Di Yi Cai Jing·2025-06-06 12:40Core 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].