared to HKD 3,933 million in the prior year[3]. - The net debt increased by 56% to HKD 29,514 million, up from HKD 18,947 million[3]. - The company reported a net cash outflow from investing activities of HKD 6,761 million, compared to HKD 5,118 million in the same period last year, reflecting an increase in investment expenditures[142]. - The total borrowings as of June 30, 2023, amounted to HKD 33,108 million, compared to HKD 22,835 million as of December 31, 2022, indicating a significant increase of approximately 45%[123]. - The net debt-to-equity ratio increased to 10.2% as of June 30, 2023, up from 5.3% in the previous year[132]. Investment and Development Plans - The company has committed approximately 40% of its HKD 100 billion investment plan to new projects, indicating a clear roadmap for future business expansion[6]. - The company aims to double its total floor area in mainland China by 2032, with a planned investment of HKD 50 billion in recent projects[13]. - The company plans to invest HKD 100 billion over the next ten years in development projects in Hong Kong and mainland China, with HKD 30 billion allocated to Hong Kong, HKD 50 billion to mainland China, and HKD 20 billion to residential sales projects[39]. - The company is exploring investment opportunities in the Greater Bay Area, with plans for large projects in Guangzhou, Shanghai, and Shenzhen[17]. Retail and Hotel Performance - The hotel business has shown significant recovery, with all hotels experiencing strong rebounds post-global travel resumption[28]. - The Hong Kong retail portfolio has shown significant recovery, primarily due to the government's lifting of all travel and pandemic restrictions, leading to a resurgence in consumer confidence[19]. - Retail sales in mainland China increased by 41% in the first half of 2023 compared to pre-pandemic levels, with specific properties showing significant growth: Beijing Sanlitun Taikoo Li up 29%, Chengdu Taikoo Li up 27%, and Guangzhou Taikoo Hui up 16%[75]. - The hotel segment generated revenue of HKD 476 million, up from HKD 262 million in the same period last year, marking an increase of 81.7%[150]. Sustainability and Community Initiatives - The company is implementing an internal carbon pricing mechanism to quantify the potential impact of carbon emissions on investment projects and redistribute funds to low-carbon initiatives[15]. - The "2030 Sustainability Strategy" is being advanced, focusing on collaboration with tenants to exceed sustainability goals[29]. - The company is implementing a series of community-focused initiatives to promote a healthy work environment, reflecting its commitment to innovative community building[13]. Market Outlook and Challenges - The office market in Hong Kong is expected to remain weak for the remainder of 2023 due to rising vacancy rates and increased supply[26]. - The market outlook remains cautious in the short term due to rising interest rates and economic uncertainty, but is expected to stabilize in the medium to long term due to solid demand and economic recovery[109]. - The company anticipates continued improvement in foot traffic and sales in its Hong Kong markets, supported by government initiatives[12]. Dividend and Shareholder Returns - The company plans to distribute an interim dividend of 3% for the first half of 2023, with a target of annual dividend growth in single digits[9]. - The company declared an interim dividend of HKD 1,931 million for the year ending December 31, 2023[194].

Financial Performance - The company reported a basic profit attributable to shareholders of HKD 8.706 billion, a decrease of 9% from HKD 9.532 billion in 2021[24]. - Total revenue for the year was HKD 13.826 billion, down 15% from HKD 16.318 billion in the previous year[25]. - The company achieved a cash flow from operations of HKD 6.332 billion, a decline of 10% compared to HKD 7.028 billion in 2021[25]. - The profit attributable to shareholders for property investment in 2022 was HKD 8,025 million, down from HKD 8,654 million in 2021, reflecting a decrease of 7.3%[28]. - The earnings per share for 2022 was HKD 1.36, a decrease from HKD 1.63 in 2021, representing a decline of 16.6%[28]. - The company reported a profit attributable to shareholders of HKD 79.8 billion, compared to HKD 71.1 billion in 2021[35]. - The basic profit decreased from HKD 95.32 billion in 2021 to HKD 87.06 billion in 2022, primarily due to reduced profits from the sale of parking spaces in Hong Kong[45]. - The recurring basic profit for 2022 was HKD 71.76 billion, slightly up from HKD 71.43 billion in 2021[45]. - The company reported a total operating profit of HKD 9,024 million, an increase from HKD 7,834 million in 2021[59]. - Total profit decreased by HKD 994 million to HKD 9,523 million, reflecting declines in property investment, property sales, and hotel operations[189]. Investment and Development - The company completed the acquisition of the remaining 50% stake in Chengdu Ocean Taikoo Li, which was finalized in February 2023[13]. - The company plans to allocate HKD 30 billion to expand its property portfolio in Hong Kong and HKD 50 billion for development in mainland China[36]. - The company aims to double the total floor area of its property portfolio in mainland China within ten years[36]. - The company has invested HKD 150 billion in the Taikoo Place redevelopment project, which is nearing completion and aims to transform the area into an international business hub[39]. - The company is actively seeking investment opportunities in Shenzhen, aiming to introduce its Taikoo Li and Taikoo Hui brands in the area[36]. - The company plans to invest HKD 100 billion to expand its office portfolio, focusing on high-quality office spaces and sustainable development[47]. - The company is focusing on optimizing its commercial property portfolio, with about one-third of the investment plan allocated to strengthening its flagship properties in Hong Kong[38]. - The company has made significant progress in its investment plans, with three major property projects currently under development in Hong Kong[41]. - The company plans to maintain a strong balance sheet and a diversified debt portfolio, including revolving and term bank loans and medium-term notes[57]. - The company is actively seeking opportunities to acquire suitable land for high-end residential projects in both Hong Kong and mainland China[56]. Sustainability and Environmental Initiatives - The company aims to become a leader in sustainable development performance among global peers by 2030[15]. - The company has set a target for 25% of sustainable products and services procurement by 2025, with 17% achieved in 2022[22]. - The company aims for at least 50% of its bond and loan financing to come from green finance by 2025, with approximately 60% achieved in 2022[24]. - The company launched an "Environmental Performance Charter" pilot program with 52 tenants participating, representing 37.9% of all office tenants in Hong Kong[22]. - The company has achieved 100% of new development projects obtaining the highest environmental rating, with 93% of existing projects also achieving this rating[23]. - The company ranks first in Asia and fourth globally in the Dow Jones Sustainability World Index for real estate, highlighting its leadership in sustainable development[42]. - The company aims for 50% tenant participation in the "Environmental Performance Charter" program in Hong Kong and mainland China by 2025[50]. Market Conditions and Challenges - The outlook for the Hong Kong office market in 2023 is expected to be weak, with rising vacancy rates and increased supply of new office space[84]. - Retail sales in mainland China decreased by 20% due to pandemic-related restrictions, particularly affecting properties in Shanghai and Beijing[46]. - The rental income from Hong Kong office properties declined due to increased vacancy rates and new supply, with the office property portfolio maintaining a high occupancy rate[45]. - The rental income from mainland China's retail properties decreased by 5% to HKD 4.424 billion in 2022, while excluding rental support and RMB value changes, it increased by 4%[105]. - The rental occupancy rate for Beijing Sanlitun Taikooli was 94% as of December 31, 2022[110]. - The rental occupancy rate for Guangzhou Taikoo Hui was 99% as of December 31, 2022[113]. - The rental occupancy rate for Beijing Yintai Center was 100% as of December 31, 2022[114]. Hotel Management and Operations - The hotel management segment reported an operating loss before depreciation of HKD 118 million in 2022, compared to an operating profit of HKD 22 million in 2021[151]. - The average room revenue and occupancy rates for hotels in Hong Kong and mainland China were negatively impacted by pandemic-related travel restrictions, while the performance of hotels in the United States improved with rising average room revenue and occupancy rates[161]. - The group anticipates improved hotel performance in Hong Kong and mainland China in 2023 due to the resumption of cross-border travel and the lifting of pandemic measures, while the U.S. hotel performance is expected to remain strong[162]. - The group is expanding its hotel management business, focusing on extending its hotel brands beyond Hong Kong[162]. - The total number of hotel rooms managed by the group is 3,138, with significant stakes in various luxury hotels across Hong Kong, mainland China, and the United States[160]. Community Engagement and Corporate Social Responsibility - The company celebrated its 50th anniversary with various cultural and artistic initiatives, including collaborations with renowned artists and exhibitions[52]. - The "Book Sale for Charity" initiative raised over HKD 1 million for charity, marking its 10th anniversary and setting a record[53]. - Swire Properties continues to foster community engagement and support for the younger generation through various initiatives and programs[52].

Financial Performance - For the first half of 2022, the company's revenue was HKD 6,698 million, a decrease of 26% compared to HKD 9,068 million in the same period of 2021[13] - The reported profit attributable to shareholders for the first half of 2022 was HKD 4,319 million, an increase of 118% from HKD 1,984 million in the first half of 2021[13] - The basic earnings per share for the first half of 2022 was HKD 0.74, up 118% from HKD 0.34 in the same period of 2021[13] - The recurring basic profit for the first half of 2022 was HKD 3.64 billion, compared to HKD 3.71 billion in the same period of 2021[34] - The basic profit for the first half of 2022 decreased by HKD 373 million to HKD 4.14 billion, primarily reflecting a reduction in profit from the sale of non-core assets in Hong Kong[34] - The total rental income for the six months ended June 30, 2022, was HKD 6,053 million, a decrease from HKD 6,247 million in the same period of 2021[54] - The company's profit attributable to shareholders for the six months ended June 30, 2022, was HKD 4,319 million, compared to HKD 1,984 million in the same period of 2021, representing a significant increase of 117%[54] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.32 per share, representing a 3% increase from HKD 0.31 in the first half of 2021[19] - The company aims for single-digit annual dividend growth while continuing to solidify its core assets and explore new investment opportunities[29] Debt and Financing - The net debt increased by 50% to HKD 15,499 million from HKD 10,334 million in the previous year[13] - The company has a capital net debt ratio of 5.3%, an increase of 1.8 percentage points from 3.5% in the previous year[13] - The group had total borrowings of HKD 20.84 billion as of June 30, 2022, down from HKD 24.60 billion at the end of 2021[192] - Unutilized committed financing amounted to HKD 6.5 billion, representing 24% of total committed borrowings of HKD 27.44 billion[193] - The group’s cash and cash equivalents decreased by HKD 8.64 billion in the first half of 2022[185] - The net debt as of June 30, 2022, was HKD 154.99 billion, an increase from HKD 103.34 billion as of December 31, 2021, reflecting capital and development expenditures in Hong Kong and mainland China[189] Investment Strategy - The company plans to invest HKD 100 billion as part of its investment strategy announced in March 2022[17] - The company has a HKD 100 billion investment plan, with HKD 30 billion allocated for ongoing projects in Hong Kong, including the redevelopment of Taikoo Place and Taikoo Square[20] - The company has allocated HKD 20 billion for strategic investments in residential property transactions in Southeast Asia, focusing on high-end residential developments in key cities[25] - The company has announced a total investment plan of HKD 100 billion over the next ten years, with 50% earmarked for projects in mainland China[27] - The company is committed to digital transformation and sustainable development, aiming to lead its peers in these areas while expanding its investment scale in Hong Kong, mainland China, and Southeast Asia[32] Property Development and Management - The Taikoo Place redevelopment plan has entered its final stage, with the new Grade A office building, Taikoo Place Tower 2, set to complete later this year[23] - The company plans to expand its property portfolio at Taikoo Square, adding approximately 218,000 square feet of office space upon completion of the new development project opposite Taikoo Square Tower 3[23] - The company is developing the Xi'an Taikoo Li project, marking its first large-scale investment in Xi'an, which is adjacent to a UNESCO World Heritage site[27] - The company is actively pursuing new hotel management opportunities in cities like Shenzhen and Tokyo, with plans to operate two new hotels under the "House Series" brand[25] - The company is developing "Taikoo Place Tower 2," a 1 million square foot office building, expected to be completed later this year[102] Market Conditions and Outlook - The demand for office space in Hong Kong is expected to remain weak, with rising vacancy rates and increased new supply, although there is a trend for companies to seek higher quality office spaces[38] - The overall foot traffic and retail sales in the group's shopping malls are expected to continue to recover if social distancing measures in Hong Kong are gradually relaxed[39] - The hotel business outlook remains challenging, with recovery dependent on the full resumption of cross-border travel between mainland China and Hong Kong[41] - The office market in Hong Kong is expected to remain weak in the second half of 2022 due to rising vacancy rates and increased new supply[86] Sustainability Initiatives - Approximately 45% of the company's bond and loan financing comes from green financing initiatives[12] - The company aims to become a leader in sustainable development performance among global peers by 2030[10] - The company has attracted 36 tenants to its "Environmental Performance Charter" program, covering over 1.8 million square feet of office space in Hong Kong[12] - The company aims to expand its sustainable development initiatives, including a green kitchen program to reduce energy and water consumption in retail dining spaces[50] - Taikoo Properties has been recognized as a leader in sustainability, ranking first among Asian peers and seventh globally in the Dow Jones Sustainability World Index[46] Operational Performance - The company recorded nearly 100% occupancy in its malls, benefiting from the Hong Kong government's consumption voucher scheme and the recovering local purchasing power[23] - The leasing progress for the new office building at Taikoo Place is promising, with an occupancy rate close to 50%, and a major tenant, Swiss private bank Julius Baer, leasing 92,000 square feet[38] - The rental income from Hong Kong office properties for the first half of 2022 was HKD 3.01 billion, with a valuation of HKD 181.13 billion for completed and development properties[80] - The occupancy rate of the overall office property portfolio in Hong Kong was 96% as of June 30, 2022, despite a 1% decrease in rental income compared to the same period in 2021[81] Challenges and Risks - The recurring basic profit from property investment slightly declined, mainly due to decreased retail rental income in Hong Kong and increased operating costs, partially offset by increased retail rental income in mainland China[35] - Retail sales in mainland China decreased by 1% in the first half of 2022 compared to the same period in 2021, with significant declines in sales at various properties due to the impact of COVID-19[115] - The average room revenue and occupancy rate for hotels in mainland China decreased due to the resurgence of COVID-19, impacting both Swire-managed and non-Swire-managed hotels[168]

Commercial Real Estate Development - Swire Properties reported a significant focus on commercial real estate development, with major projects in Hong Kong and mainland China, including six large commercial developments in Guangzhou, Chengdu, and Shanghai[3]. - The company signed a cooperation framework agreement with the Beijing Chaoyang District Government to transform a former bus maintenance site into a cultural and commercial landmark[7]. - The company opened the West District of Taikoo Li Sanlitun in Beijing in December 2021, enhancing its retail presence in the region[8]. - The company has a land reserve in Miami, USA, and is actively seeking opportunities in the Southeast Asian real estate market[3]. - The company plans to invest over HKD 100 billion in Hong Kong, mainland China, and Southeast Asia over the next decade, including a new project in Xi'an with an investment of approximately RMB 7 billion[26]. - The company aims to double the total floor area of its property portfolio in mainland China over the next decade, focusing on first-tier and new first-tier cities[28]. - The company is actively seeking investment opportunities in residential projects across Hong Kong, mainland China, and Southeast Asia[28]. - The company has ongoing residential projects in Hong Kong, Indonesia, and Vietnam, contributing to a diversified property portfolio[67]. Sustainability and Environmental Initiatives - The company achieved a 25% reduction target in absolute greenhouse gas emissions by 2025 and a 46% reduction by 2030, as part of its 1.5°C science-based carbon reduction goals[11]. - Swire Properties was recognized as a "Global Industry Leader" and "Global Developer Industry Leader" in the GRESB Sustainability Yearbook, ranking among the top seven globally and first in Asia[11]. - The company utilized all proceeds from green bonds for environmental projects, demonstrating commitment to green finance[15]. - The company aims for at least 50% of its financing to come from green bonds and loans by 2025[15]. - The company has set ambitious science-based carbon reduction targets, aiming to limit global warming to within 1.5°C, becoming the first property developer in Hong Kong and mainland China to have such targets approved[30]. - The company has signed the "Environmental Performance Charter" with 14 tenants, representing about 10% of all office tenants in Hong Kong[13]. - The company has launched a pilot program for "Smart Waste Reduction," applying innovative technology to improve waste separation rates among participating tenants[13]. - The usage of renewable energy in the company's properties in mainland China has increased to approximately 40%[34]. - The company has demonstrated a commitment to sustainability by using renewable energy at the Guangzhou Taikoo Hui since 2021[181]. Financial Performance - The company reported a basic profit attributable to shareholders of HKD 9.541 billion for 2021[15]. - Revenue for the year increased by 19% to HKD 15,891 million from HKD 13,308 million[16]. - Basic earnings attributable to shareholders decreased by 25% to HKD 9,541 million from HKD 12,679 million[16]. - Reported earnings increased by 74% to HKD 7,121 million from HKD 4,096 million[16]. - Net cash inflow from operations decreased by 7% to HKD 7,028 million from HKD 7,550 million[16]. - Net debt increased by 56% to HKD 10,334 million from HKD 6,605 million[16]. - The capital to net debt ratio rose by 1.2 percentage points to 3.5% from 2.3%[16]. - Total equity, including non-controlling interests, increased by 1% to HKD 294,158 million from HKD 290,680 million[16]. - The first interim dividend increased by 3% to HKD 0.31 from HKD 0.30[16]. - The second interim dividend increased by 5% to HKD 0.64 from HKD 0.61[16]. - The company's attributable profit for property investment in 2021 was HKD 8,663 million, a decrease of 7.4% from HKD 9,352 million in 2020[17]. - The fair value change of investment properties in 2021 was a loss of HKD 1,836 million, compared to a gain of HKD 4,096 million in 2020[17]. - The total assets for the company in 2021 amounted to HKD 304,492 million, a slight increase from HKD 297,285 million in 2020[17]. - The return on equity for 2021 was 3.3%, a decrease from 4.4% in 2020[17]. - The company’s total equity attributable to shareholders in 2021 was HKD 292,155 million, up from HKD 288,736 million in 2020[17]. - The interest coverage ratio for 2021 was 20.79, an increase from 14.41 in 2020, indicating improved ability to meet interest obligations[17]. Retail and Office Performance - The retail market in Hong Kong showed partial recovery in 2021, but has not yet returned to pre-pandemic levels, impacted by renewed social distancing measures[28]. - The office property portfolio in Hong Kong recorded stable returns with a high occupancy rate, supported by the redevelopment of Taikoo Place[28]. - The company achieved strong growth in retail sales in its malls, particularly in the second half of 2021, as local retail sales improved due to government support measures[33]. - The occupancy rate of the office property portfolio in Hong Kong was 97% as of December 31, 2021, reflecting a stable demand despite market challenges[78]. - The rental income from the company's mainland China malls significantly increased in 2021, driven by high foot traffic and strong retail sales, particularly in luxury goods[33]. - The rental income from the group's Hong Kong office properties for 2021 was HKD 6.12 billion, with a valuation of HKD 181.468 billion as of December 31, 2021[75]. - The rental income from the Hong Kong office property portfolio decreased by 5% compared to 2020, primarily due to the absence of rental income from a sold office building[78]. - The rental income for the retail portfolio decreased by 10% compared to 2020, partially due to the amortization of rent relief provided in 2020[88]. - The total rental income from the group's investment properties in mainland China increased by 24% to HKD 3.56 billion, reflecting a rise in retail sales and RMB appreciation[105]. - The rental income attributable to the group's retail properties in mainland China grew by 29% to HKD 4.39 billion, with a 17% increase after excluding rental support amortization and RMB appreciation effects[106]. Hotel Performance - The hotel business losses narrowed in 2021, with performance in mainland China and the United States being relatively better compared to Hong Kong, which was affected by ongoing travel restrictions[33]. - The average room revenue and occupancy rates for the hotels in Hong Kong were adversely affected by pandemic-related travel restrictions[160][161]. - The hotel "The Opposite House" in Beijing achieved a recovery in occupancy rates and average room revenue in 2021, ranking first in "Top Five Best Hotels in China" by Travel + Leisure[162]. - The hotel "The Temple House" in Chengdu received multiple awards, including being ranked third in Destination Deluxe's "Urban Hotel of the Year"[164]. - The hotel "The Middle House" in Shanghai experienced a strong recovery in average room revenue and occupancy rates in 2021, benefiting from robust domestic demand[165]. - The Miami East Hotel was sold to a third party in October 2021 but continues to be managed by the company, with strong recovery in occupancy rates and average room revenue[166]. - The company managed hotels reported an EBITDA of HKD 220 million in 2021, with performance in mainland China and the U.S. being better than in Hong Kong due to ongoing travel restrictions[159]. Future Outlook and Strategic Initiatives - The company plans to maintain a strong balance sheet and a prudent approach to capital management, focusing on targeted project investments and financing[40]. - The company aims to expand selectively into Southeast Asian markets while continuing to focus on Hong Kong and mainland China[39]. - In mainland China, the company will adopt a cautious approach to land acquisition, focusing on projects obtained through early discussions with local governments[38]. - The company has established a "New Ventures" department to introduce innovative technologies aligned with its business goals[34]. - The company plans to develop the "House Series" and "East Series" hotel brands as key elements of its integrated development projects[173].

Financial Performance - Revenue for the first half of 2021 was HKD 9,068 million, representing a 38% increase compared to HKD 6,551 million in 2020[7] - Shareholders' profit attributable to the company increased by HKD 760 million to HKD 4,513 million, reflecting a 20% growth from HKD 3,753 million in the previous year[10] - Cash generated from operations rose by 121% to HKD 6,673 million, up from HKD 3,020 million in 2020[7] - The net profit attributable to shareholders for the first half of 2021 was HKD 1,984 million, compared to HKD 1,029 million in the first half of 2020, reflecting an increase of 92.5%[21] - The basic profit attributable to shareholders, after excluding investment property valuation changes, rose to HKD 4,513 million in the first half of 2021 from HKD 3,753 million in the same period of 2020, an increase of 20.3%[23] - The recurring basic profit for the first half of 2021 was HKD 3,716 million, slightly up from HKD 3,702 million in the first half of 2020, indicating a stable performance[23] - The total comprehensive income for the period was HKD 2,799 million, significantly higher than HKD 297 million in the same period last year[111] - Total profit for the period was HKD 2,090 million, up from HKD 955 million in the prior year, marking a 119.4% increase[111] - The net profit margin improved to 23.1% for the six months ended June 30, 2021, compared to 14.6% in the same period of 2020[110] Dividends and Shareholder Returns - The company announced an interim dividend of HKD 0.31 per share, a 3% increase from HKD 0.30 in 2020[11] - The company paid dividends amounting to HKD 3,630 million during the period, compared to HKD 3,477 million in the same period of the previous year[115] - The group declared an interim dividend of HKD 1,814 million for the year ending December 31, 2021[154] Debt and Financial Position - The net debt increased by 36% to HKD 9,010 million, compared to HKD 6,605 million in the previous year[9] - The net debt as of June 30, 2021, was HKD 90.1 billion, up from HKD 66.05 billion on December 31, 2020, with a net debt to equity ratio rising from 2.3% to 3.1%[17] - The total borrowings and debt securities reached HKD 33,066 million, with HKD 7,600 million (23%) remaining undrawn as of June 30, 2021[99] - The net debt-to-equity ratio improved to 3.1% as of June 30, 2021, compared to 5.9% in the previous year[105] - The group's share of net debt from joint ventures and associates was HKD 10,510 million as of June 30, 2021, down from HKD 12,593 million at the end of 2020[107] Property and Investment Performance - The company has sold non-core assets totaling HKD 38 billion over the past four years, with proceeds reinvested into new business opportunities primarily in first-tier cities in mainland China[13] - The total income from property sales was HKD 2,394 million in the first half of 2021, a significant increase from HKD 130 million in the same period of 2020[21] - The revenue from property investment for the six months ended June 30, 2021, was HKD 6,247 million, an increase from HKD 6,147 million in the same period of 2020[116] - The hotel segment reported a loss of HKD 109 million, which is an improvement from a loss of HKD 197 million in the same period of 2020[116] Market and Operational Insights - All shopping malls in mainland China maintained high occupancy rates, with significant increases in foot traffic and sales[12] - The company remains optimistic about the retail market in mainland China, expecting continued recovery in the second half of 2021[18] - The hotel business has seen reduced losses compared to the same period in 2020, benefiting from strong domestic travel and consumption in mainland China and the US[13] - The company is actively seeking new opportunities in Southeast Asia to align with its business strategy[10] - The company is developing several residential projects in Hong Kong, including those in Chai Wan and Wong Chuk Hang[13] Sustainability and Corporate Responsibility - The company aims to achieve its 2025 and 2030 emissions reduction targets as part of its "2030 Sustainability Strategy" launched in 2016[14] - The company became the first property developer in Hong Kong and mainland China to join the "Business Ambition for 1.5°C" initiative, setting ambitious targets to support a net-zero carbon economy[14] - The company is committed to long-term investments and digital transformation to enhance its sustainable development performance[16] Future Outlook and Strategic Initiatives - The company plans to expand its business in mainland China, focusing on new investment opportunities in emerging cities and the Greater Bay Area[18] - Swire Properties plans to expand its commercial portfolio by 25% over the next three years, focusing on key urban areas[176] - Future guidance estimates a revenue growth of 12% for the next fiscal year, driven by increased leasing activity[176] - The company is exploring potential acquisitions in the Asia-Pacific region to diversify its asset base[176] - A strategic partnership with a tech firm aims to integrate smart building solutions across its properties[176]

Financial Performance - Total revenue for 2020 was HKD 13,308 million, a decrease of 6% from HKD 14,222 million in 2019[12]. - Profit attributable to shareholders decreased by 47% to HKD 12,679 million from HKD 24,130 million in 2019[12]. - Basic earnings per share dropped by 47% to HKD 2.17 from HKD 4.12 in 2019[12]. - The company's attributable profit from property investment was HKD 9,352 million in 2020, compared to HKD 10,061 million in 2019, reflecting a decline of 7.1%[15]. - The basic profit for the year was HKD 12,679 million, down from HKD 24,130 million in the previous year, primarily due to reduced gains from the sale of investment properties[35]. - The company's attributable profit decreased by HKD 9,327 million to HKD 4,096 million, reflecting valuation losses on investment properties and a decline in profits from the sale of investment property interests[179]. - The company reported a total profit of HKD 9,912 million for 2020, down HKD 282 million from 2019[164]. Cash Flow and Debt Management - Cash generated from operations increased by 37% to HKD 7,550 million compared to HKD 5,499 million in 2019[12]. - Net debt decreased by 57% to HKD 6,605 million from HKD 15,292 million in 2019[12]. - The capital net debt ratio improved to 2.3% from 5.3%, a decrease of 3.0 percentage points[12]. - The company raised approximately HKD 62,660 million in financing during the year, including HKD 20,000 million in term and revolving loan facilities and HKD 19,334 million in medium-term notes[194]. - The total borrowings and debt securities as of December 31, 2020, reached HKD 39,024 million, with HKD 11,751 million (30%) remaining undrawn[197]. - The company’s financing strategy includes maintaining a prudent capital structure to ensure sustainable operations and reasonable cost of capital[192]. Dividend and Shareholder Returns - The company declared a first interim dividend of HKD 0.30, up 3% from HKD 0.29 in 2019[12]. - The company announced a second interim dividend of HKD 0.61 per share, totaling an annual dividend of HKD 0.91 per share, which is a 3% increase compared to 2019[23]. - Approximately 39% of basic profit was distributed as dividends for the year ending 2020[23]. Property Investment and Development - Total revenue from property investment for 2020 was HKD 12,355 million, a slight decrease from HKD 12,410 million in 2019[15]. - The fair value change of investment properties resulted in a loss of HKD 4,645 million in 2020, contrasting with a gain of HKD 3,450 million in 2019[15]. - The total assets of the company amounted to HKD 297,285 million in 2020, down from HKD 304,203 million in 2019[15]. - The company is actively exploring development opportunities in emerging Southeast Asian markets, investing in high-end residential projects in Singapore, Jakarta, and Ho Chi Minh City[23]. - The company is developing several residential projects in Hong Kong, including EIGHT STAR and two projects located in Chai Wan and Wong Chuk Hang[23]. Market Conditions and Challenges - The hotel business continues to be severely impacted by the pandemic, with losses increasing due to travel bans and social distancing measures[25]. - The retail sector in Hong Kong remains severely impacted by the pandemic, prompting the company to continue providing rental support to tenants, which may adversely affect financial performance in 2021[26]. - The overall retail sales in Hong Kong decreased by 24% in 2020, reflecting the adverse effects of the pandemic[53]. - The company anticipates a moderate recovery in the office market in Guangzhou, Shanghai, and Beijing in 2021, although rental rates may continue to be under pressure due to ongoing supply and soft demand[26]. Sustainability and Future Goals - The company is focused on sustainable development and aims to be a leader in sustainability performance by 2030[9]. - The company has committed to achieving net-zero carbon emissions by 2050 and has become the first property developer in Hong Kong and mainland China to participate in the "Business Ambition for 1.5°C" initiative[24]. - Approximately 30% of financing now comes from green bonds and sustainability-linked loans, indicating significant progress in green finance[24]. Operational Performance - The office property portfolio showed stable performance, with slight rental income growth due to increased renewal rents and strong occupancy rates at Taikoo Place[25]. - The occupancy rate of the office property portfolio in Hong Kong was 96% as of December 31, 2020[47]. - The rental income from office properties was HKD 6,555 million, slightly down from HKD 6,598 million, while retail property income increased to HKD 5,245 million from HKD 5,107 million, indicating a mixed performance in different segments[33]. - The company is actively managing its completed properties to enhance rental rates and profitability, focusing on optimizing retail tenant mix and early lease negotiations with office tenants[27].

Financial Performance - For the first half of 2020, the company's revenue was HKD 6,551 million, a decrease of 13% compared to HKD 7,510 million in the same period of 2019[4] - The basic earnings attributable to shareholders dropped by 80% to HKD 3,753 million from HKD 18,606 million year-on-year[4] - The company's attributable profit for the first half of 2020 was HKD 1,029 million, a significant decline from HKD 8,973 million in the same period of 2019[15] - Total profit for the period was HKD 955 million, down 89.4% from HKD 9,027 million in the previous year[103] - The earnings per share attributable to shareholders was HKD 0.18, a decline of 88.2% from HKD 1.53 in the same period last year[103] - Operating profit decreased significantly to HKD 1,473 million, down 84.8% from HKD 9,725 million in the previous year[103] - The fair value change of investment properties resulted in a loss of HKD 2,621 million, compared to a gain of HKD 3,837 million in the same period of 2019[103] - Total comprehensive income for the period was HKD 297 million, a decrease of 96.7% from HKD 8,942 million in the previous year[104] Cash Flow and Liquidity - The company's cash flow from investment activities was HKD 70 million, a substantial decrease from HKD 13,715 million in the previous year[109] - Cash generated from operations for the six months ended June 30, 2020, was HKD 3,020 million, compared to HKD 2,158 million in 2019[86] - The group’s cash and cash equivalents decreased by HKD 3,673 million in the first half of 2020[86] - Cash and cash equivalents as of June 30, 2020, were HKD 11,237 million, down from HKD 14,963 million at the end of 2019[107] - The net cash inflow from financing activities was HKD (5,421) million, consistent with HKD (5,425) million in the previous year[109] Debt and Financial Position - The net debt as of June 30, 2020, was HKD 16,986 million, an increase of 11% from HKD 15,292 million at the end of 2019[10] - The capital net debt ratio rose to 5.9% from 5.3% at the end of 2019, reflecting increased financial leverage[4] - The total borrowings amounted to HKD 27,704 million, a decrease from HKD 29,729 million as of December 31, 2019[90] - The net debt-to-equity ratio increased to 5.9% as of June 30, 2020, compared to 5.5% in the previous year[97] - The group has HKD 36.97 billion in committed financing, with HKD 9.24 billion (25%) remaining undrawn as of June 30, 2020[91] Rental Income and Property Performance - Rental income for the first half of 2020 decreased by 4% to HKD 6,101 million from HKD 6,346 million in the same period of 2019, primarily due to reduced retail sales amid the COVID-19 pandemic[8] - The total rental income for the first half of 2020 decreased by 4% to HKD 6,101 million from HKD 6,346 million in the first half of 2019[18] - Rental income from office properties was HKD 3,344 million, slightly up from HKD 3,302 million in 2019, while retail property rental income fell to HKD 2,530 million from HKD 2,747 million[13] - The total rental income from the group's retail properties in Hong Kong for the first half of 2020 was HKD 1.336 billion, a decrease of 10% compared to the same period in 2019[34] - The occupancy rate of the Hong Kong office property portfolio was 97% as of June 30, 2020, despite a weakening demand in the market[26] Future Outlook and Strategic Initiatives - The company expects a soft demand for office space in Hong Kong in the second half of 2020, with only a small portion of leases expiring[11] - The company anticipates continued rental support measures for tenants due to significant pressure on retail rental income caused by the pandemic[11] - The company plans to save costs without affecting long-term customer relationships amid ongoing operational difficulties[12] - The company anticipates that the demand for residential properties in Hong Kong will remain stable in the medium to long term despite current market challenges[12] - Future guidance suggests a projected growth rate of 5% in rental income for the upcoming fiscal year[173] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.30 per share, up from HKD 0.29 per share in 2019, totaling HKD 1,755 million[6] - The company paid dividends totaling HKD 3,451 million, slightly up from HKD 3,334 million in the previous year[110] Capital Expenditure and Investments - Capital expenditure for investment properties and hotels in Hong Kong was HKD 499 million in the first half of 2020, down from HKD 1.023 billion in the same period of 2019[84] - In mainland China, capital expenditure for investment properties and hotels was HKD 333 million in the first half of 2020, compared to HKD 72 million in the same period of 2019[84] - The company has four ongoing residential projects, three in Hong Kong and one in Indonesia, with a total area of approximately 1.9 million sq ft[68] Corporate Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code during the reporting period, except for certain provisions deemed not beneficial to shareholders[160] - The company has adopted a securities trading code for directors and relevant employees, ensuring compliance with the standards set out in the Listing Rules[160] - The company’s interim results have been reviewed by the audit committee and external auditors[160]