Group 1 - The core viewpoint of the article highlights that Swire Properties (01972) reported an overall office rental rate of 91% in Hong Kong for the second quarter of 2025 [1] - Swire Central's overall rental rate stands at 90%, with a rental decrease of 15% [1] - In mainland China, the rental rate for Taikoo Hui office buildings is 91%, while the rental rate for one of the buildings at Cityplaza is 86% [1] Group 2 - The rental rates for Hong Kong's two buildings at Hong Kong Industrial Centre are reported at 95% [1]

SWIRE PROPERTIES LIMITED 太古地產有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SWIRE PACIFIC LIMITED 太古股份有限公司 (於香港註冊成立的有限公司) (股份代號：00019 及 00087) (於香港註冊成立的有限公司) (股份代號：01972) 公告 太古地產有限公司 二零二五年第二季度 營運數據滙報 本滙報載述太古地產有限公司二零二五年第二季度若干營運數據資料。有關資料 乃根據內部管理紀錄編製，並未經外聘核數師審核或審閱。 1. 已落成投資物業 辦公樓物業 | 主要物業 | 租用率 | | | | 租用面積 | | | 租金調幅 (1) | | | | | 最新租金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | (新簽訂或 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Swire Properties Limited 太古地產有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 不適用 備註： Swire Properties Limited 太古地產有限公司並無法定股本，及其股本並無股份面值。 FF301 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01972 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 5,757,484,800 | | 0 | | 5,757,484,800 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 5, ...

中金发表研究报告指出，首次覆盖太古地产，予"跑赢行业"评级，目标价23.8港元，基于每股资产净值 (NAV)折让30%，对应2025年目标股息收益率4.9%。中金认为，太古地产每股派息稳步提升下的价值属 性与资本开支逐步释放价值的成长属性为太古地产提供长期配置价值。中金预计公司2025至2026年每股 盈利分别为1.07港元、1.25港元，年均复合增长率为 5.9%。公司当前交易于5.6%的2025年股息收益率和 39%每股资产净值折让。 ...

Core Viewpoint - CICC forecasts Swire Properties (01972) to achieve EPS of HKD 1.07 and HKD 1.25 for 2025-26, with a CAGR of 5.9% [1] - The company is currently trading at a 5.6% dividend yield for 2025 and a 39% NAV discount, with a target price of HKD 23.8, implying a 16% upside potential [1] Group 1: Asset Quality and Returns - Swire Properties holds high-quality assets in Hong Kong and mainland China, with long-term stable returns [2] - The core asset portfolio includes large mixed-use communities in Hong Kong and landmark commercial complexes in mainland China, contributing 36% and 35% to rental income respectively in 2024 [2] - The cost return rate of its holding properties is expected to increase from 4.0% in 2011 to 5.3% by 2024 [2] Group 2: Investment Plans and Profit Growth - The "HKD 100 billion investment plan" aims to drive steady growth in core rental profits, with 50% allocated to mainland properties [3] - By the end of 2024, HKD 46 billion of the mainland investment has been allocated, with an expected 82% increase in floor area by project completion [3] - Although rental profits may remain flat or slightly decline in 2025-26 due to the Hong Kong office market, a CAGR of 8% in core rental profits is anticipated from 2027-29, with mainland properties potentially reaching over 15% [3] Group 3: Financial Resilience and Shareholder Returns - The company aims for annual dividend growth in the mid-single digits supported by planned investment projects [4] - Capital expenditures are projected at HKD 84 billion, HKD 70 billion, and HKD 42 billion for 2025-27 [4] - The company has a resilient balance sheet with a net debt ratio of 15.7% in 2024, and has generated over HKD 50 billion from asset disposals from 2017-24 [4]

Core Insights - The launch of the Louis Vuitton maritime-themed landmark "Louis" in Shanghai marks a significant milestone in the retail landscape, attracting over 10,000 daily reservations and contributing to the phenomenon of "first-release economy" in Shanghai by 2025 [1] - The collaboration between Swire Properties and Louis Vuitton is a result of deep co-creation, aimed at enhancing the retail experience in the Nanjing West Road area, positioning it as a global top-tier retail destination [1] Group 1 - Nanjing West Road has been a core area for Swire Properties' retail strategy, showcasing a blend of historical architecture and modern retail experiences [2] - The Zhangyuan project represents a significant transformation over the past two years, merging traditional and contemporary elements to create a unique shopping environment [2] - Swire Properties aims not only for commercial success but also for community development, integrating international retail concepts with local cultural elements [2] Group 2 - The Zhangyuan project is only in its first phase, with two-thirds yet to open, and is expected to connect three subway lines by the end of next year, significantly enhancing the area's accessibility [2]

Group 1 - The core point of the news is that Swire Properties (01972.HK) has announced the sale of its interests in retail, parking assets, and facilities at Brickell City Centre for a maximum consideration of $549 million, including contingent consideration of up to $36.1 million [1][2] Group 2 - The sale includes 75% equity interest in BCC Retail Holdings, which owns 100% of BCC Retail, and all assets related to the parking portion and 100% membership interest in BCC Facilities, which manages the common areas and facilities of Brickell City Centre [1][2] - Brickell City Centre is a mixed-use development located in the Brickell financial district of Miami, Florida, comprising retail, office buildings, a serviced apartment hotel, and residential towers, with Swire Properties having previously sold the office buildings and residential units [2] - Proceeds from the sale will be used to meet Swire Properties' financing obligations in the U.S. and for general working capital purposes [2]

Core Viewpoint - Swire Properties emphasizes that a talented team is crucial for implementing its HKD 100 billion investment plan, with recent management changes aimed at enhancing its retail business in mainland China [1][9]. Group 1: Management Changes - Swire Properties has announced a series of internal appointments, promoting executives with extensive experience in the mainland market, particularly in the management teams of its Taikoo Li projects in Beijing, Shanghai, and Chengdu [1]. - Yu Guoan, previously in charge of Beijing Sanlitun Taikoo Li, has been appointed as General Manager of Retail Business (New Projects) for mainland China [1][5]. - Gu Yuzhen, General Manager of Shanghai Qiantan Taikoo Li, has been appointed as General Manager of Retail Business (Shanghai Pudong) [1][5]. - Wu Yushan, General Manager of Chengdu Taikoo Li, has been promoted to General Manager of Retail Business for mainland China, while continuing to lead Chengdu Taikoo Li [1][8]. Group 2: Investment Strategy - The recent management changes are closely linked to Swire Properties' HKD 100 billion investment plan, with approximately HKD 50 billion allocated to the mainland market [9]. - The company aims to double its total floor area in mainland China by 2032, reflecting its long-term commitment to the market [9]. - Retail business is a key focus area for Swire Properties, with several new or expanded retail projects planned [9]. Group 3: Retail Performance - In 2024, retail business accounted for 51.2% of Swire Properties' total revenue, marking a 2.5 percentage point increase from 2023 [9]. - Rental income from retail properties in mainland China rose by 7% to HKD 4.489 billion, with an average foot traffic increase of about 5% [10]. - The rental income for Beijing Sanlitun Taikoo Li increased by 12%, reaching a historical high since its opening, while Shanghai Qiantan Taikoo Li saw a 7% growth [10]. Group 4: Market Outlook - The company is optimistic about the mainland retail market, anticipating a steady growth in retail sales driven by domestic demand and ongoing renovations of its shopping centers [10]. - The mainland is expected to become one of the largest luxury goods markets globally, supported by a continuous increase in luxury sales [10].

Core Viewpoint - Recent personnel changes at Swire Properties (HK01972) indicate a strategic move to strengthen its retail business in mainland China, particularly through the promotion of key management personnel from regional to decision-making roles [1][2][8]. Group 1: Personnel Changes - Swire Properties announced significant personnel adjustments involving the core management team of Taikoo Li in Shanghai, Beijing, and Chengdu, promoting Yu Guoan and Wu Yushan to higher management roles within the mainland retail business [1][2]. - Wu Yushan's promotion is linked to her successful management of Chengdu Taikoo Li, which has been recognized for its strong operational performance since its opening in 2015 [2][3]. Group 2: Retail Business Performance - The retail segment has become a crucial revenue driver for Swire Properties, accounting for 51.2% of total revenue in 2024, an increase of 2.5 percentage points from 2023 [8]. - The rental income from mainland retail properties rose by 7% to HKD 4.489 billion in 2024, with a real growth of 4% after excluding currency and equity changes [11]. - Retail sales at Chengdu Taikoo Li and Guangzhou Taikoo Hui increased by 24% and 67%, respectively, compared to 2019, indicating robust growth in the retail sector [12]. Group 3: Strategic Implications - The management changes are interpreted as a signal that Swire Properties is likely to further expand its retail presence in mainland China, particularly in high-growth potential markets like Beijing, Chengdu, and Shanghai [1][8]. - The company’s CEO highlighted the potential for accelerated retail growth in mainland China due to increasing domestic demand and upcoming mall renovations, positioning the region as a key market for luxury brands [12].

Group 1: Company Performance - The company reported Q1 retail sales growth in its mainland shopping centers, with Shanghai Xinya Taikoo Hui, Beijing Sanlitun Taikoo Li, and Shanghai Qiantan Taikoo Li showing increases of 10.1%, 6%, and 1.5% year-on-year respectively [1] - Retail sales in Chengdu Taikoo Li, Guangzhou Taikoo Hui, and Beijing Yintai Center declined by 2.9%, 2.5%, and 0.4% year-on-year, but the decline was significantly narrower compared to 2024 [1] - The improvement in retail sales is attributed to the introduction of more luxury brands following renovations completed at the beginning of 2025, particularly benefiting Shanghai Xinya Taikoo Hui [1] Group 2: Market Trends - Hong Kong shopping centers maintained full occupancy with a slight improvement in retail sales growth, with Taikoo City Centre, Taikoo Place, and Citygate Outlets showing year-on-year growth rates of +2.9%, -5%, and -5.8% respectively [2] - The overall rental rate for Hong Kong office buildings remained under pressure due to market oversupply, with a Q1 occupancy rate of 89%, consistent with the end of 2024 [2] - In mainland office projects, Guangzhou Taikoo Hui and Beijing Yintai Center saw occupancy rates increase by 1 percentage point to 91% and 84% respectively, while Shanghai Xinya Taikoo Hui's rate decreased by 2 percentage points to 94% [2] Group 3: Investment Outlook - The company is characterized as a commercial real estate firm that generates stable cash flow through holding assets with a competitive edge [3] - Q1 performance in mainland shopping centers aligns with expectations, driven by the company's strong leasing and renovation capabilities [3] - Projected net profit growth for the company is 449%, 54%, and 37% for the years 2025 to 2027, with a consistent annual dividend growth of 5% [3]