证券时报·数据宝统计，太古地产在港交所公告显示，4月7日以每股15.520港元至16.100港元的价格回购 60.00万股，回购金额达949.03万港元。该股当日收盘价15.520港元，下跌8.81%，全天成交额1.43亿港 元。 （文章来源：证券时报网） 太古地产回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.04.07 | 60.00 | 16.100 | 15.520 | 949.03 | | 2025.04.03 | 60.00 | 17.000 | 16.740 | 1018.62 | | 2025.04.02 | 60.00 | 16.780 | 16.400 | 1001.09 | | 2025.04.01 | 60.00 | 16.720 | 16.300 | 995.37 | | 2025.03.27 | 0.04 | 17.000 | 17.000 | 0.68 | | 2025.03.26 | 12.96 | 17.000 | 16.880 ...

证券时报数据宝统计，太古地产在港交所公告显示，4月1日以每股16.300港元至16.720港元的价格回购 60.00万股，回购金额达995.37万港元。该股当日收盘价16.660港元，上涨2.21%，全天成交额7856.57万 港元。 今年以来该股累计进行59次回购，合计回购3132.10万股，累计回购金额4.89亿港元。(数据宝) 港股回购 港股回购、公司回购、回购、股份回购、港股 太古地产回购明细 | 日期 | 回购股数(万股) | 回购最高价(港元) | 回购最低价(港元) | 回购金额(万港元) | | --- | --- | --- | --- | --- | | 2025.04.01 | 60.00 | 16.720 | 16.300 | 995.37 | | 2025.03.27 | 0.04 | 17.000 | 17.000 | 0.68 | | 2025.03.26 | 12.96 | 17.000 | 16.880 | 219.95 | | 2025.03.25 | 12.26 | 17.000 | 16.960 | 208.35 | | 2025.03.24 | 44.16 | 17. ...

Financial Data and Key Metrics Changes - The company reported a recurring underlying profit of HKD 6.5 billion, a decrease of 11% year on year, primarily due to higher net finance charges and reduced office rental income in Hong Kong [4][23] - Attributable gross rental income decreased slightly by 2% year on year [4][24] - The full year dividend per share was declared at HKD 1.10, an increase of 5% [5][25] - The valuation of investment properties at the end of 2024 was RMB 271.5 billion, a 3% decrease compared to the end of 2023 [27][28] Business Line Data and Key Metrics Changes - In Hong Kong, gross rental income for the office sector decreased by 4% year on year, while retail gross rental income decreased by 3% [24][12] - The Chinese Mainland retail portfolio achieved a 2% increase in gross rental income in Hong Kong dollar terms and a 4% increase in renminbi terms [24][13] - The office portfolio in the Chinese Mainland had a steady performance with a 1% increase in gross rental income in renminbi terms [17][25] Market Data and Key Metrics Changes - The Hong Kong office market remains soft due to oversupply, with overall occupancy at 93% [10][11] - Retail sales growth in the Chinese Mainland stabilized in Q4 2024, with an overall decline of 7% in retail sales, except for Taiguli Tian Tan in Shanghai, which reported positive sales growth [14][15] - In Miami, retail sales increased by 3% year on year, with occupancy at 100% [18] Company Strategy and Development Direction - The company aims to achieve long-term growth targets through an active capital recycling strategy and a diverse development pipeline [6][7] - The company plans to invest HKD 100 billion across three core markets, with 67% already committed [7][9] - The strategy includes maintaining a balanced portfolio mix between retail and office sectors to support sustainable annual dividend growth [7][36] Management Comments on Operating Environment and Future Outlook - Management described the outlook as positive despite market headwinds, emphasizing the resilience of the business [36][39] - The company anticipates a gradual recovery in the premium office sector and expects improved consumer sentiment in the Chinese Mainland retail market [38][39] - Management remains cautious about the Hong Kong office market due to high vacancy rates and new supply pressures [58][59] Other Important Information - The company achieved the number one ranking in the global Dow Jones Best in Class World Index, reflecting its commitment to sustainability [5][31] - The green financing ratio increased to approximately 70%, exceeding the 2025 target of 50% [30] Q&A Session Summary Question: About the buyback program and Mainland China retail outlook - Management confirmed the buyback program will be assessed closer to May, considering market conditions and liquidity [44] - Retail sales in the Chinese Mainland showed mild positive growth in Q1 2025, with expectations for positive rental reversions over time [46] Question: Confidence in luxury retailers' commitments and remuneration structure - Management expressed confidence in luxury brands' commitment to new developments, emphasizing strong partnerships [51] - There are no current plans to change the remuneration structure, maintaining a balance between financial and operational incentives [52] Question: Capital allocation and Hong Kong office market outlook - Management highlighted significant cash flow from residential projects expected in 2025 and 2026, supporting capital allocation [56] - The outlook for the Hong Kong office market remains under pressure, with expectations for stronger demand in 2026 and 2027 [59] Question: Payout ratio and capital recycling - The cumulative payout ratio since listing is 50%, with a commitment to maintain this ratio despite current high levels [65] - Management is actively pursuing capital recycling opportunities to support future investments [67] Question: Asset held for sale and CapEx rationale - The transfer of investment properties to assets held for sale relates to Miami and a project in Hong Kong, with active divestment opportunities being explored [75] - The long-term gearing target is around 20%, with confidence in maintaining credit ratings while managing capital commitments [76]

Group 1 - The core point of the article is that Swire Properties has been actively repurchasing its shares, indicating a strategy to support its stock price amidst market fluctuations [1] - On March 10, the company repurchased 600,000 shares at a price range of HKD 15.960 to HKD 16.260, totaling HKD 9.6655 million [1] - The stock closed at HKD 16.080 on the same day, reflecting a slight decline of 0.12% with a total trading volume of HKD 53.4375 million [1] Group 2 - Since October 3, 2024, the company has conducted share repurchases for 106 consecutive days, accumulating a total of 63.105 million shares repurchased and a total expenditure of HKD 996 million [1] - During this period, the stock has experienced a cumulative decline of 6.94% [1] - In 2024 alone, the company has executed 45 repurchase transactions, acquiring a total of 26.505 million shares for a total of HKD 409 million [1]

Group 1 - The core point of the article is that Swire Properties has been actively repurchasing its shares, indicating a strategy to support its stock price amidst a declining market trend [1] - On February 28, the company repurchased 600,000 shares at a price range of HKD 15.380 to HKD 15.560, totaling HKD 9.2817 million [1] - The stock closed at HKD 15.400 on the same day, reflecting a decrease of 1.28% with a total trading volume of HKD 55.7749 million [1] Group 2 - Since October 3, 2024, the company has conducted share repurchases for 100 consecutive days, accumulating a total of 59.505 million shares repurchased and a total expenditure of HKD 938 million [1] - During this period, the stock has experienced a cumulative decline of 10.88% [1] - In 2024 alone, the company has executed 39 repurchase transactions, acquiring a total of 22.905 million shares for a total of HKD 352 million [1]

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of HK$18.00, while the current price is HK$15.28 [5][23]. Core Insights - The company's performance for 2024 is expected to be weak, with core earnings projected to decline by 10% to HK$6.5 billion, primarily due to a sluggish office market, stagnant retail sector, and high interest costs [1][2]. - Earnings are anticipated to stabilize in 2025 and slightly recover in 2026, influenced by factors such as declining rental income from mainland malls and the absence of contributions from new projects [2][11]. - Despite challenges, the company is expected to fulfill its dividend growth commitment, with a projected increase of 2.9% for the full year 2024 [1][2]. Financial Forecasts - Total revenue is forecasted to decrease from HK$14.67 billion in 2023 to HK$13.89 billion in 2024, representing a year-on-year decline of 5.3% [3][11]. - The company’s core profit is expected to drop from HK$7.29 billion in 2023 to HK$6.54 billion in 2024, a decrease of 10.2% [3][11]. - The projected basic earnings per share (EPS) for 2024 is HK$1.12, down from HK$1.25 in 2023 [3][11]. - The dividend per share is expected to increase from HK$1.05 in 2023 to HK$1.08 in 2024, reflecting a dividend yield of 7.1% to 7.5% over the forecast period [3][11]. Market Conditions - The report highlights that the retail sales in Hong Kong continue to be affected by local tourism loss and changing consumer spending patterns, while the office rental market remains weak [1][2]. - The company’s properties in mainland China are also experiencing a decline in rental income due to consumer downgrading [2][19]. Share Buyback Program - The company has made progress on its HK$1.5 billion share buyback program, having repurchased 28.2 million shares, which is approximately 29% of the total program [21].

Group 1 - The core point of the article is that Swire Properties has been actively repurchasing its shares, indicating a strategy to support its stock price amidst a decline [1] - On February 20, the company repurchased 600,000 shares at a price range of HKD 14.880 to HKD 15.160, totaling HKD 8.9976 million [1] - The stock closed at HKD 14.940 on the same day, reflecting a decrease of 0.53% with a total trading volume of HKD 89.5639 million [1] Group 2 - Since October 3, 2024, the company has conducted share repurchases for 94 consecutive days, totaling 55.905 million shares and an aggregate amount of HKD 883 million [1] - During this period, the stock has experienced a cumulative decline of 13.54% [1] - In 2024, the company has executed 33 repurchase transactions, acquiring a total of 19.305 million shares for a total of HKD 296 million [1]

喜茶暂停加盟申请。 去年秋天以来，喜茶三次以加盟商内部信的方式宣布战略调整。它曾是第一个降价的现制茶饮品 牌，去年第一个宣布退出价格战，这次它在内部信里说暂停加盟申请，也是行业首个。 喜茶品牌成立到第六年一直以全直营模式经营。公司自己选原材料、做茶、卖茶，手工做出近 30 元的奶盖茶。 直到消费者开始喝更便宜的茶，增长变难，喜茶 2022 年 11 月开放加盟。为此它提前降价、标准化 流程，门店数量从 2022 年底的 855 家增长至去年底的 4548 家，成了中国门店数量第六多的现制茶 饮品牌。 随着现制茶饮竞争加剧，热门区域门店加密、市场转入存量竞争。行业同店下滑、一些品牌的加盟 商转亏，去年门店总数净减少 1.6 万间。喜茶率先放下门店增长的目标，暂停才开始 2 年多的加 盟。 今年 1 月，喜茶 DP（白日梦）店在成都春熙路开张。DP 店自营，设计精美、面积更大，消费者 还能尝到常规店没有的饮品，但价格往往更高。上一家 DP 店 2018 年 10 月在深圳开业，一年多后 关闭，也是喜茶第一家 DP 店。喜茶在这次的内部信里说要 "聚焦用户和品牌"，DP 店回归或许是 新战略的开端。 比亚迪超 21 ...

Financial Performance - Total revenue for the first half of 2024 was HKD 7,279 million, a slight decrease of 0% compared to HKD 7,297 million in the same period of 2023[8]. - The company's attributable profit decreased by 1% to HKD 3,857 million from HKD 3,901 million year-on-year[8]. - Basic earnings per share decreased by 1% to HKD 0.66 from HKD 0.67 in the previous year[8]. - The net cash inflow from operations was HKD 3,701 million, down 12% from HKD 4,221 million in the same period last year[8]. - The total profit for the period was HKD 5,275 million, down 1.0% from HKD 5,327 million year-on-year[136]. - Net profit attributable to shareholders for the period was HKD 1,796 million, a decrease of 19.1% from HKD 2,223 million in the same period last year[136]. - The company reported a net cash inflow from operating activities of HKD 2,365 million, compared to HKD 3,340 million in the previous year, indicating a 29% decrease[139]. - The company’s total equity as of June 30, 2024, was HKD 284,155 million, a decrease from HKD 288,149 million, reflecting a decline of about 1.38%[138]. Investment and Development - The company has committed over 60% of its HKD 100 billion investment plan, with HKD 50 billion allocated for projects in mainland China and HKD 30 billion for expanding its core commercial property portfolio in Hong Kong[10]. - The company plans to double its total floor area in mainland China by 2032, focusing on first-tier and emerging first-tier cities[13]. - The company is actively seeking opportunities to sell non-core assets to strengthen its balance sheet and support future investment plans in core markets[10]. - The company completed the latest phase of the Taikoo Place redevelopment, which includes two Grade A office buildings and 70,000 square feet of green space[12]. - The company is undertaking a cautious investment plan of HKD 100 billion to drive long-term growth despite macroeconomic uncertainties[26]. - The group has nine residential projects under development, including four in Hong Kong and plans for a residential project in Miami, USA[39]. - The group plans to develop a retail-led integrated project, with phased completion starting from the end of 2025[62]. Market Outlook - The company is optimistic about the long-term recovery of the Hong Kong office market, particularly with increased IPO activities and demand from mainland Chinese enterprises[12]. - The company anticipates a cautious approach from retailers regarding business expansion in mainland China in H2 2024, despite strong demand for luxury retail spaces in Guangzhou and Chengdu[20]. - The company has observed a decline in retail business in Hong Kong and mainland China after a strong rebound last year, but sees emerging retail trends, particularly in immersive luxury retail experiences[15]. - The company is focused on enhancing its property portfolio quality and performance while pursuing sustainable development goals[26]. Sustainability and Corporate Responsibility - The company was recognized as the only real estate management and development company in the "Best 1%" category of the S&P Global Sustainability Yearbook (China Edition)[7]. - The company aims to become a leader in sustainable development performance among global peers by 2030[7]. - The company has achieved significant recognition in sustainable development, with its Taikoo Place becoming the first community in Hong Kong to receive a Gold rating under the LEED certification program[16]. - The company has set a goal for at least 80% of its bonds and loans to come from green finance by 2030, aligning with the Hong Kong government's green transformation and carbon neutrality plans[16]. Financial Position and Debt Management - The net debt increased by 3% to HKD 37,796 million from HKD 36,679 million[8]. - The capital net debt ratio rose to 13.3%, an increase of 0.6 percentage points from 12.7%[8]. - The company maintains a strong financial foundation with a healthy debt ratio, supported by a HKD 100 billion investment plan initiated in 2022, particularly focusing on the mainland market[18]. - The company’s debt composition as of June 30, 2024, was 59% in HKD, 33% in RMB, and 8% in USD[128]. - The interest coverage ratio (basic) was 10.8 for the six months ended June 30, 2024, down from 24.8 for the same period in 2023[130]. Shareholder Returns - The company announced an interim dividend of HKD 0.34 per share for H1 2024, representing a 3% increase compared to the interim dividend of HKD 0.33 per share in H1 2023[11]. - The company declared and/or paid dividends amounting to HKD 4,212 million for the first half of 2024, compared to HKD 3,978 million in the same period of 2023, marking an increase of about 5.88%[140]. Corporate Governance - The company has complied with all codes of the Corporate Governance Code during the accounting period covered by the interim report[189]. - The interim results have been reviewed by the company's audit committee and external auditors[189]. - The company has adopted a securities trading code for directors and relevant employees, which is no less stringent than the standard code[189].

Financial Performance - Revenue for the first half of 2024 was HK$7,279 million, showing no significant change compared to HK$7,297 million in the same period of 2023[3] - Basic profit attributable to shareholders decreased by 1% to HK$3,857 million in the first half of 2024, compared to HK$3,901 million in 2023[3] - Recurring basic profit attributable to shareholders decreased by 8% to HK$3,570 million in the first half of 2024, down from HK$3,892 million in 2023[3] - Reported profit attributable to shareholders dropped by 19% to HK$1,796 million in the first half of 2024, compared to HK$2,223 million in 2023[3] - Cash flow from operations decreased by 12% to HK$3,701 million in the first half of 2024, down from HK$4,221 million in 2023[3] - Net debt increased by 3% to HK$37,796 million as of June 30, 2024, compared to HK$36,679 million at the end of 2023[3] - The company's capital net debt ratio increased by 0.6 percentage points to 13.3% as of June 30, 2024[3] - The first interim dividend increased by 3% to HK$0.34 per share in 2024, compared to HK$0.33 in 2023[3] - The company's total revenue for the first half of 2024 was HKD 7.279 billion, compared to HKD 7.297 billion in the same period in 2023[31] - The company's reported profit attributable to shareholders for the first half of 2024 was HKD 1,796 million, compared to HKD 2,223 million in the same period in 2023[32] - The fair value loss on investment properties for the first half of 2024 was HKD 831 million, a decrease from HKD 1,648 million in the first half of 2023[32] - The basic profit for the first half of 2024 was HKD 3,857 million, a slight decrease from HKD 3,901 million in the first half of 2023[34] - The recurring basic profit (excluding profit from asset sales) for the first half of 2024 was HKD 3,570 million, down from HKD 3,892 million in the first half of 2023[34] - Revenue for the six months ended June 30, 2024, was HKD 7,279 million, compared to HKD 7,297 million in the same period in 2023, showing a slight decrease[156] - Profit before tax for the six months ended June 30, 2024, was HKD 3,098 million, compared to HKD 3,218 million in the same period in 2023[142] - Net profit attributable to company shareholders was HKD 1,796 million for the six months ended June 30, 2024, down from HKD 2,223 million in the same period in 2023[142] - Basic and diluted earnings per share for the six months ended June 30, 2024, were HKD 0.31, compared to HKD 0.38 in the same period in 2023[142] - Total comprehensive income for the six months ended June 30, 2024, was HKD 262 million, up from HKD 165 million in the same period in 2023[143] - Net financial expenses for the six months ended June 30, 2024, were HKD 469 million, compared to HKD 179 million in the same period in 2023[142] - Investment property fair value changes resulted in a loss of HKD 842 million for the six months ended June 30, 2024, compared to a loss of HKD 1,332 million in the same period in 2023[142] - Tax expenses for the six months ended June 30, 2024, were HKD 1,208 million, up from HKD 954 million in the same period in 2023[142] - Total assets decreased from HKD 336,699 million in 2023 to HKD 333,741 million in 2024[144] - Investment properties decreased slightly from HKD 281,463 million in 2023 to HKD 280,396 million in 2024[144] - Cash and cash equivalents increased from HKD 5,097 million in 2023 to HKD 5,528 million in 2024[144] - Net cash from operating activities decreased from HKD 3,374 million in 2023 to HKD 2,445 million in 2024[145] - Net cash used in investing activities decreased significantly from HKD 6,761 million in 2023 to HKD 1,161 million in 2024[145] - Net cash from financing activities turned negative, from HKD 3,247 million in 2023 to HKD (765) million in 2024[145] - Total equity decreased from HKD 288,149 million in 2023 to HKD 284,155 million in 2024[144] - Dividends paid to company shareholders increased from HKD 3,978 million in 2023 to HKD 4,212 million in 2024[145] - Long-term borrowings and bonds increased from HKD 33,606 million in 2023 to HKD 34,403 million in 2024[144] - Trade and other receivables increased slightly from HKD 3,506 million in 2023 to HKD 3,584 million in 2024[144] - The company's total equity as of June 30, 2024, was HKD 284,155 million, a decrease from HKD 288,149 million at the beginning of the year[146] - The company reported a profit for the period of HKD 1,796 million, with a total comprehensive income of HKD 205 million[146] - Property investment segment generated HKD 6,727 million in external revenue and HKD 4,170 million in operating profit after depreciation and amortization[147] - The property trading segment recorded a loss of HKD 54 million in operating profit after depreciation and amortization[147] - The hotel segment reported a loss of HKD 57 million in operating profit after depreciation and amortization[147] - Investment property fair value changes resulted in a loss of HKD 842 million[147] - Total assets of the group as of June 30, 2024, were HKD 353,849 million, with property investment contributing HKD 287,181 million[148] - Total liabilities of the group as of June 30, 2024, were HKD 69,694 million, with property investment liabilities at HKD 51,529 million[149] - Non-controlling interests as of June 30, 2024, amounted to HKD 3,080 million[149] - Rental income from investment properties for the six months ended June 30, 2024, was HKD 6,665 million, slightly down from HKD 6,677 million in the same period in 2023[156] - Revenue from property sales for the six months ended June 30, 2024, was HKD 88 million, compared to HKD 89 million in the same period in 2023[156] - Hotel revenue for the six months ended June 30, 2024, was HKD 464 million, down from HKD 476 million in the same period in 2023[156] - Direct leasing expenses related to investment properties for the six months ended June 30, 2024, were HKD 1,501 million, up from HKD 1,483 million in the same period in 2023[157] - Total sales cost for the six months ended June 30, 2024, was HKD 2,004 million, compared to HKD 1,970 million in the same period in 2023[157] - Other losses net amount for the six months ended June 30, 2024, was HKD 103 million, compared to HKD 65 million in the same period in 2023[158] - Trade receivables impairment expense for the six months ended June 30, 2024, was HKD 6 million, down from HKD 9 million in 2023[160] - Staff costs for the six months ended June 30, 2024, increased to HKD 1,170 million from HKD 1,041 million in 2023[160] - Current tax expense for the six months ended June 30, 2024, was HKD 674 million, up from HKD 617 million in 2023[163] - Deferred tax expense related to investment property fair value changes for the six months ended June 30, 2024, was HKD 397 million, compared to HKD 88 million in 2023[163] - The company declared an interim dividend of HKD 0.34 per share for the year ending December 31, 2024, totaling HKD 1,989 million[166] - Basic earnings per share for the six months ended June 30, 2024, were HKD 1.796 billion, down from HKD 2.223 billion in 2023[167] - The weighted average number of ordinary shares outstanding during the period was 5.85 billion[167] - Property, plant, and equipment decreased from HKD 6,849 million to HKD 6,188 million, with a net book value of HKD 3,381 million as of June 30, 2024[169] - Investment properties decreased slightly from HKD 281,271 million to HKD 280,396 million, with fair value losses of HKD 842 million[170] - Intangible assets decreased from HKD 1,939 million to HKD 1,914 million, with a net book value of HKD 1,496 million as of June 30, 2024[171] - Right-of-use assets increased to HKD 2,759 million, with additions of HKD 14 million during the period[173] - Total cash outflows for leases amounted to HKD 64 million, including HKD 10 million for interest and HKD 39 million for principal repayments[174] - Joint venture equity increased to HKD 19,860 million, with a significant acquisition in the YTD Phase II project increasing the company's stake to 49.895%[175] - Associates' equity decreased slightly to HKD 9,663 million, with goodwill remaining unchanged at HKD 670 million[176] - The fair value of financial instruments classified as Level 2 was HKD 99 million, while Level 3 was HKD 629 million, totaling HKD 728 million as of June 30, 2024[177] - The fair value of financial liabilities, including long-term borrowings and bonds, was HKD 42,198 million as of June 30, 2024, compared to HKD 40,598 million as of December 31, 2023[182] - The fair value of non-listed equity investments increased by HKD 6 million during the period, reaching HKD 629 million as of June 30, 2024[179] - The fair value of a put option for a non-controlling interest in the US increased by HKD 48 million, reaching HKD 645 million as of June 30, 2024[179] - Trade receivables decreased to HKD 375 million as of June 30, 2024, from HKD 500 million as of December 31, 2023[185] - Other receivables increased to HKD 3,070 million as of June 30, 2024, from HKD 2,889 million as of December 31, 2023[185] - The fair value of derivative financial instruments used for hedging purposes was HKD 99 million in assets and HKD 10 million in liabilities as of June 30, 2024[184] - The discount rate used for the valuation of the put option for a non-controlling interest in the US remained at 6.3% as of June 30, 2024[180] - The fair value of financial instruments classified as Level 3 is determined using unobservable inputs such as yield and market price, which do not significantly alter the valuation under reasonable assumptions[180] - The company does not engage in speculative derivative transactions and uses derivatives solely for risk management purposes[183] - Trade payables decreased to HKD 859 million as of June 30, 2024, from HKD 1,046 million as of December 31, 2023[187] - Rental deposits from tenants increased to HKD 3,046 million as of June 30, 2024, from HKD 2,965 million as of December 31, 2023[187] - Deferred tax liabilities increased to HKD 14,368 million as of June 30, 2024, from HKD 13,994 million as of January 1, 2024[189] - The company's reserves totaled HKD 270,626 million as of June 30, 2024, with a profit reserve of HKD 274,273 million[192] - Non-controlling interests increased to HKD 3,080 million as of June 30, 2024, from HKD 3,067 million as of January 1, 2024[193] - Capital commitments for investment properties amounted to HKD 17,809 million as of June 30, 2024, with HKD 5,443 million contracted but not provided[194] - The company committed to injecting HKD 1,817 million into joint ventures as of June 30, 2024, compared to HKD 275 million as of December 31, 2023[195] - Guarantees provided for joint ventures' bank loans and other liabilities totaled HKD 4,062 million as of June 30, 2024, up from HKD 3,996 million as of December 31, 2023[196] - Service fees paid to Hong Kong Swire Group for the six months ended June 30, 2024, amounted to HKD 99 million, compared to HKD 106 million in the same period in 2023[197] - Administrative service costs shared with Hong Kong Swire Group for the six months ended June 30, 2024, were HKD 59 million, up from HKD 49 million in the same period in 2023[197] - Rent received from Hong Kong Swire Group's member companies under the lease framework agreement for the six months ended June 30, 2024, totaled HKD 52 million, slightly down from HKD 53 million in the same period in 2023[198] - Rent received from Swire Pacific's member companies under the lease framework agreement for the six months ended June 30, 2024, was HKD 24 million, up from HKD 21 million in the same period in 2023[198] - Interest income from joint ventures for the six months ended June 30, 2024, increased to HKD 73 million from HKD 54 million in the same period in 2023[199] - Service revenue provided to joint ventures for the six months ended June 30, 2024, rose to HKD 35 million from HKD 31 million in the same period in 2023[199] - Rent income from related parties for the six months ended June 30, 2024, was HKD 52 million, compared to HKD 53 million in the same period in 2023[199] - Hotel income from related parties for the six months ended June 30, 2024, remained stable at HKD 7 million, consistent with the same period in 2023[199] - The lease framework agreement with Hong Kong Swire Group and Swire Pacific was renewed for another three years, effective from January 1, 2025, to December 31, 2027[198] - The service agreement with Hong Kong Swire Group was renewed for three years on October 1, 2022, and will expire on December 31, 2025[197] Investment and Development - The company has committed over 60% of its HKD 100 billion investment plan, with HKD 50 billion allocated to the Mainland China market, HKD 30 billion to Hong Kong's core commercial properties, and HKD 20 billion to residential projects in Hong Kong, Mainland China, and Southeast Asia[7] - The company's investment plan outlines a growth roadmap for the next decade, with confidence in long-term growth in Hong Kong and Mainland China, particularly in Beijing, Shanghai, and the Greater Bay Area[7] - The company is actively pursuing a capital recycling strategy, exploring opportunities to sell non-core assets to strengthen its balance sheet and support future investment plans[7] - The company's new investment projects in Mainland China, including large-scale developments in Beijing, Shanghai, Sanya, and Xi'an, are progressing well, with increasing contributions to rental income growth[7] - The company completed the latest phase of the Taikoo Place redevelopment, including the opening of Taikoo Place One and Two, adding 70,000 square feet of green space, and introducing new dining concepts[8] - The company expanded its Pacific Place portfolio in Admiralty, including the completion of the new Grade A office building Pacific Place Six, with ongoing infrastructure improvements enhancing connectivity[8] - The company plans to expand its investment in the Greater Bay Area, including a large-scale retail development project in Guangzhou's Liwan District in collaboration with Guangzhou Pearl River Industrial Group[12] - The company successfully acquired a new retail property at Tianhe Road 387 in Guangzhou, which will be renovated and added to the Taikoo Hui luxury retail portfolio by August 2024[12] - The company is upgrading existing projects in mainland China, including Beijing's Sanlitun Taikoo Li North and Shanghai's Taikoo Hui, to expand its luxury retail portfolio[12] - The company aims to develop 11 retail-led commercial projects in 6 mainland Chinese cities by 2027[12] - The company plans to double its total floor area in mainland China by 2032 under a HKD 100 billion investment plan[14] - The company has two major investments in Shanghai's Pudong District, including the Qiantan Integrated Development Project and the newly named Lujiazui Taikoo Source[14] - The company announced plans to increase its stake in Beijing's INDIGO Phase II, with the transaction completed in August 2024[14] - The company has launched its first high-end residential brand in mainland China as part of the Lujiazui Ta