Stock Code: 01972
Annual Report 
2022

2	
Company Profile
10	
2022 Highlights
16	
Financial Highlights
17	
Ten-Year Financial Summary
20	
Chairman’s Statement
24	
Chief Executive’s Statement
28	
Key Business Strategies
MANAGEMENT DISCUSSION & ANALYSIS 
32	
Review of Operations
74	
Financial Review
81	
Financing
CORPORATE GOVERNANCE &  
SUSTAINABILITY
92	
Corporate Governance
108	
Risk Management
112	
Directors and Officers
114	
Directors’ Report
121	
Sustainable Development
CONTENTS
AUDITOR’S REPORT AND ACCOUNTS
130	
Independent Auditor’s Report
134	
Consolidated Statement of Profit or Loss
135	
Consolidated Statement of  
Other Comprehensive Income
136	
Consolidated Statement of Financial Position
137	
Consolidated Statement of Cash Flows
138	
Consolidated Statement of Changes in Equity
139	
Notes to the Financial Statements
198	
Principal Accounting Policies
201	
Principal Subsidiary, Joint Venture and  
Associated Companies
SUPPLEMENTARY INFORMATION
204	
Schedule of Principal Group Properties
215	
Glossary 
216	
Financial Calendar and Information  
for Investors

2
Swire Properties Limited (the “Company”) is a leading developer, 
owner and operator of mixed-use, principally commercial, properties in 
Hong Kong and the Chinese Mainland, with a record of creating long-
term value by transforming urban areas. Our business comprises three 
elements: property investment, property trading and hotel investment.
COMPANY PROFILE

SWIRE PROPERTIES ANNUAL REPORT 2022
3
Founded in Hong Kong in 1972, the Company is listed on 
The Stock Exchange of Hong Kong Limited and, with its 
subsidiaries, employs around 5,000 people. The Company’s 
shopping malls are home to more than 2,200 retail outlets. 
Its offices house a working population estimated to  
exceed 72,000.
In Hong Kong, we have spent 50 years developing an 
industrial area into what is now Taikoo Place and Cityplaza, 
one of Hong Kong’s largest business districts comprising 
office space, the largest shopping mall on Hong Kong 
Island and a hotel. Pacific Place, built on the former Victoria 
Barracks site, is one of Hong Kong’s premier retail and 
business addresses. In the Chinese Mainland, the Company 
has six major commercial projects in operation in Beijing, 
Guangzhou, Chengdu and Shanghai. Similar in scale to  
our developments in Hong Kong, our Chinese Mainland 
properties are in commercial districts with excellent 
transport connections.
The Company has interests in the luxury and high quality 
residential markets in Hong Kong, Indonesia, Vietnam and 
Thailand. There are also land banks in Miami, U.S.A. Swire 
Hotels develops and manages hotels in Hong Kong, the 
Chinese Mainland and the U.S.A., with an expansion plan  
to Japan.
The Company has a presence in the Brickell financial 
district in Miami, U.S.A., where it has investment properties. 
The Company has offices in South East Asia which explore 
opportunities in the property markets in the region.

Fifty years ago, Swire Properties was established in Hong Kong, and built a 
reputation for outstanding quality and transformational placemaking. We are 
transforming places and supporting thriving communities around the world by 
putting our values, our creativity and our SD2030 Strategy into action.
Over the years the Company has continued to grow, achieving wide recognition  
in Hong Kong and the Chinese Mainland, and establishing a presence across major 
world cities, including Miami, Singapore, Jakarta, Ho Chi Minh City and Bangkok.

In 2022, Swire Properties celebrated its 50th anniversary. To honour this 
milestone, the Company launched the year-long “ORIGINAL. ALWAYS.” 
campaign to highlight our innovative spirit and showcase our long-term 
vision and commitment to creating vibrant places.

8
Captures what we do and how we do it. It underlines the creative mindset 
and long-term approach that enables us to seek out new perspectives, 
and original thinking that goes beyond the conventional.

SWIRE PROPERTIES ANNUAL REPORT 2022
9
It also encapsulates our ability to unlock the potential of places and 
create vibrant destinations that can engender further growth and create 
sustainable value for our stakeholders.

Artist’s Impression
Architectural Rendering
(Image by Proloog. Copyright:SnØhetta. 
Courtesy of Tokyu Corporation)
10
2022 HIGHLIGHTS
MAR
Announced partnership with Xi’an 
Cheng Huan Cultural Investment 
and Development Co. Ltd. to 
develop Taikoo Li Xi’an 
Xi’an
MAY
Celebrated Swire Properties’ 50th 
anniversary with a series of arts 
programmes, including continued 
partnership with Art Basel Hong 
Kong and inaugural Asian tour of 
“Bags: Inside Out” by the Victoria 
and Albert Museum, London 
Hong Kong
Officially rolled out the “Green 
Performance Pledge” for office 
tenants. As of 31 December, tenants 
spanning 37.9% of occupied lettable 
floor area of the Hong Kong office 
portfolio have committed
Hong Kong
JUN
Named “Hong Kong’s  
Most Attractive Employer”  
in Randstad’s 2022 Employer 
Brand Research 
Hong Kong
Won the bid for 269 Queen’s 
Road East residential 
development in the HKSAR 
Government’s Land Sale 
Programme
Hong Kong
JUL–AUG
Pursued new hotel management 
agreement model with two new 
The House Collective hotels  
in Tokyo and Shenzhen 
Tokyo and Shenzhen
Celebrated 10th anniversary of 
INDIGO in Beijing 
Beijing
SEP
Completed Two Taikoo Place 
office tower, the latest addition 
to Taikoo Place 
Hong Kong

Artist’s Impression
SWIRE PROPERTIES ANNUAL REPORT 2022
11
NOV
Officially launched “Bi-city Youth 
Cultural Leadership Programme” 
in partnership with the Hong Kong 
Palace Museum 
Hong Kong
Taikoo Place and Pacific Place 
became first office portfolios in 
Hong Kong certified by global  
digital connectivity benchmark 
WiredScore. Two Taikoo Place and 
Six Pacific Place obtained highest 
WiredScore and SmartScore 
certifications, first in Hong Kong
Hong Kong
OCT 
Announced new retail project  
in Sanya in partnership with a 
subsidiary of China Tourism Group 
Duty Free Corporation 
Sanya
Celebrated grand opening of the 
ZHANGYUAN urban regeneration 
project, a Shanghai Jing’an Urban 
Regeneration Construction 
Development Co., Ltd-owned 
property, which the Company jointly 
operates and manages 
Shanghai
DEC
Announced naming of new 
office building on Queen’s Road 
East as Six Pacific Place, and 
renaming of 28 Hennessy Road 
as “Five Pacific Place” 
Hong Kong
Announced plan to acquire 
remaining 50% equity interest  
of Sino-Ocean Taikoo Li 
Chengdu. The acquisition was 
completed in February 2023
Chengdu
Completed EIGHT STAR STREET 
residential development  
with 29 units sold  
(as of 31 December) 
Hong Kong
FEB 2023 
Acquired 40% interest in a 
freehold site in Bangkok to 
develop luxury condominium 
Bangkok

“	Our vision is to be the leading 
sustainable development performer 
in our industry globally by 2030.”
	 –  GU Y B RADLEY, CHAIRMAN

SWIRE PROPERTIES ANNUAL REPORT 2022
13
Ranked 4th globally, and 1st in Asia in the 
Real Estate Industry
Ranked 2nd globally in the “Environmental 
Dimension”
2022 HIGHLIGHT ACHIEVEMENTS
Global Sector Leader (Mixed use sector) 
for 6th consecutive year
Global Development Sector  
Leader (Mixed Use sector)  
for 3rd consecutive year
No. 1 for 5th consecutive year  
and “AAA” rating
2022-2023
2023 ASHRAE Technology Award
First Place of Commercial Buildings 
(Existing Building Commissioning) category
2022 RICS Awards Hong Kong
Sustainability Award
2022 RICS Awards China
Taikoo Li Sanlitun West:  
Excellence – “Regeneration Project of  
the Year”
CIBSE Building Performance Awards 2023 
Best Digital Innovation
Hong Kong Institute of Human  
Resource Management HR  
Excellence Awards 2021/2022
Excellence ESG Award  
(Organisational Category)
Green Building Award 2021 by  
Hong Kong Green Building Council 
and the Professional Green  
Building Council
Pioneer Award in Green Building 
Leadership Category (Facilities 
Management)
Two Taikoo Place won Grand  
Award in New Building Category 
(Projects Under Construction  
and/or Design – Commercial)
2022 Best Annual Reports Awards by the 
Hong Kong Management Association
Sustainability Development Report 2021: 
Best Environmental, Social and 
Governance Reporting Award (Property 
Development & Investment category)
Annual Report 2021: Bronze Award 
(General Category)
Best Corporate Governance and  
ESG Awards 2022 by the Hong Kong 
Institute of CPAs
ESG Award – Non-Hang Seng Index 
(Large Market Capitalization) Category
First listed on the 2023 Bloomberg 
Gender-Equality Index (GEI)
S&P Global Sustainability Yearbook 2023
Top 10% S&P Global ESG Score

14
SUSTAINABLE DEVELOPMENT (SD) 2030 
STRATEGY: 2022 HIGHLIGHTS
PLACES
PEOPLE
PARTNERS
1	 Compared to the baseline year of 2016.
2	 In 2022, gender pay ratio is calculated based on a non-weighed average methodology.
3	 For wholly-owned investment portfolios.
4	 Products that meet specific sustainability criteria such as green certification or accreditation by 
reputable, independent third parties.
5	 Using 2015-2019 (5-year average) as baseline. Accidental rate represents the number of 
reportable accidents per 1,000 contractor workers. It is calculated as the total number of 
reportable accidents multiplied by 1,000 and then divided by average daily number of 
contractor workers on-site.
6	 Measured by occupied lettable floor area (“LFA”) of office portfolios at 100% basis comprising of 
Taikoo Place and Pacific Place in Hong Kong and Taikoo Hui Guangzhou.
Through effective 
placemaking and long-term 
placekeeping, we aim to 
continue to transform the 
places in which we invest  
so as to create value, whilst 
retaining their character, 
supporting communities and 
enhancing people’s lives.
Impact Reporting
Published our third Places 
Impact Report for Taikoo Hui 
Guangzhou, “The Creative 
Transformation of Taikoo 
Hui Guangzhou”, in 
conjunction with South China 
University of Technology. The 
Report uses our Places Impact 
Framework for assessing, 
measuring and reporting on  
the environmental, social and 
economic impacts of this 
development
Wellness
Taikoo Hui Guangzhou 
obtained WELL Platinum 
certification, recognising the 
development’s positive impacts 
on human health and wellbeing
Digital Connectivity
Two Taikoo Place and Six 
Pacific Place became the  
first buildings in Hong Kong  
to be both WiredScore and 
SmartScore Platinum certified
We aim to create an environment where our 
employees will be healthier, happier and more 
productive, to invest in our employees and to 
provide rewarding career paths so as to 
develop a diverse and industry-leading team.
Talent Management
2025 KPI
A 25% increase  
in training hours/
employee/year1
2022 Progress
~154,000 
training hours delivered
24 training hours/
employee/year 
( 97%)
Occupational Health and Safety
2025 KPI
2022 Progress
Maintain Lost Time Injury Rate (“LTIR”)
Non-hotel operations: 
<1.2
Hotel operations: 
<2.0
Non-hotel operations: 
0.57
Hotel operations: 
1.56 
Diversity & Inclusion
First time inclusion in the 2023  
Bloomberg Gender-Equality  
Index (“GEI”)
2025 KPI
Maintain a female 
representation of  
no less than 40%  
in the workforce
Maintain a gender 
balance in senior 
management
Maintain gender pay 
ratio at 1:1
2022 Progress
40.2% of the 
workforce are female 
 
38.3% of senior 
management positions 
are held by women
Gender pay ratio 
(female to male)2:  
1:0.92
Volunteering
Our Community Ambassador Programme 
contributed >6,100 volunteer service 
hours, supporting 73 activities
We aim to continue to develop long-term, mutually 
beneficial relationships with our business partners 
and other key parties so as to improve our 
environmental, social and economic performance.
Suppliers
2025 KPI
25% of products 
and services 
purchased3  
shall be sustainable4 
 
Reduce 5-year rolling 
average of accident 
rate5 in our Hong Kong 
development projects 
by 50%
2022 Progress
17% of products and 
services purchased were 
sustainable
HK$1,477 million 
spent on sustainable 
procurement
Achieved a reduction  
of 64% in accident  
rate
~100% concrete used in Two Taikoo Place are 
Platinum-certified under the Construction Industry 
Council Green Product Certification
Tenants
Officially rolled out the Green Performance 
Pledge (“GPP”) in HK and the Chinese Mainland 
to deepen landlord-tenant partnerships on 
sustainability and ESG 
2025 KPI
50% of tenants in 
our office portfolios6 
sign the Green 
Performance Pledge  
to jointly improve 
environmental 
performance
2022 Progress
GPP launched with  
52 tenants, which 
covered 37.9%  
of tenants in our  
office portfolio in  
Hong Kong
Recognised 76 F&B tenants in Hong Kong and  
the Chinese Mainland with Green Kitchen Awards
The Smart Reusable Cup System at Taikoo Place 
expanded to 10 F&B tenants, and avoided the 
disposal of over 16,800 single-use cups since 
the programme’s launch
7	 Compared to the 2019 baseline.
8	 Compared to the 2018 baseline.
9	 Compared to baseline year 2016-2018.
10	 The 2025 KPIs under Energy have been updated per our approved 1.5°C-aligned SBT. Energy 
Use Intensity has been renamed to “Electricity Use Intensity” in 2022 to reflect the use of 
electricity for the provision of shared services for and in the common parts of our buildings.  
The actual scope of this KPI remains unchanged.
11	 Hong Kong portfolio and Chinese Mainland portfolio refer to our office and retail portfolios and 
hotels in Hong Kong and the Chinese Mainland respectively.
12	 Joint venture projects and trading properties are excluded.
13	 Disclaimer: www.swireproperties.com/sd/awards/mscidisclaimer.html
2022 HIGHLIGHTS

SWIRE PROPERTIES ANNUAL REPORT 2022
15
PERFORMANCE (ENVIRONMENT)
PERFORMANCE (ECONOMIC)
We aim to continue to design, construct and manage high quality 
developments that contribute positively to the communities in 
which we operate and the environment.
Climate Change
 
 
 
2025 KPI
2022 Progress
Absolute GHG emissions (Scope 1 and Scope 2):
25%
7
28%
2030 KPI
2022 Progress
Value chain GHG emissions
(Scope 3 – Downstream Leased Assets):
28% per square metre8
40%
Value chain GHG emissions (Scope 3 – Capital Goods):
25% per square metre9
17% 
Energy
2025 KPI
2022 Progress
Reduction of electricity use intensity​10 
Hong Kong Portfolio11
20%
7
Chinese Mainland Portfolio11
13%
7
Hong Kong Portfolio11
15%
Chinese Mainland Portfolio11
9% 
Resource and Circularity
2025 KPI
2022 Progress
Commercial waste diversion rate
Hong Kong Portfolio11
30%
Chinese Mainland Portfolio11
40%
Hong Kong Portfolio11
25%
Chinese Mainland Portfolio11
45% 
Building/Asset Investment
2025 KPI
100% of wholly-owned12 
new development projects to 
achieve the highest 
environmental building 
assessment scheme rating
2022 Progress
100% of new development 
projects12 achieved the highest 
ratings
93% of wholly-owned existing 
developments12 achieved the 
highest ratings
We aim to deliver sustainable economic performance coupled 
with good corporate governance and high ethical standards.
Financial Performance
HK$8,706 million in underlying profit attributable to 
shareholders
Green Financing
2025 KPI
Achieve a minimum of 
50% of bond and loan 
facilities from green financing
2022 Progress
~60% of current bond and 
loan facilities are from green 
financing
Corporate Governance
2025 KPI
Maintain no less than 30% 
of female representation on 
our Board
2022 Progress
31% of our Board positions 
are held by female members
Disclosure and Communications
Published our fifth set of climate-related financial disclosures as 
per TCFD recommendations
SD information is disclosed in accordance with the requirements of 
major global sustainability benchmarks
Ranked 4th globally and No. 1  
in Asia, Member of the World 
Index – 6th consecutive year
“AAA” rating
13
Global Sector Leader –  
6th consecutive year
Ranked No. 1 for 5th  
consecutive year, “AAA” rating
2022-2023

10,000
8,000
6,000
4,000
2,000
0
-2,000
2022
2021
(341)
108
8,706
9,532
(45)
(294)
7,409
7,482
1,530
2,389
HK$M
Property trading
Recurring 
underlying 
profit
7,143
Recurring 
underlying 
profit
7,176
Hotels
Property investment
Divestment
UNDERLYING 
PROFIT/(LOSSES) 
BY SEGMENT
(Restated)
16
Results
For the year
Note
2022
HK$M 
 
2021(e)
HK$M
Restated
Change 
Revenue
13,826
16,318
-15%
Profit attributable to the Company’s shareholders
 
Underlying
(a), (b)
8,706
9,532
-9%
 
Recurring underlying
(b)
7,176
7,143
0%
 
Reported
7,980
7,112
+12%
Cash generated from operations
6,332
7,028
-10%
Net cash (outflow)/inflow before financing
(3,243)
1,849
N/A
HK$
HK$
Earnings per share
 
Underlying
(c), (d)
1.49
1.63
-9%
 
Recurring underlying
(c), (d)
1.23
1.22
0%
 
Reported
(c), (d)
1.36
1.22
+12%
Dividend per share
 
First interim
0.32
0.31
+3%
 
Second interim
0.68
0.64
+6%
Financial Position
At 31st December
HK$M 
HK$M 
Total equity (including non-controlling interests)
292,258
293,610
0%
Net debt
18,947
10,334
+83%
Gearing ratio
(a)
6.5%
3.5%
+3%pt.
HK$
HK$
Equity attributable to the Company’s shareholders per share
(a)
49.44
49.85
-1%
Notes:
(a)	Refer to glossary on page 215 for definition.
(b)	A reconciliation between reported profit and underlying profit attributable to the Company’s shareholders is provided on page 33.
(c)	Refer to note 14 to the financial statements for the weighted average number of shares.
(d)	The percentage change is the same as the corresponding percentage change in profit attributable to the Company’s shareholders. 
(e)	Following a change in accounting policy resulting from the agenda decision approved by the IFRS Interpretation Committee on 
“Lessor Forgiveness of Lease Payments (IFRS 9 and IFRS 16)”, the 2021 comparative figures have been restated. In this connection, 
revenue for the year ended 31st December 2021 has been increased by HK$427 million while underlying and reported profit has each 
been reduced by HK$9 million. Reported equity as at 31st December 2021 has been reduced by HK$548  million. Refer to note 1(c) to 
the financial statements for further details.
FINANCIAL HIGHLIGHTS

SWIRE PROPERTIES ANNUAL REPORT 2022
17
TEN-YEAR FINANCIAL 
SUMMARY
2013
HK$M
2014
HK$M
2015
HK$M
2016
HK$M
2017
HK$M
2018
HK$M
2019
HK$M
2020
HK$M
Restated
2021
HK$M
Restated
2022
HK$M
STATEMENT OF PROFIT OR LOSS
Revenue
 
Property investment
9,786
10,456
10,857
10,902
11,380
12,254
12,410
12,635
12,981 
12,340 
 
Property trading
2,207
3,842
4,463
4,760
5,833
1,061
516
312
2,443 
921 
 
Hotels
942
1,089
1,127
1,130
1,345
1,404
1,296
641
894 
565 
12,935
15,387
16,447
16,792
18,558
14,719
14,222
13,588
16,318 
13,826
Profit Attributable to the Company’s  
 
Shareholders
 
Property investment
5,426
6,029
6,231
5,938
6,671
8,732
10,061
8,839
8,654 
8,025 
 
Property trading
720
1,020
1,089
1,199
1,111
99
(18)
(87)
601 
171 
 
Hotels
(46)
30
(303)
(117)
(43)
(41)
(70)
(524)
(307)
(341)
 
Change in fair value of  
 
 
investment properties
6,425
2,437
7,055
8,030
26,218
19,876
3,450
(4,645)
(1,836)
125 
12,525
9,516
14,072
15,050
33,957
28,666
13,423
3,583
7,112 
7,980 
Dividends for the year
3,510
3,861
4,154
4,154
4,505
4,914
5,148
5,324
5,558 
5,850 
Retained profit
9,015
5,655
9,918
10,896
29,452
23,752
8,275
(1,741)
1,554 
2,130 
STATEMENT OF FINANCIAL POSITION
Net Assets Employed
 
Property investment
218,556
226,607
235,917
248,466
283,045
299,659
289,185
282,257
288,246 
293,752 
 
Property trading
9,408
8,210
7,452
6,616
3,942
4,143
7,789
7,249
9,637 
11,612 
 
Hotels
7,200
7,801
7,928
7,520
7,738
7,394
7,229
7,243
6,061 
5,841 
235,164
242,618
251,297
262,602
294,725
311,196
304,203
296,749
303,944 
311,205 
Financed by
 
Equity attributable to the Company’s  
 
 
shareholders
202,350
207,691
216,247
225,369
257,381
279,275
286,927
288,216
291,624 
289,211 
 
Non-controlling interests
800
856
1,702
1,856
1,997
2,016
1,984
1,928
1,986 
3,047 
 
Net debt
32,014
34,071
33,348
35,377
35,347
29,905
15,292
6,605
10,334 
18,947 
235,164
242,618
251,297
262,602
294,725
311,196
304,203
296,749
303,944
311,205
HK$
HK$
HK$
HK$
HK$
HK$
HK$
HK$
HK$
HK$
Earnings per share
2.14
1.63
2.41
2.57
5.80
4.90
2.29
0.61
1.22 
1.36 
Dividends per share
0.60
0.66
0.71
0.71
0.77
0.84
0.88
0.91
0.95 
1.00 
Equity attributable to shareholders  
 
per share
34.59
35.50
36.97
38.52
44.00
47.74
49.05
49.27
49.85 
49.44 
RATIOS
Return on average equity attributable  
 
to the Company’s shareholders
6.3%
4.6%
6.6%
6.8%
14.1%
10.7%
4.7%
1.2%
2.5%
2.7%
Gearing ratio
15.8%
16.3%
15.3%
15.6%
13.6%
10.6%
5.3%
2.3%
3.5%
6.5%
Interest cover – times
10.02
8.96
13.56
15.48
38.81
33.29
28.85
12.93
20.78 
48.26 
Dividend payout ratio
28.0%
40.6%
29.5%
27.6%
13.3%
17.1%
38.4%
148.6%
78.1%
73.3%
UNDERLYING
Profit (HK$M)
6,348
7,152
7,078
7,112
7,834
10,148
24,130
12,166
9,532 
8,706 
Return on average equity attributable  
 
to the Company’s shareholders
3.2%
3.5%
3.3%
3.2%
3.2%
3.8%
8.5%
4.2%
3.3%
3.0%
Earnings per share (HK$)
1.09
1.22
1.21
1.22
1.34
1.73
4.12
2.08
1.63 
1.49 
Interest cover – times
6.43
7.58
7.75
8.89
10.68
12.58
48.16
32.10
32.96 
74.74 
Dividend payout ratio
55.3%
54.0%
58.7%
58.4%
57.5%
48.4%
21.3%
43.8%
58.3%
67.2% 
Notes: 
1.	 The information for all years is shown in accordance with the Group’s current accounting policies and disclosure practices. Consequently figures for years prior to 
2022 may be different from those originally presented.
2.	 The equity attributable to the Company’s shareholders and the returns by segment for 2022 and 2021 are shown in the Financial Review – Investment Appraisal 
and Performance Review on page 80.
3.	 Underlying profit is discussed on pages 33 to 35.
4.	 Refer to Glossary on page 215 for definitions and ratios.

2013
2014
2015
2016
2017
2018
2019
2021
2020
2022
350,000
300,000
250,000
200,000
100,000
150,000
50,000
NET ASSETS 
EMPLOYED
HK$M
Property investment
Property trading
Hotels
(Restated)
(Restated)
2013
2014
2015
2016
2017
2018
2019
2021
2020
2022
1.5
2.0
2.5
3.0
3.5
4.0
4.5
1.0
0.0
0.5
DIVIDENDS AND 
UNDERLYING 
EARNINGS PER SHARE
HK$
Dividends per share
Underlying earnings per share
(Restated)
(Restated)
2013
2014
2015
2016
2017
2018
2019
2021
2020
2022
20,000
15,000
10,000
5,000
0
REVENUE
HK$M
Property investment
Property trading
Hotels
(Restated)
(Restated)
18
TEN-YEAR FINANCIAL SUMMARY

2013
2014
2015
2016
2017
2018
2019
2021
2020
2022
350,000
300,000
250,000
200,000
100,000
150,000
50,000
HK$M
TOTAL EQUITY AND 
NET DEBT
Total equity
Net debt
(Restated)
(Restated)
2013
2014
2015
2016
2017
2018
2019
2021
2020
2022
15
20
10
5
0
%
RETURNS ON 
AVERAGE EQUITY
Group
Group – underlying
(Restated)
(Restated)
2013
2014
2015
2016
2017
2018
2019
2021
2020
2022
36,000
30,000
24,000
18,000
12,000
6,000
0
-6,000
HK$M
Property
investment
Property 
trading
Hotels
Change in fair 
value of investment 
properties
Total attributable profit
Total underlying profit
PROFIT ATTRIBUTABLE 
TO THE COMPANY’S 
SHAREHOLDERS
(Restated)
(Restated)
SWIRE PROPERTIES ANNUAL REPORT 2022
19

20
CHAIRMAN’S STATEMENT
Dear shareholders, 
2022 was a milestone year for our business. We made 
significant progress with our HK$100 billion investment 
pipeline, whilst celebrating 50 years of originality and 
creativity since Swire Properties’ inception in 1972. 
We continued to face operational challenges due to the 
pandemic, in particular during the first half of the year. 
However, our financial strength and our commitment to 
operational excellence ensured that we delivered a  
stable performance across our business. 
The full reopening of the border with the Chinese Mainland 
and the relaxation of pandemic control measures is a 
welcome development for Hong Kong, as the city returns to 
normalcy. Hong Kong is our home, and we are determined 
to contribute to Hong Kong’s resurgence, and to further 
reinforce the city’s unique position as a global financial 
centre and a super connector to the Greater Bay Area. 
In the Chinese Mainland, thanks to the national success of 
our two retail-led brands – Taikoo Li and Taikoo Hui – we 
have announced several major new investments. As China’s 
economy continues to grow, we will continue to refine our 
approach to transformational placemaking in all the cities 
in which we operate. 
Our 50th anniversary celebrations in 2022 were a timely 
reminder of how far we have come as a company since  
our early beginnings with the Taikoo Sugar Refinery and 
Taikoo Dockyard. I was immensely proud to celebrate our 
achievements with our teams, partners and the wider 
community. This milestone year was made all the more 
important as it marked the 25th anniversary of the 
establishment of the Hong Kong Special Administrative 
Region. Looking ahead, we are looking forward to pursuing 
our growth strategy in our home city and in our core 
markets in the Chinese Mainland and South East Asia. 
Profits and Sustained Dividend Growth 
Our reported profit attributable to shareholders in 2022 was 
HK$7,980 million, compared with HK$7,112 million in 2021. 
Underlying profit attributable to shareholders decreased 
by HK$826 million from HK$9,532 million in 2021 to 
HK$8,706 million in 2022, primarily due to the reduction in 
profit from the sale of car parking spaces at our Taikoo 
Shing residential development in Hong Kong. Our recurring 
underlying profit for the year was HK$7,176 million, 
compared with HK$7,143 million in 2021. 
We declared a second interim dividend for 2022 of HK$0.68 
per share. This, together with the first interim dividend of 
HK$0.32 per share paid in October 2022, amounts to a full 
year dividend of HK$1.00 per share, representing a 5% 
increase over the dividends for 2021. The second interim 
dividend for 2022 will be paid on Thursday, 4th May 2023 
to shareholders registered at the close of business on the 
record date, being Thursday, 6th April 2023. Shares of the 
Company will be traded ex-dividend from Monday,  
3rd April 2023. 
The reopening of Hong Kong and the Chinese Mainland signals the 
beginning of a new post-pandemic era for our business, and we remain 
optimistic for a recovery across our key markets, and are ready to 
capture new opportunities as they arise.

SWIRE PROPERTIES ANNUAL REPORT 2022
21
Under the Hainan Free Trade Port policy, Sanya has rapidly 
become one of the most sought-after travel destinations in 
the Chinese Mainland. With the launch of our first premium 
resort-style complex, we will be well-placed to tap into this 
growing demand. 
The Greater Bay Area remains a key focus, given its 
strategic role in the economic development of the nation. 
We are continuing to explore opportunities to develop a 
commercial landmark in the Julong Wan Area, set within a 
location on the riverfront in Liwan district, Guangzhou. 
We have been actively seeking investment opportunities in 
Shenzhen, due to its increasing consumption power as a 
tier-one commercial and technology centre. We see 
opportunities to introduce our Taikoo Hui and Taikoo Li 
brands to the market, and were pleased to sign a Strategic 
Framework Cooperation Agreement with the Futian district 
government in July 2022. We intend to develop a retail-led 
commercial project in Futian, which has highly attractive 
prospects as the core business area of Shenzhen. 
We also made exciting headway in 2022 with the 
announcement of a new luxury hotel under The House 
Collective brand, which will be centrally located in the 
Nanshan district of Shenzhen. This new hotel venture 
followed closely on the heels of our announcement in July 
of a new “House” hotel in Shibuya, Tokyo. Together, these 
hotel projects form part of our overall development plan for 
our hotel business, to ramp up the expansion of The House 
Collective and EAST Hotel brands across Asia Pacific. We 
have the appetite to continue to invest, but prefer an 
asset-light approach, utilising a management-contract 
model to expand into new cities. 
In December 2022, we announced the acquisition of the 
remaining 50% interest of Sino-Ocean Taikoo Li Chengdu 
from our joint venture partner Sino-Ocean group. All three 
phases of the acquisition were completed by February 
2023. This industry-leading development has become a top 
destination in the country and a source of local pride, and 
we see this acquisition as an important milestone in our 
regional growth story. 
Our policy is to deliver sustainable growth in dividends and 
to pay out approximately half of our underlying profit in 
ordinary dividends over time.
Close to 40% of HK$100 Billion  
Plan Committed
2022 was a seminal year for the Company’s growth. 
Following the announcement of our HK$100 billion 
investment plan, our teams have made tremendous progress 
implementing our plan, with 39% now committed to new 
and ongoing investments in Hong Kong and across our core 
markets in the Chinese Mainland and South East Asia. 
Under the plan, HK$30 billion has been allocated to our 
portfolios in Hong Kong to further expand Taikoo Place and 
Pacific Place. We are also keen to continue our growth in 
the Chinese Mainland, and have earmarked HK$50 billion 
to double our gross floor area in the region over the next 
decade, under our recognised Taikoo Li and Taikoo Hui 
brands. 
Despite the challenges of the pandemic, we were able to 
announce several significant new projects in the Chinese 
Mainland in 2022, which testifies to our strong confidence 
in the Chinese market over the long term. 
In March 2022, we announced our partnership with Xi’an 
Cheng Huan Cultural Investment and Development Co., Ltd 
to develop Taikoo Li Xi’an. This mixed-use development is 
located at the Small Wild Goose Pagoda historical and 
cultural zone in Beilin district, and will mark our seventh 
development and our fourth Taikoo Li in the Chinese 
Mainland. Hailed as a cradle of Chinese civilisation, we are 
delighted to have the opportunity to develop a landmark 
project in this historical city. We are also excited to 
contribute our placemaking expertise in the urban 
development of Xi’an. 
In October 2022, we announced another retail 
development project in Sanya. This will introduce more 
variety to our Chinese Mainland portfolio, as our first 
project situated in a tropical locale within the region.

22
CHAIRMAN'S STATEMENT
Investing in our Commercial Portfolios 
Our commitment to our home city is as strong as ever. With 
approximately one third of our HK$100 billion set aside to 
reinforce our flagship portfolios in Hong Kong, we hope to 
support the long-term competitiveness of the city as an 
international financial centre. 
Following the launch of Two Taikoo Place, we are nearing 
completion of the current phase of our Taikoo Place 
redevelopment. This HK$15 billion project has been 
instrumental in transforming Taikoo Place into a global 
business district, which has become the gold standard for 
well-connected, holistically planned commercial space, 
with diverse amenities and cutting-edge ESG credentials. 
With these strong fundamentals, our office portfolio 
remains resilient in a weak office market, and we are in a 
prime position to benefit from the prevailing flight-to-
quality trend. 
As part of our masterplan for Taikoo Place, we obtained full 
ownership of the Zung Fu Industrial Building in March 2022. 
Subject to Swire Properties having successfully bid in the 
compulsory sale of the adjacent Wah Ha Factory Building, 
we intend to redevelop the two sites for office and 
commercial use, which will grow our presence in the district 
with an additional 779,000 square feet of gross floor area. 
In addition, we submitted a compulsory sale application  
for a site on Tong Chong Street in June 2022. Subject to a 
successful bid, the development would form part of our 
long-term expansion plans for Taikoo Place. 
At Pacific Place, we are also making significant progress in 
the eastward expansion of the office portfolio. Given the 
increasing importance of Admiralty with its enhanced  
mass transit connectivity, we intend to continue growing 
our commercial presence, with Grade A office space 
characterised by strong sustainability credentials, 
exceptional connectivity and a sense of community. 
In December 2022, we announced that our new office 
tower at 46-56 Queen’s Road East has officially been 
named “Six Pacific Place”. Our office building 28 Hennessy 
Road, which lies adjacent to Six Pacific Place, will be 
renamed as “Five Pacific Place”, strengthening our flagship 
brand as a premium office address. 
The Hong Kong retail market continued to be impacted by 
the pandemic and associated travel restrictions in 2022. 
The relaxation in COVID-19 travel curbs is an important  
step forward, and we remain confident in the long-term 
position of Hong Kong as a global tourism and financial 
centre. Whilst it will take time for the market to fully 
recover, we expect to see some stability in the near term, 
and our strong fundamentals will ensure that we can take 
advantage of the anticipated recovery in 2023. 
We remain committed to reinforcing our core assets. In the 
context of our retail portfolio, we have made good use of 
the past two years to undertake renovations, and we will 
continue to focus on expanding and elevating our tenant 
mix, introducing innovative retail concepts to our malls,  
and launching immersive customer engagement initiatives. 
Our loyalty programmes and newly refurbished VIP lounges 
have been well-received, and we are also exploring 
crossover opportunities between some of our malls in  
Hong Kong and the Chinese Mainland to further enhance 
our customer experience. 
Trading Portfolio and Venturing  
into New Markets 
We have allocated HK$20 billion to residential trading,  
with an aim to expand in our core market of Hong Kong, 
and explore new markets in the Chinese Mainland and 
South East Asia. Our teams have been making excellent 
progress in building out our trading pipeline. In Hong Kong 
alone, we have three major projects in development. 
We were delighted to win the bid for 269 Queen’s Road 
East, which will further strengthen and diversify our greater 
Pacific Place portfolio. In addition, the launch of EIGHT 
STAR STREET in 2022 received keen market attention and 
has enjoyed a strong sales performance to date. 
In the Chinese Mainland, we plan to develop a boutique 
luxury project in our upcoming Taikoo Li Xi’an development. 
This is an exciting opportunity for our residential brand, and 
we are keen to explore the regional market for further 
opportunities.

SWIRE PROPERTIES ANNUAL REPORT 2022
23
We also remain opportunistic regarding expansion 
opportunities in South East Asia, with the aim of building 
our presence in four core cities – Singapore, Bangkok, 
Jakarta and Ho Chi Minh City. We have been making  
steady progress, with two projects currently in sale and 
development in Ho Chi Minh City, and a luxury residential 
project launched for sale in Jakarta. In February 2023,  
we were delighted to announce our first investment in 
Bangkok, with a 40% acquisition of a rare freehold plot in 
the city’s core central business district. We are excited to 
work with our local partners to develop a unique luxury 
residence in the Thai capital. Looking ahead, we will 
continue to seek out prime opportunities for future 
investment in these markets. 
A New Era in ESG Leadership 
The implementation of our SD 2030 Strategy in 2016  
has seen us advance rapidly to become a sustainability  
leader – ranking number one in Asia, and four in the world 
amongst our peers under the Dow Jones Sustainability 
World Index. I will leave it to Tim to touch on the specifics, 
but increasing our climate resilience remains of paramount 
importance, and we are committed to our ambitious 
1.5°C-aligned science-based targets and our transition to 
net-zero. As we continue to set the bar higher, the goal 
becomes harder to achieve; I am grateful to our teams for 
their support as they continue to push the envelope to 
advance our SD agenda. 
I would also like to take this opportunity to thank a group  
of young people who made an indelible contribution to 
Swire Properties this year. When we speak of sustainable 
development, we must think about the next generation of 
talent. Our 50th anniversary celebrations offered an 
exceptional opportunity to collaborate with talented young 
people on a host of special events, including the White 
Christmas Street Fair and the Hong Kong Palace Museum’s 
Bi-city Youth Cultural Leadership Programme. We look 
forward to continuing these partnerships in the years to 
come, and to offering a platform to empower our youth and 
nurture their role as future leaders in Hong Kong. 
Conclusion 
As we close the final chapter of a very memorable 2022,  
I would like to thank our shareholders, partners, and  
the wider community for your support over the past  
five decades. 
Under our HK$100 billion investment and strategic plan,  
we are well-positioned to pursue new opportunities to grow 
our business over the next decade. The reopening of Hong 
Kong and the Chinese Mainland signals the beginning of a 
new post-pandemic era for our business, and we remain 
optimistic for a recovery across our key markets, and are 
ready to capture new opportunities as they arise. 
I would also like to express my gratitude to the team at 
Swire Properties for their dedication over the past year  
in the face of many challenges. Our 50th anniversary was  
a great year of celebrations with our community, and  
I commend our team for their creativity and passion in 
hosting such a fantastic calendar of events to mark this 
important milestone in our proud history. 
Guy Bradley 
Chairman 
Hong Kong, 9th March 2023

24
CHIEF EXECUTIVE’S 
STATEMENT
Dear shareholders, 
As we move forward into a post-COVID-19 era, we remain 
focused on investing in our growth and building on the 
future of our business. While we experienced our share of 
setbacks in 2022 due to the challenging operating 
environment, we were well prepared to respond effectively 
to the gradual recovery in the latter half of 2022. 
Overall, we delivered a steady performance in 2022.  
We have made encouraging progress implementing our 
ambitious HK$100 billion investment plan to expand our 
portfolios in core markets in Hong Kong, the Chinese 
Mainland and South East Asia. 
2022 was a special year for Swire Properties as we 
celebrated our 50th anniversary with colleagues, 
customers, tenants and the wider community through a 
diverse and colourful programme of events. Throughout 
the year, our colleagues have demonstrated leadership, 
resilience and creativity, both in their response to the 
challenges of the pandemic and to the fantastic events 
which have been held all around the world to mark this 
anniversary milestone. 
The easing of COVID-19 restrictions in Hong Kong and  
the Chinese Mainland marks a key turning point for the 
economic recovery across our core markets. Undoubtedly 
challenges still lie ahead but we remain confident in our 
core markets in Hong Kong and the Chinese Mainland.  
We will continue to grow our pipeline of new projects  
based on our HK$100 billion investment plan, promote 
leadership in sustainability and accelerate our digital 
transformation strategy. 
2022 Financial Results at a Glance 
Our underlying profit decreased by HK$826 million from 
HK$9,532 million in 2021 to HK$8,706 million in 2022, 
which mainly reflected the decrease in profit from the sale 
of car parking spaces in Hong Kong. Recurring underlying 
profit was HK$7,176 million in 2022, compared with 
HK$7,143 million in 2021. 
Our recurring underlying profit from property investment 
decreased in 2022, due primarily to lower office rental 
income from Hong Kong and lower retail rental income 
from the Chinese Mainland. 
In Hong Kong, we operated in a weaker office market due to 
new supply and economic uncertainty. However, our office 
portfolio remained resilient with solid occupancy rates.
The retail market in Hong Kong experienced severe 
disruption in the early part of the year, due to the fifth 
COVID-19 wave, related social distancing measures and 
mandatory closures. Despite this challenging start, we saw 
a recovery in footfall and tenants’ sales from the second 
quarter of 2022 onwards, following the gradual relaxation 
of restrictions and the introduction of the HKSAR 
Government’s consumption voucher scheme. Rental 
concessions were given to tenants for specific periods on  
a case-by-case basis. Our malls remained almost fully let 
throughout the year. 
Retail sales in the Chinese Mainland started strongly in 
2022, with a full year contribution from our new Taikoo Li 
Sanlitun West and Taikoo Li Qiantan developments. From 
the second quarter, our six shopping malls were affected to 
varying degrees by the pandemic and ensuing city-wide 
closures, particularly in Shanghai and Beijing. As a result, 
Overall, we delivered a steady performance in 2022. We have made 
encouraging progress implementing our ambitious HK$100 billion 
investment plan to expand our portfolios in core markets in Hong Kong, 
the Chinese Mainland and South East Asia.

SWIRE PROPERTIES ANNUAL REPORT 2022
25
retail sales (excluding Taikoo Li Sanlitun West and Taikoo Li 
Qiantan) decreased by 20% on an attributable basis. Our 
office portfolio in the Chinese Mainland proved resilient 
despite COVID-19 related controls in the cities in which  
we operate. 
Underlying profit from property trading in 2022 reflected 
the completion of sales of 27 units at our EIGHT STAR 
STREET residence in Hong Kong and the share of profits 
from sales at The River project in Ho Chi Minh City, 
Vietnam. Our hotel business in Hong Kong and the Chinese 
Mainland was adversely affected by COVID-19 and its 
associated travel restrictions. 
Our Future Prospects 
The office market in Hong Kong is expected to remain weak 
in 2023, reflecting increased vacancy rates, new supply  
and global economic uncertainty. We also anticipate that 
competition from Central and Kowloon East will exert 
downward pressure on rents. However, our office portfolio 
remains resilient in a weakened market, due to a well-
managed profile and solid occupancy rates. Taikoo Place in 
particular, is benefiting from the flight-to-quality, with 
prospective tenants placing a higher value on sustainability 
and wellness. 
Under our HK$100 billion investment plan we are 
continuing to expand our Taikoo Place and Pacific Place 
portfolios, offering unmatched, triple-Grade A office space 
alongside top-tier amenities, and supported by strong  
ESG credentials. Amidst strong competition, these are  
the placemaking attributes which represent the future of 
the workplace. 
Our newest office tower, Two Taikoo Place, obtained its 
occupation permit in September 2022, and we have been 
making good progress with the leasing campaign despite 
market conditions, with a pre-leasing commitment of over 
56%, demonstrating the resilience of our office portfolio. In 
addition to Swiss wealth management group Julius Baer, 
which earlier confirmed that it will take up four floors 
spanning close to 100,000 square feet, more companies 
have committed to moving into Two Taikoo Place.  
These include Sumitomo Mitsui Banking Corporation, 
Japan’s leading bank, which will lease two floors spanning 
45,000 square feet, and the Accounting and Financial 
Reporting Council, which confirmed plans to take up close 
to 35,000 square feet at Two Taikoo Place. Some of the 
committed tenants will relocate from Central, reinforcing 
the current and continuing decentralisation trend and 
Taikoo Place’s rising status as a Global Business District. 
A “New Central” is forming around the Admiralty area,  
and we are well positioned to take advantage of this with 
our diversified office and retail developments and by 
reinforcing our greater Pacific Place offering. In 2022 we 
announced our newest Grade A office tower, Six Pacific 
Place, and the renaming of 28 Hennessy Road as Five 
Pacific Place. We also achieved another milestone with our 
successful bid for a residential site at 269 Queen’s Road 
East in Wan Chai, a prime location which will support the 
eastward expansion of our greater Pacific Place portfolio. 
As Hong Kong reconnects to the world and closer financial 
integration with the Chinese Mainland is realised, we 
expect to see continued improvement in the financial 
markets. Hong Kong’s strategic role as an international 
financial centre will be strengthened in the long run.  
We remain confident in the long-term prospects for the 
Hong Kong office market, and we anticipate an increase in 
demand for Grade-A office space, particularly from financial 
institutions and professional services firms in the medium 
term. Under our current masterplan for our core portfolios, 
we are well-placed to benefit from a positive shift in market 
sentiment, as well as current trends shaping the future  
of work. 
We are very pleased with the relaxation in Hong Kong’s 
travel policy which will provide a welcome boost to Hong 
Kong’s retail sector in due course. Despite a difficult 2022, 
we anticipate that footfall and retail sales will gradually 
improve across our Hong Kong malls in 2023. In the 
meantime, we will strengthen and refine our trade mix and 
upgrade the amenities in our malls. We will also continue to 
invest heavily in our loyalty programmes to engage our 
growing membership base. 
The Chinese Mainland is now a major contributor to our 
revenue growth. Under our investment strategy, we aim  
to double our gross floor area in the region over the next 
decade, investing HK$50 billion to grow our retail-led 
Taikoo Li and Taikoo Hui brands in Tier 1 and emerging  
Tier 1 cities. The reopening of the border will have a 
positive impact on our business and we expect to see 
moderate to strong demand from retailers.

26
CHIEF EXECUTIVE'S STATEMENT
We are looking to increase the scale of our investments in 
the Chinese Mainland. Taikoo Li Xi’an will be our next major 
landmark, alongside our new retail-led project in Sanya.  
We also remain focused on expanding our presence in the 
Greater Bay Area and we have been making encouraging 
progress in Guangzhou and Shenzhen. 
Our acquisition of the remaining 50% equity interest of 
Sino-Ocean Taikoo Li Chengdu will contribute to our growth 
plan, whilst the recent opening of ZHANGYUAN West Zone 
in Shanghai, which is jointly operated and managed by Swire 
Properties and our local government partner, has reinforced 
Swire Properties’ reputation for urban regeneration, 
historical preservation and innovative retail concepts. 
On the residential front, we are making steady headway 
with the expansion of our property trading portfolio. We  
are keen to build on our premium residential brand, and 
currently have an ambitious trading pipeline of six projects 
under development in Hong Kong and South East Asia, 
including our newly announced luxury residential project  
in Bangkok, Thailand, with a residential component also 
being planned for our new Taikoo Li Xi’an development. 
With HK$20 billion designated for strategic investment in 
our trading pipeline, we have the appetite to do more. 
Currently we have teams across the region who are actively 
looking for the right partners and suitable sites for further 
investment opportunities. 
In 2022 we made the strategic decision to expand our hotel 
business through third-party management agreements. 
We will open two new third party-owned House Collective 
hotels in two new cities – in Nanshan district in Shenzhen 
and Shibuya in Tokyo. This is part of our wider development 
strategy in the Greater Bay Area and highlights The House 
Collective’s brand recognition as a premium hotel name in 
the Asia Pacific region. 
Charting a Sustainable Future
We continued to demonstrate leadership in sustainability 
in 2022, reaching numerous milestones throughout the 
year which were recognised internationally. Swire 
Properties advanced from 7th to 4th position in the Dow 
Jones Sustainability World Index 2022, in addition to 
retaining the Global Sector Leader title (Mixed-use sector) 
in the 2022 Global Real Estate Sustainability Benchmark  
for the sixth consecutive year. 
As we continue to work towards achieving our 1.5°C-aligned 
science-based targets, it is crucial that we work closely with 
our partners to advance our greater goals. To that end, we 
introduced our proprietary Green Performance Pledge 
(GPP), which provides our office tenants with the tools and 
technology to enhance their overall ESG performance 
within our office portfolios. 
Since the launch of the GPP pilot between August 2021  
and December 2022, 52 office tenants – representing 
37.9% of occupied lettable floor area from the Company’s 
Hong Kong office portfolio (over 2.5 million square feet) – 
have signed up which is a very encouraging result for our 
innovative new tenant engagement platform. We have 
begun piloting the programme in our Chinese Mainland 
portfolio and aim to engage 50% of our tenant base in 
Hong Kong and the Chinese Mainland by 2025. 
We are adopting various approaches to transformational 
placemaking, including “smart” placemaking, to ensure 
that we are designing buildings for the future. We have 
been making a significant and ongoing investment in our 
office portfolio to create best-in-class buildings which can 
deliver a fully integrated user experience and excellent 
digital connectivity. Our efforts were recognised in 2022 
with Two Taikoo Place and Six Pacific Place becoming the 
first buildings in Hong Kong to be WiredScore and 
SmartScore certified, both achieving the highest Platinum 
certification level. Taikoo Place and Pacific Place were also 
confirmed as the first WiredScore-certified portfolios in 
Hong Kong, reinforcing our status as a leader in designing 
the most innovative and smart buildings in the industry. 
We will continue to accelerate the process of digital 
transformation with a team dedicated to identifying and 
promoting the adoption of emerging technologies for our 
portfolios. Additionally, New Ventures is responsible for a 
US$50 million corporate venture capital fund to source and 
invest in emerging technologies globally, ensuring that we 
stay ahead of the curve while gaining valuable insights to 
accelerate growth. 
50th Anniversary Celebrations in 2022 
Our 50th anniversary year gave us the opportunity to 
celebrate with our people, our partners and our 
communities. The anniversary campaign, which was rolled 
out over the year under the tagline “ORIGINAL. ALWAYS.”, 
paid tribute to the innovative mindset which has shaped 
the Company’s success over the past five decades.

SWIRE PROPERTIES ANNUAL REPORT 2022
27
As part of the festivities we launched a range of immersive 
art and cultural experiences for our local communities, 
featuring partnerships with renowned international and 
local artists. This included the continuation of our 10-year 
collaboration with Art Basel Hong Kong and the inaugural 
Asian tour of the critically-acclaimed exhibition “Bags: 
Inside Out” with the Victoria & Albert Museum, across our 
retail portfolios in Hong Kong and the Chinese Mainland.  
In the spirit of innovation, we also collaborated with a 
selection of ten artists to create the exclusive 50th 
Anniversary Art NFT Collection, which was made available 
as free art drops. 
This unique approach also saw us commission a botanical 
art series in Taikoo Place, named “Seasons in Continuum”. 
These stunning floral installations told our story over  
the past five decades, whilst highlighting our ethos of 
improving public spaces and making art accessible to all. 
One of the defining features of our success over the years 
has been the close ties we have built with our local 
communities. As a developer deeply rooted in Hong Kong, 
we know that the younger generation is the key to the 
city’s future. Over the years Swire Properties has launched 
numerous programmes to provide opportunities for young 
people to learn from the best in our industry, and to give 
them a platform to showcase their talents in the areas of 
entrepreneurship and innovation. 
In November, we were proud to be the Lead Sponsor for the 
“Bi-city Youth Cultural Leadership Programme”, led by The 
Hong Kong Palace Museum. The Programme aims to inspire 
young people and to develop them into the next generation 
of cultural leaders in Beijing and Hong Kong. In the first year 
of the programme, our senior management team shared 
their expertise in the areas of transformational placemaking 
and arts and culture. We are planning for the second year  
of the programme and intend to offer students experiential 
learning opportunities across our property portfolios. 
One of our most enduring youth empowerment initiatives 
has been the Swire Properties Placemaking Academy 
(SPPA), now in its fourth year. Our 2022 cohort took the 
lead in designing the anniversary edition of our White 
Christmas Street Fair, receiving guidance, mentorship and 
resources within and from outside the Company to create  
a sustainable and innovative festive celebration for the 
wider community to enjoy. 
As part of our anniversary festivities we also invited 50 
students and alumni from the SPPA to participate in the 
“50A Urban Furniture Project”, where they underwent a 
series of masterclasses to create a state-of-the-art piece  
of urban furniture. The project resulted in three exceptional 
designs which will all be showcased at our headquarters in 
Taikoo Place later this year. 
Throughout 2022, our Community Ambassador Programme 
continued to provide widespread support to our local 
communities. The programme’s signature initiative, 
“BOOKS FOR LOVE @ HK$10”, marked its own 10th 
anniversary by raising over HK$1 million for charity through 
its book sales, achieving a record high. The remarkable 
efforts of our volunteers, which comprise our employees 
and their families and friends, were also recognised at the 
inaugural Hong Kong Volunteer Awards. Jointly organised 
by the Home & Youth Affairs Bureau and the Agency for 
Volunteer Service, our Community Ambassadors were 
honoured to receive the Outstanding Volunteer Group 
Award for their invaluable contributions to Hong Kong. 
Conclusion 
In 2022, we were proud to celebrate 50 years of successful 
placemaking and to recognise important partnerships with 
key stakeholders all around the world. Working together, 
we are looking forward to implementing our ambitious 
investment strategy which will shape the Company’s 
progress over the next decade. 
We remain fully committed to the future of Hong Kong. We 
will continue to invest in the development of our portfolios 
to contribute to Hong Kong’s growth and competitiveness 
as a global financial hub, whilst scaling up our investments 
in the Chinese Mainland and establishing a long-term 
presence in South East Asia. 
I would like to express my appreciation to our shareholders, 
our partners and the exceptionally talented team at 
 Swire Properties for your support over the past year and  
in the future. 
Tim Blackburn 
Chief Executive 
Hong Kong, 9th March 2023

28
KEY BUSINESS STRATEGIES
with a view to the long term, to maintain consistently 
high levels of service and to enhance and reinforce our 
assets. By doing so, we believe that we will maximise 
the occupancy and earnings potential of our 
properties.
Tenants increasingly scrutinise the sustainable 
development credentials of landlords and buildings. 
We aim to be at the forefront of sustainable 
development by designing energy efficient buildings 
through the innovative use of design, materials and 
new technology, and by engagement with tenants and 
others with whom we do business.
3.	 Develop luxury and high quality 
residential property activities
We will look to acquire appropriate sites for 
development of luxury and high quality residential 
projects for trading and investment in the markets in 
which we operate.
1.	 Create long-term value by conceiving, 
designing, developing, owning and 
managing transformational mixed-use 
and other projects in urban areas
We will continue to design projects which we believe 
will have the necessary scale, mix of uses and transport 
links to become key commercial destinations and to 
transform the areas in which they are situated.
2.	 Maximise the earnings and value of our 
completed properties through active 
asset management and by reinforcing 
our assets through enhancement, 
redevelopment and new additions
We manage our completed properties actively 
(including by optimising the mix of retail tenants and 
early renewal negotiations with office tenants) and 
As a leading developer, owner and operator of mixed-use, principally 
commercial, properties in Hong Kong and the Chinese Mainland,  
our strategic objective is sustainable growth in shareholder value in 
the long term. To achieve this objective, we employ five strategies.

SWIRE PROPERTIES ANNUAL REPORT 2022
29
4.	 Focus principally on Hong Kong and the 
Chinese Mainland
In Hong Kong, we will continue to focus on reinforcing 
our existing investment property assets and on seeking 
new sites suitable for transformative developments 
and for residential projects.
We aim to replicate in the Chinese Mainland our 
success in Hong Kong. We intend to take a measured 
approach to land purchases in the Chinese Mainland 
and will focus on developments where we can secure 
sites through early engagement with local 
governments who recognise our strengths in 
developing large-scale mixed-use projects.
We will seek residential development opportunities in 
the Chinese Mainland. These are likely to be ancillary 
to our mixed-use developments. However, in the right 
locations and cities we may also consider standalone 
residential development opportunities. Our residential 
developments will be aimed at buyers of luxury and 
high quality properties, where we believe we have a 
competitive advantage.
While we will continue to concentrate on Hong Kong 
and the Chinese Mainland, we intend to expand 
selectively in South East Asia.
5.	 Manage our capital base conservatively
We intend to maintain a strong balance sheet with a 
view to investing in and financing our projects in a 
disciplined and targeted manner.
We aim to maintain exposure to a range of debt 
maturities and a range of debt types and lenders. Our 
current debt profile reflects a mix of revolving and term 
bank loans and medium term notes.
In implementing the above strategies, the principal risks 
and uncertainties facing the Group are that the economies 
in which it operates (in particular Hong Kong and the 
Chinese Mainland) will not perform as well in the future as 
they have in the past and the uncertainties as to whether 
this will happen.

Taikoo Li Qiantan, Shanghai

Management 
Discussion & Analysis

32
REVIEW OF OPERATIONS
2022
HK$M
2021(2)
HK$M
Restated
Revenue
Gross Rental Income derived from
 
Offices
6,003
6,214
 
Retail
5,849
6,191
 
Residential
374
474
Other Revenue (1)
114
102
Property Investment
12,340
12,981
Property Trading
921
2,443
Hotels
565
894
Total Revenue
13,826
16,318
Operating Profit/(Losses) derived from
 
Property investment
 
 
From operations
7,702
8,278
 
 
Sale of interests in investment properties
571
1,185
 
Valuation gains/(losses) on investment properties
801
(1,947)
 
Property trading
209
492
 
Hotels
(259)
(174)
Total Operating Profit
9,024
7,834
Share of Post-tax Profit from Joint Venture and Associated Companies
1,455
1,786
Profit Attributable to the Company’s Shareholders
7,980
7,112
(1)	 Other revenue is mainly estate management fees.
(2)	 Following a change in accounting policy resulting from the agenda decision approved by the IFRS Interpretation Committee on 
“Lessor Forgiveness of Lease Payments (IFRS 9 and IFRS 16)”, the 2021 comparative figures have been restated. Refer to note 1(c)  
to the financial statements for further details.
Additional information is provided in the following section to reconcile reported and underlying profit attributable to the 
Company’s shareholders. These reconciling items principally adjust for the net valuation movements on investment 
properties and the associated deferred tax in the Chinese Mainland and the U.S.A., and for other deferred tax provisions in 
relation to investment properties. In the Chinese Mainland and the U.S.A., the Group’s investment properties recorded net 
property valuation gains of HK$2,503 million and HK$389 million respectively in 2022. In Hong Kong, investment 
properties recorded net property valuation losses of HK$1,166 million. There is a further adjustment to remove the effect 
of the movement in the fair value of the liability in respect of a put option in favour of the owner of a non-controlling 
interest. Amortisation of right-of-use assets classified as investment properties is charged to underlying profit.

SWIRE PROPERTIES ANNUAL REPORT 2022
33
Underlying Profit Reconciliation
Note
2022
HK$M
2021
HK$M
Restated
Profit Attributable to the Company’s Shareholders per Financial Statements
7,980
7,112
Adjustments in respect of investment properties:
 
Valuation (gains)/losses in respect of investment properties
(a)
(1,726)
708
 
Deferred tax on investment properties
(b)
1,402
1,027
 
Valuation gains realised on sale of interests in investment properties
(c)
915
585
 
Depreciation of investment properties occupied by the Group
(d)
22
23
 
Non-controlling interests’ share of valuation movements less deferred tax
144
59
 
Movement in the fair value of the liability in respect of a put option in favour of the  
 
 
owner of a non-controlling interest
(e)
49
49
 
Impairment loss on a hotel held as part of a mixed-use development
(f)
–
22
Less amortisation of right-of-use assets reported under investment properties
(g)
(80)
(53)
Underlying Profit Attributable to the Company’s Shareholders
8,706
9,532
Profit from divestment
(1,530)
(2,389)
Recurring Underlying Profit Attributable to the Company’s Shareholders
7,176
7,143
Notes:
(a)	This represents the net valuation movements as shown in the Group’s consolidated statement of profit or loss and the Group’s share 
of net valuation movements of joint venture companies.
(b)	This represents deferred tax movements on the Group’s investment properties, plus the Group’s share of deferred tax movements on 
investment properties held by joint venture companies. These comprise deferred tax on valuation movements on investment 
properties in the Chinese Mainland and the U.S.A., and deferred tax provisions made in respect of investment properties held for the 
long-term where it is considered that the liability will not reverse for some considerable time. It also includes certain tax adjustments 
arising from transfers of investment properties within the Group.
(c)	Prior to the implementation of HKAS 40, changes in the fair value of investment properties were recorded in the revaluation reserve 
rather than the consolidated statement of profit or loss. On sale, the valuation gains/(losses) were transferred from the revaluation 
reserve to the consolidated statement of profit or loss.
(d)	Prior to the implementation of HKAS 40, no depreciation was charged on investment properties occupied by the Group.
(e)	The value of the put option in favour of the owner of a non-controlling interest is calculated principally by reference to the estimated 
fair value of the portion of the underlying investment property in which the owner of the non-controlling interest is interested.
(f)	Under HKAS 40, hotel properties are stated in the accounts at cost less accumulated depreciation and any provision for impairment 
losses, rather than at fair value. If HKAS 40 did not apply, wholly-owned and joint venture hotel properties held for the long term as 
part of mixed-use property developments would be accounted for as investment properties. Accordingly, any increase or decrease in 
their values would be recorded in the revaluation reserve rather than in the consolidated statement of profit or loss.
(g)	HKFRS 16 amends the definition of investment property under HKAS 40 to include properties held by lessees as right-of-use assets to 
earn rentals or for capital appreciation or both, and requires the Group to account for such right-of-use assets at their fair value. The 
amortisation of such right-of-use assets is charged to underlying profit.

2021
2022
10,000
2,000
4,000
6,000
8,000
0
-859
-73
+153
-47
8,706
9,532
HK$M
MOVEMENT IN 
UNDERLYING PROFIT
Underlying profit 
in 2021 (Restated)
Decrease in profit 
from divestment
Decrease in profit 
from property 
investment
Increase in profit 
from property 
trading
Increase in losses 
from hotels
Underlying profit 
in 2022
2013
2014
2015
2016
2017
2018
2019
2021
2020
2022
300,000
200,000
250,000
150,000
100,000
50,000
0
HK$M
VALUATION OF 
INVESTMENT 
PROPERTIES
Completed
Under development
34
MANAGEMENT DISCUSSION & ANALYSIS  |  REVIEW OF OPERATIONS
Underlying Profit
Our reported profit attributable to shareholders in 2022 was 
HK$7,980 million, compared to a profit of HK$7,112 million 
in 2021.
Underlying profit attributable to shareholders (which 
principally adjusts for changes in valuation of investment 
properties) decreased by HK$826 million from HK$9,532 
million in 2021 to HK$8,706 million in 2022. The decrease 
mainly reflected the reduction in profit from the sale of car 
parking spaces in Hong Kong.
Recurring underlying profit (which excludes the profit from 
divestments) was HK$7,176 million in 2022, compared with 
HK$7,143 million in 2021. 
Recurring underlying profit from property investment 
decreased in 2022. This mainly reflected lower office rental 
income from Hong Kong and lower retail rental income 
from the Chinese Mainland. 
In Hong Kong, despite a weak office market due to the 
economic uncertainty and increased supply, the office 
portfolio was generally resilient, with solid occupancy.  
The retail portfolio was adversely affected by COVID-19 in 
the early part of the year. Footfall and tenants’ sales 
gradually recovered from the second quarter of 2022, as 
COVID-19 related social distancing measures were 
adjusted. The HKSAR Government’s consumption voucher 
scheme also helped. 
In the Chinese Mainland, the six shopping malls were 
affected to varying degrees by COVID-19 and related 
measures from the second quarter of 2022. 
In the U.S.A., retail sales and gross rental income were solid. 
The underlying profit from property trading in 2022 mainly 
reflected the completion of sales of 27 units at EIGHT STAR 
STREET in Hong Kong and the share of profits from sales at 
The River project in Vietnam. 
The hotel businesses in Hong Kong and the Chinese 
Mainland were adversely affected by COVID-19 associated 
travel restrictions. The hotels in the U.S.A. performed better.

2013
2014
2015
2016
2017
2018
2019
2021
2020
2022
14,000
12,000
10,000
8,000
4,000
6,000
2,000
0
HK$M
GROSS RENTAL INCOME 
(AFTER DEDUCTION OF 
RENTAL CONCESSIONS)
Hong Kong 
office
Hong Kong 
retail
Hong Kong 
residential
Chinese 
Mainland
U.S.A. and 
elsewhere
(Restated)
(Restated)
2013
2014
2015
2016
2017
2018
2019
2021
2020
2022
27,000
21,000
24,000
18,000
15,000
9,000
6,000
3,000
12,000
0
-3,000
HK$M
UNDERLYING 
OPERATING PROFIT
Property 
investment
Property 
trading
Hotels
Divestment
(Restated)
(Restated)
2028
2022
2023
2024
2025
2026
2027
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
GFA 
(000 sq. ft.)
ATTRIBUTABLE 
COMPLETED INVESTMENT 
PROPERTY AND HOTEL 
PORTFOLIO BY LOCATION
Hong Kong
Chinese Mainland
U.S.A.
2029 and later
SWIRE PROPERTIES ANNUAL REPORT 2022
35

35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
2028
2022
2023
2024
2025
2026
2027
GFA 
(000 sq. ft.)
ATTRIBUTABLE 
COMPLETED INVESTMENT 
PROPERTY AND HOTEL 
PORTFOLIO BY TYPE
Office
Retail
Hotels/Residential/
Serviced apartments
Under planning
2029 and later
50
40
30
20
10
0
Target (HK$ Bn)
HK$100 BILLION 
INVESTMENT PLAN
Hong Kong 
investment 
properties
Commitment for new projects
39% COMMITTED
Committed
Remaining target
Chinese Mainland
investment 
properties
Residential 
trading projects 
(including in 
South East Asia)
In March 2022, the Company announced a plan to invest 
HK$100 billion over ten years in development projects in 
Hong Kong and the Chinese Mainland and in residential 
trading projects (including in South East Asia). The target 
allocation is HK$30 billion to Hong Kong, HK$50 billion to 
the Chinese Mainland and HK$20 billion to residential 
trading projects (including in South East Asia). At 7th 
March 2023 approximately HK$39 billion of the planned 
investments had been committed (HK$17 billion to the 
Chinese Mainland, HK$11 billion to Hong Kong and HK$11 
billion to residential trading projects). Major committed 
projects are a retail-led mixed-use development in Xi’an, 
residential developments at Chai Wan Inland Lot No. 178 
and at 269 Queen’s Road East in Hong Kong, a retail-led 
development in Sanya, office and other commercial use 
developments at 8 Shipyard Lane and at 1067 King’s Road 
in Hong Kong, the acquisition of the remaining 50% 
interests in Sino-Ocean Taikoo Li Chengdu and the 
acquisition of a 40% interest in a residential development 
in Bangkok. Uncommitted projects include further retail-led 
mixed-use projects in Tier 1 and emerging Tier 1 cities in 
the Chinese Mainland (with a letter of intent and a 
framework agreement having been signed in relation to 
projects in Guangzhou and Beijing and a plan to double 
gross floor area in the Chinese Mainland), further 
expansion at Pacific Place and Taikoo Place in Hong Kong 
and further residential trading projects in Hong Kong, the 
Chinese Mainland and South East Asia.
36
MANAGEMENT DISCUSSION & ANALYSIS  |  REVIEW OF OPERATIONS

SWIRE PROPERTIES ANNUAL REPORT 2022
37
Key Developments
In January 2022, the sale of the property located at Fort 
Lauderdale, Florida was completed.
In March 2022, a consortium in which the Group has a 
70% interest acquired (via a government land tender) 
the land use rights in respect of land in the Small Wild 
Goose Pagoda historical and cultural zone in the Beilin 
district of Xi’an for a consideration of approximately 
RMB2,575 million. The land is expected to be developed 
into a retail-led mixed-use development comprising 
retail and cultural facilities, a hotel, serviced residences 
and business apartments.
In March 2022, the Group obtained full ownership of 
Zung Fu Industrial Building in Quarry Bay, Hong Kong. 
Subject to the Group having successfully bid in the 
compulsory sale of the adjacent Wah Ha Factory 
Building, the two sites are intended to be redeveloped 
for office and other commercial uses. 
In March 2022, the Group acquired an additional 6.67% 
interest in the Citygate development in Tung Chung, 
Hong Kong. As a result, the Group’s interest in the 
Citygate development increased from 20% to 26.67%.
In June 2022, the Group acquired (via a government 
land tender) a plot of land at 269 Queen’s Road East in 
Wan Chai, Hong Kong for a consideration of 
approximately HK$1,962 million. The plot of land will be 
developed primarily for residential use with an 
aggregate gross floor area (“GFA”) of approximately 
116,000 square feet. Works preparatory to demolition 
of the existing building have commenced. The 
development is expected to be completed in 2025. 
In July and August 2022, Swire Hotels announced plans 
for two new, third-party owned hotels under The House 
Collective brand, in Tokyo and Shenzhen. The two 
hotels will be managed by Swire Hotels.
In September 2022, the Group obtained the occupation 
permit for Two Taikoo Place. Two Taikoo Place, the 
second phase of the Taikoo Place redevelopment, is an 
office tower with an aggregate GFA of approximately 
one million square feet. Leased floors have been 
handed over to tenants in phases. 
In October 2022, a consortium in which the Group has a 
50% interest acquired (via a government land tender) 
the land use rights in respect of land in the Haitang 
district of Sanya for a consideration of RMB1,308 
million. The land is expected to be developed into a 
premium, resort-style, retail-led development which will 
be Phase III of the Sanya International Duty-Free 
Complex. The project is expected to open in phases from 
late 2024.
In November 2022, the first phase of the ZHANGYUAN 
urban regeneration project officially opened in Shanghai. 
The project is operated and managed by a joint venture 
between the Group and Shanghai Jing’an Real Estate 
(Group) Co., Ltd.
In December 2022, the sale of the property at 8-12 Tsing 
Tim Street in Tsing Yi, Hong Kong was completed. 
In December 2022, the Group entered into three 
conditional agreements with the Sino-Ocean group to 
acquire further interests in Sino-Ocean Taikoo Li Chengdu. 
Under the first agreement (which was completed in 
December 2022), the Group’s interest in Sino-Ocean Taikoo 
Li Chengdu increased from 50% to 65%. Under the second 
agreement (which was completed in February 2023), the 
Group’s interest in the property management of Sino-
Ocean Taikoo Li Chengdu increased to 100%. Under the 
third agreement (which was completed in February 2023), 
the Group’s interest in the investment properties of Sino-
Ocean Taikoo Li Chengdu increased to 100%. The 
consideration was RMB1,000 million under the first 
agreement, RMB59 million under the second agreement 
and RMB4,491 million under the third agreement. 
In February 2023, the Group acquired a 40% interest in a 
site located in Lumphini sub-district in Pathum Wan district, 
Bangkok for a consideration of approximately THB2.4 
billion. In partnership with City Realty Co. Ltd., the site is 
expected to be developed for residential purposes with a 
site area of approximately 136,000 square feet. 
Portfolio Overview
The aggregate gross floor area (“GFA”) attributable to  
the Group at 31st December 2022 was approximately  
33.6 million square feet.
Of the aggregate GFA attributable to the Group, 
approximately 29.9 million square feet are investment 
properties and hotels, comprising completed investment 
properties and hotels of approximately 24.1 million square 
feet and investment properties under development or held 
for future development of approximately 5.8 million square 
feet. In Hong Kong, the investment property and hotel 
portfolio comprise approximately 13.7 million square feet 
attributable to the Group of primarily Grade-A office and 
retail premises, hotels, serviced apartments and other 
luxury residential accommodation. In the Chinese 
Mainland, the Group has interests in eight major 
commercial developments in prime locations in Beijing, 
Guangzhou, Chengdu, Shanghai, Xi’an and Sanya. These

38
MANAGEMENT DISCUSSION & ANALYSIS  |  REVIEW OF OPERATIONS
developments are expected to comprise approximately 14.1 million square feet of attributable GFA when they are all 
completed. Of this, 10.0 million square feet has already been completed. Outside Hong Kong and the Chinese Mainland, 
the investment property portfolio comprises the Brickell City Centre development in Miami, U.S.A.
The tables below illustrate the GFA (or expected GFA) attributable to the Group of the investment property and hotel 
portfolio at 31st December 2022.
Completed Investment Properties and Hotels
(GFA attributable to the Group in million square feet)
Office
Retail
Hotels(1)
Residential/
Serviced
Apartments
Under 
Planning
Total
Hong Kong
9.5
2.6
0.8
0.6
–
13.5
Chinese Mainland
2.9
5.7
1.2
0.2
–
10.0
U.S.A.
–
0.3
0.3
–
–
0.6
Total
12.4
8.6
2.3
0.8
–
24.1
Investment Properties and Hotels Under Development or Held for Future Development
(expected GFA attributable to the Group in million square feet)
Office
Retail
Hotels(1)
Residential/
Serviced
Apartments
Under 
Planning
Total
Hong Kong
0.2
–
–
–
–
0.2
Chinese Mainland
–
1.1
–
–
3.0
4.1
U.S.A.
–
–
–
–
1.5(2)
1.5
Total
0.2
1.1
–
–
4.5
5.8
Total Investment Properties and Hotels
(GFA (or expected GFA) attributable to the Group in million square feet)
Office
Retail
Hotels(1)
Residential/
Serviced
Apartments
Under 
Planning
Total
Total
12.6
9.7
2.3
0.8
4.5
29.9
(1)	 Hotels are accounted for in the financial statements under property, plant and equipment and, where applicable, the leasehold land 
portion is accounted for under right-of-use assets.
(2)	 This property is accounted for under properties held for development in the financial statements.
The trading portfolio comprises completed units available for sale at EIGHT STAR STREET in Hong Kong and The River in 
Vietnam. There are six residential projects under planning or development, three in Hong Kong, one in Indonesia, one in 
Vietnam and one in Thailand. There are also land banks in Miami, U.S.A. 
The table below illustrates the GFA (or expected GFA) attributable to the Group of the trading property portfolio at  
31st December 2022.
Trading Properties
(GFA (or expected GFA) attributable to the Group in million square feet)
Completed
Development(1)
Under 
Development
or Held for
Development
Total
Hong Kong
0.0
0.8
0.8
U.S.A. and elsewhere
0.1
2.8
2.9
Total
0.1
3.6
3.7
(1)	 Completed development in Hong Kong comprises EIGHT STAR STREET.

57%
41%
2%
58%
40%
2%
Hong Kong
Chinese Mainland
U.S.A.
COMPLETED INVESTMENT 
PROPERTIES GFA 
(EXCL. HOTELS)
31st December 2021
31st December 2022
60%
37%
3%
61%
37%
2%
Hong Kong
Chinese Mainland
U.S.A.
ATTRIBUTABLE GROSS 
RENTAL INCOME
Year ended 31st December 2021
Year ended 31st December 2022
(Restated)
80%
18%
2%
79%
19%
2%
Hong Kong
Chinese Mainland
U.S.A. and elsewhere 
NET ASSETS EMPLOYED
31st December 2021
31st December 2022
(Restated)
SWIRE PROPERTIES ANNUAL REPORT 2022
39
The charts below show the analysis of the Group’s completed investment properties GFA (excluding hotels), gross rental 
income and net assets employed by region on an attributable basis.

31.0%
15.2%
8.7%
7.6%
17.6%
9.1%
0.9%
9.9%
Banking/Finance/
Securities/Investment
Trading
Professional services 
(Accounting/Legal/
Management consulting/
Corporate secretarial)
Insurance
Technology/
Media/Telecoms
Real estate/Construction/
Property development/
Architecture
Advertising and 
public relations
Others
OFFICE AREA BY TENANTS’ BUSINESSES
(At 31st December 2022)
40
MANAGEMENT DISCUSSION & ANALYSIS  |  REVIEW OF OPERATIONS
Investment Properties – Hong Kong
Offices
Overview
The completed office portfolio in Hong Kong comprises an aggregate of 10.0 million square feet of space on a 100% basis. 
Total attributable gross rental income from our office properties in Hong Kong was HK$5,932 million in 2022. At 31st 
December 2022, our office properties, completed and under development, in Hong Kong were valued at HK$180,180 
million. Of this amount, the Company’s attributable interest was HK$170,513  million.
Hong Kong Office Portfolio
GFA (sq. ft.)
(100% Basis)
Occupancy
(at 31st December 2022)
Attributable 
Interest
Pacific Place
2,186,433
97%
100%
Taikoo Place – One Island East and One Taikoo Place 
2,550,379 
97%
100%
Taikoo Place – Two Taikoo Place (1)
994,545
53%
100%
Taikoo Place – Other Office Towers (2)
3,136,717
95%
50%/100%
Others (3), (4)
1,158,595
86%
26.67%/50%/100%
Total
10,026,669
(1)	 Including space allocated to tenants who have signed letter of intent.
(2)	 Including PCCW Tower, of which the Group owns 50%.
(3)	 Others comprise One Citygate (26.67% owned), Berkshire House (50% owned), SPACES.8QRE (wholly-owned), 28 Hennessy Road 
(wholly-owned and will be renamed as Five Pacific Place) and South Island Place (50% owned).
(4)	 In March 2022, the Group acquired an additional 6.67% interest in the Citygate development. The Group’s interest in One Citygate 
increased from 20% to 26.67% after the transaction. 
Gross rental income (after deduction of rental concessions of HK$34 million) from the Hong Kong office portfolio in 2022 
was HK$5,595 million, 3% lower than in 2021. The office market was weak. Demand was subdued, reflecting increased 
supply and economic uncertainty. But our office portfolio was generally resilient. We believe that tenants value our 
provision of amenities and our commitment to sustainability and to the wellbeing of the people who occupy its offices. At 
31st December 2022, the office portfolio was 91% let. Excluding Two Taikoo Place (which was completed in September 
2022), the office portfolio was 96% let.
The chart below shows the mix of tenants of the office properties by the principal nature of their businesses (based on 
internal classifications) as a percentage of the office area at 31st December 2022.
At 31st December 2022, the top ten office tenants (based on attributable gross rental income in the twelve months ended 
31st December 2022) together occupied approximately 21% of the Group’s total attributable office area in Hong Kong.

SWIRE PROPERTIES ANNUAL REPORT 2022
41
Pacific Place
The performance of the offices at One, Two, and Three 
Pacific Place was resilient in 2022. These offices were 97% 
let at 31st December 2022. Royal Bank of Canada, Eight 
Roads Capital, Northern Light Venture Capital, Derivatives 
China, Cornell Capital and CIFI Holdings became tenants. 
PAG and Sequoia Capital leased more spaces. FIL Asia, Bain 
Capital, Moelis & Co., Matthews Global, Sequoia Capital, 
Anchor Equity, Shenwan Hongyuan, Agile Property, China 
Baofeng, Aplus Partners, China Harmony, JIC(HK) and W2 
Capital Group renewed their leases. OCI International, 
Ganglong China Property and Resona Bank relocated 
within the same portfolio.
Taikoo Place
The performance of One Taikoo Place and One Island East 
at Taikoo Place was resilient. These two offices were 100% 
and 96% let respectively at 31st December 2022. In One 
Island East, Huaxin Mining Investment and Squire Patton 
Boggs became tenants. CHANEL leased more space. 
Accenture, Allied World, Amgen, CMS Hasche Sigle, Hong 
Kong LLP, La Prairie, SK Hynix, SWIFT and Transamerica Life 
Bermuda renewed their leases. 
At Two Taikoo Place, tenants have committed (including  
by way of letters of intent) to take 53% of the space at  
31st December 2022. Occupation permit was obtained in 
September 2022. Leased floors have been handed over to 
tenants in phases. Amundi, BASF, Boston Consulting Group, 
China CITIC Bank International and Julius Baer became 
tenants. 
There are six other office towers at Taikoo Place (including 
PCCW Tower, in which we have a 50% interest). These 
offices were 95% let at 31st December 2022. GROW 
Investment Group, Kyndryl, ListcoPRO, OnTheList, The 
Asset, The Hong Kong Securities and Investment Institute, 
and ZJLD became tenants. FWD, Gravitas Recruitment 
Group, IPG and LVMH leased more space. ACCA, Allegis 
Group, Bayer, Beiersdorf, BNP Paribas, Bryan Cave Leighton 
Paisner, Burberry, Chung Shek Enterprises, CITIC Telecom 
CPC, CJ ENM, FTI Consulting, Galderma, Gartner, Gianni & 
Origoni, Grobest, Horspath, IBM, Informatica Software, 
Jones Lang Lasalle Management Service, LyondellBasell, 
Magnum Research, Marine Contracting Services, Mighty 
Ocean, Qantas Airways, QBE, Schindler Lifts, SinoEnergy 
Capital, Sumida Electric, Swire Coca-Cola, TotalEnergies 
and Worms Asia renewed their leases.
One Pacific Place
H ONG  K ONG

2023
2024
60%
70%
50%
40%
30%
10%
20%
0
OFFICE LEASE 
EXPIRY PROFILE
(At 31st December 2022)
2025 and later
42
MANAGEMENT DISCUSSION & ANALYSIS  |  REVIEW OF OPERATIONS
Retail
Overview
The completed retail portfolio in Hong Kong comprises an aggregate of 3.2 million square feet of space on a 100% basis. 
Total attributable gross rental income from our retail properties in Hong Kong was HK$2,320 million in 2022. At 31st 
December 2022, our retail properties in Hong Kong were valued at HK$54,518 million. Of this amount, the Group’s 
attributable interest was HK$45,649 million.
South Island Place
The offices were 87% let at 31st December 2022. Tenants 
include KPMG, Fleet Management Limited, the 
Competition Commission and SCMP. The Group has a 50% 
interest in the development.
Hong Kong Office Market Outlook
The office market in Hong Kong is expected to be weak in 
2023, reflecting increased vacancy rates, new supply and 
economic uncertainty. Increasing competition from Central 
and Kowloon East will exert downward pressure on rents.  
A flight-to-quality is expected to benefit the Group as 
prospective tenants upgrade their premises and place a 
higher value on sustainability and the wellbeing of 
occupants. Following the reopening of the border with the 
Chinese Mainland and assuming continued improvements 
in the financial markets, the demand for Grade-A office 
space in Hong Kong, particularly from financial institutions 
and professional services companies, should increase.
The following chart shows the percentage of attributable 
gross rental income from the office properties in Hong 
Kong, for the month ended 31st December 2022, derived 
from leases expiring in the periods with no committed 
renewals or new lettings. Tenancies accounting for 
approximately 13.8% of the attributable gross rental 
income in the month of December 2022 are due to expire in 
2023, with tenancies accounting for a further 16.3% of such 
rental income due to expire in 2024.

28.8%
15.1%
3.7%
2.8%
20.2%
24.3%
4.2%
0.9%
Fashion and 
accessories
Food and 
beverages
Department 
stores
Cinemas
Supermarkets
Jewellery 
and watches
Ice rink
Others
RETAIL AREA BY TENANTS’ BUSINESSES
(At 31st December 2022)
SWIRE PROPERTIES ANNUAL REPORT 2022
43
The portfolio principally consists of The Mall at Pacific Place, Cityplaza at Taikoo Shing and Citygate Outlets at Tung Chung. 
The Mall at Pacific Place and Cityplaza are wholly-owned by the Group. During the year, the Group increased its interest in 
the Citygate development (comprising Citygate Outlets) from 20% to 26.67%. The malls are managed by the Group.
Hong Kong Retail Portfolio
GFA (sq. ft.)
(100% Basis)
Occupancy
(at 31st December 2022)
Attributable
Interest
The Mall, Pacific Place
711,182
96%
100%
Cityplaza
1,096,898
100%
100%
Citygate Outlets (1)
803,582
100%
26.67%
Others (1), (2)
549,558
100%
26.67%/60%/100%
Total
3,161,220
(1)	 In March 2022, the Group acquired an additional 6.67% interest in the Citygate development. The Group’s interest in Citygate Outlets 
and Tung Chung Crescent neighbourhood shops increased from 20% to 26.67% after the transaction. 
(2)	 Others largely comprise Taikoo Shing neighbourhood shops and StarCrest retail premises (which are wholly-owned), Island Place 
retail premises (60% owned) and Tung Chung Crescent neighbourhood shops. 
Gross rental income (after deduction of rental concessions 
of HK$171 million) from the retail portfolio in Hong Kong 
was HK$2,169 million in 2022, a 1% increase from 2021. 
Rental concessions were given to tenants for specific 
periods on a case-by-case basis. Cash rental concessions 
were less in 2022 than in 2021. COVID-19 related social 
distancing measures disrupted the retail market during the 
first quarter of 2022. The market recovered gradually from 
the second quarter, as social distancing measures and 
quarantine requirements were adjusted. The HKSAR 
Government’s consumption voucher scheme also helped. 
Retail sales in 2022 increased by 2% at The Mall, Pacific 
Place and by 4% at Citygate Outlets, and decreased by 5% 
at Cityplaza. Retail sales in Hong Kong as a whole 
decreased by 1% in 2022. 
The malls were almost fully let throughout the year.
The chart below shows the mix of the tenants of the retail 
properties by the principal nature of their businesses 
(based on internal classifications) as a percentage of the 
retail area at 31st December 2022.

44
MANAGEMENT DISCUSSION & ANALYSIS  |  REVIEW OF OPERATIONS
Cityplaza
Cityplaza is the largest shopping mall on Hong Kong Island, 
with a total floor area of approximately 1.1 million square 
feet. The six-level mall has more than 170 shops and 
restaurants, a cinema, an indoor ice rink and over 800 
indoor parking spaces. Continued improvements to the 
tenant mix, promotions and activities in the mall make it an 
attractive place to shop, eat and be entertained.
Despite the competitive environment, Cityplaza was fully 
let in 2022. New tenants were introduced including 
American Eagle / Aerie, Fubon Bank (Hong Kong), 
LIFETASTIC, mi-tu, Marimekko, New Balance, O.N.S | kapok, 
Polo Ralph Lauren, Skechers and XOVĒ. Cathay Pacific has 
launched its first new retail concept store in Cityplaza. 
APiTA completed the major renovation on the ground floor 
with the introduction of two new restaurants (SENSU and 
Shiawase Yakitori) and unveiled an elevated and expanded 
food hall, APITA Eatery. Newly renovated LOG-ON 
reopened with its new F&B, cafe ToGather by LOG-ON.  
At 31st December 2022, the top ten retail tenants (based 
on attributable gross rental income in the twelve months 
ended 31st December 2022) together occupied 
approximately 25% of the Group’s total attributable retail 
area in Hong Kong.
The Mall at Pacific Place
The Mall at Pacific Place is in the mixed-use Pacific Place 
development. The offices and the four hotels at Pacific 
Place provide a flow of shoppers for The Mall.
The Mall was almost fully let during the year. Despite 
challenging market conditions, enhancement to the retail 
tenant mix continued. New and experiential retail brands 
were introduced. K-way, Max Mara, Omega, Reign Abalone, 
The Hawk & Aster / Elephant Grounds and Venchi became 
tenants. Joyce took more space and opened its new 
flagship store. Burberry was relocated within The Mall. The 
premises occupied by adidas, Brooks Brothers, Chloé, La 
Mer, LensCrafters, Montblanc, Shanghai Tang, Vilebrequin, 
Zadig & Voltaire were refitted.
Cityplaza
HONG KO N G

40%
30%
20%
10%
0
2023
2024
RETAIL LEASE 
EXPIRY PROFILE
(At 31st December 2022)
2025 and later
SWIRE PROPERTIES ANNUAL REPORT 2022
45
Nike and Sabon renovated its shops. Blooms Coffee, Fresh 
(a beauty brand), Carnival (a new food hall) and Sushi Taka 
(a Japanese restaurant) were opened in early 2023. 
Citygate Outlets
Citygate Outlets is the largest premium outlet mall in  
Hong Kong with approximately 200 shops and restaurants, 
and with 2 hotels. It is near tourist attractions and 
transportation links (Hong Kong International Airport and 
the Hong Kong-Zhuhai-Macao Bridge). It appeals to local 
shoppers and tourists. 
It was fully let in 2022. adidas, Burberry, Calvin Klein, cdf 
Beauty, Coach, Fortress, I.T/i.t, MCL Citygate, Nike, Polo 
Ralph Lauren, TaSTe and Uniqlo are major tenants. Over 20 
new tenants were introduced in 2022, such as Bath & Body 
Work, Cupping Room, Delsey, Haustage, Jimmy Choo,  
J. Journey, Jumpin Gym, Kapok, Life Kan, Man Mano 
Handmade Pasta, Pho Le, Que by Rin Horiuchi, Rabeanco, 
Rayban, Save The Duck and Shake Shack. Starbucks at 
North phase were upgraded to Starbucks Reserve. 
Hong Kong Retail Market Outlook
Footfall and tenants’ sales in Hong Kong are expected to 
improve with removal of COVID-19 related measures and 
the reopening of the border with the Chinese Mainland. 
The following chart shows the percentage of attributable 
gross rental income from the retail properties in Hong 
Kong, for the month ended 31st December 2022, derived 
from leases expiring in the periods with no committed 
renewals or new lettings. Tenancies accounting for 
approximately 26.8% of the attributable gross rental 
income in the month of December 2022 are due to expire in 
2023, with tenancies accounting for a further 34.2% of such 
rental income due to expire in 2024.

46
MANAGEMENT DISCUSSION & ANALYSIS  |  REVIEW OF OPERATIONS
Residential
The completed residential portfolio comprises Pacific Place 
Apartments at Pacific Place, EAST Residences in Quarry 
Bay, STAR STUDIOS in Wan Chai and a number of luxury 
houses on Hong Kong Island and Lantau Island, with an 
aggregate GFA of approximately 0.6 million square feet. 
The residential portfolio was 72% let at 31st December 
2022. Demand for our residential investment properties 
was primarily local, and was affected by COVID-19 as well 
as a net outflow of residents to overseas.
Investment Properties Under Development 
Six Pacific Place  
(formerly known as 46-56 Queen’s Road East)
Planning permission to develop this site in Wan Chai for 
office use was obtained in 2018. The site area is 
approximately 14,400 square feet. The development has an 
aggregate GFA of approximately 223,000 square feet. 
Superstructure works are in progress. Completion of 
construction is expected later in 2023. 
Others 
Wah Ha Factory Building, 8 Shipyard Lane and  
Zung Fu Industrial Building, 1067 King’s Road
In 2018, the Group submitted compulsory sale applications 
in respect of these two sites in Quarry Bay. In March 2022, 
the Group acquired the remaining interests in Zung Fu 
Industrial Building and obtained full ownership of the site. 
Subject to the Group having successfully bid in the 
compulsory sale of the Wah Ha Factory Building site, the 
two sites are intended to be redeveloped for office and 
other commercial uses with an aggregate GFA of 
approximately 779,000 square feet. 
983-987A King’s Road and 16-94 Pan Hoi Street
In 2018, a joint venture company in which the Group 
holds a 50% interest submitted a compulsory sale 
application in respect of this site in Quarry Bay. Subject 
to the joint venture company having successfully bid in 
the compulsory sale and in accordance with applicable 
town planning controls, it is expected that the site can be 
redeveloped for residential and retail uses with a GFA of 
approximately 440,000 square feet.
9-39 Hoi Wan Street and 33-41 Tong Chong Street
In June 2022, the Group submitted a compulsory sale 
application in respect of this site in Quarry Bay. The gross 
site area is approximately 20,060 square feet. Proceeding 
with the development (the planning of which is being 
reviewed) is subject to the Group having successfully bid 
in the compulsory sale. 
Taikoo Shing Car Parking Spaces
Since November 2020, the Group has offered 2,530 car 
parking spaces in the Taikoo Shing residential 
development in Hong Kong for sale. 1,458 of these car 
parking spaces had been sold at 7th March 2023.  
Sales of 1,452 car parking spaces had been recognised at 
31st December 2022, 250 of them in 2022. Sales of 6 car 
parking spaces are expected to be recognised  
in 2023.

SWIRE PROPERTIES ANNUAL REPORT 2022
47
Investment Properties – Chinese Mainland
Overview
The property portfolio in the Chinese Mainland comprises an aggregate of 22.5 million square feet of space, 14.1 million 
square feet of which is attributable to the Group. Completed properties amount to 13.9 million square feet, with 8.6 million 
square feet under development. Total attributable gross rental income from investment properties in the Chinese 
Mainland was HK$5,172 million in 2022. At 31st December 2022, the investment properties in the Chinese Mainland were 
valued at HK$108,978 million. Of this amount, the Group’s attributable interest was HK$73,665 million.
Chinese Mainland Property Portfolio (1) 
GFA (sq. ft.) (100% Basis)
Total
Investment 
Properties
Hotels and 
Others
Under 
Planning
Attributable 
Interest
Completed 
Taikoo Li Sanlitun, Beijing
1,789,000
1,619,537
169,463
–
100%
Taikoo Hui, Guangzhou
3,782,327 
3,272,893 
509,434
–
97%
INDIGO, Beijing
1,894,141
1,535,840
358,301
–
50%
Sino-Ocean Taikoo Li Chengdu (2)
1,654,565
1,461,428
193,137
–
65%
HKRI Taikoo Hui, Shanghai
3,536,619
3,148,792
387,827
–
50%
Taikoo Li Qiantan, Shanghai
1,188,727
1,188,727
–
–
50%
Hui Fang, Guangzhou
90,847
90,847
–
–
100%
Others 
2,917
2,917
 –
–
100%
Sub-Total
13,939,143
12,320,981
1,618,162
–
Under Development
INDIGO Phase Two, Beijing (3)
4,045,514
–
–
4,045,514
35%
Taikoo Li Xi’an (4)
2,364,668
–
–
2,364,668
70%
Sanya (5)
2,143,440
2,143,440
–
–
50%
Sub-Total
8,553,622
2,143,440
–
6,410,182
Total
22,492,765
14,464,421
1,618,162
6,410,182
(1)	 Including hotels and properties leased for investment.
(2)	 In December 2022, the Group acquired an additional 15% interest in Sino-Ocean Taikoo Li Chengdu. The Group’s interest increased 
from 50% to 65% after the transaction. 
(3)	 This is an office-led mixed-use development. The development scheme is being planned. The development is planned to be 
completed in two phases, in 2025 and 2026.
(4)	 This is a retail-led mixed-use development. The development scheme is being planned. The development is planned to be completed 
in late 2025.
(5)	 This is a retail-led development. The development is planned to be completed in phases from late 2024.
Gross rental income (after deduction of rental concessions of HK$113 million) from the Group’s investment property 
portfolio in the Chinese Mainland was HK$3,324 million in 2022, 8% lower than in 2021, reflecting the COVID-19 resurgence 
in the cities where our malls operate. This partly offset by a full year contribution from Taikoo Li Sanlitun West.

48
MANAGEMENT DISCUSSION & ANALYSIS  |  REVIEW OF OPERATIONS
Chinese Mainland Completed Retail Portfolio
GFA (sq. ft.)
(100% Basis)
Occupancy
(at 31st December 2022)
Attributable
Interest
Taikoo Li Sanlitun, Beijing (1)
1,619,537
94%
100%
Taikoo Hui, Guangzhou
1,529,392
99%
97%
INDIGO, Beijing
946,769
100%
50%
Sino-Ocean Taikoo Li Chengdu (2)
1,354,624
95%
65%
HKRI Taikoo Hui, Shanghai
1,173,459
97%
50%
Taikoo Li Qiantan, Shanghai (3)
1,188,727
93%
50%
Hui Fang, Guangzhou
90,847
100%
100%
Total
7,903,355
(1)	 Including Taikoo Li Sanlitun West, which officially opened in December 2021.
(2)	 In December 2022, the Group acquired an additional 15% interest in Sino-Ocean Taikoo Li Chengdu. The Group’s interest increased 
from 50% to 65% after the transaction. 
(3)	 Including space allocated to prospective tenants who have signed letters of intent.
The portfolio consists of Taikoo Li Sanlitun in Beijing and Hui Fang in Guangzhou, which are wholly-owned by the Group, 
Taikoo Hui in Guangzhou, which is 97% owned, INDIGO in Beijing, HKRI Taikoo Hui and Taikoo Li Qiantan in Shanghai, each of 
which is 50% owned, and Sino-Ocean Taikoo Li Chengdu, which is 65% owned after the completion of the acquisition of 
additional 15% interest in December 2022. 
Retail sales in the Chinese Mainland started strongly. There were full year contributions from the Taikoo Li Sanlitun West 
and Taikoo Li Qiantan developments in 2022. From the second quarter, the Group’s six shopping malls were affected to 
varying degrees by COVID-19 related measures. Shops in Shanghai, Beijing and Chengdu were closed for periods. The 
increase in COVID-19 cases which followed adjustments to COVID-19 policies in December 2022 caused short-term 
disruption. Tenants were understaffed and their operations were adversely affected. Our retail sales in the Chinese 
Mainland (excluding Taikoo Li Sanlitun West and Taikoo Li Qiantan) decreased on an attributable basis by 20% in 2022. 
Retail sales in Taikoo Li Sanlitun and INDIGO in Beijing, Taikoo Hui in Guangzhou, Sino-Ocean Taikoo Li Chengdu and  
HKRI Taikoo Hui in Shanghai decreased by 26%, 26%, 11%, 15% and 36% respectively in 2022. National retail sales 
decreased by 0.2%.
The Group’s gross rental income (after deduction of rental concessions of HK$113 million) from retail properties in the 
Chinese Mainland decreased by 9%, to HK$2,943 million, in 2022. Rental concessions were given to tenants for specific 
periods on a case-by-case basis. Disregarding rental concessions and changes in the value of the Renminbi, gross rental 
income decreased by 2%.
Retail
The completed retail portfolio in the Chinese Mainland comprises an aggregate of 7.9 million square feet of space,  
5.7 million square feet of which is attributable to the Group. Total attributable gross rental income from our retail properties 
in the Chinese Mainland declined by 5%, to HK$4,242 million, in 2022. Disregarding rental concessions and changes in the 
value of the Renminbi, total attributable gross rental income increased by 4%. At 31st December 2022, our completed 
retail properties in the Chinese Mainland were valued at HK$67,719 million. Of this amount, the Group’s attributable 
interest was HK$51,762 million.

42.5%
24.5%
5.2%
19.7%
5.3%
2.8%
Fashion and 
accessories
Food and 
beverages
Cinemas
Supermarkets
Jewellery 
and watches
Others
RETAIL AREA BY TENANTS’ BUSINESSES
(At 31st December 2022)
SWIRE PROPERTIES ANNUAL REPORT 2022
49
At 31st December 2022, the top ten retail tenants (based 
on attributable gross rental income in the twelve months 
ended 31st December 2022) together occupied 
approximately 19% of the Group’s total attributable retail 
area in the Chinese Mainland.
Taikoo Li Sanlitun, Beijing
Taikoo Li Sanlitun is in the Sanlitun area of the Chaoyang 
district of Beijing. It was our first retail development in the 
Chinese Mainland. It comprises three neighbouring retail 
sites, South, North and West. There are approximately  
281 retail outlets.
Taikoo Li Sanlitun South concentrates on contemporary 
fashion and lifestyle brands. In 2022, Gentle Monster 
opened its world’s largest global flagship store and adidas 
upgraded its Beijing flagship store to Asia Pacific’s first-ever 
“adidas Halo” concept store in the development. Apple, 
ARKET, World of Ralph Lauren and a 1,597-seat Megabox 
cinema are tenants. A-COLD-WALL*, by Far, Creed, DC 
Shoes, Editions De Parfums Frederic Malle, HOKA ONE 
ONE, Kilian, Nautica Whitesail, Peak Performance, Penfield, 
STUSSY, WE11DONE, Don Nino, LIAN, Men Hwa, Spring 
Patio, Tarentum, Tiago Urban Kitchen and Yaki Bar became 
tenants in 2022. Tenants in Taikoo Li Sanlitun North are 
principally retailers of luxury, designer fashion and lifestyle 
brands. Balenciaga, Gucci, LOEWE, Moncler, CANADA 
GOOSE and SPACE are tenants. I.T, Bape and Alexander 
McQueen upgraded to their flagship stores in the 
development in 2022. Bottega Veneta, Celine, LLADRO and 
Roger Vivier became tenants in 2022. As an extension to 
Taikoo Li Sanlitun South, tenants in Taikoo Li Sanlitun West 
include DESCENTE Kinetic Lab Global Experience Centre, 
Nike Rise, Uniqlo Global Sanlitun Flagship Store, M One KTV 
and MixPower.
Retail sales at Taikoo Li Sanlitun decreased by 26% in 2022. 
Gross rental income (after deduction of rental concessions) 
at the development decreased. Shops and restaurants were 
shut from time to time as a result of COVID-19. Rental 
income benefitted from a full year of income from Taikoo Li 
Sanlitun West and an improved tenant mix. Demand for 
retail space at Taikoo Li Sanlitun is solid as it reinforces its 
position as a fashionable retail destination. The 
development was 94% let at 31st December 2022. 
Taikoo Hui, Guangzhou
Taikoo Hui is in the Tianhe district of Guangzhou. Its mall is 
a popular shopping centre in Guangzhou. Bottega Veneta, 
Cartier, Chanel, DIOR, Gucci, Hermès, I.T, Louis Vuitton, Saint 
Laurent, Van Cleef & Arpels, Uniqlo, Victoria’s Secret, 
Fangsuo bookstore and Olé Supermarket are tenants. 
Editions De Parfums Frederic Malle, I-Primo, Kilian, Managi, 
Manito, Pleats Please Issey Miyake & Bao Bao Issey 
Miyake, Rock&Ride, Rolex, self-portrait, Thom Browne, 
Vacheron Constantin, Ah Ma Hand made, Baker & Spice, 
Chop-chop Noodles, Don Nino and Mikisi Japanese Bistro 
became tenants in 2022. 
The chart below shows the mix of the tenants of the retail properties by the principal nature of their businesses (based on 
internal classifications) as a percentage of the retail area at 31st December 2022.

50
MANAGEMENT DISCUSSION & ANALYSIS  |  REVIEW OF OPERATIONS
stores or upgraded to their latest concept stores in 2022 
including Louis Vuitton Maison and The Hall Restaurant, 
Balenciaga, Boucheron, Cartier Masion, Dior Couture and 
The World of Ralph Lauren. 
Retail sales and gross rental income (after deduction of 
rental concessions) at Sino-Ocean Taikoo Li Chengdu 
decreased by 15% and 9% respectively. The development 
is reinforcing its position as a premium shopping and 
leisure destination. The development was 95% let at  
31st December 2022. 
HKRI Taikoo Hui, Shanghai
HKRI Taikoo Hui is on Nanjing West Road in the Jing’an 
district of Puxi, Shanghai. It has excellent transport 
connections, being next to the Nanjing West Road metro 
station (which serves three metro lines) and near the 
Yan’an Expressway.
HKRI Taikoo Hui is our second Taikoo Hui development in 
the Chinese Mainland. Starbucks Reserve Roastery, Atelier 
Cologne, Bremont, COS, diptyque, dunhill, Ermengildo 
Zegna, Guerlain, Golden Goose, IWC, i.t, Kenzo, Lululemon, 
MARNI MARKET, Max Mara, Nio, SPACE, Tesla, The 
Cheesecake Factory, Shanghai Club, Ho Hung Kee and a 
city’super supermarket are tenants. CANADA GOOSE, 
drivepro lab, FIVE GUYS, Fook Luk House, GAGA, LOEWE, 
MOOSE KNUCKLES, self-portrait, Theory, UNDEFEATED and 
Venchi became tenants in 2022.
Retail sales and gross rental income (after deduction of 
rental concessions) at Taikoo Hui decreased by 11% and 
8% respectively in 2022. There were improvements to the 
tenant mix. The mall was 99% let at 31st December 2022.
INDIGO, Beijing
INDIGO mall is in the Jiangtai area in the Chaoyang district 
of Beijing. It is directly linked to the Beijing Metro Line 14 
and is near the airport expressway. i.t, Massimo Dutti, Muji, 
Tesla, SISYPHE bookstore, BHG Market Place and a seven-
house with 1,000-seat CGV cinema are tenants. adidas 
women, HOKA ONE ONE, HUAWEI, moodytiger, New 
Balance 1906, OVV, Saucony, Uniqlo, % Arabica and 
WANXIEHUI became tenants in 2022. The mall has become 
a significant fashion and lifestyle shopping centre in north-
east Beijing. 
Retail sales at INDIGO decreased by 26% in 2022. There 
were improvements to the tenant mix. The mall was 100% 
let at 31st December 2022.
Sino-Ocean Taikoo Li Chengdu
Sino-Ocean Taikoo Li Chengdu is in the Jinjiang district of 
Chengdu and is part of the Chunxi Road/Daci Temple 
shopping district. It is our second Taikoo Li project in the 
Chinese Mainland. Apple, Balenciaga, Gucci, Dior, Hermès, 
I.T, Tiffany & Co., Muji, Fangsuo bookstore, Olé Supermarket 
and a 1,720-seat Palace-j’aime cinema are tenants. Despite 
COVID-19 resurgence in Chengdu, 85 brands opened new 
INDIGO
BEI JI NG

50%
40%
30%
10%
20%
0
2023
2024
RETAIL LEASE 
EXPIRY PROFILE
(At 31st December 2022)
2025 and later
SWIRE PROPERTIES ANNUAL REPORT 2022
51
Retail sales and gross rental income (after deduction of 
rental concessions) at HKRI Taikoo Hui decreased by 36% 
and 17% respectively in 2022. Shops were closed in April 
and May. The mall was 97% let at 31st December 2022.
Taikoo Li Qiantan, Shanghai
Jointly developed with a subsidiary of Shanghai Lujiazui 
Finance & Trade Zone Development Co., Ltd., Taikoo Li 
Qiantan is a retail development in Qiantan, Pudong  
new district in Shanghai. Connected with 3 metro lines,  
it has an aggregate GFA of 1,188,727 square feet and  
space for around 250 shops. It is our second development 
in Shanghai and the third Taikoo Li project in the  
Chinese Mainland.
The development officially opened in September 2021. 
Footfall and retail sales were initially strong in 2022. They 
were adversely affected by COVID-19 related measures 
from March to May. A number of new flagship stores 
opened after operation resumption including Bulgari, 
Cartier, Dior, Gucci, Hermès, Louis Vuitton, Max Mara, 
Mikomoto, Moncler, China’s first Museum of Ice Cream, 
Team Wang and Valentino. The first MUJI flagship store 
with Marche in the Chinese Mainland became tenant in 
2022. At 31st December 2022, tenants had committed 
(including by way of letters of intent) to take 93% of the 
retail space and 83% of the lettable retail space was open. 
Chinese Mainland Retail Market Outlook
Consumer confidence is expected to improve in the 
Chinese Mainland, following the adjustments made to 
COVID-19 policies at the end of 2022. Inbound and 
outbound travel is expected to increase. In Guangzhou and 
Chengdu, demand for retail space from retailers of luxury 
brands is expected to be strong. In Shanghai, demand for 
retail space from retailers of luxury fashion, cosmetics and 
lifestyle brands, and from operators of food and beverage 
outlets, is expected to be steady. In Beijing, retail sales and 
demand for retail space are expected to be moderate.
The following chart shows the percentage of attributable 
gross rental income from the retail properties in the 
Chinese Mainland, for the month ended 31st December 
2022, derived from leases expiring in the periods with no 
committed renewals or new lettings. Tenancies accounting 
for approximately 32.1% of the attributable gross rental 
income in the month of December 2022 are due to expire in 
2023, with tenancies accounting for a further 25.8% of such 
rental income due to expire in 2024.

29.2%
14.4%
7.0%
23.7%
16.5%
6.7% 2.5%
Banking/Finance/
Securities/Investment
Trading
Technology/
Media/Telecoms
Professional services 
Pharmaceutical 
manufacturing
Real estate/Construction/
Property development/
Architecture
Others
OFFICE AREA BY TENANTS’ BUSINESSES
(At 31st December 2022)
52
MANAGEMENT DISCUSSION & ANALYSIS  |  REVIEW OF OPERATIONS
Offices
The completed office portfolio in the Chinese Mainland comprises an aggregate of 4.1 million square feet of space, 2.9 
million square feet of which is attributable to the Group. Total attributable gross rental income from our office properties in 
the Chinese Mainland decreased by 1% to HK$867 million in 2022. Disregarding changes in the value of the Renminbi, total 
attributable gross rental income increased by 2%. At 31st December 2022, our completed office properties in the Chinese 
Mainland were valued at HK$21,021  million. Of this amount, the Group’s attributable interest was HK$13,149  million.
The portfolio consists of Taikoo Hui in Guangzhou, which is 97% owned, and INDIGO in Beijing and HKRI Taikoo Hui in 
Shanghai, each of which is 50% owned.
Chinese Mainland Completed Office Portfolio
GFA (sq. ft.)
(100% Basis)
Occupancy
(at 31st December 2022)
Attributable 
Interest
Taikoo Hui, Guangzhou
1,693,125
94%
97%
INDIGO, Beijing
589,071
94%
50%
HKRI Taikoo Hui, Shanghai
1,828,060
99%
50%
Total
4,110,256
Demand for office space in Beijing, Shanghai and Guangzhou were adversely affected by COVID-19 resurgence in 2022.  
In Guangzhou, demand for office space was weak and new supply put pressure on office rents. Office rents in Shanghai 
remained resilient in core areas but decreased in decentralised areas reflecting the amount of new supply and the higher 
vacancy rates. In Beijing, despite weak demand, office rents remained stable due to limited new supply in core areas.
The Group’s gross rental income from office properties in the Chinese Mainland decreased by 4% to HK$365 million in 
2022. Disregarding changes in the value of the Renminbi, the gross rental income was approximately the same. 
The chart below shows the mix of the tenants of the office properties by the principal nature of their businesses (based on 
internal classifications) as a percentage of the office area at 31st December 2022.

SWIRE PROPERTIES ANNUAL REPORT 2022
53
At 31st December 2022, the top ten office tenants (based 
on attributable gross rental income in the twelve months 
ended 31st December 2022) together occupied 
approximately 47% of the Group’s total attributable office 
area in the Chinese Mainland.
Taikoo Hui, Guangzhou
There are two office towers in Taikoo Hui, Guangzhou. They 
were 94% let at 31st December 2022. Demand for office 
space in 2022 was weak and rents were under pressure. 
Apple, Canon, CapitaLand, Cushman & Wakefield, HSBC, 
FedEx, Medtronic, Microsoft, Roche, Samsung, SFML, 
Sumitomo Corporation and Eyugame leased more space in 
2022. Dior, Edelman, EIC Education, Lectoredu and Louis 
Vuitton became tenants in 2022.
INDIGO, Beijing
ONE INDIGO was 94% let at 31st December 2022. Despite 
weak demand for office space, office rents were stable with 
the limited new supply in the core areas. The main tenants 
are technology, media and telecoms companies. Disney, Eli 
Lilly, Rolls Royce and Western Cloud are tenants. Coupang 
leased more office space in 2022. Rhenus Logistics became 
tenant in 2022. 
HKRI Taikoo Hui, Shanghai
There are two office towers at HKRI Taikoo Hui in Shanghai. 
They were 99% let at 31st December 2022. Demand slowed 
down in 2022. The main tenants are financial services 
companies, pharmaceutical companies, law firms, gaming 
companies and retailers. Abbvie, Advent Capital, Alliance 
Bernstein, Amore Pacific, Bank of China, Bally, Beautiful 
Tree, BionTech, Byredo, Canali, Citic Capital, Clifford 
Chance, EA, Eli Lilly, Fangda Partners, Fidelity, H&M, Harry 
Winston, Jimmy Choo, JLL, Jun He Law Offices, Michael 
Kors, Rothschild, Towers Research Capital, Versace and 
Warner Brothers are tenants. Blackstone, Chanel, CVC 
Capital Partners, Genesis, Han Kun Law Offices, KRR, 
Neuberger Berman, Supercell and White & Case leased 
more space in 2022. 
Taikoo Hui
G U ANG ZHOU

50%
40%
30%
10%
20%
0
2023
2024
OFFICE LEASE 
EXPIRY PROFILE
(At 31st December 2022)
2025 and later
54
MANAGEMENT DISCUSSION & ANALYSIS  |  REVIEW OF OPERATIONS
Serviced Apartments
There are 24 serviced apartments at the Mandarin Oriental in Taikoo Hui Guangzhou, 42 serviced apartments at The 
Temple House in Sino-Ocean Taikoo Li Chengdu and 102 serviced apartments at The Middle House Residences in HKRI 
Taikoo Hui Shanghai.
The performance of the serviced apartments in 2022 was adversely affected by COVID-19 associated restrictions. 
Occupancy at the Mandarin Oriental in Guangzhou, The Temple House in Chengdu and The Middle House Residences in 
Shanghai was 88%, 76% and 64% respectively at 31st December 2022.
Chinese Mainland Serviced Apartments Market Outlook
The performance of the serviced apartments is expected to recover following the adjustments to COVID-19 restrictions  
in 2023.
Investment Properties Under Development
INDIGO Phase Two, Beijing
INDIGO Phase Two is an extension of the existing INDIGO development, with a GFA of approximately four million square 
feet. Jointly developed with the Sino-Ocean group, INDIGO Phase Two will be an office-led mixed-use development and is 
planned to be completed in two phases, in 2025 and 2026. Basement works are in progress. The Group has a 35% interest 
in INDIGO Phase Two.
Chinese Mainland Office Market Outlook
In Guangzhou, new supply in decentralised areas is expected to put downward pressure on office rents. In Beijing, new 
supply in core areas is limited. Demand should benefit from the removal of COVID-19 related measures. In Shanghai, 
demand is expected to be stable. Office rents in core central business districts, where supply is limited, are expected to  
be stable.
The following chart shows the percentage of attributable gross rental income from the office properties in the Chinese 
Mainland, for the month ended 31st December 2022, derived from leases expiring in the periods with no committed 
renewals or new lettings. Tenancies accounting for approximately 25.4% of the attributable gross rental income in the 
month of December 2022 are due to expire in 2023, with tenancies accounting for a further 25.9% of such rental income 
due to expire in 2024.

15,000
12,000
9,000
6,000
3,000
0
2025
GFA 
(000 sq. ft.)
ATTRIBUTABLE AREA OF COMPLETED 
PROPERTY PORTFOLIO IN THE 
CHINESE MAINLAND
Taikoo Li Sanlitun, 
Beijing
Taikoo Hui, 
Guangzhou
INDIGO, Beijing
Sino-Ocean 
Taikoo Li 
Chengdu(1)
Taikoo Li Qiantan, 
Shanghai
HKRI Taikoo Hui, 
Shanghai
Hui Fang, 
Guangzhou
Sanya(2)
Taikoo Li Xi’an
Others
INDIGO Phase Two, 
Beijing
2023 to 2024
2026 and later
(1)	 In December 2022, the Group acquired an additional 15% interest in Sino-Ocean Taikoo Li Chengdu. The Group’s interest increased 
from 50% to 65% after the transaction. The attributable area represents 100% interests in the site after the completion of the 
acquisition of the remaining 35% interest in February 2023. 
(2)	 The development is expected to open in phases from late 2024. GFA completed at year end of 2024 has yet to be determined. 
SWIRE PROPERTIES ANNUAL REPORT 2022
55
Taikoo Li Xi’an
In March 2022, a consortium in which the Group has a 70% 
interest acquired (via a government land tender) the land 
use rights in respect of land in the Small Wild Goose 
Pagoda historical and cultural zone in the Beilin district of 
Xi’an. With a site area of approximately 1.3 million square 
feet, the land is expected to be developed as Taikoo Li 
Xi’an, a retail-led mixed-use development comprising retail 
and cultural facilities, a hotel, serviced residences and 
business apartments. The estimated GFA is approximately 
2.4 million square feet (above ground), subject to further 
planning. The project is expected to be completed in late 
2025. The development is being done in collaboration with 
Xi’an Cheng Huan Cultural Investment and Development 
Co., Ltd.
Sanya
In October 2022, a consortium in which the Group has a 
50% interest acquired (via a government land tender) the 
land use rights in respect of land in the Haitang district of 
Sanya with a site area of approximately 2.1 million square 
feet. The land is expected to be developed into a premium, 
resort-style, retail-led development including underground 
parking and other ancillary facilities. The development will 
be Phase III of the Sanya International Duty-Free Complex. 
The project is expected to open in phases from late 2024. 
The development is being done in collaboration with  
China Tourism Group Duty Free Corporation Limited.
The chart below illustrates the expected attributable  
area of the completed property portfolio in the  
Chinese Mainland.
Others 
ZHANGYUAN, Shanghai
In 2021, the Group formed a joint venture management company with Shanghai Jing’an Real Estate (Group) Co., Ltd. This 
company, in which the Group has a 60% interest, is engaged in the revitalisation and management of the ZHANGYUAN 
Shikumen compound in the Jing’an district of Shanghai. When the revitalisation is completed, the compound will have a 
GFA (including car parking spaces) of 591,189 square feet above ground and 738,066 square feet underground. There are 
over 40 Shikumen blocks, with about 170 two or three-storey houses. There are connections to three metro lines and to 
HKRI Taikoo Hui. The first phase (the West zone) was completed and opened in November 2022. Construction and 
renovation at the second phase (the East zone) are in progress. The second phase is planned to be completed and opened 
in 2026. The Group does not have an ownership interest in the compound.

56
MANAGEMENT DISCUSSION & ANALYSIS  |  REVIEW OF OPERATIONS
Investment Properties – U.S.A.
Overview
Brickell City Centre, Miami
Brickell City Centre is an urban mixed-use development in 
the Brickell financial district of Miami, U.S.A. It has a site 
area of 504,017 square feet (approximately 11.6 acres).
The first phase of the Brickell City Centre development 
comprises a shopping centre, two office towers (Two and 
Three Brickell City Centre, which were sold in 2020), a hotel 
with serviced apartments (EAST Miami, which was sold in 
2021) managed by Swire Hotels and two residential towers 
(Reach and Rise) developed for sale. All the residential 
units at Reach and Rise have been sold. 
Brickell City Centre
M I A M I
The Group owns 62.93% of the shopping centre at the 
Brickell City Centre development. The remaining interest in 
the shopping centre is owned by Simon Property Group 
(25%) and Bal Harbour Shops (12.07%). Bal Harbour Shops 
has an option, which has been exercisable since February 
2020, to sell its interest to the Group.
The shopping centre was 89% leased (including by way of 
letters of intent) at 31st December 2022. Retail sales in 
2022 increased by 24%.
The second phase of the Brickell City Centre development, 
to be known as One Brickell City Centre, is being planned. It 
will be a commercial development and will be connected to 
the first phase of Brickell City Centre.

273
274
275
276
268
270
266
271
272
267
269
267.8
-1.1
+1.5
+0.4
-0.8
+7.3
-3.4
271.2
-0.5
HK$ Bn
1st Jan 2022
31st Dec 2022
MOVEMENT IN INVESTMENT 
PROPERTIES
At 1st January 
2022 
Net fair value 
losses in 
Hong Kong
Net fair value 
gains in the 
Chinese Mainland
Net fair value 
gains in the 
U.S.A.
Additions
Disposals
Net transfers to 
property, plant 
and equipment/
other assets  
Translation 
differences 
At 31st December 
2022 
SWIRE PROPERTIES ANNUAL REPORT 2022
57
Brickell City Centre, Miami 
GFA (sq. ft.)(1)
(100% Basis)
Attributable 
Interest
Completed
Shopping centre
496,508
62.9%
Future Development
One Brickell City Centre
1,510,000
100%
Total
2,006,508
(1)	 Represents leasable/saleable area except for the car parking spaces, roof top and circulation areas.
Miami Market Outlook
In Miami, retail sales are expected to increase.
Valuation of Investment Properties
The portfolio of investment properties was valued at 31st December 2022 on the basis of market value (95% by value 
having been valued by Cushman & Wakefield Limited and 2% by value having been valued by another independent 
valuer). The amount of this valuation was HK$271,191 million, compared to HK$267,815 million at 31st December 2021. 
The increase in the valuation of the investment property portfolio primarily reflected new investment and an increase  
in the valuation of certain existing properties in the Chinese Mainland (reflecting a reduction of 25 to 50 basis points  
in the capitalisation rates), partly offset by a decrease in the valuation of the office investment properties in Hong Kong 
and foreign exchange translation losses in respect of the investment properties in the Chinese Mainland.
Under HKAS 40, hotel properties are not accounted for as investment properties. The hotel buildings are included within 
property, plant and equipment. The leasehold land is included within right-of-use assets. Both are recorded at cost less 
accumulated depreciation or amortisation and any provision for impairment.

58
MANAGEMENT DISCUSSION & ANALYSIS  |  REVIEW OF OPERATIONS
Property Trading
Overview
The trading portfolio comprises completed units available for sale at EIGHT STAR STREET in Hong Kong and The River in 
Vietnam. There are six residential projects under planning or development, three in Hong Kong, one in Indonesia, one in 
Vietnam and one in Thailand. There are also land banks in Miami, U.S.A.
Property Trading Portfolio (At 31st December 2022)
GFA (sq. ft.)
(100% Basis)
Actual/Expected 
Construction 
Completion Date
Attributable
Interest
Completed
Hong Kong
– EIGHT STAR STREET, Wan Chai (1) 
5,897
(2)
2022
100%
Vietnam
– The River
185,594
(2)
2022
20%
Under Development
Hong Kong
– Wong Chuk Hang Station Package Four Property  
 
   Development
638,305
2024
25%
– Chai Wan Inland Lot No. 178
694,278
(3)
2025
80%
– 269 Queen’s Road East, Wan Chai (4)
102,990
(5)
2025
100%
Indonesia
– Savyavasa, South Jakarta
1,122,728
2024
50%
Vietnam
– Empire City
7,131,624
2028
15.73%
Held for Development or sale
U.S.A.
– South Brickell Key, Miami, Florida
550,000
N/A
100%
– Brickell City Centre, Miami, Florida – North Squared site (6)
523,000
N/A
100%
(1)	 The occupation permit for EIGHT STAR STREET was issued in May 2022. 
(2)	 Remaining saleable area. 
(3)	 Including a retail podium of approximately 2,002 sq. ft.
(4)	 In June 2022, the Group acquired this site (via a government land tender). 
(5)	 Excluding a retail podium of approximately 13,197 sq. ft. 
(6)	 Represents saleable area.
Hong Kong
EIGHT STAR STREET, Wan Chai
EIGHT STAR STREET at 8 Star Street, Wan Chai is a residential building (with retail outlets on the lowest two levels) of 
approximately 34,000 square feet. The occupation permit was obtained in May 2022. 30 out of 37 units had been sold at 
7th March 2023. 27 units had been handed over to the purchasers as 31st December 2022.

SWIRE PROPERTIES ANNUAL REPORT 2022
59
Wong Chuk Hang Station Package Four Property 
Development
A joint venture formed by the Group, Kerry Properties 
Limited and Sino Land Company Limited is undertaking a 
residential development in Wong Chuk Hang in Hong Kong. 
The development will comprise two residential towers with 
an aggregate GFA of approximately 638,000 square feet 
and about 800 residential units. Superstructure works are in 
progress. Pre-sales are expected to start in the second 
quarter of 2023. The development is expected to be 
completed in 2024. The Group has a 25% interest in the 
joint venture. 
Chai Wan Inland Lot No. 178
In 2021, a project company held as to 80% by the Group 
and as to 20% by China Motor Bus Company, Limited 
completed a land exchange with the HKSAR Government in 
respect of a plot of land in Chai Wan. The plot of land is 
expected to be redeveloped into a residential complex 
(with retail outlets) with an aggregate GFA of 
approximately 694,000 square feet. Foundation works are 
in progress. The development is expected to be completed 
in 2025. 
269 Queen’s Road East, Wan Chai
In June 2022, the Group acquired (via a government land 
tender) a plot of land at 269 Queen’s Road East in Wan 
Chai. The plot of land will be developed primarily for 
residential uses with an aggregate GFA of approximately 
116,000 square feet. Works preparatory to demolition of 
the existing building have commenced. The development is 
expected to be completed in 2025.
Hong Kong Residential Market Outlook
In Hong Kong, demand for residential accommodation is 
expected to be weak in the short term (due to increased 
interest rates and economic uncertainty) but resilient in 
the medium and long term, reflecting local demand and 
limited supply. 
Indonesia
In 2019, a joint venture between the Group and Jakarta 
Setiabudi Internasional Group completed the acquisition of 
a plot of land in South Jakarta, Indonesia. The land is being 
developed for residential purposes with an aggregate GFA 
of approximately 1,123,000 square feet. Superstructure 
works are in progress. The development is expected to 
comprise over 400 residential units and to be completed in 
2024. The Group has a 50% interest in the joint venture. 
Pre-sales are in progress. 
Vietnam
In 2020, the Group agreed with City Garden Joint Stock 
Company to develop The River, a luxury residential 
property in Ho Chi Minh City, Vietnam. The development 
comprises 525 luxury apartments in three towers. The 
Group has an effective 20% interest in the development. 
Approximately 93% of the units had been sold at 7th March 
2023. Handover of the completed units to purchasers is  
in progress. 
In 2021, the Group made a minority investment in Empire 
City, a residential-led mixed-use development (with 
residential, retail, office, hotel and serviced apartment 
components) in Ho Chi Minh City, Vietnam. The 
development is under construction and is expected to be 
completed in phases up to 2028. The Group invested in the 
development through an agreement with Gaw Capital 
Partners, an existing participant in the development.  
Over 47% of the residential units had been pre-sold at  
7th March 2023.
Thailand
In February 2023, the Group acquired a 40% interest in a 
site located in Lumphini sub-district in Pathum Wan district, 
Bangkok. In partnership with City Realty Co. Ltd., the site is 
expected to be developed for residential purposes with a 
site area of approximately 136,000 square feet. 
Indonesia, Vietnam and Thailand Residential  
Market Outlook
With urbanisation, a growing middle class and a limited 
supply of luxury residential properties, the residential 
markets in Jakarta, Indonesia, Ho Chi Minh City, Vietnam 
and Bangkok, Thailand are expected to be stable. 
Estate Management
The Group manages approximately 20 residential estates 
which it has developed. It also manages OPUS HONG KONG, 
a residential property in Hong Kong which the Group 
redeveloped for Swire Pacific Limited. The management 
services include day to day assistance for occupants, 
management, maintenance, cleaning, security and 
renovation of common areas and facilities. The Group 
places great emphasis on maintaining good relationships 
with occupants.

60
MANAGEMENT DISCUSSION & ANALYSIS  |  REVIEW OF OPERATIONS
Hotels
Managed Hotels and Restaurants
Overview
The Group owns and manages (through Swire Hotels) 
hotels in Hong Kong, the Chinese Mainland and the 
U.S.A. The House Collective, comprising The Upper 
House in Hong Kong, The Opposite House in Beijing, The 
Temple House in Chengdu and The Middle House in 
Shanghai, is a group of small and distinctive luxury 
hotels. In July and August 2022, the Group announced 
the plans to further expand The House Collective to 
Tokyo and Shenzhen. There are EAST hotels in Hong 
Kong, Beijing and Miami. In October 2021, EAST Miami 
ceased to be owned by the Group. It continues to be 
managed by Swire Hotels.
The managed hotels in Hong Kong and the Chinese 
Mainland were affected by the COVID-19 related travel 
restrictions. The hotels in the U.S.A. performed well.
The managed hotels (including restaurants and taking 
account of central costs) recorded an operating loss 
before depreciation of HK$118  million in 2022, 
compared with an operating profit before depreciation 
of HK$22 million in 2021. 
The Upper House
At The Upper House, a 117-room luxury hotel at Pacific 
Place in Hong Kong, revenue per available room and 
occupancy continued to be affected by COVID-19 
associated travel restrictions. In 2022, the hotel was ranked 
number three in the Condé Nast Traveler’s 2022 Readers’ 
Choice Awards for the Best Hotels in Hong Kong category. 
It also received awards from Travel + Leisure and 
TripAdvisor, and was named Hong Kong’s Best Wellness 
Retreat 2022 in the World Spa Awards.
EAST Hong Kong
At EAST Hong Kong, a 331-room hotel in Taikoo Shing, 
revenue per available room and occupancy were severely 
affected by COVID-19 related travel restrictions. The hotel 
was ranked number eight in the Condé Nast Traveler’s 2022 
Readers’ Choice Awards for The Best Hotels in Hong Kong 
category.
The Opposite House
The Opposite House is a 99-room luxury hotel at Taikoo Li 
Sanlitun, Beijing. Its occupancy and revenue per available 
room declined in 2022 due to COVID-19 associated 
restrictions. In 2022, the hotel received awards from Condé 
Nast Traveler and Travel + Leisure, and was ranked number 
five and six in TripAdvisor’s Top 25 Hotels and Luxury Hotels 
in China respectively. Jing Yaa Tang restaurant was 
awarded with 1-star in the MICHELIN Guide Beijing 2022.
The Opposite House
BEI JI NG

SWIRE PROPERTIES ANNUAL REPORT 2022
61
Hotel Portfolio (managed by Swire Hotels)
No. of Rooms 
(100% Basis)
Attributable 
Interest
Completed
Hong Kong
– The Upper House
117
100%
– EAST Hong Kong
331
100%
– Headland Hotel (1)
501
0%
Chinese Mainland
– The Opposite House
99
100%
– EAST Beijing
369
50%
– The Temple House (2)
142
65%
– The Middle House (3)
213
50%
U.S.A.
– EAST Miami (4)
352
0%
Total
2,124
(1)	 Headland Hotel is owned by Airline Property Limited, a wholly-owned subsidiary of Cathay Pacific Airways Limited.
(2)	 Comprising one hotel tower and one serviced apartment tower. In December 2022, the Group acquired an additional 15% interest in 
Sino-Ocean Taikoo Li Chengdu. The Group’s interest in The Temple House increased from 50% to 65% after the transaction.
(3)	 Comprising one hotel tower and one serviced apartment tower. 
(4)	 EAST Miami (including serviced apartments in the hotel tower) is owned by a third party.
EAST Beijing
EAST Beijing is a 369-room lifestyle hotel at INDIGO in 
Beijing, in which the Company has a 50% interest. 
Occupancy and revenue per available room were severely 
affected by COVID-19 associated restrictions. The hotel 
was recognised as The Most Popular Hotel of the Year by 
CAAC Inflight Magazine.
The Temple House
The Temple House (in which the Company has a 65% 
interest after the completion of the acquisition of 
additional 15% interest in December 2022) has 100 hotel 
rooms and 42 serviced apartments at Sino-Ocean Taikoo Li 
Chengdu. Revenue per available room and occupancy 
declined due to COVID-19 associated restrictions. The hotel 
received award from Condé Nast Traveler as the number 
eleven of the Best Hotels in China and China Top 10 Hotels 
in the Gold List. The Mi Xun Spa was named Best Spiritual 
Spa Treatment of the Year in SpaChina Wellness and Spa 
Awards 2022, and China’s Best Wellness Retreat 2022 in the 
World Spa Awards 2022. The Mi Xun Tea House was 
awarded with 1-star in the MICHELIN Guide Chengdu 2022.
The Middle House
The Middle House (in which the Company has 50% 
interest) has 111 hotel rooms and 102 serviced apartments 
at HKRI Taikoo Hui, Shanghai. Revenue per available room 
and occupancy declined in 2022 due to COVID-19 
associated restrictions. The food and beverages businesses 
were also adversely affected. The hotel received awards 
from Condé Nast Traveler and TripAdvisor. Sui Tang Li 
restaurant was designated One-Diamond in the 2022 Black 
Pearl Restaurant Guide. Mi Xun Spa was named The Most 
Effective Treatment of the Year award in the SpaChina 
Wellness & Spa Awards 2022, and China’s Best Wellness 
Retreat of 2022 in the World Spa Awards.
EAST Miami
EAST Miami at the Brickell City Centre development in 
Miami has 263 hotel rooms and 89 serviced apartments. 
The hotel was sold to a third party in October 2021. It 
continues to be managed by Swire Hotels. Its revenue per 
available room grew strongly in 2022. The hotel was 
included in the Condé Nast Traveler Gold List. 
Restaurants
Swire Hotels operates restaurants in Hong Kong through its 
hotels. It also operates a standalone restaurant. The Upper 
House operates The Continental, a European restaurant, at 
Pacific Place. EAST Hong Kong operates Mr & Mrs Fox, a 
restaurant with an international menu, and PUBLIC café at 
Taikoo Place.

62
MANAGEMENT DISCUSSION & ANALYSIS  |  REVIEW OF OPERATIONS
Non-managed Hotels
Overview
The Group has ownership interests in (but does not manage) hotels with 3,138 rooms in aggregate.
Hotel Portfolio (not managed by the Group)
No. of Rooms
(100% Basis)
Attributable
Interest
Completed
Hong Kong
– Island Shangri-La Hong Kong
557
20%
– JW Marriott Hotel Hong Kong
608
20%
– Conrad Hong Kong
513
20%
– Novotel Citygate Hong Kong (1)
440
26.67%
– The Silveri Hong Kong – MGallery (1)
206
26.67%
Chinese Mainland
– Mandarin Oriental, Guangzhou (2)
287
97%
– The Sukhothai Shanghai
201
50%
U.S.A.
– Mandarin Oriental, Miami
326
75%
Total
3,138
(1)	 In March 2022, the Group acquired an additional 6.67% interest in the Citygate development. The Group’s interests in Novotel 
Citygate Hong Kong and The Silveri Hong Kong – MGallery increased from 20% to 26.67% after the transaction. 
(2)	 Including serviced apartments in the hotel tower.
The non-managed hotels in Hong Kong and the Chinese Mainland were adversely affected by COVID-19 related travel 
restrictions. The non-managed hotel in the U.S.A. performed better. Average room rates and occupancy were higher.  
The Mandarin Oriental, Guangzhou is a leading luxury hotel in Guangzhou. The Chinese restaurant at the hotel, Jiang by 
Chef Fei, obtained a 2-star Michelin award. The Sukhothai Shanghai is a luxury hotel in Shanghai. The Silveri Hong Kong – 
MGallery in Hong Kong opened in phases from the middle of 2022. 
Hotels Market Outlook
The hotels in Hong Kong and the Chinese Mainland are expected to do better in 2023, following the reopening of the 
border in the Chinese Mainland and the removal of COVID-19 measures. The hotels in the U.S.A. are expected to  
perform strongly. 
We are expanding our hotel management business, with a focus on extending our hotel brands outside Hong Kong through 
hotel management agreements.

SWIRE PROPERTIES ANNUAL REPORT 2022
63
Profile of Capital Commitments for Investment Properties and Hotels
Expenditure
Forecast expenditure
Total
Commitments(1)
Commitments  
relating to joint venture 
companies(2)
2022
HK$M
2023
HK$M
2024
HK$M
2025
HK$M
2026  
and later 
HK$M 
At 31st December 2022
HK$M
At 31st December 2022
HK$M
Hong Kong
3,246
2,654
953
1,563
6,708
11,878
67
Chinese Mainland
4,879
3,731
4,186
3,796
4,363
16,076
7,370
U.S.A.
19
–
–
–
–
–
–
Total
8,144
6,385
5,139
5,359
11,071
27,954
7,437
(1)	 The capital commitments represent the Group’s capital commitments of HK$20,517 million plus the Group’s share of the capital 
commitments of joint venture companies of HK$7,437 million. 
(2)	 The Group is committed to funding HK$331 million of the capital commitments of joint venture companies.
(2021: HK$1,010 million). Outstanding capital 
commitments at 31st December 2022 were HK$16,076 
million (2021: HK$6,184 million), including the Group’s 
share of the capital commitments of joint venture 
companies of HK$7,370 million (2021: HK$4,777 million). 
The Group is committed to funding HK$331 million  
(2021: HK$1,146 million) of the capital commitments of 
joint venture companies. In addition to this, the Group was 
committed to make a capital injection into a joint venture 
company of HK$421 million (2021: nil).
Capital expenditure in 2022 on investment properties and 
hotels in the U.S.A. amounted to HK$19 million (2021: 
HK$49 million). There were no outstanding capital 
commitments at 31st December 2022 and 2021.
Capital Commitments
Capital Expenditure and Commitments
Capital expenditure in 2022 on Hong Kong investment 
properties and hotels, including the Group’s share of the 
capital expenditure of joint venture companies, amounted 
to HK$3,246 million (2021: HK$3,281 million). Outstanding 
capital commitments at 31st December 2022 were 
HK$11,878 million (2021: HK$14,500 million), including the 
Group’s share of the capital commitments of joint venture 
companies of HK$67 million (2021: HK$73 million).
Capital expenditure in 2022 on Chinese Mainland 
investment properties and hotels, including the Group’s 
share of the capital expenditure of joint venture 
companies, amounted to HK$4,879 million

64
MANAGEMENT DISCUSSION & ANALYSIS  |  REVIEW OF OPERATIONS

SWIRE PROPERTIES ANNUAL REPORT 2022
65
Development Highlights
Two Taikoo Place
Latest addition to the Taikoo Place  
Global Business District 
Two Taikoo Place, completed in September 2022, is the 
latest addition to Swire Properties’ HK$15 billion Taikoo 
Place Redevelopment Project to complement the 
community as it transforms into a Global Business District.  
Featuring 42 storeys of premium office space with a total 
area of around 1 million square feet, the triple Grade-A 
office tower has been designed and built to the highest 
sustainability standards, and has incorporated a broad 
array of best-in-class sustainability and wellness features. 
Two Taikoo Place and One Taikoo Place will be linked  
to other office towers in the district by elevated 
walkways, opening up the ground level space for Taikoo 
Square and Taikoo Garden, totalling 70,000 square feet 
of landscaped gardens with cascading water features for 
the community to enjoy after their completion in 2023, 
in addition to more new F&B outlets with al fresco  
dining spaces.
Completion year
2022
Number of floors
42
Total GFA
APPROXIMATELY 1 MILLION SQUARE FEET
Sustainability credits
PRE-CERTIFIED PLATINUM RATINGS FOR 
LEED, WELL AND BEAM PLUS
“PLATINUM” OF WIREDSCORE AND SMARTSCORE  
(HIGHEST CERTIFICATION LEVEL)

66
MANAGEMENT DISCUSSION & ANALYSIS  |  REVIEW OF OPERATIONS
Development Highlights
ZHANGYUAN
Shanghai’s Urban Regeneration Project
ZHANGYUAN, Shanghai’s first urban regeneration project 
to implement protective expropriation and historical 
restoration, is operated and managed by a joint venture 
between Swire Properties and Shanghai Jing’an Real Estate 
(Group) Co., Ltd. In November 2022, ZHANGYUAN West 
Zone was officially opened to the public as the first phase.
Featuring well-preserved Shikumen heritage buildings and 
rich historical architectural forms in Shanghai, ZHANGYUAN 
has been reshaped into a high-quality “first urban public 
space”, providing retail, commerce, office, hotel, residence, 
art museum and performing arts centre where Shanghai’s 
citizens can work, relax, shop and be entertained.
Swire Properties’ responsibilities in the ZHANGYUAN 
project extend to design, leasing, operational management 
and marketing. A host of luxury brands has been introduced 
and a diverse range of events, exhibitions and arts and 
cultural activities will take place in the area.

67
Phased Opening
From 2022
Number of Shikumen 
Heritage Buildings
OVER 40
in more than 20 different styles
Total GFA
West: 208,700 SQUARE FEET (aboveground)
East: 382,489 SQUARE FEET (aboveground)
 
738,066 SQUARE FEET (underground) 
Owner
SHANGHAI JING’AN URBAN REGENERATION 
CONSTRUCTION AND DEVELOPMENT CO., LTD
(A subsidiary of Shanghai Jing’an Real Estate (Group) 
Co. Ltd.)
Management Company
SHANGHAI KAIYE COMMERCIAL MANAGEMENT CO. LTD. 
(A joint venture which Swire Properties has 60% interest and 
Shanghai Jing’an Real Estate (Group) Co. Ltd. has 40% interest)
SWIRE PROPERTIES ANNUAL REPORT 2022

Taikoo Li Sanlitun, Beijing

Quarry Bay
Station
Westlands Road
Tai Koo Station
Taikoo Shing Road
Pan Hoi Street
Island Eastern Corridor
Devon House 
803,452 sf
Cambridge House
268,795 sf
Two Taikoo Place
994,545 sf
One Island East
1,537,011 sf
Oxford House
501,253 sf
Berkshire
House
388,838 sf
Dorset House
609,540 sf
Lincoln House
333,529 sf
Cityplaza
(Shopping Mall)
1,096,898 sf
EAST Hong Kong
199,633 sf
PCCW Tower
620,148 sf
One Taikoo Place
1,013,368 sf
EAST 
Residences
75,068 sf
One Citygate
160,522 sf
The Silveri 
Hong Kong –
MGallery
131,965 sf
Novotel Citygate Hong Kong
236,758 sf
North Lantau Highway
Tat Tung Road
Tung Chung 
Station
Citygate Outlets
803,582 sf
Mei Tung Street
Pacific Place
(Shopping Mall)
711,182 sf
PACIFIC PLACE
APARTMENTS
443,075 sf
Two
Pacific Place
695,510 sf
JW Marriott 
Hong Kong
525,904 sf
SPACES. 8QRE
81,346 sf
Three Pacific Place
627,657 sf
The Upper House
158,738 sf
One 
Pacific Place
863,266 sf
Conrad Hong Kong
555,590 sf
Island Shangri-La 
Hong Kong
605,728 sf
28 Hennessy Road
(To be renamed as
Five Pacific Place)
145,390 sf
Three Pacific Place
Pedestrian Link
(Below Ground)
Hennessy Road
Queensway
Admiralty 
Station
STAR STUDIOS
52,273 sf
Six Pacific Place
(Under Development)
~223,303 sf
EIGHT STAR STREET
13,668 sf*
Citygate
Pacific Place
King’s Road
* Floor area shown including the 
gross floor area of remaining 
residential units of 10,817 sf. 
Taikoo Place
and Cityplaza
HONG KONG
MANAGEMENT DISCUSSION & ANALYSIS  |  REVIEW OF OPERATIONS

Shipaiqiao Station
Tianhe Road
Tianhe East Road
Taikoo Hui
(Shopping Mall)
1,529,392 sf
Taikoo Hui Towers 1 & 2
1,693,125 sf
Mandarin Oriental,
Guangzhou
509,434 sf
Serviced Apartments
50,376 sf
Jiangtai Station
Jiuxianqiao Road
ONE INDIGO
589,071 sf
EAST Beijing
358,301 sf
INDIGO
(Shopping Mall) 
946,769 sf
INDIGO Phase Two
(Under Development) 
~4,045,514 sf
Taikoo Hui
GUANGZ HOU
INDIGO
BEIJING
HKRI Taikoo Hui 
and ZHANGYUAN
SHA NGHAI
CHINESE MAINLAND
^ ZHANGYUAN, with gross floor area of 
1,329,255 sf (including car parking spaces), 
is operated and managed by a joint venture 
which is 60% owned by Swire Properties. 
Swire Properties does not have an 
ownership interest in the compound. 
West Nanjing
Road Station
West Nanjing Road Station
Shimenyi Road
HKRI Centre 2
699,046 sf
HKRI Centre 1
1,129,014 sf
ZHANGYUAN^
Weihai Road
HKRI Taikoo Hui
(Shopping Mall)
1,105,646 sf
The Sukhothai 
Shanghai
246,646 sf
The Middle
House
141,181 sf
The Middle House
Residences
147,273 sf
West Nanjing Road

Sanlitun Road
The Opposite House
169,463 sf
Taikoo Li
Sanlitun North
549,223 sf
Taikoo Li Sanlitun West
293,405 sf
Taikoo Li
Sanlitun South
776,909 sf
Dacisi Road
The Temple House
299,941 sf
Sino-Ocean Taikoo Li
Chengdu
(Shopping Centre)
1,314,237 sf
Oriental Sports 
Center Station
Yangsi West Road
Dongyu Road
Taikoo Li Qiantan 
(Shopping Centre) 
1,188,727 sf
Taikoo Li
Sanlitun
B E IJING
Sino-Ocean
Taikoo Li
Chengdu
CHE NGDU
Taikoo Li
Qiantan
SHA NGHAI
Chunxi Road Station

SW 8th Street
SE 7th Street
South Miami Avenue
Brickell Plaza
SW 9th Street
Miami River
SE 6th Street
SE 5th Street
Metromover
Eighth Street
Station
Metrorail
Brickell Station
EAST Miami#
Three Brickell City Centre**
Future
Development
~1,510,000 sf
Future
Development
~523,000 sf
Brickell City Centre
(Shopping Mall)
496,508 sf
Two Brickell City Centre** 
Miami River
SW 1st 
Avenue
Brickell City Centre
M IAM I, F L ORIDA
U.S.A.
Notes: 
Gross floor area figures are shown on a 100% basis.
These diagrams are not to scale and are for illustration purposes only.
These diagrams illustrate the major developments of Swire Properties. For details of other developments,
please refer to the Schedule of Principal Group Properties on pages 204 to 214.
** Two Brickell City Centre and Three Brickell City Centre were sold in 2020. 
The office towers are now managed by Swire Properties.
# EAST Miami was sold in 2021. The hotel and serviced apartments are still managed by Swire Hotels.

FINANCIAL REVIEW
References are to “Notes to the Financial Statements” on pages 139 to 197.
Consolidated Statement of Profit or Loss
2022
HK$M
2021
HK$M 
Restated
Reference
Revenue
The decrease in revenue of HK$2,492 million compared to 2021 
was principally due to lower revenue from property trading and 
hotels, and lower gross rental income from property investment.
Revenue from property trading decreased by HK$1,522 million 
from 2021. In 2022, revenue was recognised from the sale of 27 
EIGHT STAR STREET units in Hong Kong and a property in Fort 
Lauderdale in Florida, U.S.A. In 2021, revenue was recognised 
from the sale of 20 EDEN units in Singapore and from 25 Reach 
units and 89 Rise units in Miami, U.S.A.
Revenue from hotels decreased by HK$329 million, mainly due to 
loss of hotel revenue from EAST Miami (which was disposed of in 
the second half of 2021) and lower hotel revenue in the Chinese 
Mainland as a result of COVID-19 related travel restriction.
Gross rental income from property investment decreased by 
HK$653 million. In Hong Kong, gross rental income decreased by 
HK$367 million mainly due to lower office rental income 
reflecting a weak office market with increased supply and 
economic uncertainty, and lower retail rental income which was 
suffered from disruption in the early part of 2022 by the fifth 
COVID-19 wave and related social distancing measures. In the 
Chinese Mainland, gross rental income decreased by HK$186 
million, mainly reflecting the adverse impact from COVID-19 
resurgence and depreciation of Renminbi, partly offset by a full 
year contribution from Taikoo Li Sanlitun West. In the U.S.A., 
gross rental income decreased, mainly due to loss of rental 
income from serviced apartments in Miami which was disposed 
of in the second half of 2021.
13,826
16,318
Note 4
74

SWIRE PROPERTIES ANNUAL REPORT 2022
75
Consolidated Statement of Profit or Loss (continued)
2022
HK$M
2021
HK$M 
Restated
Reference
Gross Profit
Gross profit decreased by HK$994 million. Gross profit from property 
investment, property trading and hotels decreased by HK$576 
million, HK$287 million and HK$131 million respectively. Gross profit 
from property investment decreased by HK$576 million, mainly due 
to lower profits from the office properties in Hong Kong and from the 
retail properties (reflecting in part the rental concessions given to 
retail tenants) in the Chinese Mainland. Gross profit from property 
trading reflected the recognition of profits on the sale of EIGHT STAR 
STREET units in Hong Kong and a property in Fort Lauderdale in 
Florida, U.S.A. Hotel business recorded a loss of HK$120 million in 
2022 compared with a gross profit of HK$11 million in 2021, mainly 
due to loss of hotel revenue from EAST Miami in the U.S.A. and lower 
hotel revenue in the Chinese Mainland.
9,523
10,517
Operating Profit
The increase in operating profit of HK$1,190 million was principally 
due to a net valuation gain on investment properties in 2022 
(compared with a net valuation loss in 2021), partly offset by lower 
profits from property investment and on sale of interests in 
investment properties in Hong Kong.
A net valuation gain on investment properties of HK$801 million was 
recorded in 2022, compared with a net valuation loss of HK$1,947 
million in 2021. Investment properties in Hong Kong recorded a net 
valuation loss of HK$1,127 million, principally due to lower rents. 
Investment properties in the Chinese Mainland recorded a net 
valuation gain of HK$1,539 million, principally due to a reduction of 25 
to 50 basis points in the capitalisation rates applicable to certain 
investment properties in the portfolio. The investment properties at 
Brickell City Centre in Miami, U.S.A. recorded a valuation gain of 
HK$389 million, mainly due to higher rents.
Administrative and selling expenses decreased by HK$175 million 
compared to 2021. The decrease principally reflected lower project 
related costs in 2022.
9,024
7,834
Notes 6  
and 8(a)

76
MANAGEMENT DISCUSSION & ANALYSIS  |  FINANCIAL REVIEW
Consolidated Statement of Profit or Loss (continued)
2022
HK$M
2021
HK$M 
Restated
Reference
Net Finance Charges
The reduction of HK$190 million principally reflected an increase in 
interest capitalised on investment properties and properties for sale 
in Hong Kong and the Chinese Mainland.
187
377
Note 10
Share of Profit Less Losses of Joint Venture Companies
The decrease of HK$425 million principally reflected the reduction in 
net valuation gain of HK$304 million. 
1,443
1,868
Note 8(a)
Taxation
The increase of HK$101 million was principally due to an increase in 
deferred tax in relation to valuation gain in respect of investment 
properties in the Chinese Mainland and the U.S.A., and profit on the 
sale of property in the U.S.A.
2,065
1,964
Note 11
Profit Attributable to the Company’s Shareholders
The increase of HK$868 million reflected a net valuation gain on 
investment properties in 2022 (compared with a net valuation loss in 
2021), partly offset by lower profits from property investment and on 
sales of interests in investment properties.
7,980
7,112
Note 8(a)

SWIRE PROPERTIES ANNUAL REPORT 2022
77
Consolidated Statement of Financial Position
2022
HK$M
2021
HK$M 
Restated
Reference
Property, Plant and Equipment
The decrease in property, plant and equipment was principally due to 
depreciation for the year and foreign exchange translation losses 
(principally in respect of leasehold buildings in the Chinese 
Mainland), partly offset by additions to plant and equipment.
3,165
3,381
Note 15
Investment Properties
The increase in investment properties of HK$3,409 million was 
principally due to additions during the year (after netting off cost 
written back) of HK$7,321 million and a net valuation gain of HK$801 
million, partly offset by foreign exchange translation losses of 
HK$3,449 million, the disposals of Taikoo Shing car parking spaces 
and a property in Tsing Yi, Hong Kong of HK$825 million, and the 
transfer of unsold Taikoo Shing car parking spaces of HK$474 million 
to assets classified as held for sale. The additions reflected capital 
expenditure at the Taikoo Place redevelopment, Taikoo Li Xi’an, and 
other projects in Hong Kong and the Chinese Mainland. The foreign 
exchange translation losses were principally in respect of investment 
properties in the Chinese Mainland.
271,368
267,959
Note 16
Joint Venture Companies and Loans Due from  
Joint Venture Companies
The increase of HK$2,308 million principally reflected (i) increases in 
equity to joint venture companies, (ii) the Company’s share of profits 
of joint venture companies (including valuation gains) and (iii) the 
acquisition of additional interests in joint venture companies, partly 
offset by (iv) the Company’s share of foreign exchange translation 
losses in respect of joint venture companies in the Chinese Mainland 
and (v) movements in loans due from joint venture companies. 
39,862
37,554
Note 20
Other Financial Assets at Amortised Cost
The decrease of HK$522 million mainly reflected the reclassification 
of a deferred payment to trade and other receivables since it is due 
within one year.
–
522
Note 32
Properties For Sale
The increase of HK$1,853 million principally reflected the acquisition 
cost of 269 Queen’s Road East, Wan Chai and development 
expenditures of Chai Wan Inland Lot No. 178 in Hong Kong, partly 
offset by sales of units at EIGHT STAR STREET in Hong Kong and a 
property at Fort Lauderdale in Florida, U.S.A. 
8,264
6,411
Note 23

78
MANAGEMENT DISCUSSION & ANALYSIS  |  FINANCIAL REVIEW
Consolidated Statement of Financial Position (continued)
2022
HK$M
2021
HK$M 
Restated
Reference
Trade and Other Receivables
The increase of HK$614 million mainly reflected the reclassification of 
a deferred payment from other financial assets at amortised cost 
since it is due within one year.
2,834
2,220
Note 24
Assets Classified as Held For Sale
This represents 1,078 car parking spaces at Taikoo Shing, Hong Kong. 
2,038
1,740
Note 33
Trade and Other Payables
The increase of HK$669 million principally reflected a payment 
obligation related to the acquisitions of joint venture companies, 
partly offset by a decrease in accrued capital expenditure and a 
decrease in interest-bearing advances from joint venture companies.
10,008
9,339
Note 27
Long-Term Loans and Bonds  
(including the component due within one year)
The decrease of HK$1,766 million was principally due to the 
repayment of medium term notes, partly offset by the drawdown of 
bank loans in Hong Kong.
22,835
24,601
Note 29
Deferred Tax Liabilities
The increase of HK$502 million principally reflected deferred tax in 
respect of valuation gains on investment properties in the Chinese 
Mainland and the U.S.A., partly offset by foreign exchange translation 
losses in the Chinese Mainland.
11,248
10,746
Note 31
Equity Attributable to the Company’s Shareholders
The decrease in equity attributable to the Company’s shareholders 
represents the total comprehensive income for the year attributable 
to the Company’s shareholders (HK$3,203 million), as reduced by 
dividends paid to the Company’s shareholders.
289,211
291,624
Notes  
35 and 36
Non-Controlling Interests
The increase in non-controlling interests of HK$1,061 million mainly 
reflected capital contribution from an owner of non-controlling 
interest and profits earned by the owners of non-controlling interests, 
partly offset by foreign exchange translation losses in respect of 
entities in which there are non-controlling interests and dividends 
paid to the owners of non-controlling interests.
3,047
1,986
Note 38

SWIRE PROPERTIES ANNUAL REPORT 2022
79
Consolidated Statement of Cash Flows
2022
HK$M
2021
HK$M 
Reference
Cash Generated from Operations
Cash generated from operations of HK$6,332 million principally 
comprised cash inflows from property investment of approximately 
HK$9,220 million and from property trading of approximately HK$803 
million, partly offset by operating expenses of approximately 
HK$1,402 million and expenditure on properties for sale of 
approximately HK$2,194 million (after netting off contribution from a 
non-controlling interest).
6,332
7,028
Note 43(a)
Tax Paid
The decrease principally reflected less tax paid in Hong Kong.
1,127
1,635
Purchase of Property, Plant and Equipment
The decrease principally reflected less additions of plant and 
equipment in Hong Kong.
133
180
Note 43(b)
Additions of Investment Properties
The amount in 2022 principally reflected capital expenditure on the 
Taikoo Place redevelopment, Taikoo Li Xi’an and on other projects in 
Hong Kong and the Chinese Mainland.
7,096
3,860
Proceeds from Disposal of Subsidiary Companies, Net of Cash 
Disposed of 
The amount in 2022 reflected the proceeds from disposal of 
subsidiary company holding certain properties in Hong Kong.
1,060
212
Note 43(c)
Proceeds from Disposal of Property, Plant and Equipment and 
Investment Properties
The amount in 2022 reflected the proceeds from sales of Taikoo Shing 
car parking spaces in Hong Kong.
609
3,758
Purchase of Shares in Joint Venture Companies, Equity and 
Loans (Net of Repayment) to Joint Venture Companies
The amount in 2022 principally reflected purchase of shares and 
equity injected in joint venture companies of HK$1,720 million and 
HK$1,123 million respectively and net movements of loans with joint 
venture companies.
2,034
4,160
Repayment of Loans, Bonds and Lease Liabilities (Net of Loans 
Drawn and Refinancing)
The amount in 2022 principally reflected the repayment of medium 
term notes, partly offset by the drawdown of bank loans in  
Hong Kong.
1,838
2,856

80
MANAGEMENT DISCUSSION & ANALYSIS  |  FINANCIAL REVIEW
Investment Appraisal and Performance Review
Net Assets Employed
Capital Commitments(1)
2022
HK$M
2021
HK$M
Restated
2022
HK$M
2021
HK$M
Property investment
293,752
288,246
27,402
20,276
Property trading
11,612
9,637
–
–
Hotels
5,841
6,061
552
408
Total net assets employed
311,205
303,944
27,954
20,684
Less: net debt
(18,947)
(10,334)
Less: non-controlling interests
(3,047)
(1,986)
Equity attributable to the Company’s shareholders
289,211
291,624
Equity Attributable to the 
Company’s Shareholders(2) 
Return on Average Equity 
Attributable to the Company’s 
Shareholders(2)
2022
HK$M
2021
HK$M
Restated
2022
2021
Restated
Property investment
279,688
281,050
2.9%
2.4%
Property trading
3,992
4,771
3.9%
13.3%
Hotels
5,531
5,803
-6.0%
-5.2%
Total
289,211
291,624
2.7%
2.5%
(1)	 The capital commitments represent the Group’s capital commitments plus the Group’s share of the capital commitments of joint 
venture companies.
(2)	 Refer to Glossary on page 215 for definitions.

SWIRE PROPERTIES ANNUAL REPORT 2022
81
•	 Capital Structure
•	 Medium Term Note Programme
•	 Changes in Financing 
•	 Net Debt
•	 Sources of Finance
	 – Loans and Bonds
	 – Bank Balances and Short-term Deposits
•	 Maturity Profile and Refinancing
•	 Currency Profile
•	 Finance Charges
•	 Gearing Ratio and Interest Cover 
•	 Capital Management
•	 Attributable Net Debt
•	 Debt in Joint Venture and Associated Companies
Capital Structure
The Group aims to maintain a capital structure which 
enables it to invest in and finance projects in a disciplined 
and targeted manner.
The Group’s primary objectives when managing capital are 
to safeguard the Group’s ability to operate as a going 
concern, so that it can continue to provide returns for 
shareholders, and to secure access to finance at a 
reasonable cost.
The Group considers a number of factors in monitoring 
its capital structure, which principally include the 
gearing ratio, cash interest cover and the return cycle 
of its investments.
Medium Term Note Programme
In 2012, Swire Properties MTN Financing Limited, a 
wholly-owned subsidiary of the Company, established 
a US$3 billion Medium Term Note (“MTN”) 
Programme. The aggregate nominal amount of the 
MTN Programme was increased to US$4 billion in 2017. 
Notes issued under the MTN Programme are 
unconditionally and irrevocably guaranteed by the 
Company. At 31st December 2022, the MTN 
Programme was rated A by Fitch and (P)A2 by 
Moody’s, in each case in respect of notes with a 
maturity of more than one year.
The MTN Programme enables the Group to raise 
money directly from the capital markets. Under the 
MTN Programme, notes may be issued in US dollars  
or in other currencies, in various amounts and for 
various tenors.
FINANCING

82
MANAGEMENT DISCUSSION & ANALYSIS  |  FINANCING
Changes in Financing
Audited Financial Information
During the year, the Group raised approximately HK$15,309 million. This comprised:
•	 term and revolving loan facilities aggregating HK$11,800 million
•	 refinancing of term and revolving loan facilities aggregating US$450 million
During the year, the Group made various repayments of debt. This comprised:
•	 repayment and prepayment of term and revolving loan facilities aggregating HK$5,110  million
•	 repayment of medium term notes of US$500 million
Loans and bonds
Lease 
liabilities
HK$M
Total 
2022
HK$M
2021
HK$M
due within 
one year
HK$M
due after 
one year
HK$M
At 1st January
9,000
15,601
566
25,167
27,837
 
Loans drawn and refinanced
500
6,737
–
7,237
1,400
 
Bonds matured
(3,899)
–
–
(3,899)
(300)
 
Repayment of loans
(5,110)
–
–
(5,110)
(3,884)
 
New leases arranged during the year
–
–
160
160
51
 
Principal elements of lease payments
–
–
(66)
(66)
(72)
 
Reclassification
199
(199)
–
–
–
 
Currency adjustment
1
1
(46)
(44)
99
 
Other non-cash movements
9
(5)
–
4
36
At 31st December
700
22,135
614
23,449
25,167
Net Debt
Audited Financial Information
Net debt at 31st December 2022 was HK$18,947 million, compared with HK$10,334 million at 31st December 2021. The 
increase in net debt principally reflected capital and development expenditure in Hong Kong and the Chinese Mainland.
The Group’s borrowings are principally denominated in Hong Kong dollars and US dollars. Outstanding borrowings at  
31st December 2022 and 2021 were as follows:
2022
HK$M
2021
HK$M
Borrowings included in non-current liabilities
 
Bank borrowings – unsecured
7,311
588
 
Bonds – unsecured
14,824
15,013
Borrowings included in current liabilities
 
Bank borrowings – unsecured
500
5,102
 
Bonds – unsecured
200
3,898
Total borrowings
22,835
24,601
Lease liabilities
 
Included in non-current liabilities
535
517
 
Included in current liabilities
79
49
Less: short-term deposits and bank balances
4,502
14,833
Net debt
18,947
10,334

SWIRE PROPERTIES ANNUAL REPORT 2022
83
Sources of Finance
Audited Financial Information
At 31st December 2022, committed loan facilities and debt securities amounted to HK$32,870  million, of which 
HK$9,890 million (30%) remained undrawn. In addition, the Group had undrawn uncommitted facilities totalling  
HK$400 million. Sources of funds at 31st December 2022 comprised:
Available 
HK$M
Drawn  
HK$M
Undrawn 
Expiring 
Within  
One Year  
HK$M
Undrawn 
Expiring 
After  
One Year  
HK$M
Facilities from third parties
 
Term loans
5,069
3,479
–
1,590
 
Revolving loans
12,740
4,440
–
8,300
 
Bonds
15,061
15,061
–
–
Total committed facilities
32,870
22,980
–
9,890
Uncommitted facilities
 
Bank loans and overdrafts
400
–
400
–
Total 
33,270
22,980
400
9,890
Note: 
The figures above are stated before unamortised loan fees of HK$145 million.
i) Loans and Bonds
Audited Financial Information
For accounting purposes, loans and bonds are classified as follows:
2022
2021
Drawn, Before 
Unamortised 
Loan Fees
HK$M
Unamortised
Loan Fees
HK$M
Carrying 
Value
HK$M
Drawn, Before 
Unamortised 
Loan Fees
HK$M
Unamortised
Loan Fees
HK$M
Carrying 
Value 
HK$M
Long-term loans and bonds at  
 
amortised cost
 
– unsecured
22,980
(145)
22,835
24,668
(67)
24,601
Less: amount due within one year  
 
included under current liabilities
700
–
700
9,008
(8)
9,000
22,280
(145)
22,135
15,660
(59)
15,601
ii) Bank Balances and Short-term Deposits
The Group had bank balances and short-term deposits of HK$4,502 million at 31st December 2022, compared to  
HK$14,833 million at 31st December 2021.

2023
2024
2025
2026
2027
2030
2028
2029
15,000
12,000
9,000
6,000
3,000
0
Facilities from third parties
HK$M
TOTAL AVAILABLE 
COMMITTED 
FACILITIES BY 
MATURITY
Term and 
revolving loans
Bonds
84
MANAGEMENT DISCUSSION & ANALYSIS  |  FINANCING
Maturity Profile and Refinancing
Bank loans and other borrowings are repayable on various dates up to 2030 (2021: up to 2030). The weighted average 
term and cost of the Group’s debt are:
2022
2021
Weighted average term of debt
3.9 years
3.0 years
Weighted average cost of debt
3.2%
3.0%
Note:
The weighted average cost of debt above is stated on gross debt basis.
The maturity profile of the Group’s available committed facilities is set out below: 
Audited Financial Information
The table below sets forth the maturity profile of the Group’s borrowings:
2022
2021
HK$M 
HK$M 
Bank borrowings and bonds from third parties due
 
Within 1 year
700
3%
9,000
37%
 
1-2 years
1,875
8%
199
1%
 
2-5 years
15,195
67%
8,207
33%
 
After 5 years
5,065
22%
7,195
29%
Total
22,835
100%
24,601
100%
Less: Amount due within one year included under  
 
current liabilities
700
9,000
Amount due after one year included under  
 
non-current liabilities
22,135
15,601

SWIRE PROPERTIES ANNUAL REPORT 2022
85
Currency Profile
Audited Financial Information
An analysis of the carrying amounts of gross borrowings by currency (after cross-currency swaps) is shown below:
2022
2021
HK$M 
HK$M 
Currency
Hong Kong dollars
19,740
86%
20,747
84%
United States dollars
3,095
14%
3,854
16%
Total
22,835
100%
24,601
100%
Finance Charges
Audited Financial Information
An analysis of outstanding borrowings by reference to whether they bear interest at fixed or floating rates is shown below:
2022
2021
HK$M
HK$M
Fixed 
15,061
66%
20,518
83%
Floating
7,919
34%
4,150
17%
Sub-total
22,980
100%
24,668
100%
Less: Unamortised loan fee
145
67
Total
22,835
24,601
The exposure of the Group’s borrowings to fixed and floating interest rates can be illustrated as follows:
Fixed Interest Rates Maturing in:
Floating 
Interest 
Rates
HK$M
1 Year  
or Less
HK$M
1 to 5  
Years
HK$M
Over 5  
Years
HK$M
Total
HK$M
At 31st December 2022
7,811
200
9,759
5,065
22,835
At 31st December 2021
4,132
5,456
7,818
7,195
24,601

86
MANAGEMENT DISCUSSION & ANALYSIS  |  FINANCING
Audited Financial Information (continued)
Interest charged and earned during the year was as follows:
2022
HK$M
2021
HK$M
Interest charged on:
Bank loans and overdrafts
158
61
Bonds
559
651
Interest-bearing advances from joint venture companies
16
9
Lease liabilities
19
18
Net fair value (gains)/losses on derivative instruments
 
Cash flow hedges – transferred from other comprehensive income
(13)
14
 
Cross-currency swaps not qualifying as hedges
1
1
Other financing costs
109
131
849
885
Losses on the movement in the fair value of the liability in respect of a put option  
 
in favour of the owner of a non-controlling interest
66
64
Capitalised on:
 
Investment properties
(370)
(293)
 
Properties for sale
(186)
(49)
359
607
Interest income on:
Short-term deposits and bank balances
(105)
(135)
Loans to joint venture and associated companies
(51)
(79)
Others
(16)
(16)
(172)
(230)
Net finance charges
187
377
The capitalised interest rates on funds both borrowed generally and used for the development of investment properties 
and properties for sale were between 2.9% and 3.7% per annum (2021: 3.3% and 3.4% per annum).
The amount transferred from other comprehensive income in respect of cash flow hedges in 2022 includes HK$12 million 
(2021: HK$4 million) relating to currency basis.
The interest rates per annum (after cross-currency swaps) at 31st December were as follows:
2022
2021
HKD
%
USD
%
HKD
%
USD
%
Long-term loans and bonds
2.3-5.7
5.1-5.2
0.8-4.4
0.8-2.9

2021
2018
2019
2022
2020
300,000
200,000
250,000
350,000
150,000
100,000
50,000
0
35
20
25
30
15
10
5
0
Ratio (%)
HK$M
GEARING RATIO
Total equity
Net debt
Gearing ratio
(Restated)
(Restated)
20,000
16,000
24,000
28,000
12,000
8,000
4,000
0
112
80
96
48
64
32
16
0
2021
2018
2019
2022
2020
Times
HK$M
UNDERLYING 
INTEREST COVER
Underlying operating profit
Net finance charges
Capitalised interest
Underlying interest cover
Underlying cash interest cover
 
(Restated)
(Restated)
SWIRE PROPERTIES ANNUAL REPORT 2022
87
Gearing Ratio and Interest Cover
The following graphs illustrate the gearing ratio and underlying interest cover for each of the last five years:
Audited Financial Information (continued)
Benchmark interest rates like London interbank offered rate (LIBOR) are being replaced. The cash flows of the Company 
and its subsidiaries primarily affected are those associated with US dollar denominated variable interest rate facilities 
which reference LIBOR. These facilities had principal amounts equivalent in aggregate to HK$2,339 million at 31st 
December 2022. The uncertainty arising from the Group’s exposure to interbank offered rates (IBOR) will cease in 2023. 
Other variable interest rate facilities of the Company and its subsidiaries are not referenced to rates which are being replaced.

88
MANAGEMENT DISCUSSION & ANALYSIS  |  FINANCING
Capital Management
Audited Financial Information
The Group’s primary objectives when managing capital are to safeguard the Group’s ability to operate as a going 
concern, so that it can continue to provide returns for shareholders, and to secure access to finance at a reasonable cost.
The Group considers a number of factors in monitoring its capital structure, which principally include the gearing ratio, 
cash interest cover and the return cycle of its investments. For the purpose of the gearing ratio, the Group defines net 
debt as total borrowings and lease liabilities less short-term deposits and bank balances. Capital comprises total equity, 
as shown in the consolidated statement of financial position.
In order to maintain or adjust the gearing ratio, the Group may adjust the amount of dividends paid to shareholders, 
repurchase shares, raise new debt financing or sell assets to reduce debt. The gearing ratios at 31st December 2022 and 
31st December 2021 were as follows:
2022
HK$M
2021
HK$M
Restated
Total borrowings
22,835
24,601
Lease liabilities
614
566
Less: Short-term deposits and bank balances
4,502
14,833
Net debt
18,947
10,334
Total equity
292,258
293,610
Gearing ratio
6.5%
3.5%
The Group has given certain covenants under facilities from third-parties, including maintenance of a minimum amount of 
tangible net worth. The Group has significant headroom on all covenants, and does not expect any breach in the 
foreseeable future.
2022
2021
Restated
Gearing ratio (1)
6.5%
3.5%
Interest cover – times (1)
 
Per financial statements
48.3
20.8
 
Underlying
74.7
33.0
Cash interest cover – times (1)
 
Per financial statements
12.1
10.9
 
Underlying
13.4
15.8
(1)	 Refer to Glossary on page 215 for definitions.

SWIRE PROPERTIES ANNUAL REPORT 2022
89
Debt in Joint Venture and Associated Companies
In accordance with Hong Kong Financial Reporting Standards, the net debt of the Group reported in the consolidated 
statement of financial position does not include the net debt of its joint venture and associated companies. These 
companies had the following net debt positions at the end of 2022 and 2021:
Net Debt of  
Joint Venture and  
Associated Companies
Portion of Net Debt 
Attributable to
the Group
Debt Guaranteed by
the Group
2022
HK$M
2021
HK$M
2022
HK$M
2021
HK$M
2022
HK$M
2021
HK$M
Hong Kong Entities
10,402
10,033
3,472
3,406
2,408
2,265
Chinese Mainland Entities
15,171
16,629
7,532
7,936
1,203
904
U.S.A. and other Entities
542
317
461
396
570
474
Total
26,115
26,979
11,465
11,738
4,181
3,643
If the attributable portion of the net debt in joint venture and associated companies were to be added to the Group’s net 
debt, gearing would rise to 10.4%.
Attributable Net Debt
The chart below illustrates, by entity, the Group’s attributable net debt (in HK$ million):
Swire Properties (Finance)
4,716
Swire Properties
(436)
H.K. 
Entities
(278)
Swire Properties MTN 
Financing
15,024
Chinese Mainland  
Entities
(2,644)
U.S.A. and other
Entities
2,565
Consolidated  
Net Debt
18,947
H.K. 
JV/Asso
3,472
Chinese Mainland  
JV/Asso
7,532
U.S.A. and other 
JV/Asso
461
Attributable  
Net Debt of Joint  
Venture and 
Associated  
Companies 
(“JV/Asso”)
11,465

Taikoo Hui, Guangzhou
Corporate Governance 
& Sustainability

Sino-Ocean Taikoo Li Chengdu

CORPORATE 
GOVERNANCE
92
Corporate and Governance Culture
Swire Properties is committed to ensuring that its affairs 
are conducted in accordance with its corporate and 
governance culture and values of integrity, originality, 
excellence, humility, teamwork, continuity and high ethical 
standards, which form a coherent set of principles that are 
relevant across the Company’s business and underpin 
everything it does. This reflects its belief that, in the 
achievement of its long-term objectives, it is imperative to 
act with probity, transparency and accountability. By so 
acting, Swire Properties believes that shareholder value will 
be maximised in the long term and that its employees, 
those with whom it does business and the communities in 
which it operates will all benefit.
Corporate governance is the process by which the Board 
instructs management of the Group to conduct its affairs 
with a view to ensuring that its objectives are met. The 
Board is committed to maintaining and developing robust 
corporate governance practices that are intended  
to ensure:
•	 satisfactory and sustainable returns to shareholders
•	 that the interests of those who deal with the Company 
are safeguarded
•	 that overall business risk is understood and managed 
appropriately
•	 the delivery of high-quality products and services to the 
satisfaction of customers
•	 that high standards of ethics are maintained and
•	 sustainable development of the business and the 
communities in which the Company operates with a 
view to create long-term value
The Board provides guidance to management by defining 
the purpose, values and strategic direction of the Group, 
and plays an important role in establishing and instilling a 
culture that reinforces the values of acting lawfully, 
ethically and responsibly. The Company’s Corporate Code 
of Conduct ensures that the corporate culture and 
expected behaviours are clearly communicated to 
everyone in the Group. Appropriate policies and procedures 
are in place to promote and reinforce the need for 
employees and others who deal with the Company to act 
with honesty and integrity and to raise concerns about 
actual or suspected cases of impropriety. Indicators used 
for assessing and monitoring social and corporate 
governance-related data (including staff turnover rates, 
whistleblowing data, employee surveys and breaches of 
the Company’s Corporate Code of Conduct) are set out in 
the Sustainable Development Report 2022 of the 
Company. The Group offers competitive remuneration and 
benefits designed to attract, motivate and retain talented 
people at all levels. Having regard to the corporate culture 
reflected in the policies and practices of the Group, the 
Board is satisfied that the purpose, values and strategic 
directions of the Group are aligned with its culture.
Corporate Governance Statement
The Corporate Governance Code (the “CG Code”) as 
published by The Stock Exchange of Hong Kong Limited 
sets out the principles of good corporate governance and 
provides two levels of recommendation:
•	 code provisions, with which issuers are expected to 
comply, but with which they may choose not to comply, 
provided they give considered reasons and explanations 
for non-compliance
•	 recommended best practices, with which issuers are 
encouraged to comply, but which are provided for 
guidance only
The Company supports the principles-based approach of 
the CG Code and the flexibility this provides for the 
adoption of corporate policies and procedures which 
recognise the individuality of companies. Swire Properties 
has adopted its own corporate governance code which is 
available on its website (www.swireproperties.com). 
Corporate governance does not stand still; it evolves with 
the business and operating environment. The Company is 
always ready to learn and adopt best practices.
The Company complied with all the code provisions set out 
in the CG Code contained in Part 2 of Appendix 14 to the 
Rules Governing the Listing of Securities on The Stock 
Exchange of Hong Kong Limited (the “Listing Rules”) 
throughout the year covered by the annual report.

SWIRE PROPERTIES ANNUAL REPORT 2022
93
The Board of Directors
Role of the Board
The Company is governed by a Board of Directors, which 
has responsibility for strategic leadership and control of the 
Group designed to maximise shareholder value, while 
taking due account of the interests of those with whom the 
Group does business and others.
Responsibility for achieving the Company’s objectives and 
running the business on a day-to-day basis is delegated to 
management. The Board exercises a number of reserved 
powers which include:
•	 maintaining and promoting the culture of the Company
•	 formulation of long-term strategy
•	 approving public announcements, including financial 
statements
•	 committing to major acquisitions, divestments and 
capital projects
•	 authorising significant changes to the capital structure 
and material borrowings
•	 any issue, or buy-back, of equity securities under the 
relevant general mandates
•	 approving treasury policy
•	 setting dividend policy
•	 approving appointments to the Board
•	 ensuring that appropriate management development 
and succession plans are in place
•	 setting the Group remuneration policy
•	 approving annual budgets and forecasts
•	 reviewing operational and financial performance
•	 reviewing the effectiveness of the Group’s risk 
management and internal control systems 
•	 ensuring the adequacy of the resources, staff 
qualifications and experience, training programmes and 
budget of the Company’s accounting, internal audit, 
financial reporting and environmental, social and 
governance (“ESG”) functions
•	 overseeing sustainable development matters
To assist it in fulfilling its duties, the Board has three 
primary committees, the Audit Committee (see pages 103 
to 104), the Nomination Committee (see pages 100 to 101) 
and the Remuneration Committee (see page 101).
Chairman and Chief Executive
The CG Code requires that the roles of Chairman and Chief 
Executive be separate and not performed by the same 
individual to ensure there is a clear division of 
responsibilities between the running of the Board and the 
executives who run the business.
G.M.C. Bradley, the Chairman, is responsible for:
•	 leadership of the Board
•	 setting its agenda and taking into account any matters 
proposed by other Directors for inclusion in the agenda
•	 facilitating effective contributions from and dialogue with 
all Directors and constructive relations between them
•	 ensuring that all Directors are properly briefed on issues 
arising at Board meetings and that they receive 
accurate, timely and clear information
•	 obtaining consensus amongst the Directors
•	 ensuring, through the Board, that good corporate 
governance practices and procedures are followed
T.J. Blackburn, the Chief Executive, is responsible for 
implementing the policies and strategies set by the Board 
in order to ensure the successful day-to-day management 
of the Group’s business.
Throughout the year, there was a clear division of 
responsibilities between the Chairman and the  
Chief Executive.
Board Composition
The Board is structured with a view to ensuring it is of a 
high calibre and has a balance of skills, experience and 
diversity of perspectives appropriate to the Company’s 
business so that it works effectively as a team, and that 
individuals or groups do not dominate any decision-
making.
The Board comprises the Chairman, three other Executive 
Directors and nine Non-Executive Directors. Their 
biographical details are set out in the section of this annual 
report headed Directors and Officers and are posted on the 
Company’s website.
T.J. Blackburn, G.M.C. Bradley, F.N.Y. Lung, M.S.C. Ma and 
M.J. Murray are directors and/or employees of the John 
Swire & Sons Limited (“Swire”) group. N.A.H. Fenwick and 
M.B. Swire are shareholders, directors and/or employees of 
and R.S.K. Lim is an adviser to the Swire group.

94
CORPORATE GOVERNANCE & SUSTAINABILITY  |  CORPORATE GOVERNANCE
The Non-Executive Directors bring independent advice, 
judgement and, through constructive challenge, scrutiny of 
executives and review of performance and risks. The Audit, 
Nomination and Remuneration Committees of the Board 
comprise only Non-Executive Directors.
The Board considers that five of the nine Non-Executive 
Directors are independent in character and judgement and 
fulfil the independence guidelines set out in Rule 3.13 of 
the Listing Rules. S.T. Fung has served as an Independent 
Non-Executive Director for more than nine years. The 
Directors are of the opinion that he remains independent, 
notwithstanding his length of tenure. S.T. Fung continues to 
demonstrate the attributes of an Independent Non-
Executive Director noted above and there is no evidence 
that his tenure has had any impact on his independence. 
The Board believes that his detailed knowledge and 
experience of the Group’s business and his external 
experience continue to be of significant benefit to the 
Company, and that he maintains an independent view of 
its affairs.
Confirmation has been received from all Independent 
Non-Executive Directors that they are independent as set 
out in Rule 3.13 of the Listing Rules. None of the 
Independent Non-Executive Directors holds cross-
directorships or has significant links with other Directors 
through involvements in other companies or bodies.
The Independent Non-Executive Directors:
•	 provide open and objective challenge to management 
and other Board members
•	 raise intelligent questions and challenge constructively 
and with vigour
•	 bring outside knowledge of the businesses and markets 
in which the Group operates, providing informed insight 
and responses to management
The number of Independent Non-Executive Directors 
represents at least one-third of the Board of Directors.
Taking into account all of the circumstances described in 
this section, the Company considers all of the Independent 
Non-Executive Directors to be independent.
The Company has in place effective mechanisms to ensure 
that independent views and input are available to the 
Board. The Nomination Committee, a majority of which is 
comprised of Independent Non-Executive Directors, 
assesses the suitability and independence of potential 
candidates to be appointed as Independent Non-Executive 
Directors and reviews the independence of each 
Independent Non-Executive Director annually. The 
Independent Non-Executive Directors meet with the 
Chairman at least once annually without the presence of 
other Directors and they can interact with management 
and other Directors including the Chairman through formal 
and informal means. Independent professional advice is 
also available to all Directors whenever necessary. A review 
of these mechanisms is conducted on an annual basis to 
ensure their effectiveness.
Responsibilities of Directors
On appointment, the Directors receive information about 
the Group including:
•	 the role of the Board and the matters reserved for its 
attention
•	 the role and terms of reference of Board Committees
•	 the Group’s corporate governance practices and 
procedures
•	 the powers delegated to management and
•	 the latest financial information
Directors update their skills, knowledge and understanding 
of the Company’s businesses through their participation at 
meetings of the Board and its committees and through 
regular meetings with management at the head office and 
in the divisions. Directors are regularly updated by the 
Company Secretary on their legal and other duties as 
Directors of a listed company.
Through the Company Secretary, Directors are able to 
obtain appropriate professional training and advice.
Each Director ensures that he/she can give sufficient time 
and attention to the affairs of the Group. All Directors 
disclose to the Board on their first appointment their 
interests as a Director or otherwise in other companies or 
organisations and such declarations of interests are 
updated regularly. No Director was a director of more than 
two other listed companies (excluding the Company) at 
31st December 2022.

SWIRE PROPERTIES ANNUAL REPORT 2022
95
Details of Directors’ other appointments are shown in 
their biographies in the section of this annual report 
headed Directors and Officers.
Board Processes
All committees of the Board follow the same processes 
as the full Board.
The dates of the 2022 Board meetings were determined 
in 2021 and any amendments to this schedule were 
notified to Directors at least 14 days before regular 
meetings. Appropriate arrangements are in place to 
allow Directors to include items in the agenda for regular 
Board meetings.
The Board met seven times in 2022, including two 
strategy sessions. The attendance of individual Directors 
at meetings of the Board and its committees is set out in 
the table on page 96. Attendance at Board meetings was 
100%. All Directors attended Board meetings in person 
or through electronic means of communication during 
the year.
Agendas and accompanying Board papers are circulated 
with sufficient time to allow the Directors to prepare 
before meetings.
The Chairman takes the lead to ensure that the Board 
acts in the best interests of the Company, that there is 
effective communication with the shareholders and that 
their views are communicated to the Board as a whole.
Board decisions are made by vote at Board meetings and 
supplemented by the circulation of written resolutions 
between Board meetings.
Minutes of Board meetings are taken by the Company 
Secretary and, together with any supporting papers, are 
made available to all Directors. The minutes record the 
matters considered by the Board, the decisions reached, 
and any concerns raised or dissenting views expressed by 
Directors. Draft and final versions of the minutes are sent to 
all Directors for their comment and records respectively.
Board meetings are structured so as to encourage open 
discussion, frank debate and active participation by 
Directors in meetings.
A typical Board meeting would consist of:
•	 review of the health and safety performance
•	 review of the operating environment for the business 
and of the most recent financial results and outlook
•	 review of the development progress of new investments
•	 review and discussion of longer term financial plans, 
including a discussion of capital allocation and 
investment plans 
•	 presentation of papers to support decisions requiring 
Board approval
•	 an update on sustainability and ESG matters 
•	 an update of legal and compliance matters for the 
Board’s consideration
•	 any declarations of interest
8
6
4
2
0
2
1
0
OTHER LISTED COMPANY 
DIRECTORSHIP(S)
Number of Directors
Number of Companies

96
CORPORATE GOVERNANCE & SUSTAINABILITY  |  CORPORATE GOVERNANCE
Meetings Attended/Held
Continuous 
Professional 
Development
Directors
Board
Audit 
Committee
Nomination 
Committee
Remuneration 
Committee
2022  
Annual  
General  
Meeting
Type of 
Training 
(Notes)
Executive Directors
G.M.C. Bradley – Chairman
7/7
√
A, B
T.J. Blackburn
7/7
√
A, B
F.N.Y. Lung
7/7
√
A, B
M.S.C. Ma
7/7
√
A, B
Non-Executive Directors
N.A.H. Fenwick
7/7
2/2
2/2
√
A, B
R.S.K. Lim
7/7
√
A, B
M.J. Murray
7/7
3/3
√
A, B
M.B. Swire
7/7
√
A, B
Independent Non-Executive Directors
L.K.L. Cheng
7/7
3/3
√
A, B
T.T.K. Choi
7/7
2/2
2/2
√
A, B
S.T. Fung
7/7
2/2
2/2
√
A, B
J.L. Wang
7/7
√
A, B
M.Y. Wu
7/7
3/3
√
A, B
Average attendance
100%
100%
100%
100%
100%
Notes:
A: Received training materials about matters relevant to their duties as Directors. 
B: Attended training by external advisers about applicable laws and regulations and topics pertinent to the business of the Company. 
Directors meet at least once annually to discuss the Company’s strategy, including investment and divestment plans and 
other strategic initiatives. The strategy sessions also serve as platforms for raising new initiatives and ideas.
The executive management provides the Board with such information and explanations as are necessary to enable 
Directors to make an informed assessment of the financial and other information put before the Board. Queries raised by 
Directors are answered fully and promptly.
When necessary, the Independent Non-Executive Directors meet privately to discuss matters which are their specific 
responsibility.
The Chairman meets at least annually with the Independent Non-Executive Directors without the presence of  
other Directors.

SWIRE PROPERTIES ANNUAL REPORT 2022
97
Continuous Professional Development
The Company makes available continuous professional 
development for all Directors at the expense of the Company 
so as to develop and refresh their knowledge and skills.
All Directors have been provided with “A Guide on Directors’ 
Duties” issued by the Companies Registry, “Guidelines for 
Directors” issued by the Hong Kong Institute of Directors 
and “Guidance for Boards and Directors” issued by The 
Stock Exchange of Hong Kong Limited and other training 
materials on various topics, including regulatory updates 
issued by The Stock Exchange of Hong Kong Limited and 
external advisers and ESG matters. They were invited to 
attend seminars and conferences about financial, 
commercial, economic, risk management, legal, regulatory 
and other business matters.
Directors’ and Officers’ Insurance
The Company has arranged appropriate insurance cover  
in respect of potential legal actions against its Directors  
and Officers.
Conflicts of Interest
If a Director has a material conflict of interest in relation to 
a transaction or proposal to be considered by the Board, 
the individual is required to declare such interest and 
abstains from voting. The matter is considered at a Board 
meeting and voted on by Directors who have no material 
interest in the transaction.
Delegation by the Board
Responsibility for delivering the Company’s strategies and 
objectives, as established by the Board, and responsibility 
for day-to-day management is delegated to the Chief 
Executive. The Chief Executive has been given clear 
guidelines and directions as to his powers and, in particular, 
the circumstances under which he should report back to, 
and obtain prior approval from, the Board before making 
commitments on behalf of the Company.
The Board monitors management’s performance against 
the achievement of financial and non-financial measures, 
the principal items monitored being:
•	 detailed monthly management accounts consisting of 
statements of profit or loss, financial position and cash 
flows compared to budget, together with forecasts
•	 internal and external audit reports
•	 feedback from customers, others with whom the Group 
does business, trade associations and service providers.
Securities Transactions
The Company has adopted a code of conduct (the 
“Securities Code”) regarding securities transactions by 
Directors and officers on terms no less exacting than the 
required standard set out in the Model Code for Securities 
Transactions by Directors of Listed Issuers (the “Model 
Code”) contained in Appendix 10 to the Listing Rules. 
These rules are available on the Company’s website.
A copy of the Securities Code has been sent to each 
Director of the Company and is sent to each Director twice 
annually, immediately before the two financial period ends, 
with a reminder that the Director cannot deal in the 
securities and derivatives of the Company during the 
blackout period before the Group’s interim and annual 
results have been published, and that all their dealings 
must be conducted in accordance with the Securities Code.
Under the Securities Code, Directors and senior executives 
of the Company are required to notify the Chairman and 
receive a dated written acknowledgement before dealing in 
the securities and derivatives of the Company and, in the 
case of the Chairman himself, he must notify the Chairman 
of the Audit Committee and receive a dated written 
acknowledgement before any dealing.
On specific enquiries made, all the Directors of the 
Company have confirmed that they have complied with the 
required standard set out in the Model Code and the 
Securities Code.
Directors’ interests at 31st December 2022 in the shares of 
the Company and its associated corporations (within the 
meaning of Part XV of the Securities and Futures 
Ordinance) are set out in the section of this annual report 
headed Directors’ Report.

98
CORPORATE GOVERNANCE & SUSTAINABILITY  |  CORPORATE GOVERNANCE
Appointment and Re-election
Potential new Directors are identified and considered by 
the Nomination Committee for appointment by the Board. 
A Director appointed by the Board is subject to election by 
shareholders at the first annual general meeting after his or 
her appointment, and all Directors are subject to re-
election by shareholders every three years.
Potential new Board members are identified on the basis of 
skills, knowledge and experience which, on assessment by 
the Directors, will enable them to make a positive 
contribution to the diversity and performance of the Board. 
The Company reviews the composition of the Board on a 
continuing basis by keeping track of the tenure of Directors 
and the need for new or replacement Directors to be 
appointed (as the case may be) and maintaining a pipeline 
of candidates comprising internal and external candidates 
as may be identified from time to time. Executive search 
agencies may be engaged as appropriate to identify 
external candidates with the desirable skillsets. The 
composition of the Board includes directors from multiple 
sources, i.e., independent non-executive directors, 
nomination from substantial shareholder and internal 
executives.
In assessing the suitability of a proposed candidate 
(including Directors eligible for re-appointment or  
re-election), the following non-exhaustive list of factors  
will be considered:
•	 the corporate strategy of the Company
•	 the structure, size, composition and needs of the Board
•	 the potential contributions a candidate can bring to the 
Board, including the desirable skillsets, experience and 
other attributes that are complementary to the Board 
•	 the qualifications, integrity and expected time 
commitment of the candidate
•	 various aspects of diversity (including gender, age, 
cultural and educational background and ethnicity) with 
reference to the Board Diversity Policy of the Company
•	 the independence of a candidate to be appointed as an 
Independent Non-Executive Director
No new appointment of director was made during 2022 
and up to the date of this annual report. On 7th March 
2023, the Nomination Committee, having reviewed the 
Board’s composition and after taking into account the 
requirement that all directors are subject to election or 
re-election (as the case may be) in accordance with the 
Company’s Articles of Association, nominated L.K.L. Cheng, 
T.T.K. Choi, R.S.K. Lim and M.Y. Wu for recommendation to 
shareholders for re-election at the 2023 Annual General 
Meeting. The nominations were made in accordance with 
objective criteria (including gender, age, cultural and 
educational background, ethnicity, professional 
experience, skills, knowledge, length of service, number of 
directorships of listed companies and the legitimate 
interests of the Company’s principal shareholders), with 
due regard for the benefits of diversity, as set out in the 
Board Diversity Policy. The Nomination Committee is 
satisfied with the independence of L.K.L. Cheng, T.T.K. Choi 
and M.Y. Wu having regard to the criteria set out in the 
Listing Rules. The Board, having considered the 
recommendation of the Nomination Committee and 
having taken into account the respective contributions of 
L.K.L. Cheng, T.T.K. Choi, R.S.K. Lim and M.Y. Wu to the Board 
and their firm commitment to their roles, recommended all 
of them for re-election at the 2023 Annual General 
Meeting. J.L. Wang will also retire this year but does not 
offer himself for re-election. The particulars of the Directors 
standing for re-election are set out in the section of this 
annual report headed Directors and Officers and will also be 
set out in the circular to shareholders to be distributed with 
this annual report and posted on the Company’s website.
Full details of changes in the Board during the year and to 
the date of this report are provided in the section of this 
annual report headed Directors’ Report.
Board Diversity
The Board has adopted a Board Diversity Policy, which is 
available on the Company’s website. Responsibility for the 
implementation, monitoring and annual review of this 
policy has been delegated to the Nomination Committee.

SWIRE PROPERTIES ANNUAL REPORT 2022
99
The Board’s composition reflects a balance of skills, experience and diversity of perspectives among its members that are 
relevant to the Company’s strategy, governance and business and contributes to the Board’s effectiveness.
13
13
4
5
11
9
SKILLS, EXPERTISE 
AND EXPERIENCE
out of 13 Directors
Related Industry Experience 
(Real Estate/Hotels/Retail)
Executive Leadership 
and Strategy
Relevant Market Experience
Accounting/Finance and
Risk Management
Digital
ESG
69%
31%
46%
31%
23%
41-50 years
51-60 years
61-70 years
AGE
Male
Female
GENDER
31%
31%
38%
62%
38%
3 years or below
4-9 years
over 9 years
ETHNICITY
Non-Chinese
Chinese
YEARS OF SERVICE 
AS DIRECTOR

100
CORPORATE GOVERNANCE & SUSTAINABILITY  |  CORPORATE GOVERNANCE
In order to achieve a diversity of perspectives among 
members of the Board, it is the policy of the Company to 
consider a number of factors when deciding on 
appointments to the Board and the continuation of those 
appointments. Such factors include gender, age, cultural and 
educational background, ethnicity, professional experience, 
skills, knowledge, length of service and the legitimate 
interests of the Company’s principal shareholders.
The Board is committed to maintaining an appropriate 
percentage of female members, which shall be no less than 
30% at all times.
The Company is also committed to maintaining a gender 
balance in the workforce with a target of keeping the 
female ratio at no less than 40% at all times. Details of 
gender diversity in the workforce are disclosed in the 
section of this annual report headed Sustainable 
Development.
The Company has adopted the following measures to 
develop a pipeline of potential successors to the Board: 
•	 The Company keeps track of the tenure of Directors  
and the need for new or replacement directors to be 
appointed (as the case may be), and maintains a 
running list of candidates comprising internal and 
external candidates as may be identified from time  
to time 
•	 Principles and key criteria for evaluating candidates  
for directorship are set out in the Nomination 
Committee’s terms of reference and the Company’s 
Board Diversity Policy
•	 The skills and experience of existing Directors help set 
the criteria for internal and external candidate search
•	 Executive search agencies may be engaged as 
appropriate to identify external candidates with 
desirable skillsets
Nomination Committee
The Nomination Committee consists of three Non-
Executive Directors, T.T.K. Choi, N.A.H. Fenwick and S.T. 
Fung. Two of the Committee members are Independent 
Non-Executive Directors, one of whom, S.T. Fung, is 
Chairman. Its terms of reference comply with the CG Code 
and are posted on the Company’s website.
The Nomination Committee’s duties include:
•	 to review the structure, size and composition (including 
the skills, knowledge and experience) of the Board at 
least annually and make recommendations on any 
proposed changes to the Board to complement the 
Company’s corporate strategy
•	 to identify individuals suitably qualified to become 
board members and select or make recommendations 
to the Board on the selection of individuals nominated 
for directorship
•	 to assess the independence of the Independent Non-
Executive Directors
•	 to make recommendations to the Board on the 
appointment or re-appointment of Directors and 
succession planning for Directors, in particular the 
Chairman and the Chief Executive
•	 to review the implementation and effectiveness of the 
Company’s policy on board diversity on an annual basis
The Nomination Committee met twice in 2022 and once in 
2023 up to the date of this annual report. A summary of its 
work is as follows: 
•	 it conducted (i) an annual review of the structure, size  
and composition (including the skills, knowledge and 
experience) of the Board and considered that the 
Board’s composition reflects an appropriate mix of skills, 
experience and diversity among its members that are 
relevant to the Company’s strategy, governance and 
business and contributes to the Board’s effectiveness;  
(ii) an annual assessment of the independence of each 
Independent Non-Executive Director and considered all 
of the Independent Non-Executive Directors to be 
independent; and (iii) an annual review of the 
implementation and effectiveness of the Company’s 
Board Diversity Policy and considered it to be 
appropriate 
•	 it endorsed for approval by the Board the proposal to 
maintain a percentage of female Directors at no less 
than 30% 
•	 it made recommendations to the Board in respect of the 
re-election of the Directors retiring at the 2023 Annual 
General Meeting

SWIRE PROPERTIES ANNUAL REPORT 2022 101
The Nomination Committee assessed the Board’s diversity 
by reviewing a comparison against industry and peer group 
companies, and the relevant experience and skillsets of the 
Directors. The Committee considered that:
•	 the ratios for the objective criteria (e.g. age, gender and 
ethnicity) amongst Board members were reasonable 
•	 the Company was in a good position in terms of gender 
diversity compared with its peers
•	 the Board shall maintain a percentage of female 
Directors of not less than 30% 
Remuneration Committee
Full details of the remuneration of the Directors are 
provided in note 9 to the financial statements.
The Remuneration Committee comprises three Non-
Executive Directors, S.T. Fung, T.T.K. Choi and N.A.H. 
Fenwick. Two of the Committee members are Independent 
Non-Executive Directors, one of whom, S.T. Fung, is 
Chairman. All the members served for the whole of 2022.
The Remuneration Committee reviews and approves the 
remuneration proposals with respect to the Executive 
Directors and senior management of the Company, with 
reference to the Company’s Remuneration Policy and the 
Board’s corporate goals and objectives.
The Remuneration Committee exercises the powers of the 
Board to determine the remuneration packages of 
individual Executive Directors (including salaries, bonuses, 
benefits in kind and the terms on which they participate in 
any provident fund or other retirement benefit scheme), 
taking into consideration salaries paid by comparable 
companies, time commitments and responsibilities and 
employment conditions elsewhere in the Group. 
The terms of reference of the Remuneration Committee 
have been reviewed with reference to the CG Code and are 
posted on the Company’s website.
In order to be able to attract and retain staff with the 
appropriate skills, experience and of suitable calibre, the 
Swire group provides a competitive remuneration package 
designed to be commensurate, overall, with those of its 
peer group. This typically comprises salary, housing, 
retirement benefits, leave-passages and education 
allowances and, after three years’ service, a discretionary 
bonus. Although the remuneration of executives is not 
entirely linked to the profits of the Company, it is 
considered that these arrangements have contributed 
considerably to the maintenance of a flexible, motivated 
and high-calibre management team within  
the Group.
The Remuneration Committee reviewed the structure and 
levels of remuneration paid to Executive Directors at its 
meeting in October 2022. At this meeting the Committee 
considered a report prepared for it by Mercer Limited, an 
independent firm of consultants, which confirmed that the 
remuneration of the Company’s Executive Directors, as 
disclosed in note 9 to the financial statements, was 
comparable with that paid to equivalent executives in peer 
group companies.
No Director takes part in any discussion about his or her 
own remuneration.
The following fee levels have been approved by the Board:
Fee
2022 
HK$
2023
HK$
Director’s Fee
575,000
575,000
Fee for Audit Committee Chairman
268,000
268,000
Fee for Audit Committee Member
186,000
186,000
Fee for Nomination Committee Chairman
83,000
83,000
Fee for Nomination Committee Member
60,000
60,000
Fee for Remuneration Committee Chairman
83,000
83,000
Fee for Remuneration Committee Member
60,000
60,000

102
CORPORATE GOVERNANCE & SUSTAINABILITY  |  CORPORATE GOVERNANCE
Accountability and Audit
Financial Reporting
The Board acknowledges its responsibility for:
•	 the proper stewardship of the Company’s affairs, to 
ensure the integrity of financial information
•	 preparing annual and interim financial statements and 
other related information that give a true and fair view of 
the Group’s affairs and of its results and cash flows for 
the relevant periods, in accordance with Hong Kong 
Financial Reporting Standards and the Hong Kong 
Companies Ordinance
•	 selecting appropriate accounting policies and ensuring 
that these are consistently applied
•	 making judgements and estimates that are prudent  
and reasonable
•	 ensuring that the application of the going concern 
assumption is appropriate
Risk Management and Internal Control
The Board acknowledges its responsibility to establish, 
maintain and review the effectiveness of the Group’s risk 
management and internal control systems. This 
responsibility is primarily fulfilled on its behalf by the  
Audit Committee as discussed on pages 103 to 104.
The foundation of strong risk management and internal 
control systems is dependent on the ethics and culture of 
the organisation, the quality and competence of its 
personnel, the direction provided by the Board, and the 
effectiveness of management.
Since profits are, in part, the reward for successful risk 
taking in business, the risk management and internal 
control systems are designed to manage rather than 
eliminate the risk of failure to achieve business objectives 
and can only provide reasonable and not absolute 
assurance against material misstatement or loss.
The key components of the Group’s control structure are  
as follows:
Culture: The Board believes that good corporate 
governance reflects the culture of an organisation. This is 
more significant than any written procedures.
The Company aims at all times to act ethically and with 
integrity, and to instill this behaviour in all its employees by 
example from the Board down. The Company has a 
Corporate Code of Conduct, which is posted on its website.
The Company is committed to developing and maintaining 
high professional and ethical standards. These are reflected 
in the rigorous selection process and career development 
plans for all employees. The organisation prides itself on 
being a long-term employer which instills in individuals, as 
they progress through the Group, a thorough understanding 
of the Company’s ways of thinking and acting.
Channels of communication are clearly established, 
allowing employees a means of communicating their views 
upwards with a willingness on the part of more senior 
personnel to listen. Employees are aware that, whenever 
the unexpected occurs, attention should be given not only 
to the event itself, but also to determining the cause.
Through the Company’s Corporate Code of Conduct, 
employees are encouraged (and instructed as to how) to 
report control deficiencies or suspicions of impropriety to 
those who are in a position to take necessary action. The 
Company has a Whistleblowing Policy and system for 
employees and those who deal with the Group to raise 
concerns, in confidence and with anonymity, where 
desired, about actual or suspected cases of impropriety in 
any matter related to the Group. The policy is available on 
the Company’s website.
The Company has an Anti-Bribery and Corruption Policy 
which sets out the Company’s policy and systems that 
promote and support compliance with applicable anti-
bribery and corruption laws and regulations, and enhances 
the provisions relating to bribery and corruption in the 
Company’s Corporate Code of Conduct. The policy is 
available on the Company’s website.
Risk assessment: The Board of Directors and the 
management each have a responsibility to identify and 
analyse the risks underlying the achievement of business 
objectives, and to determine how such risks should be 
managed and mitigated.
Management structure: The Group has a clear 
organisational structure that, to the extent required, 
delegates the day-to-day responsibility for the design, 
documentation and implementation of procedures and 
monitoring of risk. Individuals appreciate where they will be 
held accountable in this process.

SWIRE PROPERTIES ANNUAL REPORT 2022 103
A control self-assessment process requires management to 
assess, through the use of detailed questionnaires, the 
adequacy and effectiveness of risk management and 
internal controls over the reliability of financial reporting, 
the effectiveness and efficiency of operations and 
compliance with applicable laws and regulations. This 
process and its results are reviewed by internal auditors 
and form part of the Audit Committee’s annual assessment 
of control effectiveness.
Controls and review: The control environment comprises 
policies and procedures intended to ensure that relevant 
management directives are carried out and actions that 
may be needed to address risks are taken. These may 
include approvals and verifications, reviews, safeguarding 
of assets and segregation of duties. Control activities can 
be divided into operations, financial reporting and 
compliance, although there may, on occasion, be some 
overlap between them. The typical control activities 
include:
•	 analytical reviews: for example, conducting reviews of 
actual performance versus budgets, forecasts, prior 
periods and competitors
•	 direct functional or activity management: reviews of 
performance reports, conducted by managers in charge 
of functions or activities
•	 information-processing: performing controls intended to 
check the authorisation of transactions and the 
accuracy and completeness of their reporting, for 
example, exception reports
•	 physical controls: ensuring equipment, inventories, 
securities and other assets are safeguarded and 
subjected to periodic checks
•	 performance indicators: carrying out analyses of 
different sets of data, operational and financial, 
examining the relationships between them, and taking 
corrective action where necessary
•	 segregation of duties: dividing and segregating duties 
among different people, with a view to strengthening 
checks and minimising the risk of errors and abuse
The Company has in place effective processes and systems 
for the identification, capture and reporting of operational, 
financial and compliance-related information in a form and 
time-frame intended to ensure that staff carry out their 
designated responsibilities.
Internal audit: Independent of management, the 
Internal Audit Department (“IA”) reports directly to the 
Audit Committee and performs regular reviews of key 
risk areas and monitors compliance with Group 
accounting, financial and operational procedures. The 
role of IA is discussed further on pages 104 to 105.
Audit Committee
The Audit Committee, consisting of three Non-
Executive Directors, M.Y. Wu, L.K.L. Cheng and M.J. 
Murray, assists the Board in discharging its 
responsibilities for corporate governance and financial 
reporting. Two of the Committee members are 
Independent Non-Executive Directors, one of whom, 
M.Y. Wu, is Chairman. All the members served for the 
whole of 2022. 
The terms of reference of the Audit Committee follow 
the guidelines set out by the Hong Kong Institute of 
Certified Public Accountants and comply with the CG 
Code. They are available on the Company’s website.
The Audit Committee met three times in 2022. Regular 
attendees at the meetings are the Finance Director, the 
Head of Internal Audit of the Swire group and the 
external auditors. The Audit Committee meets at least 
twice a year with the external auditors, and at least 
once a year with the Head of Internal Audit, in each 
case without the presence of management. Each 
meeting receives written reports from the external 
auditors and IA. The external valuer (Cushman & 
Wakefield Limited) also attended two of the meetings.
The work of the Committee during 2022 included 
reviews of the following matters:
•	 the completeness, accuracy and integrity of formal 
announcements relating to the Group’s performance 
including the 2021 annual and 2022 interim reports 
and announcements, with recommendations to the 
Board for approval
•	 the Group’s compliance with regulatory and 
statutory requirements
•	 the Group’s risk management and internal control 
systems
•	 the Group’s risk management processes
•	 the Group’s cybersecurity

104
CORPORATE GOVERNANCE & SUSTAINABILITY  |  CORPORATE GOVERNANCE
•	 the approval of the 2023 annual Internal Audit 
programme and review of progress on the 2022 
programme
•	 periodic reports from IA and progress in resolving any 
matters identified in them
•	 significant accounting and audit issues
•	 the Company’s policy regarding connected transactions 
and the nature of such transactions
•	 the relationship with the external auditors as discussed 
on pages 105 to 106
•	 the Company’s compliance with the CG Code
•	 the Company’s code and policies
In 2023, the Committee has reviewed, and recommended 
to the Board for approval, the 2022 financial statements.
Assessing the Effectiveness of Risk 
Management and Internal Control Systems
On behalf of the Board, the Audit Committee reviews 
annually the continued effectiveness of the Group’s risk 
management and internal control systems dealing with risk 
and financial accounting and reporting, the effectiveness 
and efficiency of operations, compliance with laws and 
regulations, and risk management functions.
This assessment considers:
•	 the scope and quality of management’s ongoing 
monitoring of risks (including ESG risks) and of the risk 
management and internal control systems, the work and 
effectiveness of Internal Audit and the assurances 
provided by the Finance Director
•	 the changes in the nature and extent of significant risks 
(including ESG risks) since the previous review and the 
Group’s ability to respond to changes in its business and 
the external environment
•	 the extent and frequency with which the results of 
monitoring are communicated, enabling the Committee 
to build up a cumulative assessment of the state of 
control in the Group and the effectiveness with which 
risk is being managed
•	 the incidence of any significant control failings or 
weaknesses that have been identified at any time during 
the period and the extent to which they have resulted in 
unforeseen outcomes or contingencies that have had, 
could have had, or may in the future have, a material 
impact on the Company’s financial performance  
or condition
•	 the effectiveness of the Company’s processes in relation 
to financial reporting and statutory and regulatory 
compliance
•	 areas of risk identified by management
•	 significant risks reported by IA
•	 work programmes proposed by IA and the external 
auditors
•	 significant issues arising from internal and external  
audit reports
•	 the results of management’s control self-assessment 
exercise
As a result of the above review, the Board confirms, and 
management has also confirmed to the Board, that the 
Group’s risk management and internal control systems  
are effective and adequate and have complied with the  
CG Code provisions on risk management and internal 
control throughout the year and up to the date of this 
annual report.
Company Secretary
The Company Secretary is an employee of the Company 
and is appointed by the Board. The Company Secretary is 
responsible for facilitating the Board’s processes and 
communications among Board members, with 
shareholders and with management. The Company 
Secretary undertakes at least 15 hours of relevant 
professional training annually to update skills and 
knowledge.
Internal Audit Department
The Swire group has had IA in place for 27 years. IA plays a 
critical role in monitoring the governance of the Group. The 
department is staffed by 26 audit professionals and 
conducts audits of the Group and of other companies in the 
Swire group. The 26 professionals include a team based in 
the Chinese Mainland which reports to IA in Hong Kong.
IA reports directly to the Audit Committee without the 
need to consult with management, and via the Audit 
Committee to the Board. IA has unrestricted access to all 
areas of the Group’s business units, assets, records and 
personnel in the course of conducting its work.
The annual IA work plan and resources are reviewed and 
agreed with the Audit Committee.

SWIRE PROPERTIES ANNUAL REPORT 2022 105
Scope of Work
Business unit audits are designed to provide assurance 
that the risk management and internal control systems 
of the Company are implemented properly and 
operating effectively, and that the risks associated with 
the achievement of business objectives are being 
properly identified, monitored and managed.
The frequency of each audit is determined by IA using its 
own risk assessment methodology, which is based on 
the COSO (Committee of Sponsoring Organizations of 
the Treadway Commission) internal control framework, 
considering such factors as recognised risks, 
organisational change, overall materiality of each unit, 
previous IA results, external auditors’ comments, output 
from the work of the Swire Pacific Group Risk 
Management Committee and management’s views. 
Each business unit is typically audited at least once 
every three years. Acquired businesses would normally 
be audited within 12 months. 10 assignments were 
conducted for Swire Properties in 2022.
IA specifically assists the Audit Committee in carrying 
out the analysis and independent appraisal of the 
adequacy and effectiveness of the Group’s risk 
management and internal control systems through its 
review of the process by which management has 
completed the annual Control Self-Assessment, and the 
results of this assessment.
IA conducts ad-hoc projects and investigative work  
as may be required by management or the Audit 
Committee.
Audit Conclusion and Response
Copies of IA reports are sent to the Chairman of the 
Board, the Chief Executive, the Finance Director and the 
external auditors. The results of each review are also 
presented to the Audit Committee.
Management is called upon to present action plans in 
response to IA’s recommendations, including those 
aimed at resolving material internal control defects. 
These are agreed by IA, included in its reports and 
followed up with a view to ensuring that they are 
satisfactorily undertaken.
External Auditors
The Audit Committee acts as a point of contact, 
independent from management, with the external auditors 
(the “auditors”). The auditors have direct access to the 
Chairman of the Audit Committee, who meets with them 
periodically without management present.
The Audit Committee’s duties in relation to the auditors 
include:
•	 recommending to the Board, for approval by 
shareholders, the auditors’ appointment
•	 approval of the auditors’ terms of engagement
•	 consideration of the letters of representation to be 
provided to the auditors in respect of the interim and 
annual financial statements
•	 review of reports and other ad-hoc papers from the 
auditors
•	 annual appraisal of the quality and effectiveness of  
the auditors
•	 assessment of the auditors’ independence and 
objectivity, including the monitoring of non-audit 
services provided, with a view to ensuring that their 
independence and objectivity are not, and are not seen 
to be, compromised
•	 approval of audit and non-audit fees
Auditors’ Independence
Independence of the auditors is of critical importance to 
the Audit Committee, the Board and shareholders. The 
auditors write annually to the members of the Audit 
Committee confirming that they are independent 
accountants in accordance with the Code of Ethics for 
Professional Accountants of the Hong Kong Institute of 
Certified Public Accountants and that they are not aware  
of any matters which may reasonably be thought to bear 
on their independence. The Audit Committee assesses  
the independence of the auditors by considering and 
discussing each such letter (and having regard to the fees 
payable to the auditors for audit and non-audit work and 
the nature of the non-audit work) at a meeting of the  
Audit Committee.

106
CORPORATE GOVERNANCE & SUSTAINABILITY  |  CORPORATE GOVERNANCE
Provision of Non-audit Services
In deciding whether the auditors should provide non-audit 
services the following key principles are considered:
•	 the auditors should not audit their own firm’s work
•	 the auditors should not make management decisions
•	 the auditors’ independence should not be impaired
•	 quality of service
In addition, the Company has a protocol in place for 
approval of the provision of non-audit services by the 
auditors. Any services which may be considered to be in 
conflict with the role of the auditors must be submitted to 
the Audit Committee for approval prior to engagement, 
regardless of the amounts involved. The protocol is 
updated from time to time to ensure compliance.
Fees paid to the auditors are disclosed in note 7 to the 
financial statements.
Inside Information
With respect to procedures and internal controls for the 
handling and dissemination of inside information, the 
Company:
•	 is required to disclose inside information as soon as 
reasonably practicable in accordance with the Securities 
and Futures Ordinance and the Listing Rules 
•	 conducts its affairs with close regard to the “Guidelines 
on Disclosure of Inside Information” issued by the 
Securities and Futures Commission
•	 has included in its Corporate Code of Conduct a strict 
prohibition on the unauthorised use of confidential or 
inside information
•	 ensures, through its own internal reporting processes 
and the consideration of their outcome by senior 
management, the appropriate handling and 
dissemination of inside information
Shareholders
Communication with Shareholders  
and Investors
The Board and senior management recognise their 
responsibility to represent the interests of all 
shareholders and to maximise shareholder value. 
Communication with shareholders and accountability 
to shareholders is a high priority of the Company. 
The Company has a Shareholders’ Communication 
Policy which is available on the Company’s website. The 
Shareholders’ Communication Policy aims to ensure 
that shareholders and the investment community are 
provided with appropriate and timely access to material 
information about the Company. It sets out the 
Company’s framework for promoting effective 
communication with its shareholders so as to enable 
them to exercise their rights as shareholders in an 
informed manner, and to allow the investment 
community to engage actively with the Company. The 
Audit Committee reviews the implementation and 
effectiveness of the Shareholders’ Communication 
Policy annually. The most recent review was conducted 
in August 2022 and the effectiveness of the policy  
was confirmed.
The methods used to communicate with shareholders 
include the following:
•	 the Chief Executive and Finance Director make 
themselves available for meetings with major 
shareholders, investors and analysts over two-month 
periods immediately after the announcement of the 
interim and annual results and at certain other times 
during the year. In addition, they attended regular 
meetings with analysts and investors in Hong Kong, 
analyst briefings, investor group briefings, overseas 
roadshows and investor conferences during the year
•	 through the Company’s website. This includes 
electronic copies of financial reports, audio webcasts 
of analyst presentations given at the time of the 
interim and annual results announcements, slides of 
presentations given at investor conferences, latest 
news, public announcements and general 
information about the Group’s businesses
•	 through publication of interim and annual reports
•	 through the annual general meeting as discussed 
below

SWIRE PROPERTIES ANNUAL REPORT 2022 107
Shareholders may send their enquiries and concerns  
to the Board by post or email at ir@swireproperties.
com. The relevant contact details are set out in the 
Financial Calendar and Information for Investors 
section of this annual report. The Company’s 
Shareholders’ Communication Policy also sets out 
channels for shareholders to communicate their views 
on various matters.
The Annual General Meeting
The annual general meeting is an important forum to 
engage with shareholders. The most recent annual 
general meeting was held on 10th May 2022. The 
meeting was open to shareholders. The Directors  
who attended the meeting are shown in the table on 
page 96.
At the annual general meeting, separate resolutions 
were proposed for each issue and were voted on by 
poll. The procedures for conducting a poll were 
explained at the meeting prior to the polls being taken. 
The agenda items were:
•	 receiving the report of the Directors and the audited 
financial statements for the year ended 31st 
December 2021
•	 electing/re-electing Directors
•	 re-appointing the auditors and authorising the 
Directors to set their remuneration
•	 a general mandate authorising the Directors to 
make on-market share buy-backs
•	 a general mandate authorising the Directors to allot 
and issue shares up to 20% of the number of shares 
then in issue, provided that the aggregate number of 
the shares so allotted wholly for cash would not 
exceed 5% of the number of the shares then in issue
Minutes of the meeting together with voting results are 
available on the Company’s website.
Dividend Policy
The Company has a policy on the payment of 
dividends, which is set out in the section of this annual 
report headed Directors’ Report.
Shareholder Engagement
Pursuant to Article 95 of the Company’s Articles of 
Association, if a shareholder wishes to propose a person 
other than a retiring Director for election as a Director at 
a general meeting, he or she should deposit a written 
notice of nomination at the registered office of the 
Company within the 7-day period commencing on and 
including the day after the despatch of the notice of the 
meeting. The procedures for nominating candidates to 
stand for election as Directors at general meetings are 
set out in the Corporate Governance section of the 
Company’s website.
If they wish to propose a resolution relating to other 
matters to be considered at a general meeting, 
shareholders are requested to follow the requirements 
and procedures set out in the Corporate Governance 
section of the Company’s website.
Shareholder(s) representing at least 5% of the total 
voting rights of all members may request the Board to 
convene a general meeting. The objects of the meeting 
must be stated in the related requisition deposited at the 
Company’s registered office. Detailed requirements and 
procedures are set out in the Corporate Governance 
section of the Company’s website.
Other Information for Shareholders
Key shareholder dates for 2023 are set out in the section 
of this annual report headed Financial Calendar and 
Information for Investors and in the Financial Calendar 
on the Company’s website.
No amendment has been made to the Company’s 
Articles of Association during the year.
From information publicly available to the Company and 
within the knowledge of its Directors, at least 10.28% 
(being the minimum public float percentage which the 
Company is required to maintain) of the Company’s total 
number of issued shares are held by the public. Details of 
substantial shareholders’ and other interests are 
included in the section of this annual report headed 
Directors’ Report.

RISK MANAGEMENT
108
The Board is responsible for evaluating and determining 
the nature and extent of the risks it is willing to take in 
achieving the Company’s strategic objectives and for 
ensuring that the Company establishes and maintains 
appropriate and effective risk management and internal 
control systems.
The Board and management are responsible for identifying 
and analysing the risks underlying the achievement of 
business objectives, and for determining how such risks 
should be managed and mitigated. The Board oversees 
management in the design, implementation and 
monitoring of the risk management and internal control 
systems, and management provides confirmations to the 
Board on the effectiveness of these systems.
The management of risks is subject to audit by IA,  
with support from specialist external consultants  
where necessary.
Further discussion of risk management is set out in the 
sections of the Corporate Governance Report headed 
“Accountability and Audit – Risk Management and 
Internal Control”, “Audit Committee – Assessing the 
Effectiveness of Risk Management and Internal Control 
Systems” and “Internal Audit Department – Scope of 
Work” on pages 102 to 103, page 104 and page 105 
respectively.
The following diagram illustrates the key risk 
management processes of the Company.
Risks that impact the achievement 
of business objectives are 
identified by management and 
categorised with reference to a  
risk taxonomy.
Impact of the identified risks  
and vulnerability of the entity to 
the risks are evaluated to 
determine the risk level.
Internal control procedures and 
response protocols are designed, 
documented and implemented to 
manage the risks and mitigate 
their impact.
Risks are regularly reviewed  
and reported to the Audit 
Committee and other relevant 
governing parties.
Adequacy and effectiveness of  
risk management and internal 
controls are closely monitored  
by management through  
regular review exercise.
Risk 
Identification
Risk 
Analysis
Risk 
Mitigation
Risk 
Reporting
Risk 
Monitoring

SWIRE PROPERTIES ANNUAL REPORT 2022 109
Risk Governance Framework
Board of Directors
Audit Committee
Senior Management/Executive Committee
SD 2030 
Performance 
(Environment) 
Working 
Group
Finance  
Department
(Internal  
Control)
SD 2030
People
Working
Group
SD 2030 
Partners 
Working
Group
SD 2030 
Performance 
(Economic)  
Working  
Group
Business 
Recovery  
Team
Safety  
Working  
Group  
(Chinese 
Mainland)
Environmental 
Committee
Safety 
Management 
System  
Steering 
Committee (HK)
Business  
Units
Internal auditor/External auditor
Executive Committee
The Executive Committee meets twice a month and is responsible for overseeing the day-to-day operations of the 
Company. It comprises three Executive Directors and eight members of senior management. The Chief Executive 
chairs the Executive Committee.
The Executive Committee provides oversight of all the risks to which the Group is subject and is responsible for the 
design, implementation and monitoring of the relevant risk management and internal control systems of the Group. 
Matters of significance that arise are reported as appropriate via the Audit Committee to the Board of Directors.

110
CORPORATE GOVERNANCE & SUSTAINABILITY  |  RISK MANAGEMENT
Financial Risk Management
The Group’s approach to financial risk management is discussed in note 2 to the financial statements.
Risk Profile
The following table provides an overview of our risk profile (listed in alphabetical order), including what we consider to be 
Swire Properties’ principal existing and emerging risks, possible associated impacts, risk trend and mitigation measures 
that are in place or under development.
Existing Risks and Possible Impacts
Risk Trend
Mitigation Measures
Brand and image
The failure to maintain brand position and 
perception may make us less competitive.
•	 Crisis communication and social media policies are 
in place and are updated and tested regularly to 
ensure consistent, responsible and responsive 
communication (including when handling major 
incidents) in order to safeguard the Company’s 
reputation.
•	 Closely monitor social media in order to evaluate and 
provide responses to negative social media content.
•	 Engagement with third parties to understand their 
perceptions of the Company and to anticipate 
current and potential economic, political, social or 
environmental issues that may adversely affect  
our reputation.
Business disruption
Severe disruption to the business caused by 
acts of man or acts of nature may have 
adverse financial effects on the Company.
•	 A business recovery plan for major incidents, and 
other business compliance measures for specific 
scenarios, operational emergencies and health and 
safety, are in place and are regularly updated and 
tested.
•	 In response to pandemic, standard operating 
procedures and guidelines are in place, ensuring 
intensive cleaning and disinfection of our premises. 
Government’s requirements and guidelines on 
pandemic or social distancing are strictly observed.
•	 Strategic plans are regularly reviewed to maintain 
business resilience and sustainability.
•	 Conduct site surveys and consult professional 
advisors to ensure properties in earthquake and 
hurricane zones are built to meet the relevant 
building codes and safety standards.
•	 Purchase insurance to the extent practicable to 
cover financial loss due to property damage, 
business interruption and third-party liabilities.
	
	
Risk level increased during the year 2022
	
	
Risk level decreased during the year 2022
	
	
Risk level remained broadly the same

SWIRE PROPERTIES ANNUAL REPORT 2022 111
Existing Risks and Possible Impacts
Risk Trend
Mitigation Measures
Business risks
The lack of compelling development projects 
and business disruption may lead to a 
slowdown in business and so affect financial 
performance.
•	 Obtain suitable reserves of land, reinforce existing 
assets and actively explore investment 
opportunities.
•	 Monitor and evaluate disruptive business models, 
with a view to making our operations more robust.
•	 Enhance competitiveness by increasing efficiency, 
using appropriate technology and operational 
procedures.
Development risks
Delay in the completion of developments 
may have an adverse financial effect by 
delaying the timing of property sales and 
leasing.
•	 Closely work with contractors to monitor and 
manage construction progress in order to avoid 
delays.
•	 Stringent contractor prequalification requirements 
and stringent requirements for approving design 
changes.
•	 Build in contingencies for statutory approvals and 
communicate with government authorities on a 
timely basis.
Political risks
Changes in the global and local political 
landscape and priorities may have 
significant impact on the business 
environment.
•	 Regular review of investment strategy, business 
model and capital allocation in response to any 
impact of international tensions.
•	 Maintain high level of sensitivities to political and 
social issues by closely monitoring social media and 
government policies with a timely response.
•	 Senior management engagement with government 
authorities to anticipate political developments in 
order to plan appropriate responses and to ensure 
compliance with applicable laws and regulations.
•	 Maintain robust corporate governance practice 
through oversight functions (internal audit, risk 
management, the company secretary, legal counsel 
and independent non-executive directors).
Emerging Risks and Possible Impacts
Risk Trend
Mitigation Measures
Climate change
Extreme weather conditions and climate 
change may increase the risks of physical 
damage to properties and adversely affect 
their valuation.
•	 A Climate Change Policy is in place and is updated 
regularly.
•	 Conduct climate risk assessments at all portfolios to 
manage the risks and to explore the opportunities 
arising from the transition to a target of net-zero.
•	 Science-based targets have been established to 
achieve long-term decarbonisation.
•	 Monitor and reduce carbon emissions from 
construction activities and embodied carbon from 
major building and construction materials with the 
use of innovative technologies.

112
Executive Directors
BRADLEY, Guy Martin Coutts, aged 57, has been a Director 
of the Company since January 2008 and its Chairman since 
August 2021. He is also Chairman of John Swire & Sons 
(H.K.) Limited and Swire Pacific Limited, and a Director of 
Cathay Pacific Airways Limited. He was the Company’s 
Chief Executive from January 2015 to August 2021 and a 
Director of Swire Pacific Limited from January 2015 to May 
2017. He joined the Swire group in 1987 and has worked 
with the group in the Hong Kong SAR, Papua New Guinea, 
Japan, the United States, Vietnam, the Chinese Mainland, 
the Taiwan region and the Middle East. He is a chartered 
surveyor, a fellow of The Royal Institution of Chartered 
Surveyors and a member of The Hong Kong Institute of 
Surveyors. He is also Vice Chairman of the General 
Committee of the Hong Kong General Chamber of 
Commerce and Vice-President of The Real Estate 
Developers Association of Hong Kong.
BLACKBURN, Timothy Joseph, aged 52, has been a 
Director and Chief Executive of the Company since August 
2021. He is also a Director of John Swire & Sons (H.K.) 
Limited. He joined the Swire group in 1994 and has worked 
with the group in the Hong Kong SAR, Australia, Papua New 
Guinea, Singapore, London and the Chinese Mainland. He is 
a chartered surveyor and a member of The Royal 
Institution of Chartered Surveyors. He is also a Global 
Governing Trustee of the Urban Land Institute.
LUNG, Ngan Yee Fanny, aged 56, has been Finance 
Director of the Company since October 2017. She was 
previously Group Director Finance of Hong Kong Aircraft 
Engineering Company Limited. She joined the Swire group 
in 1992. She is a member of the 8th Hainan Provincial 
Committee of the Chinese People’s Political Consultative 
Conference. She is also a member of the Hong Kong 
Institute of Certified Public Accountants, a member of the 
Institute of Management Accountants, a fellow of the 
Association of Chartered Certified Accountants and a 
member of the Financial Reporting Review Panel of the 
Accounting and Financial Reporting Council.
MA, Suk Ching Mabelle, aged 55, has been a Director of 
the Company since August 2021. She is also the Director 
Development and Valuations of the Company. She joined 
the Swire group in 1996. She is a chartered surveyor, a 
member of The Royal Institution of Chartered Surveyors 
and a member of The Hong Kong Institute of Surveyors. 
She has worked in the real estate industry for over 30 years.
Non-Executive Directors
FENWICK, Nicholas Adam Hodnett, aged 62, has been a 
Director of the Company since May 2018. He is also a 
Director of John Swire & Sons Limited. He was employed by 
the Swire group from 1985 to 1995 and worked for the 
group in the Hong Kong SAR, Singapore, the Taiwan region, 
the Philippines and the United States.
LIM, Siang Keat Raymond, aged 63, has been a Director of 
the Company since July 2013. He is also Senior Adviser to 
John Swire & Sons (H.K.) Limited. He is Non-Executive 
Chairman of APS Asset Management Pte Ltd. He was a 
Member of the Singapore Parliament from 2001 to 2015.
MURRAY, Martin James, aged 56, has been a Director of 
the Company since April 2021. He is also Finance Director 
of Swire Pacific Limited and a Director of John Swire & Sons 
(H.K.) Limited. He was previously a Director and Chief 
Financial Officer of Cathay Pacific Airways Limited and 
before that Deputy Finance Director of Swire Pacific 
Limited. He joined the Swire group in 1995 and has worked 
with the group in the Hong Kong SAR, the United States, 
Singapore and Australia. He is a member of The Institute of 
Chartered Accountants of Scotland and the Hong Kong 
Institute of Certified Public Accountants and a council 
member of The Hong Kong Management Association.
SWIRE, Merlin Bingham, aged 49, has been a Director of 
the Company since January 2009. He is also Deputy 
Chairman, Chief Executive and a shareholder of John Swire 
& Sons Limited and a Director of Cathay Pacific Airways 
Limited and Swire Pacific Limited. He was Chairman of the 
Company and Swire Pacific Limited from July 2018 to 
August 2021. He joined the Swire group in 1997 and has 
worked with the group in the Hong Kong SAR, Australia, the 
Chinese Mainland and London.
DIRECTORS AND 
OFFICERS

SWIRE PROPERTIES ANNUAL REPORT 2022 113
Independent Non-Executive Directors
CHENG, Lily Ka Lai, aged 44, has been a Director of the 
Company since March 2017. She is an Independent Non-
Executive Director of Chow Tai Fook Jewellery Group 
Limited, Octopus Cards Limited, SUNeVision Holdings Ltd. 
as well as an Adviser to HotelBeds Group and a Non-
Executive Council Member of Herbert Smith Freehills 
Global LLP. She is an Executive Director of Hubel Labs 
Limited and was the former President of TripAdvisor Asia 
Pacific and Senior Director at Expedia Inc. She has more 
than ten years of experience as a corporate executive of 
technology companies providing consumer-facing software 
and internet services, including implementation of 
cybersecurity protocols.
CHOI, Tak Kwan Thomas, aged 67, has been a Director of 
the Company since May 2019. He is a fellow of The Royal 
Institution of Chartered Surveyors in the United Kingdom 
and The Hong Kong Institute of Surveyors. He is also an 
Authorised Person (Surveyor). He was a member of the 
Appeal Tribunal Panel (Buildings) from December 2000 to 
November 2013. He was employed by the Company in 
Hong Kong from 1981 to 2002. He was employed by China 
Resources (Holdings) Company Limited and worked in the 
Chinese Mainland from 2002 until his retirement in 2016.
FUNG, Spencer Theodore, aged 49, has been a Director of 
the Company since December 2012. He is Group Executive 
Chairman of Li & Fung. He is also an Alternate 
Representative of Hong Kong, China to APEC Business 
Advisory Council and a member of the General Committee 
of The Hong Kong Exporters’ Association, Young Presidents’ 
Organization and the Board of Trustees at Northeastern 
University.
WANG, Jinlong, aged 65, has been a Director of the 
Company since September 2019. He is an Independent 
Non-Executive Director of Kerry Group plc and Sonova 
Holding AG. He was previously an Operating Partner of 
Hony Capital Limited, Chairman and Chief Executive Officer 
of PizzaExpress Group Holdings Limited, President of 
Starbucks Asia Pacific, and Chairman and President of 
Starbucks Greater China.
WU, May Yihong, aged 55, has been a Director of the 
Company since May 2017. She is Board Advisor of 
Homeinns Hotel Group. She was the Chief Strategy Officer 
of Homeinns Hotel Group from 2010 to 2019, and its Chief 
Financial Officer from 2006 to 2010. She is an Independent 
Director of Noah Holdings Limited, the Chairwoman of its 
Compensation Committee and member of its Audit 
Committee and Corporate Governance and Nomination 
Committee.
Company Secretary
LOMAS, Bernadette Mak, aged 57, has been Company 
Secretary since February 2022. She is also Group General 
Counsel of the Swire Pacific Limited group. She is qualified 
to practise law in the Hong Kong SAR and in the State of 
New York. Prior to joining the Swire Pacific Limited group, 
she was Group General Counsel and Company Secretary of 
a leading Hong Kong listed company.
Notes:
1.	 The Audit Committee comprises M.Y. Wu  
(committee chairman), L.K.L. Cheng and M.J. Murray.
2.	 The Nomination Committee comprises S.T. Fung  
(committee chairman), T.T.K. Choi and N.A.H. Fenwick.
3.	 The Remuneration Committee comprises S.T. Fung 
(committee chairman), T.T.K. Choi and N.A.H. Fenwick.
4.	 T.J. Blackburn, G.M.C. Bradley, F.N.Y. Lung, M.S.C. Ma,  
M.J. Murray and M.B. Swire are employees of the  
John Swire & Sons Limited group.

114
The Directors submit their report together with the audited 
financial statements for the year ended 31st December 
2022, which are set out on pages 134 to 203.
Principal Activities
The principal activities of Swire Properties Limited and its 
subsidiaries are: (i) property investment, that is the 
development, leasing and management of commercial, 
retail and some residential properties; (ii) property trading, 
that is the development and construction of properties, 
principally residential apartments, for sale; and (iii) 
investment in and operation of hotels.
The principal activities of the Company’s principal 
subsidiary, joint venture and associated companies are 
shown on pages 201 to 203. An analysis of the Group’s 
performance for the year by reportable business segment 
and geographical area is set out in note 8 to the financial 
statements.
Consolidated Financial Statements
The consolidated Financial Statements incorporate the 
financial statements of the Group together with the Group’s 
interests in joint venture and associated companies. Details 
of the joint venture and associated companies are provided 
in notes 20 and 21 to the financial statements.
Dividends
The Directors have declared a second interim dividend of 
HK$0.68  per share which, together with the first interim 
dividend of HK$0.32 per share paid in October 2022, 
amount to full year dividend of HK$1.00 (2021: HK$0.95) 
per share. The second interim dividend will be paid on 
Thursday, 4th May 2023 to shareholders registered at the 
close of business on the record date, being Thursday, 6th 
April 2023. Shares of the Company will be traded ex-
dividend as from Monday, 3rd April 2023.
The Company’s dividend policy is to deliver sustainable 
growth in dividends and to pay out approximately half of 
our underlying profit in ordinary dividends over time.
Closure of Register of Members
The register of members will be closed on Thursday, 6th 
April 2023, during which day no transfer of shares will be 
effected. In order to qualify for entitlement to the second 
interim dividend, all transfer forms accompanied by the 
relevant share certificates must be lodged with the 
Company’s share registrars, Computershare Hong Kong 
Investor Services Limited, 17th Floor, Hopewell Centre, 
183 Queen’s Road East, Hong Kong, for registration not 
later than 4:30 p.m. on Tuesday, 4th April 2023.
To facilitate the processing of proxy voting for the 
annual general meeting to be held on 9th May 2023, the 
register of members will be closed from 4th May 2023 to 
9th May 2023, both days inclusive, during which period 
no transfer of shares will be effected. In order to be 
entitled to attend and vote at the annual general 
meeting, all transfer forms accompanied by the relevant 
share certificates must be lodged with the Company’s 
share registrars, Computershare Hong Kong Investor 
Services Limited, 17th Floor, Hopewell Centre, 183 
Queen’s Road East, Hong Kong, for registration not later 
than 4:30 p.m. on Wednesday, 3rd May 2023.
Business Review
A fair review of the Group’s business, a description of the 
principal risks and uncertainties facing the Group, 
particulars of important events affecting the Group that 
have occurred since the end of the financial year and an 
indication of the likely future development of the 
Group’s business (including, in each case to the extent 
necessary for an understanding of the development, 
performance or position of the Group’s business, key 
performance indicators) are provided in the sections of 
this annual report headed Chairman’s Statement, Chief 
Executive’s Statement, Key Business Strategies, Review 
of Operations, Financial Review and Financing and in the 
notes to the financial statements. To the extent 
necessary for an understanding of the development, 
performance or position of the Group’s business, a 
discussion of the Group’s environmental policies and 
performance and an account of the Group’s key 
relationships with its employees, customers and 
suppliers and others that have a significant impact on 
the Group and on which the Group’s success depends 
are provided in the section of this annual report headed 
Sustainable Development, and a discussion of the 
Group’s compliance with the relevant laws and 
regulations that have a significant impact on the Group 
is provided in the sections of this annual report headed 
Sustainable Development, Corporate Governance, Risk 
Management and Directors’ Report. Detailed 
information on the Group’s sustainability performance is 
provided in the Sustainable Development Report 2022.
DIRECTORS’ REPORT

SWIRE PROPERTIES ANNUAL REPORT 2022 115
Reserves
Movements in the reserves of the Group and the Company 
during the year are set out in notes 36 and 37 to the 
financial statements.
Share Capital
There was no purchase, sale or redemption by the 
Company, or any of its subsidiaries, of the Company’s 
shares during the year and the Group has not adopted any 
share option scheme.
At 31st December 2022, 5,850,000,000 shares were in issue 
(31st December 2021: 5,850,000,000 shares). Details of the 
movement of share capital are set out in note 35 to the 
financial statements.
Accounting Policies
The principal accounting policies of the Group are set out in 
the relevant notes to the financial statements (if they 
relate to a particular item) and in the section of this annual 
report headed Principal Accounting Policies.
Auditors
PricewaterhouseCoopers retire and, being eligible, offer 
themselves for re-appointment. A resolution for the re-
appointment of PricewaterhouseCoopers as auditors of the 
Company is to be proposed at the forthcoming annual 
general meeting.
Financial Review
A review of the consolidated results, financial position and 
cash flows of the Group is shown in the section of this 
annual report headed Financial Review. A ten-year financial 
summary of the results and of the assets and liabilities of 
the Group is shown in the section of this annual report 
headed Ten-Year Financial Summary.
Corporate Governance
The Company complied with all the code provisions set out 
in the Corporate Governance Code (the “CG Code”) 
contained in Part 2 of Appendix 14 to the Listing Rules 
throughout the year covered by the annual report.
Details of the Company’s corporate governance practices 
are set out in the section of this annual report headed 
Corporate Governance.
Environmental, Social and Governance
The Company has complied with all the applicable 
provisions set out in Part C of the Environmental, Social 
and Governance Reporting Guide contained in Appendix 
27 to the Listing Rules for the year covered by the annual 
report.
Donations
During the year, the Group made donations for charitable 
purposes of HK$44 million and donations towards various 
scholarships of HK$0.5 million.
Fixed Assets
For details of movements in fixed assets refer to notes 15 
and 16 to the financial statements.
The annual valuation of the Group’s investment property 
portfolio, whether completed or in the course of 
development, was carried out by professionally qualified 
valuers (95% by value having been valued by Cushman & 
Wakefield Limited and 2% by value having been valued 
by another independent valuer) on the basis of market 
value at 31st December 2022. This valuation resulted in 
an increase of HK$801 million in the carrying value of the 
investment property portfolio.
A schedule of the principal properties of the Group and 
its joint venture and associated companies is given in the 
section of this annual report headed Schedule of 
Principal Group Properties.
Borrowings
For details of the Group’s borrowings refer to the section 
of this annual report headed Financing.
Interest
For details of the amount of interest capitalised by the 
Group refer to page 86.
Major Customers and Suppliers
During the year, less than 30% of the Group’s sales and 
less than 30% of the Group’s purchases were attributable 
to the Group’s five largest customers and suppliers 
respectively.

116
CORPORATE GOVERNANCE & SUSTAINABILITY  |  DIRECTORS’ REPORT
Directors
All the Directors of the Company whose names are listed in 
the section of this annual report headed Directors and 
Officers served throughout the calendar year 2022. No new 
appointment of Director was made during 2022 and up to 
the date of this annual report.
Independence Confirmation
The Company has received from all of its Independent 
Non-Executive Directors (listed in the section of this annual 
report headed Directors and Officers) confirmation of their 
independence pursuant to Listing Rule 3.13 and considers 
all of them to be independent.
Term of Appointment
Article 93 of the Company’s Articles of Association provides 
for all Directors to retire at the third annual general  
meeting following their election by ordinary resolution. In 
accordance therewith, L.K.L. Cheng, T.T.K. Choi, R.S.K. Lim 
and M.Y. Wu retire this year and, being eligible, offer 
themselves for re-election. J.L. Wang also retires this  
year but does not offer himself for re-election.
Each of the Directors has entered into a letter of 
appointment, which constitutes a service contract,  
with the Company for a term of up to three years until 
retirement under Article 91 or Article 93 of the Articles of 
Association of the Company, which will be renewed for a 
term of three years upon each election or re-election.  
No Director has a service contract with the Company 
which is not determinable by the employer within one 
year without payment of compensation (other than 
statutory compensation).
Fees and Emoluments
Full details of Directors’ fees and emoluments are set out 
in note 9 to the financial statements.
Directors’ fees paid to the Independent Non-Executive 
Directors during the year totalled HK$3.6 million. They 
received no other emoluments from the Group.
Directors’ Interests
At 31st December 2022, the register maintained under Section 352 of the Securities and Futures Ordinance (“SFO”) 
showed that Directors held the following interests in the shares of Swire Properties Limited and its associated corporations 
(within the meaning of Part XV of the SFO), John Swire & Sons Limited and Swire Pacific Limited:
Capacity
Percentage
of Voting
Shares (%)
Note
Beneficial Interest
Trust
Interest
Total No.
of Shares
Personal
Family
Swire Properties Limited
L.K.L. Cheng
1,000
–
–
1,000
0.00002
M.B. Swire
–
–
1,148,812
1,148,812
0.01964
(3)
Total No.
of Shares
Percentage
of Issued
Share Capital
(comprised
in the class)
(%)
Note
Capacity
Beneficial Interest
Trust
Interest
Personal
Family
John Swire & Sons Limited
Ordinary Shares of £1
N.A.H. Fenwick
–
–
3,136,000
3,136,000
3.14
(1)
M.B. Swire
 2,193,550
 630,000
 14,569,960
 17,393,510
 17.39
(2)
8% Cum. Preference  
 
Shares of £1
N.A.H. Fenwick
–
–
2,822,400
2,822,400
3.14
(1)
M.B. Swire
3,966,125
–
 11,904,363
 15,870,488
 17.63
(2)

SWIRE PROPERTIES ANNUAL REPORT 2022 117
Total No.
of Shares
Percentage
of Voting
Shares
(comprised
in the class)
(%)
Note
Capacity
Beneficial Interest
Trust
Interest
Personal
Family
Swire Pacific Limited
‘A’ shares
L.K.L. Cheng
10,000
–
–
10,000
 0.0012
M.B. Swire
180,000
–
301,000
481,000
 0.0556
(3)
‘B’ shares
M.B. Swire
390,000
–
3,024,617
3,414,617
 0.1161
(2)
Notes:
(1)	N.A.H. Fenwick was a trustee of a trust which held 3,136,000 ordinary shares and 2,822,400 preference shares in John Swire & Sons 
Limited included under Trust interest and did not have any beneficial interest in those shares.
(2)	M.B. Swire was a trustee and/or a potential beneficiary of trusts which held 3,246,624 ordinary shares and 1,691,961 preference 
shares in John Swire & Sons Limited and 1,225,395 ‘B’ shares in Swire Pacific Limited included under Trust interest and did not have 
any beneficial interest in those shares. M.B. Swire was one of the executors of a will which held 1,799,222 ‘B’ shares in Swire Pacific 
Limited included under Trust interest and did not have any beneficial interest in those shares.
(3)	All shares held by M.B. Swire under Trust interest were held by him as one of the executors of a will and he did not have any beneficial 
interest in those shares.
Other than as stated above, no Director or Chief Executive of 
the Company had any interest or short position, whether 
beneficial or non-beneficial, in the shares or underlying shares 
and debentures of the Company or any of its associated 
corporations (within the meaning of Part XV of the SFO).
Neither during nor prior to the year under review has any 
right been granted to, or exercised by, any Director of the 
Company, or to or by the spouse or minor child of any 
Director, to subscribe for shares, warrants or debentures of 
the Company.
Other than as stated in this report, no transaction, 
arrangement or contract of significance to which the Group 
was a party and in which a Director or an entity connected 
with a Director is or was materially interested, either directly 
or indirectly, subsisted during or at the end of the year.
At no time during the year was the Company, or any of its 
associated corporations, a party to any arrangements to 
enable the Directors of the Company to acquire benefits by 
means of the acquisition of shares in or debentures of the 
Company or any other body corporate.
Directors’ Interests in Competing 
Businesses
None of the Directors or their respective close associates 
has any competing interests which need to be disclosed 
pursuant to Rule 8.10 of the Listing Rules.
Directors of Subsidiaries
The names of all directors who have served on the 
boards of the subsidiaries of the Company during the 
year ended 31st December 2022 or during the period 
from 1st January 2023 to the date of this Report are 
kept at the Company’s registered office and made 
available for inspection by the members of the 
Company in accordance with Section 390(6) of the 
Companies Ordinance (Cap. 622 of the Laws of  
Hong Kong).
Permitted Indemnity
Subject to the Companies Ordinance (Cap. 622 of the 
Laws of Hong Kong), every Director is entitled under the 
Company’s Articles of Association to be indemnified out 
of the assets of the Company against all costs, charges, 
expenses, losses and liabilities which he or she may 
sustain or incur in or about the execution or discharge of 
his or her duties and/or the exercise of his or her powers 
and/or otherwise in relation to or in connection with his 
or her duties, powers or office. To the extent permitted 
by such Ordinance, the Company has taken out 
insurance against the liability and costs associated with 
defending any proceedings which may be brought 
against directors of companies in the Group.

118
CORPORATE GOVERNANCE & SUSTAINABILITY  |  DIRECTORS’ REPORT
Long position
Number of Shares
Percentage of Voting Shares (%)
Type of Interest (notes)
Swire Pacific Limited
4,796,765,835
82.00
Beneficial owner (1)
John Swire & Sons Limited
4,796,765,835
82.00
Attributable interest (2)
Notes:
(1)	Swire Pacific Limited was interested in 4,796,765,835 shares of the Company as beneficial owner.
(2)	John Swire & Sons Limited and its wholly-owned subsidiary John Swire & Sons (H.K.) Limited were deemed to be interested in a total 
of 4,796,765,835 shares of the Company, in which Swire Pacific Limited was interested, by virtue of the John Swire & Sons Limited 
group being interested in 59.78% of the equity of Swire Pacific Limited and controlling 67.64% of the voting rights attached to shares 
in Swire Pacific Limited.
Substantial Shareholders’ and Other Interests
The register of interests in shares and short positions maintained under Section 336 of the SFO shows that at 31st 
December 2022 the Company had been notified of the following interests in the shares of the Company held by 
substantial shareholders and other persons:
Public Float
Listing Rule 8.08(1) of the Listing Rules requires that at least 
25% of an issuer’s total number of issued shares must at all 
times be held by the public. The Company has been granted 
by The Stock Exchange of Hong Kong Limited (the “Stock 
Exchange”) a waiver from strict compliance with Listing Rule 
8.08(1) so as to allow a lower public float percentage of 10% 
(or such higher percentage as was held by the public upon 
completion of the listing of the shares of the Company on 
the Stock Exchange). On such completion on 18th January 
2012, the public float percentage was approximately 
10.28%. From information that is publicly available to the 
Company and within the knowledge of its Directors at the 
date of this report, at least 10.28% of the Company’s total 
number of issued shares are held by the public.
Continuing Connected Transactions
During the year ended 31st December 2022, the Group had 
the following continuing connected transactions, details of 
which are set out below:
(a)	Services Agreement
	
There is an agreement for services (“Services 
Agreement”), in respect of which John Swire & Sons 
(H.K.) Limited (“JS&SHK”), a wholly-owned subsidiary 
of John Swire & Sons Limited (“Swire”), provided to the 
Company and its subsidiaries advice and expertise of 
the directors and senior officers of the Swire group, 
including (but not limited to) assistance in negotiating 
with regulatory and other governmental or official 
bodies, certain staff services (including full or part time 
services of members of the staff of the Swire group), 
certain central services and such other services as may 
be agreed from time to time, and procured for the 
Company and its subsidiary, joint venture and 
associated companies the use of relevant trademarks 
owned by Swire. No fee is payable in consideration of 
such procuration obligation or such use. The 
procuration obligation would fall away if the Services 
Agreement were terminated or not renewed.
	
In return for these services, JS&SHK receives annual 
service fees calculated as 2.5% of the Company’s 
consolidated profit before taxation and non-controlling 
interests after certain adjustments. The fees for each 
year are payable in cash in arrear in two instalments, 
an interim payment by the end of October and a final 
payment by the end of April of the following year, 
adjusted to take account of the interim payment. The 
Company also reimburses the Swire group at cost for 
most of the expenses incurred in the provision of  
the services.
	
The Services Agreement, which was entered into 
between JS&SHK and the Company on 1st December 
2004, took effect from 1st January 2005, was renewed 
on 1st October 2007, was amended and restated with 
effect from 1st January 2010, was renewed again on 
1st October 2010, 14th November 2013 and 1st 
October 2016, was amended and restated on 9th 
August 2019 and was renewed again on 1st October 
2019 and 1st October 2022. The current term of the 
Services Agreement is from 1st January 2023 to 31st 
December 2025 and it is renewable for successive

SWIRE PROPERTIES ANNUAL REPORT 2022 119
periods of three years thereafter unless either party to 
it gives to the other notice of termination of not less 
than three months expiring on any 31st December.
	
Particulars of the fees paid and the expenses 
reimbursed for the year ended 31st December 2022 
are given in note 42 to the financial statements.
(b)	Tenancy Framework Agreement
	
The Company, JS&SHK and Swire Pacific Limited 
(“Swire Pacific”) entered into a tenancy framework 
agreement (“Tenancy Framework Agreement”) on 
14th August 2014 to govern existing and future 
tenancy agreements between members of the Group, 
members of the JS&SHK group and members of the 
Swire Pacific group. The Tenancy Framework 
Agreement, which took effect from 1st January 2014 
and was renewed on 1st October 2015 and 1st October 
2018, was renewed again on 1st October 2021 for a 
term of three years from 1st January 2022 to 31st 
December 2024. It is renewable for successive periods 
of three years thereafter unless any party to it gives to 
the other parties notice of termination of not less than 
three months expiring on any 31st December. Pursuant 
to the Tenancy Framework Agreement, members of 
the Group, members of the JS&SHK group and 
members of the Swire Pacific group enter into tenancy 
agreements from time to time on normal commercial 
terms based on prevailing market rentals.
	
For the year ended 31st December 2022, the 
aggregate rentals payable to the Group under 
tenancies subject to the Tenancy Framework 
Agreement totalled HK$147 million.
At 31st December 2022, the Swire group was interested in 
59.78% of the equity of Swire Pacific and controlled 67.64% 
of the voting rights attached to shares in Swire Pacific and 
Swire Pacific owned 82.00% of the Company’s total number 
of issued shares. JS&SHK, as a wholly-owned subsidiary of 
Swire, and Swire Pacific are therefore connected persons of 
the Company under the Listing Rules. The transactions 
under the Services Agreement and the Tenancy Framework 
Agreement are continuing connected transactions in 
respect of which announcements dated 11th August 2022 
and 13th May 2021 respectively were published.
As directors and/or employees of (or in one case as an 
adviser to) the Swire group, T.J. Blackburn, G.M.C. Bradley, 
R.S.K. Lim, F.N.Y. Lung and M.J. Murray are interested in the 
Services Agreement and the Tenancy Framework 
Agreement. N.A.H. Fenwick and M.B. Swire are so 
interested as shareholders, directors and/or employees  
of Swire.
The Independent Non-Executive Directors of the Company, 
who are not interested in any connected transactions with 
the Group, have reviewed and confirmed that the 
continuing connected transactions as set out above have 
been entered into by the Group in the ordinary and usual 
course of business of the Group, on normal commercial 
terms or better, and according to the agreements governing 
them on terms that are fair and reasonable and in the 
interests of the shareholders of the Company as a whole.
The auditors of the Company have also reviewed these 
transactions and confirmed to the Board that nothing has 
come to their attention that causes them to believe that 
they have not been approved by the Board of the 
Company; that they were not, in all material respects, in 
accordance with the pricing policies of the Group if the 
transactions involve the provision of goods or services by 
the Group; that they were not entered into, in all material 
respects, in accordance with the relevant agreements 
governing the transactions; and that the relevant annual 
caps have been exceeded.
Discloseable Transactions
(a)	Formation of a Joint Venture for the 
Acquisition and Development of Land  
in Xi’an
	
On 4th March 2022, Chance Ascent Limited (“Chance 
Ascent”), an indirect wholly-owned subsidiary of the 
Company, formed a project company (the “Project 
Company”) with Xi’an Cheng Huan Cultural Investment 
and Development Co., Ltd. to acquire the land use 
rights in respect of land (the “Target Land”) located in 
the Beilin district of Xi’an for a consideration of 
RMB2,575 million. The Project Company will acquire 
and hold such land use rights and will be principally 
engaged in the development of the Target Land. 
Chance Ascent has a 70% interest in the Project 
Company and is obliged to contribute approximately 
RMB2,558 million to its registered capital. Chance 
Ascent’s total capital commitment to the acquisition 
and development of the Target Land is estimated to be 
RMB7,000 million. The formation of the Project 
Company constituted a discloseable transaction for 
the Company under the Listing Rules, in respect of 
which an announcement dated 4th March 2022  
was published.

120
CORPORATE GOVERNANCE & SUSTAINABILITY  |  DIRECTORS’ REPORT
(b)	Acquisitions of Further Interests in  
Sino-Ocean Taikoo Li Chengdu
	
As at 15th December 2022, Sino-Ocean Taikoo Li 
Chengdu was owned by two holding companies  
(the “PH companies”, together with their respective 
subsidiaries, the “PH Group”) and managed by a 
property management company (the “PM Company” 
together with its subsidiaries, the “PM Group”),  
where the PH Group and the PM Group were owned  
by the relevant subsidiaries of the Company (the 
“Purchasers”) and the relevant subsidiaries of Sino-
Ocean Group Holding Limited (“SOG”) (the “Sellers”) 
on a 50:50 basis. The Target Group comprises the  
PH Group and the PM Group.
	
On 15th December 2022, 
(1)	 the Purchasers, the Sellers, SOG and Sino-Ocean 
Service Holding Limited (“SOG Service”) (SOG 
together with SOG Service as the seller guarantors) 
entered into the first master agreement for the 
sale and purchase of a 15% interest in the  
Target Group for a total cash consideration of 
RMB1,000,000,000 (the “First Transaction”);
(2)	 the relevant Purchaser, the relevant Seller, SOG 
and SOG Service (SOG together with SOG Service 
as the seller guarantors) entered into the second 
master agreement for the sale and purchase  
of a 35% interest in the PM Group for a cash 
consideration of RMB59,000,000 (the “Second 
Transaction”); and
(3)	 the relevant Purchasers, the relevant Sellers  
and SOG (as the seller guarantor) entered into  
the third master agreement for the sale and  
purchase of a 35% interest in the PH Group for a 
total cash consideration of RMB4,491,000,000  
(the “Third Transaction”).
	
The First Transaction, the Second Transaction and the 
Third Transaction, when aggregated, constituted a 
discloseable transaction of the Company under the 
Listing Rules, in respect of which an announcement 
dated 15th December 2022 was published.
	
The First Transaction was completed on 21st 
December 2022, in respect of which an announcement 
dated 21st December 2022 was published. The Group’s 
interest in the Target Group increased from 50% to 
65% upon completion of the First Transaction. 
	
The Second Transaction was completed on 22nd 
February 2023. The Group’s interest in the PM Group 
increased further to 100% upon completion of the 
Second Transaction.
	
Immediately after completion of the Second 
Transaction, the Third Transaction was completed on 
the same date. The Group’s interest in the PH Group 
increased further to 100% upon completion of the 
Third Transaction. The Target Group became wholly-
owned by the Group. An announcement on the 
completions dated 22nd February 2023 was published.
On behalf of the Board
Guy Bradley
Chairman
Hong Kong, 9th March 2023

SWIRE PROPERTIES ANNUAL REPORT 2022 121
In 2022, Swire Properties continued its Sustainable Development (SD) 2030 Strategy which incorporates specific 
commitments and is designed to integrate sustainability into every aspect of our business. Our SD 2030 Strategy 
has five pillars:
The details of our 2025 and 2030 targets and SD initiatives can be found in our Sustainable Development  
Report 2022.
Places  |  People  |  Partners  |  Performance (Environment)  |  Performance (Economic)
We believe that long-term value creation is dependent 
on the sustainable development of our business and the 
communities in which we operate.
SUSTAINABLE DEVELOPMENT

122
CORPORATE GOVERNANCE & SUSTAINABILITY  |  SUSTAINABLE DEVELOPMENT
landfills. The Street Fair raised over HK$862,000 in 2022 for 
Operation Santa Claus. 
As part of our 50th anniversary celebrations, 50 SPPA students 
and alumni participated in the Urban Furniture Project to 
design life-size, functional and cutting-edge “tables & chairs”. 
The furniture will be on permanent display at Taikoo Place for 
the greater Taikoo Place community to enjoy.
Supporting Arts and Culture in Hong Kong  
and the Chinese Mainland
The Company continues to promote arts and culture as part 
of its 50th Anniversary celebrations.
We partnered with Art Basel Hong Kong for the 10th year in 
2022. Over the past decade, this collaboration has helped 
inspire an increasingly dynamic arts scene, and has boosted 
the city’s reputation as an international cultural hub.
In July 2022, we kicked off the first international tour of the 
Victoria and Albert Museum London’s critically acclaimed 
exhibition, “Bags: Inside Out”. The first stop was Taikoo Li 
Sanlitun in Beijing, followed by layovers at our developments 
in Shanghai, Guangzhou and Chengdu. The last stop will be 
Pacific Place in Hong Kong, in 2023.
In November 2022, we launched a specially-commissioned 
50th Anniversary-theme botanical art series at Taikoo Place, 
“Seasons in Continuum”. Sculptures reflecting the anniversary 
theme “Original. Always.” were placed at several key spaces, 
offering an immersive and creative playground for the 
community to enjoy. We also launched our 50th Anniversary 
Art NFT Collection, a collaboration with 10 artists from around 
the world which showcased our creativity and commitment to 
fostering vibrant communities. 
“Fighting Climate Change,  
Together We Can”
In February 2022, we launched our third sustainability-
themed campaign to showcase our pioneering initiatives to 
encourage our stakeholders to pursue our ambitious 1.5°C 
goal and achieve net-zero emissions by 2050. Numerous 
events were held throughout the year, including public 
eco-workshops and the “Together We Can” SD Character 
Contest for colleagues. Gigantic posters were displayed 
across our office and retail developments, and on social 
media, to raise public awareness on the importance of 
climate action.
Places
Places are at the heart of, and central to, the achievement 
of our SD 2030 Strategy.
Swire Properties Placemaking Academy & 
White Christmas Street Fair 2022
In 2022, we hosted our fourth youth empowerment 
programme. Eight students were mentored by our senior 
management, industry experts and thought leaders, under 
the Swire Properties Placemaking Academy (SPPA) banner. 
They designed, planned and executed our White Christmas 
Street Fair 2022. The theme was “Bloom & Beyond” and it 
celebrated our placemaking efforts over the past 50 years. 
With working towards a “zero-waste” event in mind, students 
embraced circularity and decorated the venue with 5,000 
“Re-poinsettias” – upcycled Christmas flowers made from 
old Cathay Pacific cabin crew uniforms and Swire Hotels 
bedsheets. In total, over 90% of waste was diverted from 
Featured 5,000 upcycled “Re-poinsettias”  
at White Christmas Street Fair 2022
Hong Kong 
Rolled out third edition of the  
“Sustainability We All Count” sustainable 
development promotion campaign
Hong Kong

SWIRE PROPERTIES ANNUAL REPORT 2022 123
Street Markets
The Tong Chong Street Market attracted over 462,000 
visitors in 2022, despite a six-month hiatus due to COVID-19. 
Tenants and visitors were again encouraged to bring their 
own containers and utensils.
In December 2022, Citygate Outlets held the Christmas 
Outdoor Market featuring over 40 local artisans, social 
enterprises and NGOs.
Placemaking Efforts in the U.S.A.
Brickell City Centre supported Miami-Dade County’s goal of 
reducing energy and water consumption by 25% over the 
next five years. In 2022, our development reduced electricity 
usage by 23%, and water and sewage usage by 20%, 
compared to 2019; and topped the leaderboard in 2021 as 
the commercial property with the most significant reduction 
in energy consumption.
Community Ambassadors in the U.S.A. hosted the “A Day in 
the Dirt” event to weed and plant to keep The Underline, a 
formerly underutilised land plot below Miami’s Metrorail, 
clean and beautiful.
We also partnered with South Florida People of Color to 
celebrate diversity in Black culture. Activities included art 
series and weekly musical performances, as well as 
educational content at Brickell City Centre during Black 
History Month. We also hosted our second “Pride at BCC” 
celebration featuring seminars and workshops, and retailers 
shared their equality-related stories. The Miami-Dade Police 
and other law enforcement agencies from Miami-Dade and 
Broward Counties hosted a parade featuring pride-branded 
vehicles. 
People
The contributions of our employees are critical to  
our success.
Employees
Swire Properties employs over 6,000 people (including joint 
venture companies which the Group jointly operates and 
manages) across our operating region. Attracting and 
developing talented colleagues is central to our success.  
We are an equal opportunities employer and aim to provide 
a work environment that is respectful, challenging, rewarding  
and safe.
In 2022, we offered more than 154,000 hours of training and 
development in leadership and management, technology, 
IT, sustainability, diversity and inclusion, languages, health 
and safety and employee wellness.
To drive diversity and inclusion, we set a gender balance 
target of maintaining female representation at no less than 
40%. In 2022, 40.2% of our workforce is female.
Health & Safety
In 2022, we continued to deliver improvements on key 
indicators with lost time injury rate decreasing by 9.4% and 
our lost day rate decreasing by 12.4%, compared to 2021.
We revised our Health and Safety Policy which underpins our 
commitment to providing and maintaining a healthy and 
safe environment for all stakeholders, and reinforces our 
Zero Harm commitment.
In 2022, we introduced an app-based near-miss and hazard 
reporting system, which enables more efficient corrective 
actions, and supports data analysis to identify trends,  
and reporting.
Launched Urban Furniture Project  
with 50 Swire Properties Placemaking  
Academy students and alumni
Hong Kong 
Hosted “A Day in the Dirt” event at  
The Underline – a formerly underutilised 
land plot below Miami’s Metrorail
U.S.A.

124
CORPORATE GOVERNANCE & SUSTAINABILITY  |  SUSTAINABLE DEVELOPMENT
Celebrated 10th anniversary of  
“BOOKS FOR LOVE @ $10” 
Hong Kong 
We continued to collaborate with our contractors to adopt 
cutting-edge technology to improve site safety during the 
construction stage of Two Taikoo Place and Six Pacific Place, 
including Scaffoldless Lift Installation Method (SLIM), 
Robotic Water Testing Machine for Curtain Walls, Modular 
Integrated Mechanical and Electrical Installation (MIMEP) 
and Smart Helmets (IoT). 
At the Development Bureau and Construction Industry 
Council Construction Safety Awards, Six Pacific Place 
received Gold awards in the “Contractors for New Works 
Contracts” and “Innovation Awards for Safety and 
Environmental Excellence for New Works” categories. 
Volunteering
Our Community Ambassadors continued to support the 
wider community in 2022. In Hong Kong, 1,669 Ambassadors 
contributed 3,723 hours of service at 41 events. The 
Programme won the Outstanding Volunteer Group Award at 
the Hong Kong Volunteer Award 2022, a territory-wide 
scheme co-organised by the Homes and Youth Affairs 
Bureau and the Agency for Volunteer Service.
The flagship “BOOKS FOR LOVE @ $10” initiative celebrated 
its 10th Anniversary and hosted over 30,000 visitors during 
an eight-day physical event at Taikoo Place. Along with the 
new online book sale, we raised over HK$1,380,000 for our 
two charity partners.
Returning for the third year, the “NOODLES FOR LOVE $50 
Matching Donation Scheme” generated 3,000 noodle packs 
for the greater Hong Kong community, in partnership with a 
Cityplaza retail tenant.
In the Chinese Mainland, 1,849 Ambassadors contributed 
2,177 hours of service. A youth summer camp was hosted at 
the Sichuan Community Centre, which celebrated its 5th 
Anniversary. During an event at the century-old Chengdu 
YMCA building, children and volunteers handcrafted special 
souvenirs for local sanitation workers to thank them for their 
hard work in keeping the city clean.
In Guangzhou, 80 Ambassadors joined the Mr Fix-it programme 
to help people in need improve their living conditions 
through basic structural refurbishment and furnishing.
The “Walk for Love” programme saw support from 1,489 
Community Ambassadors across our operating cities in the 
Chinese Mainland. We raised 848 hygiene kits for Tibetan 
Primary School students.
Partners
Our business partners play a critical part in the success of 
our SD 2030 Strategy.
Suppliers
We include our suppliers in our approach to sustainable 
development. We address sustainability and manage risks 
related to regulatory compliance, environmental protection, 
health and safety, labour practices, human rights, product 
responsibility and sustainable purchasing, in our supply 
chain, through our supplier monitoring and evaluation 
system, our supplier code of conduct and sustainable 
procurement tracking system. In 2022, HK$1,477 million 
worth of sustainable products and services were procured.
Tenants
We work closely with our commercial tenants to integrate 
sustainability into their operations; and offer our office and 
retail tenants in Hong Kong and the Chinese Mainland free 
energy audits to identify energy-saving opportunities. As at 
Hosted a youth summer camp to mark  
5th anniversary of Sichuan Community Centre 
Chinese Mainland

SWIRE PROPERTIES ANNUAL REPORT 2022 125
31 December 2022, these audits covered approximately  
6 million square feet of tenanted area.
Since 2019, we have presented Green Kitchen Awards to  
76 F&B tenants in Hong Kong and the Chinese Mainland.  
By installing energy-efficient kitchen appliances and well-
designed ventilation systems together with recycling waste, 
these tenants have saved energy and water, reduced waste 
and improved the kitchen environment.
Under our Green Performance Pledge (“GPP”), we have 
been collaborating with office tenants on fit-out and 
operations to improve their energy, water and waste 
recycling performance. We aim to have 50% of office 
tenants sign the GPP by 2025. We launched the GPP pilot  
in August 2021 and organised an awards ceremony in 
September 2022 to celebrate the collective achievements of 
participants. As at 31 December 2022, 52 tenants have 
signed the GPP, representing 37.9% of occupied lettable 
floor area (covering over 2.5 million square feet) from the 
Company’s Hong Kong office portfolio. 
In 2022, Taikoo Place and Pacific Place became the first 
WiredScore-certified portfolios in Hong Kong, with Two 
Taikoo Place and Six Pacific Place being the first buildings  
in Hong Kong to be both WiredScore and SmartScore 
Platinum certified.
PROJECT AFTER 6
We hosted five music performances in 2022, reaching over 
1,100 of our tenants’ staff from 71 companies.
The Loop
This year, we expanded The Loop urban farms to One Pacific 
Place, making it the fifth farm in our Hong Kong office 
portfolio. The five urban farms have collectively yielded 
approximately 500 kg of crops. As of December 2022, we have 
donated approximately 275 kg of food, equivalent to over 
3,600 packed meals, to local food bank Feeding Hong Kong. 
The Loop initiative has engaged over 1,350 of our tenants’ 
staff via the Farm Club, events and workshops.
+UP! Better Living Pop-ups
Taikoo Place held the “+UP! Better Living Pop-ups” campaign 
from October to November 2022, featuring a lifestyle-themed 
pop-up shop and a series of wellness-inspired activities at 
ArtisTree. More than 350 office executives from 18 tenant 
companies took part in the corporate 8-Hour Charity Spin and 
inaugural indoor golf tournament. We raised over HK$508,000 
for charity Laureus Sport for Good Foundation, of which 
HK$350,000 was donated by Swire Properties.
Annual Shopper Research
This programme was conducted at our nine malls in Hong 
Kong and the Chinese Mainland, with the aim of identifying 
shopper profiles and gauging customer behaviour. Visitors  
to peer malls were also interviewed. Results from the studies 
will help gauge the performance of our malls and provide 
actionable insights for management teams.
Performance (Environment)
As a leading property developer, we are committed to 
building and managing our developments sustainably.
Climate Change
In 2022, we continued to progress steadily towards our 
1.5°C-aligned science-based targets, as part of our core 
strategy to reach net-zero emissions by 2050. This year,  
Over 1,400 Community Ambassadors 
participated in “Walk for Love”  
charity initiative
Chinese Mainland
Celebrated achievements with tenants  
who joined the Green Performance Pledge 
Pilot programme
Hong Kong

126
CORPORATE GOVERNANCE & SUSTAINABILITY  |  SUSTAINABLE DEVELOPMENT
we achieved a 28% absolute Scope 1 and 2 carbon reduction 
compared to the 2019 baseline for our global portfolio. We 
continued to adopt innovative low-carbon technologies and 
management practices and invest in energy research and 
development. 
Two Taikoo Place, one of our newest major Hong Kong 
developments, has adopted a lifecycle carbon management 
approach to identify emissions reduction opportunities. 
During the construction stage, the project adopted almost 
100% Platinum-grade low-carbon concrete certified under 
the Construction Industry Council Green Product 
Certification. Structural steel and rebar with high recycled 
content were also used. To support low-carbon building 
operations, Two Taikoo Place has adopted several industry-
leading energy-efficiency technologies and renewable 
energy installations. 
Energy
In 2022, our electricity-use intensity decreased by 12.9% 
compared to a 2019 baseline at our Hong Kong and Chinese 
Mainland properties. The reduction reflected better 
monitoring of heating, ventilation and air-conditioning 
systems via our cloud-based smart-energy management 
platform; the introduction of electrically-commutated motor 
plug fans; the retrofitting of air-conditioning systems; and 
the use of more energy-efficient lighting. We continued to 
explore ways to increase on-site renewable energy 
generation across our portfolios. In 2022, we installed a  
30 kW Photovoltaic (“PV”) system at Devon House and  
a 78 kW PV system at Dorset House.
Swire Properties’ energy management efforts have been 
recognised. The Company received first place at the ASHRAE 
Technology Award 2023 – Commercial Buildings Existing 
Building Commissioning (EBCx), and awarded the winner of 
Best Digital Innovation at the CIBSE Building Performance 
Awards 2023. Teaming up with a digital automation and 
energy-management company in the “Global AI Challenge 
for Building Electrical and Mechanical Facilities” to develop a 
building cooling load prediction model, the joint team won a 
Gold Award and the Grand Prize – Alliance Contracting 
Outstanding AI Influencer Award, and scored the best model 
accuracy in the Open Group, out of 44 global teams.
Resources & Circularity
In 2022, we continued efforts to digitalise tenants’ waste 
data via the Smart Waste Reduction Challenge. In total  
we engaged five of our offices and 13 tenants, and kicked  
off a brand-new smart mobile scale pilot with seven  
office tenants.
To further drive a circular economy, Swire Properties 
partnered with a sustainable asset management specialist 
to launch an office furniture solution for Taikoo Place and 
Pacific Place tenants. As at December 2022, the initiative 
helped five tenants divert more than 1,300 pieces of 
furniture from landfills, totalling nearly 40 tonnes.
Swire Properties also partnered with Redress, a local 
environmental charity that tackles the issue of textile  
waste, for the fourth consecutive year. We supported “Get 
Redressed Month” with 19 public collection boxes across our 
Hong Kong developments. Over 16 tonnes of second-hand 
clothes were sorted with the help of over 640 volunteers 
from 36 companies. 
In June 2022, the Starstreet Precinct launched the “Recycle 
Your Bottles” campaign and invited the neighbourhood to 
Raised over HK$508,000 for charity  
through a series of wellness campaigns, 
including an 8-hour spinning race
Hong Kong
Expanded network for Hong Kong’s  
first smart reusable cup system
Hong Kong

SWIRE PROPERTIES ANNUAL REPORT 2022 127
collect PET plastic bottles. Approximately 1,700 plastic 
bottles were collected and later converted into Christmas 
decorations at the Starstreet Precinct. 
In October 2022, Citygate Outlets partnered up with 
ecopreneur HK Timberbank to curate the “WOOD” You 
project. An upcycled wooden bench installation, made from 
dead and dying trees collected from different parts of 
Lantau Island, was created and place in the Mall. 
To promote reuse, we expanded our smart reusable cup 
network at Taikoo Place to 10 café partners and began 
offering cups in more sizes. Since its launch, the initiative has 
prevented the disposal of over 16,800 single-use cups. 
In 2022, over 75% of our F&B tenants and 113 office 
tenanted floors across our Hong Kong developments recycle 
food waste. 
Green Building
In 2022, Taikoo Hui in Guangzhou achieved a Platinum rating 
under LEED v4 for Building Operations and Maintenance: 
Existing Buildings, and a Platinum rating under WELL v2 Core 
Certification. Taikoo Li Sanlitun in Beijing achieved a 
Platinum rating under LEED v4.1 for Operations and 
Maintenance: Existing Buildings. Pacific Place and Lincoln 
House in Hong Kong achieved Platinum ratings under BEAM 
Plus for Existing Building v2.0. 
Swire Properties won the Pioneer Award in Green Building 
Leadership Category (Facilities Management) at the Green 
Building Award 2021, organised by the Hong Kong Green 
Building Council and the Professional Green Building 
Council; and was the Sustainability Award winner at the  
RICS Awards 2022 Hong Kong.
The efforts at Two Taikoo Place generated the “Grand Award for 
the New Building Category (Projects Under Construction and/
or Design – Commercial)” at the Green Building Award 2021.
Performance (Economic)
We believe that long-term value creation depends on the 
sustainable development of our business.
Details of our financial performance in 2022 can be found in 
other parts of this report.
In 2022, the Company ranked fourth out of 500-plus real 
estate companies in the world and first in Asia in the Dow 
Jones Sustainability World Index. It retained its Global Sector 
Leader title under the Global Real Estate Sustainability 
Benchmark for the sixth consecutive year; ranked number 
one in the Hang Seng Corporate Sustainability Index for the 
fifth consecutive year, and achieved the highest “AAA” rating 
under MSCI Environmental, Social and Governance Ratings.
At the Hong Kong Management Association’s 2022 Best 
Annual Reports Awards, Swire Properties’ Sustainable 
Development Report 2021 won the Best Environmental, 
Social and Governance Reporting Award in the Property 
Development and Investment category. We also won the 
ESG Award in the Non-Hang Seng Index (Large Market 
Capitalisation) Category at the Best Corporate Governance 
and ESG Awards 2022, organised by the Hong Kong Institute 
of Certified Public Accountants.
As of 31 December 2022, approximately 60% of our 
financing comes from green bonds, sustainability-linked 
loans and green loans. 
Further details of our sustainable development performance, 
including details of our SD 2030 Strategy, can be found in our 
Sustainable Development Report 2022.
Partnered with ecopreneur HK Timberbank  
to launch an upcycled wood bench installation  
at Citygate Outlets
Hong Kong
Launched “Recycle Your Bottles” campaign  
to collect and upcycle end-of-life plastics into 
Starstreet Precinct Christmas decorations
Hong Kong

The Middle House
Financial Contents
AUDITOR’S REPORT AND ACCOUNTS
130	
Independent Auditor’s Report
134	
Consolidated Statement of  
	
Profit or Loss
135	
Consolidated Statement of  
	
Other Comprehensive Income
136	
Consolidated Statement of  
	
Financial Position
137	
Consolidated Statement of  
	
Cash Flows
138	
Consolidated Statement of  
	
Changes in Equity
139	
Notes to the Financial Statements
198	
Principal Accounting Policies
201	
Principal Subsidiary, Joint Venture  
	
and Associated Companies
SUPPLEMENTARY INFORMATION
204	
Schedule of Principal  
	
Group Properties
215	
Glossary 
216	
Financial Calendar and  
	
Information for Investors

The Temple House
EAST Beijing

130
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of Swire Properties Limited
(incorporated in Hong Kong with limited liability)
Opinion
What we have audited
The consolidated financial statements of Swire Properties Limited (the “Company”) and its subsidiaries (the “Group”), which are set 
out on pages 134 to 203, comprise:
•	 the consolidated statement of financial position as at 31st December 2022;
•	 the consolidated statement of profit or loss for the year then ended;
•	 the consolidated statement of other comprehensive income for the year then ended;
•	 the consolidated statement of cash flows for the year then ended;
•	 the consolidated statement of changes in equity for the year then ended; and
•	 the notes to the consolidated financial statements, which include significant accounting policies and other explanatory 
information.
Our opinion
In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at  
31st December 2022, and of its consolidated financial performance and its consolidated cash flows for the year then ended in 
accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public 
Accountants (“HKICPA”) and have been properly prepared in compliance with the Hong Kong Companies Ordinance.
Basis for Opinion
We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities 
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements 
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group in accordance with the HKICPA’s Code of Ethics for Professional Accountants (“the Code”), and we 
have fulfilled our other ethical responsibilities in accordance with the Code.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated 
financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial 
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
PricewaterhouseCoopers, 22/F Prince’s Building, Central, Hong Kong  
T: +852 2289 8888, F: +852 2810 9888, www.pwchk.com

SWIRE PROPERTIES ANNUAL REPORT 2022 131
Key Audit Matter
Valuation of investment properties
Refer to note 16 to the consolidated financial statements
The fair value of the Group’s investment properties 
amounted to HK$271,368 million at 31st December 2022,  
with a fair value gain of HK$801 million recorded in the 
consolidated statement of profit or loss for the year.
Valuations were obtained from third party valuers (the 
“valuer”) in respect of 97% of the investment properties as 
at 31st December 2022. The valuations are dependent on 
certain key assumptions that require significant 
management judgement, including capitalisation rates and 
market rents. The valuations of investment properties under 
development are also dependent upon the estimated costs 
to complete and expected developer’s profit margin.
How our audit addressed the Key Audit Matter
Our procedures in relation to the valuation of investment 
properties included:
•	 Understanding management’s controls and processes for 
determining the valuation of investment properties and 
assessing the inherent risk of material misstatement by 
considering the degree of estimation uncertainty and the 
judgement involved in determining assumptions to be 
applied;
•	 Evaluating of the valuers’ competence, capabilities, 
independence and objectivity;
•	 Meeting the valuers to discuss the valuations and key 
assumptions used;
•	 Reviewing of the external valuation reports to assess the 
appropriateness of methodologies used;
•	 Comparing of the capitalisation rates, market rents and 
expected developer’s profit margin used by the valuers to 
an estimated range, determined by reference to publicly 
available information by our in-house valuation experts;
•	 Checking the accuracy of the rental data provided by 
management to the valuers by agreeing them on a sample 
basis to the Group’s records; and
•	 For investment properties under development, comparing 
the estimated construction costs to complete with the 
Group’s budgets.
We found the key assumptions were supported by the 
available evidence. We found the disclosures in note 16 to 
be appropriate.

132
INDEPENDENT AUDITOR’S REPORT
Other Information
The directors of the Company are responsible for the other information. The other information comprises all of the information 
included in the annual report other than the consolidated financial statements and our auditor’s report thereon. The other 
information does not include the specific information presented therein that is identified as being an integral part of the consolidated 
financial statements and, therefore, covered by our audit opinion on the consolidated financial statements.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of 
assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing 
so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge 
obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required 
to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors and the Audit Committee for the Consolidated  
Financial Statements
The directors of the Company are responsible for the preparation of the consolidated financial statements that give a true and fair 
view in accordance with HKFRSs issued by the HKICPA and the Hong Kong Companies Ordinance, and for such internal control as the 
directors determine is necessary to enable the preparation of consolidated financial statements that are free from material 
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing the Group’s ability to continue as a 
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the 
directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.
The Audit Committee is responsible for overseeing the Group’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from 
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. We report our opinion 
solely to you, as a body, in accordance with Section 405 of the Hong Kong Companies Ordinance, and for no other purpose. We do not 
assume responsibility towards or accept liability to any other person for the contents of this report. Reasonable assurance is a high 
level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the 
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated 
financial statements.
As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional scepticism throughout 
the audit. We also:
•	 Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, 
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to 
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one 
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of  
internal control.

SWIRE PROPERTIES ANNUAL REPORT 2022 133
•	 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the 
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
•	 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures 
made by the directors.
•	 Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence 
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s 
ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our 
auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify 
our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events 
or conditions may cause the Group to cease to continue as a going concern.
•	 Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and 
whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair 
presentation.
•	 Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the 
Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and 
performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and 
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding 
independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our 
independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit 
of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in 
our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, 
we determine that a matter should not be communicated in our report because the adverse consequences of doing so would 
reasonably be expected to outweigh the public interest benefits of such communication.
The engagement partner on the audit resulting in this independent auditor’s report is John J. Ryan.
PricewaterhouseCoopers
Certified Public Accountants 
Hong Kong, 9th March 2023

134
Note
2022
HK$M
2021
HK$M 
Restated
Revenue
4
13,826
16,318
Cost of sales
5
(4,303)
(5,801)
Gross profit
9,523
10,517
Administrative and selling expenses
(1,713)
(1,888)
Other operating expenses
(186)
(200)
Other net gains
6
79
1,231
Gains on disposal of subsidiary companies
43(c)
520
121
Change in fair value of investment properties
801
(1,947)
Operating profit
9,024
7,834
Finance charges
(359)
(607)
Finance income
172
230
Net finance charges
10
(187)
(377)
Share of profit less losses of joint venture companies
1,443
1,868
Share of profit less losses of associated companies
12
(82)
Profit before taxation
10,292
9,243
Taxation
11
(2,065)
(1,964)
Profit for the year
8,227
7,279
Profit for the year attributable to:
 
The Company’s shareholders
36
7,980
7,112
 
Non-controlling interests
38
247
167 
8,227
7,279
HK$
HK$
Earnings per share from profit attributable to  
 
the Company’s shareholders (basic and diluted)
14
1.36
1.22
The above consolidated statement of profit or loss should be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
For the year ended 31st December 2022

SWIRE PROPERTIES ANNUAL REPORT 2022 135
2022
HK$M
2021
HK$M
Restated
Profit for the year
8,227
7,279 
Other comprehensive income
Items that will not be reclassified to profit or loss
Revaluation of properties previously occupied by the Group
 
– gains recognised during the year
–
94
 
– deferred tax
–
(4)
Defined benefit plans
 
– remeasurement gains/(losses) recognised during the year
245
(26)
 
– deferred tax
(40)
4 
205
68
Items that may be reclassified subsequently to profit or loss
Cash flow hedges
 
– losses recognised during the year
(16)
(38)
 
– transferred to net finance charges
(13)
14
 
– transferred to operating profit
(1)
–
 
– deferred tax
5
4
Share of other comprehensive income of joint venture and associated companies
(1,744)
561
Net translation differences on foreign operations recognised during the year
(3,323)
1,093
(5,092)
1,634 
Other comprehensive income for the year, net of tax
(4,887)
1,702
 
Total comprehensive income for the year
3,340
8,981
Total comprehensive income attributable to:
 
The Company’s shareholders
3,203
8,791
 
Non-controlling interests
137
190 
3,340
8,981
The above consolidated statement of other comprehensive income should be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
For the year ended 31st December 2022
SWIRE PROPERTIES ANNUAL REPORT 2022

136
Note
	
31st
December
	
2022
HK$M
	
31st
December
2021
HK$M
Restated 
	
1st
January
2021
HK$M
Restated
ASSETS AND LIABILITIES
Non-current assets
 
Property, plant and equipment
15
3,165
3,381
4,322
 
Investment properties
16
271,368
267,959
267,003
 
Intangible assets
17
208
203
198
 
Right-of-use assets
18
2,482
2,442
3,301
 
Properties held for development
19
1,208
1,207
1,200
 
Joint venture companies
20
24,589
21,935
15,744
 
Loans due from joint venture companies
20
15,273
15,619
15,357
 
Associated companies
21
473
461
543
 
Loans due from associated companies
21
52
–
–
 
Derivative financial instruments
30
96
133
145
 
Deferred tax assets
31
64
78
73
 
Financial assets at fair value through profit or loss
460
439
985
 
Other financial assets at amortised cost
32
–
522
508
 
Retirement benefit assets
34
14
–
–
319,452
314,379
309,379
Current assets
 
Properties for sale
23
8,264
6,411
3,538
 
Stocks
72
71
72
 
Trade and other receivables
24
2,834
2,220
2,127
 
Amounts due from immediate holding company – Swire Pacific Limited
25
–
1
16
 
Derivative financial instruments
30
–
19
–
 
Short-term deposits maturing after three months
–
–
30
 
Cash and cash equivalents
26
4,502
14,833
21,202
15,672
23,555
26,985
 
Assets classified as held for sale
33
2,038
1,740
384
17,710
25,295
27,369
Current liabilities
 
Trade and other payables
27
10,008
9,339
8,001
 
Contract liabilities 
14
120
22
 
Taxation payable
185
348
576
 
Derivative financial instruments
30
–
7
–
 
Short-term loans
–
–
94
 
Long-term loans and bonds due within one year
29
700
9,000
1,820
 
Lease liabilities due within one year
28
79
49
70
10,986
18,863
10,583
Net current assets
6,724
6,432
16,786
Total assets less current liabilities
326,176
320,811
326,165
Non-current liabilities
 
Long-term loans and bonds
29
22,135
15,601
25,343
 
Long-term lease liabilities
28
535
517
510
 
Derivative financial instruments
30
–
–
42
 
Other payables
27
–
150
–
 
Deferred tax liabilities
31
11,248
10,746
9,991
 
Retirement benefit liabilities
34
–
187
135
33,918
27,201
36,021
NET ASSETS
292,258
293,610
290,144
EQUITY
 
Share capital
35
10,449
10,449
10,449
 
Reserves
36
278,762
281,175
277,767
Equity attributable to the Company’s shareholders
289,211
291,624
288,216
Non-controlling interests
38
3,047
1,986
1,928
TOTAL EQUITY
292,258
293,610
290,144
Guy Bradley 
May Y. Wu 
Directors
Hong Kong, 9th March 2023
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31st December 2022

SWIRE PROPERTIES ANNUAL REPORT 2022 137
Note
2022
HK$M
2021
HK$M
Operating activities
 
Cash generated from operations
43(a)
6,332
7,028
 
Interest paid
(742)
(768)
 
Interest received
117
203
 
Tax paid
(1,127)
(1,635)
4,580
4,828
 
Dividends received from joint venture and associated companies and financial assets  
 
 
at fair value through other comprehensive income
176
217 
 
Net cash from operating activities
4,756
5,045
Investing activities
 
Purchase of property, plant and equipment
43(b)
(133)
(180)
 
Additions of investment properties
(7,096)
(3,860)
 
Purchase of intangible assets
(58)
(52)
 
Proceeds from disposal of property, plant and equipment
–
889
 
Proceeds from disposal of investment properties
609
2,869
 
Proceeds from disposal of subsidiary companies, net of cash disposed of
43(c)
1,060
212
 
Proceeds from disposal of financial assets at fair value through profit or loss
–
973
 
Purchase of shares in joint venture companies
(1,720)
–
 
Purchase of financial assets at fair value through profit or loss
(20)
(390)
 
Equity to joint venture companies
(1,123)
(3,986)
 
Loans to joint venture companies
(108)
(787)
 
Repayment of loans by joint venture companies
917
613
 
Advances from joint venture companies
–
479
 
Repayment of advances from joint venture companies
(200)
–
 
Loans to associated companies
(52)
–
 
Decrease in deposits maturing after three months
–
30
 
Initial leasing costs incurred
(75)
(6)
 
Net cash used in investing activities
(7,999)
(3,196)
Net cash (outflow)/inflow before financing activities
(3,243)
1,849
Financing activities
 
Loans drawn and refinanced
7,237
1,400
 
Repayment of loans and bonds
(9,009)
(4,184)
 
Principal elements of lease payments
(66)
(72)
(1,838)
(2,856)
 
Capital contribution from a non-controlling interest
1,003
–
 
Dividends paid to the Company’s shareholders
36
(5,616)
(5,383)
 
Dividends paid to non-controlling interests
38
(96)
(132)
 
Net cash used in financing activities
(6,547)
(8,371)
Decrease in cash and cash equivalents
(9,790)
(6,522)
 
Cash and cash equivalents at 1st January
14,833
21,202
 
Effect of exchange differences
(541)
153 
Cash and cash equivalents at 31st December
4,502
14,833
Represented by:
Bank balances and short-term deposits maturing within three months
26
4,502
14,833
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31st December 2022
SWIRE PROPERTIES ANNUAL REPORT 2022

138
Attributable to the Company’s shareholders
Non-
controlling 
interests 
HK$M
Total 
equity 
HK$M
Note
Share 
capital 
HK$M
Revenue 
reserve 
HK$M
Other 
reserves 
HK$M
Total 
HK$M
At 1st January 2022
 
– as originally stated
10,449
277,961
3,745
292,155
2,003
294,158
 
– impact of adjustments in note 1(c)
–
(522)
(9)
(531)
(17)
(548)
 
– as restated
10,449
277,439
3,736
291,624
1,986
293,610
Profit for the year
–
7,980
–
7,980
247
8,227
Other comprehensive income
–
205
(4,982)
(4,777)
(110)
(4,887)
Total comprehensive income for the year
36, 38
–
8,185
(4,982)
3,203
137
3,340
Capital contribution from  
 
a non-controlling interest
–
–
–
–
1,020
1,020
Dividends paid
–
(5,616)
–
(5,616)
(96)
(5,712)
At 31st December 2022
10,449
280,008
(1,246)
289,211
3,047
292,258
Attributable to the Company’s shareholders
Non-
controlling 
interests 
HK$M
Total 
equity 
HK$M
Note
Share 
capital 
HK$M
Revenue 
reserve 
HK$M
Other 
reserves 
HK$M
Total 
HK$M
At 1st January 2021
 
– as originally stated
10,449
276,245
2,042
288,736
1,944
290,680
 
– impact of adjustments in note 1(c)
– 
(513)
(7)
(520)
(16)
(536)
 
– as restated
10,449
275,732
2,035
288,216
1,928
290,144
Profit for the year (restated)
–
7,112
–
7,112
167
7,279
Other comprehensive income (restated)
–
(22)
1,701
1,679
23
1,702
Total comprehensive income for the year  
 
(restated)
36, 38
–
7,090
1,701
8,791
190
8,981
Dividends paid
– 
(5,383)
– 
(5,383)
(132)
(5,515)
At 31st December 2021 (restated)
10,449
277,439
3,736
291,624
1,986
293,610
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31st December 2022

SWIRE PROPERTIES ANNUAL REPORT 2022 139
General Information
The Company is a limited liability company incorporated in Hong Kong and its shares are listed on The Stock Exchange of Hong Kong 
Limited. The principal activity of the Company is that of a holding company. The principal activities of its major subsidiary, joint 
venture and associated companies are shown on pages 201 to 203.
1.	 Changes in Accounting Policies and Disclosures
(a)	 The following revised standards were required to be adopted by the Group effective from 1st January 2022:
Accounting Guideline 5 (Revised)	
Merger Accounting for Common Control Combinations
Annual improvements project	
Annual Improvements to HKFRSs 2018-2020 
Amendments to HKFRS 3, HKAS 16 and HKAS 37	
Narrow-scope Amendments
	
None of the revised standards had a significant effect on the Group’s consolidated financial statements or accounting policies.
(b)	 The Group has not early adopted the following relevant new and revised standards and interpretations that have been issued but 
are effective for annual periods beginning on or after 1st January 2023 and such standards have not been applied in preparing 
these consolidated financial statements.
Amendments to HKAS 1, HKAS 8 and HKAS 12	
Narrow-scope Amendments1
Amendments to HKAS 1 and 	
Disclosure of Accounting Policies1 
 
HKFRS Practice Statement 2	
HKFRS 17 and Amendments to HKFRS 17	
Insurance Contracts1
HK(IFRIC)-Interpretation 22	
Foreign Currency Transactions and Advance Consideration1
Amendments to HKAS 1	
Classification of Liabilities as Current and Non-current2
Amendments to HKAS 1	
Non-current Liabilities with Covenants2
Amendments to HKFRS 16	
Lease Liability in a Sale and Leaseback2 
HK-Interpretation 5 (2020)	
Presentation of Financial Statements – Classification by the Borrower  
	
 
of a Term Loan that Contains a Repayment on Demand Clause2
Amendments to HKFRS 10 and HKAS 28	
Sale or Contribution of Assets between an Investor and its Associate or  
	
 
Joint Venture3
1	 To be applied by the Group from 1st January 2023.
2	 To be applied by the Group from 1st January 2024.
3	 The effective date is to be determined.
None of these new and revised standards and interpretations is expected to have a significant effect on the Group’s consolidated 
financial statements.
(c)	 Change in accounting policy on lessor forgiveness of lease payments
In October 2022, the IASB finalised the agenda decision approved by the IFRS Interpretation Committee (‘IFRS IC’) on “Lessor 
Forgiveness of Lease Payments (IFRS 9 and IFRS 16)”. The agenda decision addresses the accounting from the perspective of the 
lessor, and in particular:
–	 how the expected credit loss (‘ECL’) model in IFRS 9 should be applied to the operating lease receivable when the lessor 
expects to forgive payments due from the lessee under the lease contract before the rent concession is granted; and
–	 whether to apply the derecognition requirements in IFRS 9 or the lease modification requirements in IFRS 16 when accounting 
for the rent concession.
The IFRS IC concluded that in reporting periods before the forgiveness of lease payments have been granted, the lessor should 
measure the ECL on operating lease receivables on a probability-weighted basis, by evaluating a range of possible outcomes, 
including its expectation of forgiving lease payments that have been recognised as an operating lease receivable. This is on the 
assumption that there is reasonable and supportable information, that is available without undue cost or effort, and that the 
expectation of forgiving the lease payments reflects a potential cash shortfall which should be taken into account in the ECL 
measurement.
In previous years, all the rent concession granted to tenants were treated as lease modifications under HKFRS 16 and were 
amortised over the remaining periods of the leases. 
NOTES TO THE FINANCIAL STATEMENTS
SWIRE PROPERTIES ANNUAL REPORT 2022

140
NOTES TO THE FINANCIAL STATEMENTS
1.	 Changes in Accounting Policies and Disclosures (continued)
(c)	 Change in accounting policy on lessor forgiveness of lease payments (continued)
The Group has changed its accounting policy having regard to the IASB agenda decision. In applying the requirements in HKFRS 9, 
the Group re-measures the ECL on its operating lease receivables immediately prior to the date the lease payments are forgiven,  
with any changes being recognised as rental outgoings in the consolidated statement of profit or loss. Once the lease payments 
are forgiven, the Group derecognises the operating lease receivable, including any associated ECL allowance. Lease payment 
forgiven that are not associated with operating lease receivables are recognised as lease modifications under HKFRS 16. 
The change in accounting policy has been applied retrospectively by restating the balances at 31st December 2021 and  
1st January 2021, and the results for the year ended 31st December 2021:
As previously 
reported
HK$M
Effect of  
change
HK$M
As  
restated
HK$M
Consolidated Statement of Profit or Loss and Other Comprehensive  
 
Income for the year ended 31st December 2021
Revenue
15,891
427
16,318
Cost of sales
(5,369)
(432)
(5,801)
Share of profit less losses of joint venture companies
1,870
(2)
1,868
Taxation
(1,961)
(3)
(1,964)
Profit for the year attributable to:
 
– The Company’s shareholders
7,121
(9)
7,112
 
– Non-controlling interests
168
(1)
167
Net translation differences on foreign operations recognised during the year
1,095
(2)
1,093
Total comprehensive income attributable to:
 
– The Company’s shareholders
8,802
(11)
8,791
 
– Non-controlling interests
191
(1)
190
Consolidated Statement of Financial Position at 31st December 2021
Assets
 
Joint venture companies
21,999
(64)
21,935
 
Trade and other receivables
2,805
(585)
2,220
(649)
Liabilities
 
Deferred tax liabilities
10,847
(101)
10,746
(101)
Equity 
 
Reserves
281,706
(531)
281,175
 
Non-controlling interests
2,003
(17)
1,986
(548)
Consolidated Statement of Financial Position at 1st January 2021
Assets
 
Joint venture companies
15,806
(62)
15,744
 
Trade and other receivables
2,704
(577)
2,127
(639)
Liabilities
 
Deferred tax liabilities
10,094
(103)
9,991
(103)
Equity 
 
Reserves
278,287
(520)
277,767
 
Non-controlling interests
1,944
(16)
1,928
(536)

SWIRE PROPERTIES ANNUAL REPORT 2022 141
1.	 Changes in Accounting Policies and Disclosures (continued)
(c)	 Change in accounting policy on lessor forgiveness of lease payments (continued)
The change in accounting policy affected the following items in the consolidated statement of profit or loss and other 
comprehensive income for the year ended 31st December 2022 and the consolidated statement of financial position at  
31st December 2022:
Under 
previous 
accounting 
policy
HK$M
Effect of 
change
HK$M
As  
reported
HK$M
Consolidated Statement of Profit or Loss and Other Comprehensive  
 
Income for the year ended 31st December 2022
Revenue
13,421
405
13,826
Cost of sales
(3,984)
(319)
(4,303)
Share of profit less losses of joint venture companies
1,429
14
1,443
Taxation
(2,046)
(19)
(2,065)
Profit for the year attributable to:
 
– The Company’s shareholders
7,902
78
7,980
 
– Non-controlling interests
244
3
247
Net translation differences on foreign operations recognised during the year
(3,322)
(1)
(3,323)
Total comprehensive income attributable to:
 
– The Company’s shareholders
3,126
77
3,203
 
– Non-controlling interests
134
3
137
Consolidated Statement of Financial Position at 31st December 2022
Assets
 
Joint venture companies
24,639
(50)
24,589
 
Trade and other receivables
3,334
(500)
2,834
(550)
Liabilities
 
Taxation payable
245
(60)
185
 
Deferred tax liabilities
11,270
(22)
11,248
(82)
Equity 
 
Reserves
279,216
(454)
278,762
 
Non-controlling interests
3,061
(14)
3,047
(468)
2.	 Financial Risk Management
Financial risk factors
In the normal course of business the Group is exposed to financial risks attributable to interest rates, currencies, credit and liquidity.
Management manages and monitors these exposures to ensure appropriate measures are implemented in a timely and effective 
manner. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise 
potential adverse effects on the Group’s financial performance.

142
NOTES TO THE FINANCIAL STATEMENTS
2.	 Financial Risk Management (continued)
(i)	 Interest rate exposure
The Group’s interest rate risk arises primarily from borrowings. Borrowings at variable rates expose the Group to cash flow interest 
rate risk. Borrowings at fixed rates expose the Group to fair value interest rate risk. The Group earns interest income on cash 
deposits and some loans due from joint venture and associated companies.
The Group uses interest rate swaps to manage its long-term interest rate exposure.
The impact on the Group’s consolidated statements of profit or loss and other comprehensive income of a 100 basis-points 
increase or decrease in market interest rates from the rates applicable at 31st December, with all other variables held constant, 
would have been:
100 basis-points
increase in
interest rates
HK$M
100 basis-points
decrease in
interest rates
HK$M
At 31st December 2022
Impact on profit or loss: (losses)/gains
(34)
34
Impact on other comprehensive income: gains/(losses)
4
(3)
At 31st December 2021
Impact on profit or loss: gains/(losses)
107
(74)
Impact on other comprehensive income: gains/(losses)
33
(34)
This analysis is based on a hypothetical situation, as in practice market interest rates rarely change in isolation, and should not be 
considered a projection of likely future profit or losses. The analysis assumes the following:
–	 Changes in market interest rates affect the interest income or expense of floating rate financial instruments
–	 Changes in market interest rates only affect interest income or expense in relation to fixed rate financial instruments if these 
are recognised at fair value
–	 Changes in market interest rates affect the fair value of derivative financial instruments
–	 All other financial assets and liabilities are held constant
(ii)	 Currency exposure
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily 
with respect to US dollars and Chinese Renminbi. Foreign exchange risk arises from the foreign currency denomination of 
commercial transactions, assets and liabilities, and net investments in foreign operations.
The Group is not subject to any significant foreign currency risk as the revenue, expenses and borrowings of the Group’s foreign 
operating subsidiaries are denominated in the functional currencies of those operations. However, the Group is exposed to 
insignificant foreign exchange risk on US dollar medium-term notes and the Group managed this exposure by hedging through 
cross-currency swap contracts entered by the Group.
Exposure arising from the Group’s investments in operating subsidiaries with net assets denominated in foreign currencies is 
reduced, where practical, by providing funding in the same currency.
Foreign currency funding and deposit exposure is monitored by the treasury department on a continuous basis. The Finance 
Director of the Group approve all foreign currency hedges prior to implementation.
The impact on the Group’s consolidated statements of profit or loss and other comprehensive income of a strengthening or 
weakening in the Hong Kong dollar against the US dollar from the year-end rate of 7.7974 (2021: 7.7966), with all other variables 
held constant, would have been:

SWIRE PROPERTIES ANNUAL REPORT 2022 143
2.	 Financial Risk Management (continued)
(ii)	 Currency exposure (continued)
Strengthening in 
HKD to lower 
peg limit (7.75)
HK$M
Weakening in 
HKD to upper
peg limit (7.85)
HK$M
At 31st December 2022
Impact on profit or loss
–
–
Impact on other comprehensive income
–
–
At 31st December 2021
Impact on profit or loss
–
–
Impact on other comprehensive income: (losses)/gains
(6)
7
The analysis is based on a hypothetical situation, as in practice market exchange rates rarely change in isolation, and should not 
be considered a projection of likely future profits or losses. The analysis assumes the following:
–	 All foreign currency cash flow hedges are highly effective
–	 Currency risk does not arise from financial assets or liabilities denominated in the functional currencies of the Company and its 
subsidiary companies
–	 Currency risk does not arise from financial instruments that are non-monetary items
(iii)	 Credit exposure
The Group’s credit risk is primarily attributable to trade and other receivables, derivative financial instruments, receivables from 
joint venture companies and associated companies and cash and deposits with banks and financial institutions.
Risk management
The exposure to these credit risks is closely monitored on a continuous basis by reference to established credit policies. For banks 
and financial institutions, only independently rated parties with investment grade credit ratings are accepted as counterparties. 
Tenants are assessed and rated based on their credit quality, taking into account their financial position, past experience and 
other factors. The Group does not grant credit terms to its customers, except to corporate customers in the hotel division where 
commercial trade credit terms are given. The Group also holds non-interest-bearing rental deposits as security against trade 
debtors. In addition, the Group and the Company monitor the exposure to credit risk in respect of the financial assistance 
provided to subsidiaries, joint venture and associated companies through exercising control, joint control or significant influence 
over their financial and operating policy decisions and reviewing their financial positions on a regular basis.
The Group has the following major types of assets that are subject to the expected credit loss model:
–	 Trade receivables
–	 Other financial assets at amortised cost
Trade receivables
The Group applies the HKFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss 
allowance for trade receivables. As the Group’s historical credit loss experience does not indicate different loss patterns for 
different customer segments, the loss allowance based on past due status is not further distinguished among the Group’s 
different customer segments. The expected loss rates are based on historical payment profiles. These rates are adjusted to 
reflect current and forward-looking information about economic conditions.
Trade receivables are written off when there is no reasonable expectation of recovery. Indicators include the failure of a debtor to 
engage in a repayment plan with the Group, and a failure to make contractual payments for a period of greater than 120 days 
past due. Impairment charges on trade receivables are presented as net impairment losses within operating profit. Subsequent 
recoveries of amounts previously written off are credited to the same line item.
Other financial assets at amortised cost
Other financial assets at amortised cost include other receivables and loans due from related parties. Loans due from joint 
venture, associated and other related companies are considered to have low credit risk as the financial positions and 
performances of these companies are regularly monitored and reviewed by management of the Group.
SWIRE PROPERTIES ANNUAL REPORT 2022

144
NOTES TO THE FINANCIAL STATEMENTS
2.	 Financial Risk Management (continued)
(iv)	 Liquidity exposure
The Group takes liquidity risk into consideration when deciding its sources of funds and their tenors, so as to avoid over reliance 
on funds from any one source and to prevent substantial refinancing in any one period. Cash flow forecasting is performed in the 
operating entities of the Group and aggregated by the head office. The head office monitors rolling forecasts of the Group’s 
liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its 
undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits or covenants (where 
applicable) on any of its borrowing facilities. Such forecasting takes into consideration the Group’s debt financing plans, covenant 
compliance, compliance with internal balance sheet ratio targets and, if applicable, external regulatory or legal requirements.
The tables below analyse the contractual undiscounted cash flows of the Group’s non-derivative financial liabilities and net-
settled derivative financial liabilities by relevant maturity groupings based on the remaining periods at the year-end date to the 
earliest contractual maturity dates.
At 31st December 2022
Note
Carrying 
amount 
HK$M
Total 
contractual 
undiscounted 
cash flow 
HK$M
Within  
1 year or  
on demand 
HK$M
More than 
1 year but 
less than
2 years
HK$M
More than
2 years but
less than
5 years
HK$M
More than
5 years
HK$M
Trade creditors
27
812
812
812
–
–
–
Rental deposits from tenants
27
2,715
2,715
840
551
1,011
313
Other payables
27
5,890
5,890
5,890
–
–
–
Put option in respect of a non-controlling interest
27
590
590
590
–
–
–
Lease liabilities
28
614
715
98
89
228
300
Borrowings (including interest obligations)
29
22,835
25,520
1,369
2,518
16,496
5,137
Financial guarantee contracts
40
–
4,254
4,254
–
–
–
33,456
40,496
13,853
3,158
17,735
5,750
At 31st December 2021
Note
Carrying 
amount 
HK$M
Total 
contractual 
undiscounted 
cash flow 
HK$M
Within  
1 year or 
on demand 
HK$M
More than  
1 year but  
less than
2 years
HK$M
More than
2 years but
less than
5 years
HK$M
More than
5 years
HK$M
Trade creditors
27
721
721
721
–
–
–
Rental deposits from tenants
27
2,782
2,782
754
609
984
435
Other payables
27
5,425
5,432
5,278
52
102
–
Put option in respect of a non-controlling interest
27
551
551
551
–
–
–
Lease liabilities
28
566
682
66
69
166
381
Borrowings (including interest obligations)
29
24,601
27,086
9,584
679
9,358
7,465
Derivative financial instruments
30
7
7
7
–
–
–
Financial guarantee contracts
40
–
3,719
3,719
–
–
–
34,653
40,980
20,680
1,409
10,610
8,281

SWIRE PROPERTIES ANNUAL REPORT 2022 145
3.	 Critical Accounting Estimates and Judgements
Estimates and judgements used in preparing the financial statements are continually evaluated and are based on historical 
experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The 
Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, inevitably, seldom be equal 
to the related actual results. The estimates and assumptions that have a significant effect on the carrying amounts of assets and 
liabilities are discussed in the relevant notes as follows:
(a)	Impairment of property, plant and equipment (note 15)
(b)	Fair value of investment properties (note 16)
(c)	 Retirement benefits (note 34)
4.	 Revenue
Accounting Policy
Revenue is recognised when a customer obtains control of a good or service and thus has the ability to direct the use and obtain 
benefits from the good or service. Provided the collectability of the related receivable is probable, revenue is recognised as follows:
(a)	Rental income is recognised when a lease commences. According to the contractual terms, leased properties do not have 
alternative uses to the Group after the leasing period stipulated in the signed tenancy agreements commence. Rental income 
is recognised on a straight-line basis over the shortest of (i) the remaining lease term, (ii) the period to the next rent review 
date and (iii) the period from the commencement date of the lease to the first break option date (if any), exclusive of any 
turnover rent (if applicable) and other charges and reimbursements (if any). Where the lease includes a rent-free period, the 
rental income foregone is allocated evenly over the lease term. Turnover rent is recognised when the lessee’s revenue 
transaction is recognised. Rental income forgiven (not recognised as an expected credit loss of operating lease receivables) is 
treated as a lease modification, and the revised future lease income under the new lease, including any prepaid or accrued 
lease income relating to the original lease is subsequently recognised as income on a straight-line basis.
(b)	The Group develops and sells residential properties. Revenue is recognised when control over the property has been 
transferred to the buyers. According to the contractual terms, the properties generally do not have alternative uses to the 
Group after the signing of sales contracts with the buyers. However, in Hong Kong and the U.S.A., an enforceable right to 
payment does not arise until legal title of the property has been transferred to the buyer. Therefore, revenue is recognised 
upon completion of the transfer of legal title to the buyer. Revenue from sales of properties in Singapore is recognised over 
time because, after the signing of a sales contract with the buyer, the Group has an enforceable right to payment for 
performance completed to date. Revenue from sales of these properties is recognised based on the stage of completion of the 
contract using the input method.
(c)	 Sale of goods are recognised when the goods are delivered to the customer and the customer has accepted the related risks 
and rewards of ownership. Sales of food and beverages happen at a point in time and do not include any significant separate 
performance obligations.
(d)	Sales of services, including services provided by hotel operations and estate management, are recognised when the services 
are rendered. Revenue is recognised over time rather than at a point in time.
The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the 
customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust transaction prices for the 
time value of money.

146
NOTES TO THE FINANCIAL STATEMENTS
4.	 Revenue (continued)
Accounting Policy (continued)
Definition of terms
Contract asset: An entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer 
when that right is conditional on something other than the passage of time (for example, the entity’s future performance).
Contract liability: An entity’s obligation to transfer goods or services to a customer for which the entity has received consideration 
from the customer.
When the Group enters into sale and purchase contracts for properties or sale contracts for services other than tenancy 
agreements, if the performance obligations fulfilled by the Group exceed the total payments received to date, a contract asset is 
recognised; if the total payments received to date exceed the performance obligation fulfilled, a contract liability is recognised. 
Deposits received upon signing of sale and purchase contracts, or sale contracts are recognised as contract liabilities.
Direct costs incurred to obtain a contract are capitalised if the Group expects to recover those costs. Costs of obtaining a contract 
are amortised on a straight-line basis over the expected life of the contract. The Group has elected to adopt the practical expedient 
to expense such direct costs to profit or loss since the period of amortisation is generally one year or less with no material impact 
to the Group.
Contract asset and contract liability are defined in HKFRS 15 “Revenue from Contracts with Customers”. These two terms do not 
apply to rental income from lease agreements, which is specifically excluded from the scope of HKFRS 15.
Revenue represents sales by the Company and its subsidiary companies to external customers and comprises:
2022
HK$M
2021
HK$M
Restated
Gross rental income from investment properties
12,226
12,879
Property trading
921
2,443
Hotels
565
894
Rendering of other services
114
102
13,826
16,318
2022
HK$M
2021
HK$M
Revenue recognised in the current reporting period that was related to the  
 
contract liability balance at the beginning of the year
120
4
Of the contract liabilities of HK$14 million outstanding at 31st December 2022 (2021: HK$120 million), HK$14 million (2021: HK$120 
million) is expected to be recognised as revenue within one year.
The following table shows unsatisfied performance obligations resulting from contracts with customers.
2022
HK$M
2021
HK$M
Aggregate amount of the transaction price allocated to revenue contracts that are partially or  
 
fully unsatisfied at the end of the year
90
992
Of the amount disclosed above at 31st December 2022, HK$90 million (2021: HK$992 million) is expected to be recognised as revenue 
within one year.

SWIRE PROPERTIES ANNUAL REPORT 2022 147
5.	 Cost of Sales
2022
HK$M
2021
HK$M
Restated
Direct rental outgoings in respect of investment properties that
 
– generated rental income
2,798
2,885
 
– did not generate rental income
199
177
2,997
3,062
Property trading
621
1,856
Hotels
685
883
4,303
5,801
6.	 Other Net Gains
2022
HK$M
2021
HK$M
Gains on disposal of investment properties
31
1,028
Gains on disposal of property, plant and equipment
–
9
Gains on disposal of assets classified as held for sale
20
36
Change in fair value of assets classified as held for sale
48
42
Change in fair value of financial assets at fair value through profit or loss
–
(12)
Net foreign exchange (losses)/gains
(107)
60
Government subsidies
31
15
Others
56
53
79
1,231
7.	 Expenses by Nature
Expenses included in cost of sales, administrative and selling expenses, and other operating expenses are analysed as follows:
2022
HK$M
2021
HK$M
Restated
Impairment charged on trade receivables*
341
466
Depreciation of property, plant and equipment (note 15)
232
273
Depreciation of right-of-use assets
 
– leasehold land held for own use
25
27
 
– property
39
38
Amortisation of
 
– intangible assets (note 17)
53
47
 
– initial leasing costs in respect of investment properties
79
35
Staff costs
1,899
1,965
Other lease expenses**
32
32
Auditors’ remuneration
 
– audit services
11
11
 
– tax services
3
5
 
– other services
3
2
*	 These impairments include ECL on the operating lease receivables in relation to the forgiveness of lease payments, i.e. rent concessions granted to 
tenants during the year, under HKFRS 9 of HK$319 million (2021 (Restated): HK$432 million).
**	 These expenses relate to short-term leases and leases of low-value assets, net of rent concessions received (2022: nil; 2021: HK$1 million). They are 
directly charged to the consolidated statement of profit or loss and are not included in the measurement of lease liabilities under HKFRS 16.

148
NOTES TO THE FINANCIAL STATEMENTS
8.	 Segment Information
The Group is organised on a divisional basis: Property investment, Property trading and Hotels. The reportable segments within each 
of the three divisions are classified according to the nature of the business.
Accounting Policy
Segment information is reported in a manner consistent with the Group’s internal financial reporting provided to the Executive 
Directors for making strategic decisions. A reportable segment comprises either one or more operating segments which can be 
aggregated together because they share similar economic characteristics or single operating segments which are discloseable 
separately because they cannot be aggregated or because they exceed certain quantitative thresholds.
(a)	 Information about reportable segments
Analysis of Consolidated Statement of Profit or Loss
External 
revenue
HK$M
Inter-
segment 
revenue
HK$M
Operating 
profit/(losses) 
after 
depreciation 
and 
amortisation
HK$M
Finance 
charges
HK$M
Finance 
income
HK$M
Share of 
profit less 
losses of 
joint 
venture 
companies
HK$M
Share of 
profit less 
losses of 
associated 
companies
HK$M
Profit/
(Losses) 
before 
taxation
HK$M
Taxation
HK$M
Profit/
(Losses) for 
the year
HK$M
Profit/
(Losses) 
attributable 
to the 
Company’s 
shareholders
HK$M
Depreciation 
and 
amortisation 
charged to 
operating 
profit
HK$M
Year ended  
 
31st December 2022 
 
Property investment 
12,340
3
8,273
(359)
171
1,018
–
9,103
(974)
8,129
8,025
(247)
 
Property trading 
921
–
209
–
1
(18)
66
258
(87)
171
171
–
 
Hotels 
565
4
(259)
–
–
(67)
(54)
(380)
38
(342)
(341)
(181)
 
Change in fair value of  
 
 
investment properties 
–
–
801
–
–
510
–
1,311
(1,042)
269
125
–
 
Inter-segment  
 
 
elimination 
–
(7)
–
–
–
–
–
–
–
–
–
–
13,826
–
9,024
(359)
172
1,443
12
10,292
(2,065)
8,227
7,980
(428)
Year ended  
 
31st December 2021  
 
(Restated)
 
Property investment 
12,981
3
9,463
(582)
229
1,004
–
10,114
(1,353)
8,761
8,654
(208)
 
Property trading 
2,443
–
492
(11)
1
120
–
602
2
604
601
–
 
Hotels 
894
4
(174)
(14)
–
(70)
(82)
(340)
31
(309)
(307)
(212)
 
Change in fair value of  
 
 
investment properties
–
–
(1,947)
–
–
814
–
(1,133)
(644)
(1,777)
(1,836)
–
 
Inter-segment  
 
 
elimination
–
(7)
–
–
–
–
–
–
–
–
–
–
16,318
–
7,834
(607)
230
1,868
(82)
9,243
(1,964)
7,279
7,112
(420)
Note: 
Sales between business segments are accounted for at competitive prices charged to unaffiliated customers for similar goods and services.

SWIRE PROPERTIES ANNUAL REPORT 2022 149
8.	 Segment Information (continued)
(a)	 Information about reportable segments (continued)
Analysis of total assets of the Group
Segment 
assets 
 HK$M 
Joint
venture
companies*
HK$M
Associated 
companies* 
 HK$M 
Bank 
deposits 
and cash 
 HK$M 
Total 
assets 
 HK$M 
Additions to 
non-current 
assets (Note)  
HK$M
At 31st December 2022 
 
Property investment 
278,255
35,439
–
4,252
317,946
7,689
 
Property trading 
9,911
2,762
285
164
13,122
–
 
Hotels
4,107
1,661
240
86
6,094
34
292,273
39,862
525
4,502
337,162
7,723
At 31st December 2021 (Restated)
 
Property investment
274,194
33,428
–
14,161
321,783
4,374
 
Property trading
8,058
2,717
219
548
11,542
–
 
Hotels
4,574
1,409
242
124
6,349
122
286,826
37,554
461
14,833
339,674
4,496
*	 The assets relating to joint venture and associated companies include the loans due from these companies.
Note:
In this analysis, additions to non-current assets during the year exclude joint venture and associated companies, financial assets at fair value 
through profit or loss and other comprehensive income, financial instruments, deferred tax assets, retirement benefit assets and other financial 
assets at amortised cost.
Analysis of total liabilities and non-controlling interests of the Group
Segment 
liabilities 
 HK$M 
Current and 
deferred tax 
liabilities 
 HK$M 
External 
borrowings 
HK$M 
Lease 
liabilities 
HK$M 
Total 
liabilities 
 HK$M 
Non- 
controlling 
interests 
 HK$M 
At 31st December 2022
 
Property investment
8,529
11,413
14,685
614
35,241
3,017
 
Property trading
1,326
20
7,782
–
9,128
2
 
Hotels
167
–
368
–
535
28
10,022
11,433
22,835
614
44,904
3,047
At 31st December 2021 (Restated)
 
Property investment
8,303
11,073
18,839
566
38,781
1,952
 
Property trading
1,336
21
5,412
–
6,769
2
 
Hotels
164
–
350
–
514
32
9,803
11,094
24,601
566
46,064
1,986

150
NOTES TO THE FINANCIAL STATEMENTS
8.	 Segment Information (continued)
(a)	 Information about reportable segments (continued)
Analysis of external revenue of the Group – Timing of revenue recognition
At a point
in time 
 HK$M 
Over time
 HK$M 
Rental 
income
on leases
HK$M
Total 
 HK$M 
Year ended 31st December 2022
 
Property investment
–
114
12,226
12,340
 
Property trading
921
–
–
921
 
Hotels
331
234
–
565
1,252
348
12,226
13,826
Year ended 31st December 2021 (Restated) 
 
Property investment
–
102
12,879
12,981
 
Property trading
2,443
–
–
2,443
 
Hotels
478
416
–
894
2,921
518
12,879
16,318
(b)	 Information about geographical areas
The activities of the Group are principally based in Hong Kong, the Chinese Mainland and the U.S.A.
An analysis of revenue and non-current assets of the Group by principal markets is outlined below:
Revenue
Non-current assets (Note)
2022
HK$M
2021
HK$M
Restated
2022
HK$M
2021
HK$M
Hong Kong
9,319
9,108
229,330
228,318
Chinese Mainland
3,648
3,913
42,612
40,766
U.S.A. and elsewhere
859
3,297
6,489
6,108
13,826
16,318
278,431
275,192
Note:
In this analysis, the total of non-current assets exclude joint venture and associated companies, financial assets at fair value through profit or  
loss and other comprehensive income, financial instruments, deferred tax assets, retirement benefit assets and other financial assets at 
amortised cost.
Of the joint venture and associated companies balances, HK$7,668 million (2021 (Restated): HK$7,100 million) is based in Hong Kong,  
HK$16,797 million (2021 (Restated): HK$14,933 million) is based in the Chinese Mainland and HK$597 million (2021: HK$363 million) is based  
in U.S.A. and elsewhere.

SWIRE PROPERTIES ANNUAL REPORT 2022 151
9.	 Directors’ and Executive Officers’ Emoluments
(a) 	 The total emoluments of Directors of the Company disclosed pursuant to section 383 (1) of the Hong Kong Companies Ordinance 
and the Companies (Disclosure of Information about Benefits of Directors) Regulation are as follows:
Cash
Non-cash
 Salary 
HK$’000 
Fees  
 HK$’000 
 Discretionary  
 bonus  
 (note (i))  
 HK$’000 
 Allowance  
 and benefits  
 HK$’000 
 Retirement  
 scheme  
 contributions  
 HK$’000 
 Discretionary  
 bonus paid  
 into 
retirement  
scheme
 HK$’000 
 Housing  
 and other  
 benefits 
(note (ii))  
 HK$’000 
 Total  
 2022 
 HK$’000 
 Total  
 2021 
 HK$’000 
For the year ended  
 
31st December 2022
Executive Directors
G.M.C. Bradley  
 
(Chairman)  
 
(note (iii))
578
–
202
10
127
202
800
1,919
11,334
M.B. Swire  
 
(note (iv))
–
–
–
–
–
–
–
–
–
T.J. Blackburn  
 
(note (v))
3,267
–
1,069
3,241
719
1,069
358
9,723
2,770
F.N.Y. Lung
3,740
–
1,521
1,179
976
–
–
7,416
7,006
M.S.C. Ma (note (vi))
3,298
–
2,347
798
448
–
99
6,990
1,478
Non-Executive  
 
Directors
N.A.H. Fenwick
–
–
–
–
–
–
–
–
–
R.S.K. Lim
–
575
–
–
–
–
–
575
575
M.J. Murray (note (vii))
–
–
–
–
–
–
–
–
–
M.B. Swire (note (iv))
–
–
–
–
–
–
–
–
–
P. Healy (note (viii))
–
–
–
–
–
–
–
–
–
M.M.S. Low (note (ix))
–
–
–
–
–
–
–
–
–
Independent 
 
Non-Executive  
 
Directors
L.K.L. Cheng
–
761
–
–
–
–
–
761
761
T.T.K. Choi
–
684
–
–
–
–
–
684
635
S.T. Fung
–
726
–
–
–
–
–
726
658
J.L. Wang
–
575
–
–
–
–
–
575
575
M.Y. Wu
–
843
–
–
–
–
–
843
843
Total 2022
10,883
4,164
5,139
5,228
2,270
1,271
1,257
30,212
N/A
Total 2021
9,294
4,047
3,351
3,252
1,996
1,914
2,781
N/A
26,635
Notes:
(i)	
The bonuses disclosed above are related to services as Executive Directors for the previous year.
(ii)	 Other benefits include medical and insurance benefits and overseas tax subsidies.
(iii)	 G.M.C. Bradley was Chief Executive until 24th August 2021 and was elected as Chairman with effect from 25th August 2021.
(iv)	 M.B. Swire was Chairman and an Executive Director until 24th August 2021 and was re-designated as a Non-Executive Director with effect 
from 25th August 2021.
(v)	 T.J. Blackburn was appointed as an Executive Director and became Chief Executive with effect from 25th August 2021.
(vi)	 M.S.C. Ma was appointed as an Executive Director on 25th August 2021.
(vii)	 M.J. Murray was appointed as a Non-Executive Director on 1st April 2021.
(viii)	P. Healy resigned as a Non-Executive Director on 24th August 2021.
(ix)	 M.M.S. Low resigned as a Non-Executive Director on 31st March 2021.

152
NOTES TO THE FINANCIAL STATEMENTS
9.	 Directors’ and Executive Officers’ Emoluments (continued)
(b)	 Five highest paid individuals
The five individuals whose emoluments were the highest in the Group are as follows:
Year ended 31st December
2022
2021
Number of individuals:
 
Executive Directors (note (i))
3
1
 
Executive Officers (note (ii))
2
4
5
5
Notes:
(i)	 Details of the emoluments paid to these Executive Directors are included in the disclosure set out in note 9(a) above.
(ii)	Details of the emoluments paid to the above executive officers are as follows.
For the year ended 31st December 2021, an Executive Officer was appointed as an Executive Director with effect from  
25th August 2021. Details of the aggregate of the emoluments paid to this Executive Director (including the emoluments paid  
to this Executive Director and disclosed in note 9(a) above) and the other three highest paid Executive Officers are as follows.
Year ended 31st December
2022
HK$’000
2021
HK$’000
Cash:
 
Salary
5,626
10,194
 
Discretionary bonus (Note)
3,340
5,155
 
Allowance and benefits
676
3,690
Non-cash:
 
Retirement scheme contributions
765
1,656
 
Bonus paid into retirement scheme
–
659
 
Housing and other benefits
4,899
13,089
15,306
34,443
Note: 
The bonuses disclosed above are related to services for the previous year.
The number of the above Executive Officers whose emoluments fell within the following bands:
Year ended 31st December
2022
2021
HK$10,000,001 – HK$10,500,000
–
1
HK$9,500,001 – HK$10,000,000
–
1
HK$8,500,001 – HK$9,000,000
1
–
HK$7,000,001 – HK$7,500,000
–
2
HK$6,500,001 – HK$7,000,000
1
–
2
4

SWIRE PROPERTIES ANNUAL REPORT 2022 153
10.	Net Finance Charges
Accounting Policy
Interest costs incurred are charged to the consolidated statement of profit or loss except for those interest charges attributable 
to the acquisition, construction or production of qualifying assets (i.e. assets that necessarily take a substantial period of time to 
get ready for their intended use or sale) which are recognised as part of the cost of those assets. Capitalisation of such borrowing 
costs ceases when the assets are substantially ready for their intended use or sale.
Interest income on financial assets at fair value through profit or loss (“FVPL”) is included in the net fair value gains/(losses) on 
these assets. Interest income on financial assets at amortised cost and financial assets at fair value through other comprehensive 
income (“FVOCI”) calculated using the effective interest method is recognised on a time proportion basis in the consolidated 
statement of profit or loss as part of finance income. Interest income is presented as finance income where it is earned from 
financial assets that are held for cash management purposes. Any other interest income is included in other net gains/(losses). 
Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for 
financial assets that subsequently become credit-impaired. For credit-impaired financial assets the effective interest rate is 
applied to the net carrying amount of the financial asset (after deduction of the loss allowance).
Refer to the table with heading “Audited Financial Information” on page 86 for details of the Group’s net finance charges.
11.	Taxation
Accounting Policy
The tax charge comprises current and deferred tax. The tax charge is recognised in the consolidated statement of profit or loss, 
except to the extent that it relates to items recognised in the consolidated statement of other comprehensive income or directly 
to equity.
The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting 
period in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically 
evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It 
establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
2022
2021
HK$M
HK$M
HK$M
Restated
HK$M
Restated
Current taxation
 
Hong Kong profits tax
401
780
 
Overseas tax
590
627
 
(Over)/Under-provisions in prior years 
(5)
4 
986
1,411
Deferred taxation (note 31)
 
Change in fair value of investment properties
472
437
 
Origination and reversal of temporary differences
598
116
 
Effect of change in tax rate in the U.S.A.
9
–
1,079
553
2,065
1,964
Hong Kong profits tax is calculated at 16.5% (2021: 16.5%) on the estimated assessable profits for the year. Overseas tax is calculated 
at tax rates applicable in jurisdictions in which the Group is assessable for tax.

154
NOTES TO THE FINANCIAL STATEMENTS
11.	Taxation (continued)
The tax charge on the Group’s profit before taxation differs from the theoretical amount that would arise using the Hong Kong profits 
tax rate of the Company as follows:
2022
HK$M
2021
HK$M
Restated
Profit before taxation
10,292
9,243
Calculated at a tax rate of 16.5% (2021: 16.5%)
1,698
1,525
Share of results of joint venture and associated companies
(240)
(295)
Effect of different tax rates in other countries
350
377
Effect of change in tax rate in the U.S.A.
9
–
Fair value losses on investment properties
189
595
Income not subject to tax
(107)
(278)
Expenses not deductible for tax purposes
95
20
Unused tax losses not recognised
39
59
Utilisation of previously unrecognised tax losses
(3)
(80)
Recognition of previously unrecognised tax losses
(6)
(53)
Withholding tax
46
90
(Over)/Under-provisions in prior years
(5)
4 
Tax charge
2,065
1,964
The Group’s share of joint venture companies’ tax charges of HK$526 million (2021 (Restated): HK$537 million) and share of 
associated companies’ tax charges of HK$40 million (2021: tax credits of HK$14 million) respectively are included in the share of 
results of joint venture and associated companies shown in the consolidated statement of profit or loss.
12.	Profit Attributable to the Company’s Shareholders
Of the profit attributable to the Company’s shareholders, HK$25,282  million (2021: HK$5,629 million) is dealt with in the financial 
statements of the Company.
13.	Dividends
Accounting Policy
Dividend distributions to the Company’s shareholders are recognised as a liability in the Group’s financial statements in the 
period in which the dividends are approved by the Company’s shareholders or declared by the Company’s Directors, where 
appropriate.
2022
HK$M
2021
HK$M
First interim dividend paid on 6th October 2022 of HK$0.32 per share (2021: HK$0.31)
1,872
1,814
Second interim dividend declared on 9th March 2023 of HK$0.68 per share (2021: HK$0.64)
3,978
3,744
5,850
5,558
The second interim dividend is not accounted for in 2022 because it had not been declared or approved at the year-end date. The 
actual amount payable in respect of 2022 will be accounted for as an appropriation of the revenue reserve in the year ending  
31st December 2023 when declared.

SWIRE PROPERTIES ANNUAL REPORT 2022 155
14.	Earnings Per Share (Basic and Diluted)
Earnings per share is calculated by dividing the profit attributable to the Company’s shareholders of HK$7,980 million (2021 
(Restated): HK$7,112 million) by the daily weighted average number of 5,850,000,000 ordinary shares in issue during 2022 (2021: 
5,850,000,000 ordinary shares).
15.	Property, Plant and Equipment
Accounting Policy
Property, plant and equipment is carried at cost less accumulated depreciation and impairment. Cost includes expenditure that is 
directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognised 
as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to 
the Group and the cost of the item can be measured reliably.
With the exception of freehold land, all other items of property, plant and equipment are depreciated at rates sufficient to write 
off their original costs to estimated residual values using the straight-line method over their anticipated useful lives in the 
following manner:
Buildings	
2% to 5% per annum
Plant and equipment	
10% to 331/3% per annum
The assets’ expected useful lives and residual values are regularly reviewed and adjusted, if appropriate, at the end of each 
reporting period to take into account operational experience and changing circumstances.
On the transfer of owner-occupied property to investment property, increases in the carrying amount arising on revaluation of 
land and buildings are credited to the consolidated statement of other comprehensive income and shown as property revaluation 
reserve in shareholders’ equity. Decreases that offset previous increases of the same asset are charged in the consolidated 
statement of other comprehensive income and debited against property revaluation reserve directly in equity; all other 
decreases are charged to the consolidated statement of profit or loss.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amounts and are recognised within 
other net gains/(losses) in the consolidated statement of profit or loss. When revalued assets are sold, the amounts included in 
the property revaluation reserve are transferred to revenue reserve.
Critical Accounting Estimates and Judgements
At each reporting date or whenever a change in circumstances occurs, both internal and external sources of information are 
considered to assess whether there is an indication that assets are impaired. If such an indication exists, the recoverable amount 
of the asset is estimated using fair value less costs of disposal and/or value in use calculations as appropriate. If the carrying 
amount of an asset exceeds its recoverable amount, an impairment charge is recognised to reduce the asset to its recoverable 
amount. Such impairment charges are recognised in the consolidated statement of profit or loss within other net gains/(losses).

156
NOTES TO THE FINANCIAL STATEMENTS
15.	Property, Plant and Equipment (continued)
Land and
buildings
HK$M
Plant and
equipment 
HK$M
Total
HK$M
Cost:
At 1st January 2022
4,307
1,978
6,285
Translation differences
(152)
(69)
(221)
Additions
10
115
125
Disposals
–
(12)
(12)
At 31st December 2022
4,165
2,012
6,177
Accumulated depreciation and impairment:
At 1st January 2022
1,353
1,551
2,904
Translation differences
(61)
(51)
(112)
Charge for the year (note 7)
106
126
232
Disposals
–
(12)
(12)
At 31st December 2022
1,398
1,614
3,012
Net book value:
At 31st December 2022
2,767
398
3,165
At 31st December 2022 and 2021, none of the Group’s property, plant and equipment was pledged as security for the Group’s  
long-term loans.
Refer to the table with heading “Audited Financial Information” on page 86 for details of the Group’s capitalised interest rates and the 
amount of interest capitalised.
Land and
buildings
HK$M
Plant and
equipment 
HK$M
Total
HK$M
Cost:
At 1st January 2021
5,479
1,818
7,297
Translation differences
68
17
85
Additions
9
181
190
Disposals
(1,216)
(38)
(1,254)
Net transfers to investment properties (note 16)
(49)
–
(49)
Revaluation surplus
16 
– 
16 
At 31st December 2021
4,307 
1,978 
6,285 
Accumulated depreciation and impairment:
At 1st January 2021
1,521
1,454
2,975
Translation differences
25
13
38
Charge for the year (note 7)
152
121
273
Disposals
(337)
(37)
(374)
Transfers to investment properties (note 16)
(8)
– 
(8)
At 31st December 2021
1,353 
1,551 
2,904 
Net book value:
At 31st December 2021
2,954
427
3,381

SWIRE PROPERTIES ANNUAL REPORT 2022 157
16.	Investment Properties
Accounting Policy
Investment property comprises freehold land, leasehold land and buildings held for long-term rental yields or for capital 
appreciation or for both, and that are not occupied by the Group. Property held by the lessee as a right-of-use asset is classified 
and accounted for as an investment property when the rest of the definition of investment property is met.
Investment properties (including those under development) are carried at fair value and are valued twice a year. The majority of 
investment properties are valued by independent valuers. The valuations are performed in accordance with the HKIS Valuation 
Standards 2020 published by The Hong Kong Institute of Surveyors and are on the basis of market value related to individual 
properties, and separate values are not attributed to land and buildings. These values represent their fair values in accordance 
with HKFRS 13. Land and buildings that are being developed for future use as investment properties and investment properties 
that are being redeveloped for continuing use as investment properties are measured at fair value and included as investment 
properties under development. Changes in fair values are recognised in the consolidated statement of profit or loss.
Subsequent expenditure is charged to an investment property’s carrying amount only when it is probable that future economic 
benefits associated with that expenditure will flow to the Group and the cost can be measured reliably. All other repair and 
maintenance costs in respect of an investment property are expensed in the consolidated statement of profit or loss during the 
financial period in which they are incurred.
If an investment property becomes owner-occupied, it is reclassified as property, plant and equipment or leasehold land under 
right-of-use assets, and its fair value at the date of reclassification becomes its deemed cost for accounting purposes.
Expenditure incurred in leasing out the Group’s investment properties during development is deferred and amortised on a 
straight-line basis in the consolidated statement of profit or loss upon occupation of the property over a period not exceeding the 
term of the leases.
Critical Accounting Estimates and Judgements
Cushman & Wakefield Limited, an independent property valuer, was engaged to carry out a valuation of the major portion of the 
Group’s investment property portfolio at 31st December 2022. This valuation was carried out in accordance with the HKIS 
Valuation Standards 2020 published by The Hong Kong Institute of Surveyors, which define market value as “the estimated 
amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an 
arm’s length transaction, after proper marketing and where the parties each acted knowledgeably, prudently and without 
compulsion”. The assumptions are principally in respect of market rents and yields.
Management has reviewed the independent property valuation and compared it with its own assumptions, with reference to 
comparable sales transaction data where such information is available, and has concluded that the independent property 
valuation of the Group’s investment property portfolio is reasonable.

158
NOTES TO THE FINANCIAL STATEMENTS
16.	Investment Properties (continued)
Completed
HK$M
Under
Development
HK$M
Total
HK$M
At 1st January 2022
236,703
31,112
267,815
Translation differences
(3,279)
(170)
(3,449)
Additions
935
6,806
7,741
Cost written back
(367)
(53)
(420)
Disposals
(269)
–
(269)
Transfer between categories
15,629
(15,629)
–
Net transfers from right-of-use assets
–
2
2
Transfer to assets classified as held for sale
(474)
–
(474)
Disposal of subsidiary companies
–
(556)
(556)
Net fair value (losses)/gains
(764)
1,565
801
248,114
23,077
271,191
Add: Initial leasing costs
177
–
177
At 31st December 2022
248,291
23,077
271,368
At 1st January 2021
239,493
27,338
266,831
Translation differences
1,142
13
1,155
Additions
1,191
3,056
4,247
Cost written back
(6)
–
(6)
Disposals
(1,603)
–
(1,603)
Transfer between categories
1,131
(1,131)
–
Net transfers from property, plant and equipment (note 15)
41
–
41
Net transfers from right-of-use assets
242
633
875
Transfer to assets classified as held for sale
(1,646)
–
(1,646)
Disposal of subsidiary companies
–
(132)
(132)
Net fair value (losses)/gains
(3,282)
1,335 
(1,947)
236,703
31,112
267,815
Add: Initial leasing costs
144 
– 
144 
At 31st December 2021
236,847
31,112
267,959

SWIRE PROPERTIES ANNUAL REPORT 2022 159
16.	Investment Properties (continued)
Geographical Analysis of Investment Properties
2022
HK$M
2021
HK$M
Held in Hong Kong
 
On medium-term leases (10 to 50 years)
30,688
31,586
 
On long-term leases (over 50 years)
194,283
192,378 
224,971
223,964 
Held in the Chinese Mainland
 
On short-term leases (less than 10 years)
49
–
 
On medium-term leases (10 to 50 years)
41,122
39,207 
41,171
39,207 
Held in the U.S.A. 
 
Freehold
5,049
4,644 
271,191
267,815
Additions include capital expenditure in response to climate change. Such expenditure is intended to reduce carbon emission and 
energy use, with a view to mitigating climate-related risks and to meet carbon reduction targets. For further details, refer to the 
Sustainable Development section on pages 121 to 127.
Refer to the table with heading “Audited Financial Information” on page 86 for details of the Group’s capitalised interest rates and the 
amount of interest capitalised.
Valuation processes and techniques underlying management’s estimate of fair value
The Group’s investment properties were valued at their fair values at 31st December 2022. 95% by value were valued by Cushman & 
Wakefield Limited and 2% by value were valued by another independent valuer, in each case on the basis of market value. The 
independent professionally qualified valuers hold recognised relevant professional qualifications in the jurisdictions in which they 
valued the Group’s investment properties and have recent experience in the locations and types of investment properties valued. The 
remaining properties were valued by management. The current use of the investment properties equates to the highest and best use.
The valuation of the Group’s completed investment property portfolio is derived by capitalising the rental income derived from 
existing tenancies with due provision for reversionary income potential and by making reference to recent comparable sales 
transactions available in the relevant property market.
The valuation of the Group’s investment properties under development is derived by making reference to market capitalisation rates 
and recent comparable sales transactions in the relevant property market (on the assumption that the properties had already been 
completed at the valuation date). It also takes into account the construction cost already incurred and the estimated cost to be 
incurred to complete the project plus the developer’s estimated profit and a margin for risk.
The fair values of the Group’s investment properties are sensitive to changes in both observable and unobservable inputs. If 
capitalisation rates increase, the fair values decrease. If market rents increase, the fair values increase. If estimated costs to complete 
or the developer’s estimated profit and margin for risk increase, the fair values decrease. The opposite is true for decreases in  
these inputs.
There are inter-relationships between observable and unobservable inputs. Expected vacancy rates may have an impact on yields, 
with higher vacancy rates resulting in higher yields. For investment properties under development, increases in construction costs 
that enhance the properties’ features may result in an increase in future rental values. An increase in future rental income may be 
linked with higher costs.
The Group reviews the valuations performed by the independent valuers for financial reporting purposes. Discussions of valuation 
processes and results are held between management and the independent valuers at least once every half year, in line with the 
Group’s half year reporting dates.

160
NOTES TO THE FINANCIAL STATEMENTS
16.	Investment Properties (continued)
Fair value hierarchy
The Group’s investment properties are measured at fair value and categorised within the fair value hierarchy as follows:
Completed
Under Development
Hong Kong 
HK$M
Chinese 
Mainland 
HK$M
U.S.A. 
HK$M
Total 
HK$M
Hong Kong 
HK$M
Chinese 
Mainland 
HK$M
Total 
HK$M
2022 
Total 
HK$M
Level 2
1,141
193
–
1,334
5,761
–
5,761
7,095
Level 3
204,017
37,714
5,049
246,780
14,052
3,264
17,316
264,096
Total
205,158
37,907
5,049
248,114
19,813
3,264
23,077
271,191
Add: initial leasing costs
177
At 31st December 2022
271,368
Completed
Under Development
Hong Kong 
HK$M
Chinese 
Mainland 
HK$M
U.S.A. 
HK$M
Total 
HK$M
Hong Kong 
HK$M
Chinese 
Mainland 
HK$M
Total 
HK$M
2021 
Total
HK$M
Level 2
1,773
210
–
1,983
13,127
–
13,127
15,110
Level 3
191,079
38,997
4,644
234,720
17,985
–
17,985
252,705
Total
192,852
39,207
4,644
236,703
31,112
–
31,112
267,815
Add: initial leasing costs
144
At 31st December 2021
267,959
Notes:
The levels in the hierarchy represent the following:
Level 2 – Investment properties measured at fair value using inputs other than quoted prices but where those inputs are based on observable  
market data.
Level 3 – Investment properties measured at fair value using inputs not based on observable market data.
The above investment properties principally comprise commercial and residential properties completed and under development in 
Hong Kong and the Chinese Mainland. The Group has other investment property projects, principally the Brickell City Centre mall, in 
Miami which was completed in 2016. Because of the unique nature of the Group’s investment properties, most of them are valued by 
reference to a level 3 fair value measurement.

SWIRE PROPERTIES ANNUAL REPORT 2022 161
16.	Investment Properties (continued)
Fair value hierarchy (continued)
The change in level 3 fair value of investment properties during the year is as follows:
Completed
Under Development
Hong Kong 
HK$M
Chinese 
Mainland 
HK$M
U.S.A. 
HK$M
Total 
HK$M
Hong Kong 
HK$M
Chinese 
Mainland 
HK$M
Total 
HK$M
2022 
Total 
HK$M
At 1st January 2022
191,079
38,997
4,644
234,720
17,985
–
17,985
252,705
Translation differences
–
(3,261)
(1)
(3,262)
–
(170)
(170)
(3,432)
Additions
525
391
17
933
1,865
3,482
5,347
6,280
Cost written back
(367)
–
–
(367)
(52)
–
(52)
(419)
Transfer between categories
15,629
–
–
15,629
(6,170)
–
(6,170)
9,459
Net fair value (losses)/gains
(2,849)
1,587
389
(873)
424
(48)
376
(497)
At 31st December 2022
204,017
37,714
5,049
246,780
14,052
3,264
17,316
264,096
Completed
Under Development
Hong Kong 
HK$M
Chinese 
Mainland 
HK$M
U.S.A. 
HK$M
Total 
HK$M
Hong Kong 
HK$M
Chinese 
Mainland 
HK$M
Total 
HK$M
2021 
Total
HK$M
At 1st January 2021
196,498
34,618
4,799
235,915
14,533
886
15,419
251,334
Translation differences
–
1,109
28
1,137
–
13
13
1,150
Additions
329
818
43
1,190
2,555
92
2,647
3,837
Cost written back
(6)
–
–
(6)
–
–
–
(6)
Disposals
–
(7)
(456)
(463)
–
–
–
(463)
Transfer between categories
445
1,131
–
1,576
–
(1,131)
(1,131)
445
Net transfers from property,  
 
plant and equipment
23
–
–
23
–
–
–
23
Net transfers from right-of-use assets
242
–
–
242
–
–
–
242
Net fair value (losses)/gains
(6,452)
1,328 
230 
(4,894)
897 
140 
1,037 
(3,857)
At 31st December 2021
191,079
38,997
4,644
234,720
17,985
–
17,985
252,705

162
NOTES TO THE FINANCIAL STATEMENTS
16.	Investment Properties (continued)
Information about level 3 fair value measurements using significant unobservable inputs
Fair value
HK$M 
Valuation technique 
Market rent per month1  
HK$ per sq. ft. (lettable)
Capitalisation rate 
At 31st December 2022
Completed
 
Hong Kong
204,017
Income capitalisation
Mid 10’s – Low 500’s
2.50% – 4.75%
 
Chinese Mainland
37,714
Income capitalisation
Less than 10 – Mid 200’s
5.50% – 6.25%
 
U.S.A.
5,049
Income capitalisation
Less than 10 – Low 70’s
5.00% – 5.50%
Sub-total
  246,780
Under development 
 
Hong Kong
14,052
Residual2
Low 60’s – Low 100’s
1.20% – 3.75%
 
Chinese Mainland
3,264
Sales comparison
–
–
Sub-total
17,316
Total (Level 3)
264,096
At 31st December 2021
Completed
 
Hong Kong
191,079
Income capitalisation
Less than 10 – Low 500’s
2.50% – 4.88%
 
Chinese Mainland
38,997
Income capitalisation
Less than 10 – High 200’s
6.00% – 6.75%
 
U.S.A.
4,644
Income capitalisation
Less than 10 – Low 70’s
5.00% – 5.50%
Sub-total
234,720 
Under development 
 
Hong Kong
17,985
Residual2
Low 60’s – High 70’s
3.63% – 3.75%
Total (Level 3)
252,705
1	 Market rent is determined in accordance with the definition of that term in the HKIS Valuation Standards 2020 of The Hong Kong Institute of 
Surveyors, which is “the estimated amount for which all interest in real property should be leased on the valuation date between a willing lessor and 
a willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties had each acted 
knowledgeably, prudently, and without compulsion”. It is in effect the rental income (exclusive of usual outgoings) which a property would be 
expected to earn if it were vacant and available to let. It is not necessarily the same as the rent which a tenant is actually committed to pay.
2	 In using the residual method to make fair value measurements of investment properties, two additional unobservable inputs have been used. These 
are the estimated costs to complete the development and the developer’s estimated profit and margin for risk.

SWIRE PROPERTIES ANNUAL REPORT 2022 163
17.	 Intangible Assets
Accounting Policy
Computer software
Computer software licences acquired are capitalised on the basis of the costs incurred to acquire and bring into use the specific 
software. These costs are amortised over their estimated useful lives (three to five years).
Costs associated with maintaining computer software programmes are recognised as expenses as incurred. Costs that are 
directly associated with the development of identifiable and unique software products controlled by the Group, and that will 
probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets. Direct costs include 
the software development employee costs and an appropriate portion of relevant overheads. Computer software costs 
recognised as assets are amortised over their estimated useful lives (three to five years).
Computer 
Software 
HK$M
Others 
HK$M
Total
HK$M
Cost:
At 1st January 2022
263
205
468
Additions
58
–
58
At 31st December 2022
321
205
526
Accumulated amortisation:
At 1st January 2022
163
102
265
Amortisation for the year (note 7)
32
21
53
At 31st December 2022
195
123
318
Net book value:
At 31st December 2022
126
82
208
Computer 
Software 
HK$M
Others 
HK$M
Total
HK$M
Cost:
At 1st January 2021
211
205
416
Additions
52 
– 
52 
At 31st December 2021
263 
205 
468 
Accumulated amortisation:
At 1st January 2021
138
80
218
Amortisation for the year (note 7)
25 
22 
47 
At 31st December 2021
163 
102 
265 
Net book value:
At 31st December 2021
100
103
203
Amortisation of HK$53 million (2021: HK$47 million) is included in cost of sales and administrative expenses in the consolidated 
statement of profit or loss.

164
NOTES TO THE FINANCIAL STATEMENTS
18.	Right-of-use Assets
Accounting Policy
The Group (acting as lessee) leases land, offices, warehouses and equipment. Except for certain long-term leasehold land in 
Hong Kong, rental contracts are typically made for fixed periods of 1 to 50 years but may have extension and early termination 
options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Leased 
assets may not be used as security for borrowing purposes.
Leases are recognised by lessees as right-of-use assets and corresponding liabilities at the date at which the leased assets are 
available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged 
to the consolidated statement of profit or loss over the lease period so as to produce a constant periodic rate of interest on the 
remaining balance of the liability for each financial period.
Assets and liabilities arising from leases are initially measured on a present value basis. Lease liabilities include the net present 
value of the following lease payments:
–	 fixed payments (including in-substance fixed payments), less any lease incentives receivable;
–	 variable lease payments that are based on an index or a rate, initially measured using the index or rate at the commencement 
date;
–	 amounts expected to be payable by the lessee under residual value guarantees;
–	 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
–	 payment of penalties for terminating the lease, if the lease term used in the computation assumes the lessee exercises an 
option to terminate.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s 
incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an 
asset of similar value in a similar economic environment with similar terms and conditions.
Right-of-use assets are measured at cost comprising the following:
–	 the amount of the initial measurement of lease liability;
–	 any lease payments made at or before the commencement date less any lease incentives received;
–	 any initial direct costs; and
–	 restoration costs.
The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. 
However, if the ownership of the underlying asset is expected to be transferred to the Group by the end of the lease term and if 
the cost of the right-of-use asset has already included the exercise price of a purchase option, depreciation is calculated on a 
straight-line basis to write off the cost over the anticipated useful life of the underlying asset to its estimated residual value.
Payments by lessees associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as 
expenses in the consolidated statement of profit or loss. Short-term leases are leases with a lease term of twelve months or less. 
Low-value assets comprise information technology equipment and small items of office furniture.

SWIRE PROPERTIES ANNUAL REPORT 2022 165
18.	Right-of-use Assets (continued)
The recognised right-of-use assets relate to the following types of assets:
2022
HK$M
2021
HK$M
Leasehold land held for own use
2,340
2,367
Property
142
75 
2,482
2,442
The Group is the registered owner or occupant of its leasehold land. Upfront payments were made to acquire these interests in land 
and there are no ongoing payments to be made under the terms of the land leases (so that no lease liabilities are recognised) except, 
government rents and rates and other payments to the relevant government authorities, which may vary from time to time. Details 
relating to these interests in land are as follows:
Leasehold land  
held for own use
2022
HK$M
2021
HK$M
Held in Hong Kong
 
On medium-term leases (10-50 years)
345
360
 
On long-term leases (over 50 years)
1,995
2,007
2,340
2,367
Lease arrangements for other types of assets are negotiated on an individual asset basis and contain a wide range of different terms 
and conditions including lease payments and lease terms.
Properties occupied by the Group are transferred to investment properties following the end of occupation by the Group. The 
valuation increase from carrying amount to fair value in respect of such transfers during the year ended 31st December 2022 was less 
than HK$1 million (2021: HK$94 million).
Additions to right-of-use assets during the year ended 31st December 2022 were HK$107 million (2021: HK$5 million).
During the year ended 31st December 2022, cash outflows for leases were included in the consolidated statement of cash flows as  
(a) interest paid of HK$19 million (2021: HK$18 million) under “operating activities”, (b) payment for short-term and low-value assets 
leases of HK$32 million (2021: HK$32 million) under “operating activities” and (c) principal elements of lease payments of  
HK$66 million (2021: HK$72 million) under “financing activities”.

166
NOTES TO THE FINANCIAL STATEMENTS
19.	Properties Held for Development
Accounting Policy
Properties held for development comprise freehold land at cost and related costs of preliminary works, less provisions for possible 
losses. Properties held for development are not expected to be sold or developed within the Group’s normal operating cycle and are 
classified as non-current assets.
2022
HK$M
2021
HK$M
Properties held for development 
 
Freehold land
987
986
 
Development cost
221
221
1,208
1,207
20.	Joint Venture Companies
Accounting Policy
Joint venture companies are those companies interests in which are held for the long term; and over which the Group is in a 
position to exercise joint control with other venturers in accordance with contractual arrangements, and where the Group has 
rights to the net assets of those companies. The use of the equity method by the Group to account for the investment in joint 
venture companies is disclosed in the “Basis of Consolidation” of the Principal Accounting Policies on pages 198 to 200.
2022
HK$M
2021
HK$M
Restated
Share of net assets, unlisted
24,286
21,935
Goodwill
303
– 
Joint venture companies
24,589
21,935
Loans due from joint venture companies less provisions
 
– Interest-free
13,360
13,426
 
– Interest-bearing at 1.7% to 6.5% (2021: 0.86% to 6.5%)
1,913
2,193
15,273
15,619
The loans due from joint venture companies are unsecured and have no fixed terms of repayment. These loans are considered to have 
low credit risk. The financial positions and performances of these companies are regularly monitored and reviewed by the 
management of the Group.
On 15th December 2022, the Group entered into three Master Agreements with Sino-Ocean Group Holding Limited and its 
subsidiaries (“Sino-Ocean Group”) to purchase in aggregate 50% interests in existing joint venture companies in Sino-Ocean Taikoo Li 
Chengdu for a total cash consideration of RMB5,550 million. In accordance with the Master Agreements and subject to certain 
conditions being satisfied:
–	 the Group acquires 15% interests in these joint venture companies under the first Master Agreement; and
–	 the Group acquires 35% interests in these joint venture companies under the second and third Master Agreements.
The first Master Agreement was completed in December 2022. The second and third Master Agreements were completed in  
February 2023.
RMB1,000 million of the total cash consideration was settled in 2022. The remaining RMB4,550 million was settled in February 2023.  
At 31st December 2022, these joint venture companies were still under the joint control of the Group.

SWIRE PROPERTIES ANNUAL REPORT 2022 167
20.	Joint Venture Companies (continued)
The Group’s share of assets and liabilities and results of joint venture companies is summarised below:
2022
HK$M
2021
HK$M
Restated
Non-current assets
51,174
51,676
Current assets
7,199
3,915
Current liabilities
(5,587)
(2,649)
Non-current liabilities
(28,500)
(31,007)
Net assets
24,286
21,935
Revenue
3,225
2,974
Change in fair value of investment properties
877
1,197
Expenses
(2,133)
(1,766)
Profit before taxation
1,969
2,405
Taxation
(526)
(537)
Profit for the year
1,443
1,868
Other comprehensive income
(1,744)
561 
Total comprehensive income for the year
(301)
2,429
Capital commitments and contingencies in respect of joint venture companies are disclosed in notes 39 and 40.
The principal joint venture companies of Swire Properties Limited are shown on pages 201 to 203. There are no joint venture 
companies that are considered individually material to the Group.
21.	 Associated Companies
Accounting Policy
Associated companies are those companies over which the Group has significant influence, but not control or joint control, over 
their management including participation in financial and operating policy decisions, generally accompanying a shareholding 
representing between 20% and 50% of the voting rights. The use of the equity method by the Group to account for the 
investment in associated companies is disclosed in the “Basis of Consolidation” of the Principal Accounting Policies on pages 198 
to 200.
2022
HK$M
2021
HK$M
Share of net assets, unlisted
473
461
Loans due from associated companies less provisions
 
– Interest-free
12
–
 
– Interest-bearing at 6.41% (2021: nil)
40
–
52
–
The loans due from associated companies are unsecured and no fixed term of repayment, except for an interest-bearing loan due 
from an associated company of HK$40 million which is repayable in 2027. These loans are considered to have low credit risk. The 
financial positions and performances of these companies are regularly monitored and reviewed by the management of the Group.

168
NOTES TO THE FINANCIAL STATEMENTS
21.	 Associated Companies (continued)
The Group’s share of assets and liabilities and results of associated companies is summarised below:
2022
HK$M
2021
HK$M
Non-current assets
651
612
Current assets
383
339
Current liabilities
(145)
(158)
Non-current liabilities
(416)
(332)
Net assets
473
461
Revenue
276
188
Profit and total comprehensive income for the year
12
(82)
The principal associated companies of Swire Properties Limited are shown on pages 201 to 203. There are no associated companies 
that are considered individually material to the Group.
22.	Financial Instruments by Category
Accounting Policy
Financial Assets
(a)	 Classification
The Group classifies its financial assets in the following measurement categories:
–	 those to be measured subsequently at fair value (either through the consolidated statement of other comprehensive 
income (“OCI”) or through the consolidated statement of profit or loss), and
–	 those to be measured at amortised cost.
The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the 
cash flows.
For assets measured at fair value, gains and losses are either recorded in the consolidated statement of profit or loss or the 
consolidated statement of OCI. For investments in equity instruments that are not held for trading, this will depend on 
whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment  
at FVOCI.
The Group reclassifies debt investments when and only when its business model for managing those assets changes.
(b)	 Recognition and derecognition
Purchases and sales of financial assets are recognised on their trade date, the date on which the Group commits to purchase 
or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have 
expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.
(c)	 Measurement
At initial recognition, except for trade debtors, the Group measures a financial asset at its fair value plus, in the case of a 
financial asset not at FVPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction 
costs in respect of financial assets at FVPL are expensed in the consolidated statement of profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are 
solely payments of principal and interest.
–	 Debt instruments:
Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash 
flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt 
instruments:

SWIRE PROPERTIES ANNUAL REPORT 2022 169
22.	Financial Instruments by Category (continued)
Accounting Policy (continued)
Financial Assets (continued)
(c)	 Measurement (continued)
(i)	 Amortised cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely 
payments of principal and interest, are measured at amortised cost. Interest income from these financial assets is 
included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is 
recognised directly in the consolidated statement of profit or loss and presented in other net gains/(losses) together with 
foreign exchange gains and losses.
(ii)	 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash 
flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are 
taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains 
and losses, which are recognised in the consolidated statement of profit or loss. When the financial asset is derecognised, 
the cumulative gain or loss previously recognised in OCI is reclassified from equity to the consolidated statement of profit or 
loss and recognised in other net gains/(losses). Interest income from these financial assets is included in finance income 
using the effective interest method. Foreign exchange gains and losses are presented in other net gains/(losses).
(iii)	FVPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt 
investment that is subsequently measured at FVPL is recognised in the consolidated statement of profit or loss and 
presented net within other net gains/(losses) in the period in which it arises.
–	 Equity instruments:
The Group subsequently measures all equity investments at fair value. Dividends from such investments are recognised in the 
consolidated statement of profit or loss as other net gains/(losses) when the Group’s right to receive payments is established. 
Where the Group’s management has elected to present fair value gains and losses on equity investments in OCI, there is no 
subsequent reclassification of fair value gains and losses to the consolidated statement of profit or loss following the 
derecognition of the investment.
Changes in the fair value of equity investments at FVPL are recognised in other net gains/(losses) in the consolidated 
statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments 
measured at FVOCI are not reported separately from other changes in fair value.
(d)	 Impairment
The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at 
amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase 
in credit risk.
The Group applies the simplified approach permitted by HKFRS 9 to measure expected credit losses which uses a lifetime 
expected loss allowance for all trade receivables.
The measurement of expected credit losses of operating lease receivable includes consideration of expectations of 
forgiveness of lease income recognised as part of that receivable.
(e)	 Significant increases in credit risk
In assessing whether the credit risk of a financial asset has increased significantly since initial recognition, the Group 
considers that a default event occurs when the borrower is unlikely to pay its credit obligations to the Group in full, without 
recourse to actions such as realising security. The Group considers information that is reasonable and supportable, including 
historical experience and forward-looking information that is available.
(f)	 Write-off policy
The gross carrying amount of a financial asset is written off to the extent that there is no realistic prospect of recovery.
Financial liabilities
Non-derivative financial liabilities with fixed or determinable payments and fixed maturities are measured at amortised cost. 
They are included in non-current liabilities, except for maturities less than twelve months after the period-end date where these 
are classified as current liabilities.
Put options in respect of non-controlling interests in subsidiary companies included in trade and other payables are measured at 
fair value through the consolidated statement of profit or loss.

170
NOTES TO THE FINANCIAL STATEMENTS
22.	Financial Instruments by Category (continued)
The accounting policies applied to financial instruments are shown below by line item:
Note
At fair value  
through profit or loss
HK$M 
Derivatives used 
for hedging 
HK$M
Amortised  
cost
HK$M 
Total carrying 
amount
HK$M 
Fair  
value 
HK$M 
Assets as per consolidated statement of  
 
financial position
At 31st December 2022
Loans due from joint venture companies
20
–
–
15,273
15,273
15,273
Loans due from associated companies 
21
–
–
52
52
52
Trade and other receivables excluding prepayments
24
–
–
2,238
2,238
2,238
Cash and cash equivalents
26
–
–
4,502
4,502
4,502
Derivative financial assets
30
–
96
–
96
96
Financial assets at fair value through profit or loss
 
– Unlisted equity investments
460
–
–
460
460
Other financial assets at amortised cost
32
–
–
520
520
520
Total
460
96
22,585
23,141
23,141
At 31st December 2021 (Restated) 
Loans due from joint venture companies
20
–
–
15,619
15,619
15,619
Amounts due from immediate holding company
25
–
–
1
1
1
Trade and other receivables excluding prepayments
24
–
–
2,149
2,149
2,149
Cash and cash equivalents
26
–
–
14,833
14,833
14,833
Derivative financial assets
30
–
152
–
152
152
Financial assets at fair value through profit or loss
 
– Unlisted equity investments
439
–
–
439
439
Other financial assets at amortised cost
32
–
–
522
522
522
Total
439
152
33,124
33,715
33,715
Liabilities as per consolidated statement of  
 
financial position
At 31st December 2022
Trade and other payables excluding non-financial  
 
liabilities
27
590
–
9,414
10,004
10,004
Long-term loans and bonds
29
–
–
22,835
22,835
21,910
Lease liabilities
28
–
–
614
614
614
Total
590
–
32,863
33,453
32,528
At 31st December 2021
Trade and other payables excluding non-financial  
 
liabilities
27
551
–
8,925
9,476
9,476
Long-term loans and bonds
29
–
–
24,601
24,601
25,461
Lease liabilities
28
–
–
566
566
566
Derivative financial liabilities
30
–
7
–
7
7
Total
551
7
34,092
34,650
35,510

SWIRE PROPERTIES ANNUAL REPORT 2022 171
22.	Financial Instruments by Category (continued)
The fair values of financial instruments traded in active markets are based on quoted market prices at the year-end date. The quoted 
market prices used for financial assets held by the Group are the current bid prices.
The fair values of financial instruments that are not traded in active markets are determined by using valuation techniques such as 
estimated discounted cash flows, which use assumptions that are based on market conditions existing at each year-end date.
The book values of trade and other receivables and trade and other payables approximate their fair values.
The fair value of current borrowings equals their carrying value, as the impact of discounting is not significant. The fair value of non-
current borrowings is not equal to their carrying value but is based on cash flows discounted using assumptions sourced from the 
relevant financial institutions or quotes from market makers or alternative market participants supported by observable inputs, such 
as interest rates. Non-current borrowings would be categorised within level 2 of the fair value hierarchy if they were accounted for at 
fair value.
Financial instruments that are measured at fair value are included in the following fair value hierarchy:
Level 2
HK$M
Level 3 
HK$M
Total 
carrying 
amount 
HK$M
Assets as per consolidated statement of ﬁnancial position
At 31st December 2022
Derivatives used for hedging (note 30)
96
–
96
Financial assets at fair value through profit or loss
 
– Unlisted equity investments
–
460
460
96
460
556
At 31st December 2021
Derivatives used for hedging (note 30)
152
–
152
Financial assets at fair value through profit or loss
 
– Unlisted equity investments
– 
439
439 
152
439
591
Liabilities as per consolidated statement of financial position
At 31st December 2022
Put option in respect of a non-controlling interest (note 27)
–
590
590
At 31st December 2021
Derivatives used for hedging (note 30)
7
–
7
Put option in respect of a non-controlling interest (note 27)
– 
551
551 
7
551
558
Notes:
The levels in the hierarchy represent the following:
Level 2 – Financial instruments measured at fair value using inputs other than quoted prices but where those inputs are based on observable  
market data.
Level 3 – Financial instruments measured at fair value using inputs not based on observable market data.

172
NOTES TO THE FINANCIAL STATEMENTS
22.	Financial Instruments by Category (continued)
The fair value of derivatives used for hedging in level 2 has been based on quotes from market makers or alternative market participants 
supported by observable inputs. The most significant observable inputs are market interest rates, exchange rates and yields.
There were no transfers of financial instruments between level 2 and level 3 fair value hierarchy classifications and there were no 
transfers into or out of level 3 fair value hierarchy classifications. The Group’s policy is to recognise any transfer into and out of fair value 
hierarchy levels at the date of the event or change in circumstances that caused the transfer.
There has been no change in the valuation techniques for level 2 and level 3 fair value hierarchy classifications.
The Group’s finance department performs the valuations of financial instruments required for reporting purposes, including level 3 fair 
values. The valuations are reviewed and approved by the Finance Director.
The following table presents the changes in level 3 financial instruments for the year ended 31st December 2022:
Financial assets 
at fair value 
through  
profit or loss
HK$M
Put option in 
respect of a 
non-controlling 
interest
HK$M
At 1st January 2022
439
551
Additions
21
–
Distribution during the year
–
(27)
Change in fair value recognised as net finance charges*
–
66
At 31st December 2022
460
590
* Included unrealised losses recognised on balances held at 31st December 2022
–
66
At 1st January 2021
985
513
Translation differences
–
3
Additions
436
–
Disposals
(970)
–
Distribution during the year
–
(29)
Change in fair value recognised as net finance charges*
–
64
Change in fair value recognised as other net gains*
(12)
– 
At 31st December 2021
439
551
* Included unrealised losses recognised on balances held at 31st December 2021
12
64
The fair value of unlisted investments classified within level 3 is determined using discounted cash flow valuation techniques. The 
significant unobservable inputs used are expected future growth rates and discount rates. Changing these unobservable inputs based 
on reasonable alternative assumptions would not significantly change the valuation of the investments.
The fair value estimate of the put option over a non-controlling interest in the U.S.A. classified within level 3 is determined using a 
discounted cash flow valuation technique and contains a number of unobservable inputs, including the expected fair value of the 
associated investment property at the expected time of exercise, the expected time of exercise itself and the discount rate used. The 
expected time of exercise is in 2023 and the discount rate used is 6.3% (2021: 6.3%).
The investment property’s fair value at the expected time of exercise is itself subject to a number of unobservable inputs which are 
similar to the inputs for the Group’s other completed investment properties, including the expected fair market rent and the expected 
capitalisation rate. If the investment property’s expected fair value at the time of exercise is higher, the fair value of the put option 
would also be higher at 31st December 2022. If the expected time of exercise is later or if the discount rate is higher, the fair value of 
the put option would be lower. The opposite is true for an earlier time of exercise or a lower discount rate.

SWIRE PROPERTIES ANNUAL REPORT 2022 173
23.	Properties for Sale
Accounting Policy
Properties for sale comprise freehold and leasehold land at cost, construction costs and interest costs capitalised, less provisions 
for possible losses. Properties under development are active construction projects which are expected to be sold within the 
Group’s normal operating cycle and are classified as current assets. Properties for sale are available for immediate sale and are 
classified as current assets.
2022
HK$M
2021
HK$M
Properties for sale
 
Properties under development
 
 
– development costs
619
494
 
 
– leasehold land
7,389
5,759
 
Completed properties
 
 
– development costs
138
8
 
 
– freehold land
–
149
 
 
– leasehold land
118
1 
8,264
6,411
Refer to the table with heading “Audited Financial Information” on page 86 for details of the Group’s capitalised interest rates and the 
amount of interest capitalised.

174
NOTES TO THE FINANCIAL STATEMENTS
24.	Trade and Other Receivables
Accounting Policy
Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant 
financing components. Other receivables are recognised initially at fair value. Trade and other receivables are subsequently 
measured at amortised cost using the effective interest method, less provision for loss allowance. Trade and other receivables in 
the consolidated statement of financial position are stated net of such provisions.
2022
HK$M
2021
HK$M
Restated
Trade debtors
385
396
Prepayments and accrued income
85
81
Amounts due from intermediate holding company
5
–
Other financial assets at amortised cost (note 32)
520
–
Other receivables
1,839
1,743 
2,834
2,220
The analysis of the age of trade debtors at the year end (based on their invoice dates) is as follows:
2022
HK$M
2021
HK$M
Up to 3 months
354
338
Between 3 and 6 months
15
24
Over 6 months
16
34
385
396
Other receivables include rent free and other lease incentives to tenants of HK$1,198 million (2021 (Restated): HK$1,275 million), 
which are amortised over the relevant lease terms.
There is no concentration of credit risk with respect to trade and other receivables, as the Group has a large number of customers.
The Group does not grant any credit terms to its customers, except to corporate customers in the hotel division where commercial 
trade credit terms are given. The Group also holds non-interest-bearing rental deposits as security against trade debtors. At  
31st December 2022, trade debtors of HK$145 million (2021: HK$124 million) were past due. The majority of the amount past due is 
under three months. These relate to a number of independent customers for whom there is no recent history of default. The other 
classes within trade and other receivables do not contain impaired assets.
The maximum exposure to credit risk at 31st December 2022 and 31st December 2021 is the carrying value of trade debtors and  
other receivables disclosed above. The carrying value of rental deposits from tenants held as security against trade debtors at  
31st December 2022 was HK$2,715 million (2021: HK$2,782 million).

SWIRE PROPERTIES ANNUAL REPORT 2022 175
25.	Amounts Due from Immediate Holding Company – Swire Pacific Limited
The amounts due from immediate holding company is unsecured, interest-free and repayable within one year.
26.	Cash and Cash Equivalents
Accounting Policy
In the consolidated statement of cash flows, cash and cash equivalents comprise cash in hand, amounts repayable on demand 
from banks and financial institutions and short-term highly liquid investments which were within three months of maturity when 
acquired, less bank overdrafts. In the consolidated statement of financial position, cash and cash equivalents exclude bank 
overdrafts which are shown within borrowings in current liabilities.
2022
HK$M
2021
HK$M
Short-term deposits maturing within three months
307
8,060
Bank balances
4,195
6,773 
4,502
14,833
The effective interest rates on short-term deposits of the Group ranged from 3.5% to 5.2% (2021: 0.1% to 2.6%) per annum; these 
deposits have maturities from 33 to 94 days (2021: 22 to 94 days).
The maximum exposure to credit risk in respect of bank balances and short-term deposits at 31st December 2022 and 31st December 
2021 is the carrying value of the bank balances and short-term deposits disclosed above.
27.	Trade and Other Payables
Accounting Policy
Trade and other payables (except put options over non-controlling interests in subsidiary companies) are recognised initially  
at fair value and subsequently measured at amortised cost using the effective interest method. Put options in respect of non-
controlling interests in subsidiary companies are measured at the fair value of the expected redemption amounts, and are 
designated at fair value through profit or loss.

176
NOTES TO THE FINANCIAL STATEMENTS
27.	Trade and Other Payables (continued)
2022
HK$M
2021
HK$M
Trade creditors
812
721
Rental deposits from tenants
2,715
2,782
Deposits received on sale of investment properties
1
10
Put option in respect of a non-controlling interest
590
551
Other payables
 
Accrued capital expenditure
1,283
1,363
 
Amounts due to intermediate holding company
83
100
 
Amounts due to a joint venture company
113
–
 
Amounts due to an associated company
–
5
 
Interest-bearing advances from joint venture companies at 4.65% (2021: 1.42% to 4.65%)
256
479
 
Advances from a non-controlling interest
1,173
1,130
 
Others
2,982
2,348
5,890
5,425 
10,008
9,489
Amounts due after one year included under non-current liabilities
–
(150)
10,008
9,339
Amounts due to intermediate holding company, an associated company, joint venture companies and a non-controlling interest  
are unsecured and have no fixed term of repayment, except for interest-bearing advances from a joint venture company of  
HK$150 million at 31st December 2021 which were repayable after 2023 and were early settled during the year. Apart from the  
interest-bearing advances from the joint venture companies, the balances are interest-free.
The analysis of the age of trade creditors at the year end is as follows:
2022
HK$M
2021
HK$M
Up to 3 months
812
721

SWIRE PROPERTIES ANNUAL REPORT 2022 177
28.	Lease Liabilities
2022
HK$M
2021
HK$M
Maturity profile at the year end is as follows:
 
Within 1 year
79
49
 
Between 1 and 2 years
73
53
 
Between 2 and 5 years
192
126
 
Over 5 years
270
338 
614
566
Amount due within one year included under current liabilities
(79)
(49)
535
517
At 31st December 2022, the weighted average incremental borrowing rate applied in measuring the lease liabilities was 3.3%  
(2021: 3.3%).
For the accounting policy in respect of lease liabilities, please refer to right-of-use assets (note 18).
29.	Borrowings
Accounting Policy
Borrowings are recognised initially at fair value and subsequently measured at amortised cost. Transaction costs incurred are 
included in respect of those not held at fair value through profit or loss. Transaction costs are incremental costs that are directly 
attributable to the initiation of the borrowings, including fees and commissions paid to agents, advisers, brokers and dealers, 
levies by regulatory agencies and securities exchanges, and transfer taxes and duties. Borrowings are subsequently stated at 
amortised cost, with any difference between the proceeds (net of transaction costs) and the redemption value recognised in the 
consolidated statement of profit or loss over the period of the borrowings using the effective interest method.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at 
least twelve months after the period-end date.
For disclosure purposes, the fair value of borrowings stated at amortised cost is estimated by discounting the future contractual 
cash flows at the current market interest rate that is available to the Group for similar financial instruments.

178
NOTES TO THE FINANCIAL STATEMENTS
29.	Borrowings (continued)
Refer to the tables with the headings “Audited Financial Information” on pages 82 to 85 for details of the Group’s borrowings.
2022
HK$M
2021
HK$M
Long-term bank loans – unsecured
 
Repayable within 1 year
500
5,102
 
Repayable between 1 and 2 years
776
–
 
Repayable between 2 and 5 years
6,535
588 
7,811
5,690
Other borrowings – unsecured
 
Repayable within 1 year
200
3,898
 
Repayable between 1 and 2 years
1,099
199
 
Repayable between 2 and 5 years
8,660
7,619
 
Repayable after 5 years
5,065
7,195 
15,024
18,911
Amount due within one year included under current liabilities
(700)
(9,000)
22,135
15,601
(a)	 The effective interest rates per annum (before interest rate and cross-currency swaps) at 31st December were as follows:
2022
2021
HKD 
%
USD 
%
HKD 
%
USD 
%
Long-term loans and bonds
2.3-5.7
3.5-5.2
0.8-3.6
0.8-4.4
There were no uncommitted bank loans at 31st December 2022 and 2021. Bank loans and other borrowings are repayable on 
various dates up to 2030 (2021: up to 2030).
(b)	 The carrying amounts of these long-term bank loans and other borrowings (before cross-currency swaps) are denominated in 
the following currencies:
2022
HK$M
2021
HK$M
Hong Kong dollars
11,958
9,071
United States dollars
10,877
15,530 
22,835
24,601

SWIRE PROPERTIES ANNUAL REPORT 2022 179
30.	Derivative Financial Instruments
Accounting Policy
Derivatives are initially recognised at fair value on the dates derivative contracts are entered into and are subsequently 
remeasured to their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is 
designated as a hedging instrument and, if so, the nature of the item being hedged.
The Group documents at the inception of the transactions the economic relationship between hedging instruments and hedged 
items, as well as its risk management objectives and strategy for undertaking hedge transactions. The Group also documents its 
assessment, both at hedge inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are 
highly effective in offsetting cash flows of hedged items.
All of the Group’s derivatives relate to cash flow hedges. The effective portion of changes in the fair value of derivatives that are 
designated and qualify as cash flow hedges is recognised in the cash flow hedge reserve within equity. The gain or loss relating to 
the ineffective portion is recognised immediately in the consolidated statement of profit or loss.
When cross-currency swap contracts are used to hedge future cash flows, the Group designates only the change in fair value of 
the swap contract after exclusion of the foreign currency basis spread component as the hedging instrument. Gains or losses 
relating to the effective portion of the swap contract after exclusion of the foreign currency basis spread component are 
recognised in the cash flow hedge reserve within equity. The change in fair value of the foreign currency basis spread of the swap 
contract, to the extent it relates to the hedged item, is recognised separately as a cost of hedging on a systematic and rational 
basis over the period of the hedging relationship within OCI in equity. Hedge ineffectiveness is recognised in the consolidated 
statement of profit or loss within finance costs.
Amounts accumulated in equity are reclassified in the periods when the hedged item affects the consolidated statement of profit 
or loss. The gains or losses relating to the effective portion of (a) the interest rate swaps hedging variable rate borrowings and  
(b) cross-currency swap contracts hedging borrowings in foreign currency are recognised in the consolidated statement of profit 
or loss within finance costs at the same time as the interest expense on the hedged borrowings.
If the hedge ratio for risk management purpose is no longer optimal but the risk management objective remains unchanged and 
the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting either the volume of 
the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management 
purposes. Any hedge ineffectiveness is calculated and accounted for in the consolidated statement of profit or loss at the time of 
the hedge relationship rebalancing.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative 
gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately 
recognised in the consolidated statement of profit or loss. When a forecast transaction is no longer expected to occur, the 
cumulative gain or loss that was reported in equity is immediately transferred to the consolidated statement of profit or loss.
2022
2021
Assets
HK$M
Liabilities
HK$M
Assets
HK$M
Liabilities
HK$M
Interest rate and cross-currency swaps – cash flow hedges
 
– due within one year
–
–
19
7
 
– due after one year
96
–
133
–
The interest rate swaps hedge long-term interest rate exposures. The cross-currency swaps hedge the foreign currency risk relating to 
US dollar note issues. Gains and losses recognised in the consolidated statement of other comprehensive income on interest rate and 
cross-currency swaps at 31st December 2022 are expected to affect the consolidated statement of profit or loss in the years to 
redemption of the notes and expiry of loans (up to and including 2028).

180
NOTES TO THE FINANCIAL STATEMENTS
30.	Derivative Financial Instruments (continued)
The notional principal amounts of the outstanding derivative financial instruments are as follows:
2022
HK$M
2021
HK$M
Cross-currency swaps
7,797
11,695
Interest rate swaps
–
1,559
In most of the cases, the hedging instruments have a one-to-one hedge ratio with the hedged items.
For the years ended 31st December 2022 and 31st December 2021, all cash flow hedges qualifying for hedge accounting were  
highly effective.
31.	Deferred Taxation
Accounting Policy
Deferred taxation is provided in full, using the liability method, on temporary differences arising between the tax bases of assets 
and liabilities and their carrying amounts in the financial statements. However, if the deferred tax arises from initial recognition of 
an asset or liability in a transaction other than a business combination that, at the time of the recognition, has no impact on 
taxable or accounting profit or loss, it is not recognised. Tax rates enacted or substantively enacted by the period-end date are 
used to determine deferred taxation.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the 
temporary differences can be utilised.
Deferred taxation is provided on temporary differences arising on investments in subsidiary, joint venture and associated 
companies, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that 
the temporary difference will not reverse in the foreseeable future.
Deferred tax relating to investment properties in Hong Kong and the U.S.A. is calculated having regard to the presumption that 
the value of these properties is capable of being recovered entirely through sale. This presumption is rebutted in relation to 
investment properties in the Chinese Mainland, because the business model applicable to them is to consume substantially all 
the economic benefits embodied in them over time rather than through sale. Accordingly, deferred tax relating to investment 
properties in the Chinese Mainland is determined on the basis of recovery through use.
Deferred tax assets and liabilities are netted off when the taxes relate to the same taxation authority and where offsetting is legally 
enforceable. The following amounts, determined after appropriate offsetting, are shown separately in the consolidated statement of 
financial position:
2022
HK$M
2021
HK$M
Restated
Deferred tax assets
64
78
Deferred tax liabilities
(11,248)
(10,746)
At 31st December
(11,184)
(10,668)
Substantially all deferred tax balances are to be recovered or settled after more than 12 months.

SWIRE PROPERTIES ANNUAL REPORT 2022 181
31.	Deferred Taxation (continued)
The movement on the net deferred tax liabilities account is as follows:
2022
HK$M
2021
HK$M
Restated
At 1st January
 
– as originally stated
10,769
10,021
 
– impact of adjustments in note 1(c)
(101)
(103)
 
– as restated
10,668
9,918
Translation differences
(591)
201
Charged to profit or loss (note 11)
1,079
553
Charged/(Credited) to other comprehensive income
35
(4)
Disposal of subsidiary companies 
(7)
– 
At 31st December
11,184
10,668
The movement in deferred tax assets and liabilities (prior to offsetting balances within the same taxation jurisdiction) during the year 
is as follows:
Deferred tax liabilities
Accelerated tax 
depreciation
Valuation of 
investment 
properties
Others
Total
2022
HK$M
2021
HK$M
2022
HK$M
2021
HK$M
2022
HK$M
2021
HK$M
2022
HK$M
2021
HK$M
At 1st January
4,384
4,228
6,108
5,503
804
749
11,296
10,480
Translation differences
(85)
30
(489)
168
2
4
(572)
202
Charged to profit or loss
589
126
472
437
10
51
1,071
614
Credited to other comprehensive  
 
income
–
–
–
–
(5)
–
(5)
–
Disposal of subsidiary companies
(7)
–
–
–
–
–
(7)
–
At 31st December
4,881
4,384
6,091
6,108
811
804
11,783
11,296
Deferred tax assets
Tax losses
Others
Total
2022
HK$M
2021
HK$M
2022
HK$M
2021
HK$M
Restated
2022
HK$M
2021
HK$M
Restated
At 1st January
 
– as originally stated
249
210
278
249
527
459
 
– impact of adjustments in note 1(c)
–
–
101
103
101
103
 
– as restated
249
210
379
352
628
562
Translation differences
5
1
14
–
19
1
Credited/(Charged) to profit or loss
69
38
(77)
23
(8)
61
(Charged)/Credited to other comprehensive income
–
–
(40)
4
(40)
4 
At 31st December
323
249
276
379
599
628

182
NOTES TO THE FINANCIAL STATEMENTS
31.	Deferred Taxation (continued)
Deferred tax assets (continued)
Deferred tax assets are recognised in respect of tax losses carried forward to the extent that realisation of the related tax benefits 
through future taxable profits is probable. The Group has unrecognised tax losses of HK$2,458 million (2021: HK$2,367 million) to 
carry forward against future taxable income.
These amounts are analysed as follows:
Unrecognised tax losses
2022
HK$M
2021
HK$M
No expiry date
1,253
1,161
Expiring within 1 year
89
40
Expiring between 1 and 5 years
395
424
Expiring between 5 and 10 years
–
–
Expiring between 10 and 20 years
721
742 
2,458
2,367
32.	Other Financial Assets at Amortised Cost
2022
HK$M
2021
HK$M
Mortgage receivables
–
17
Other receivable
520
505 
520
522
Amount due within one year included under current assets (note 24)
(520)
– 
–
522
Mortgage receivables consist of mortgage financing offered to certain buyers of trading properties in the U.S.A. Mortgages are offered 
at up to an 80% loan-to-value ratio and at a fixed interest rate of 5.5%. Loan repayments for the first four years are at a rate that would 
repay the loan over 30 years, but there is a balloon payment in the fifth year upon maturity. The non-current other receivables are due 
and payable within two to three years from the end of the reporting period.
The other receivable represents a deferred payment for the sale of the Group’s interest in the Cityplaza One office tower in Hong Kong 
in 2020. In accordance with the sale and purchase agreement, the deferred payment is to be received on the third anniversary of the 
completion of the disposal. The deferred payment is recognised at amortised cost using an effective interest rate of 3% per annum.
The Group holds the mortgage and other receivables to collect contractual cash flows and its contractual terms give rise to cash flows 
on specified dates which are solely payments of principal and interest on the principal amounts outstanding.
The Group applies the expected credit loss model to measure the impairment of other financial assets at amortised cost.

SWIRE PROPERTIES ANNUAL REPORT 2022 183
33.	Assets Classified as Held for Sale
Accounting Policy
Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally 
through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the 
lower of their carrying amount and fair value less costs to disposal, except for assets such as deferred tax assets, financial assets 
and investment property that are carried at fair value.
Assets classified as held for sale represent the Group’s 100% interest in investment properties comprising 1,078 car parking spaces at 
stages I to IX of the Taikoo Shing residential development in Hong Kong. The spaces in stage VI were offered to registered owners at 
Taikoo Shing in the fourth quarter of 2020, and the Group offered further car parking spaces in stages II to IV and VII to IX in batches 
during 2021. The Group also offered car parking spaces in stages I and V during the year. The car parking spaces were offered to  
non-registered owners at Taikoo Shing since September 2022.
34.	Retirement Benefits
The Group operates a number of defined benefit and defined contribution retirement benefit schemes for its employees, the assets of 
which are held in separate trustee administered funds.
A defined benefit scheme is a retirement plan that defines the benefit that an employee will receive on retirement, usually dependent 
on one or more factors such as age, years of service and compensation. The Group has an obligation to provide participating 
employees with these benefits.
A defined contribution scheme is a retirement plan under which the Group pays fixed contributions into a separate entity. The Group 
has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employee 
benefits relating to employee service in current and prior periods.
Accounting Policy
For defined benefit schemes, retirement benefit costs are assessed using the projected unit credit method. Under this method, 
the cost of providing retirement benefits is charged to the consolidated statement of profit or loss so as to spread the regular cost 
over the service lives of employees.
The asset or liability recognised in the consolidated statement of financial position is the present value of the cost of providing 
these benefits (the defined benefit obligation) less the fair value of the plan assets at the end of the reporting period. The 
defined benefit obligation is calculated annually by independent actuaries and is determined by discounting the estimated 
future cash outflows using interest rates payable in respect of high quality corporate bonds. The plan assets are valued on a bid 
price basis.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to 
equity in the consolidated statement of other comprehensive income in the period in which they arise. Past-service costs are 
recognised immediately in the consolidated statement of profit or loss. Any differences between the implicit and actual return on 
assets are charged as remeasurements to the consolidated statement of other comprehensive income.
For defined contribution schemes, the Group’s contributions are charged to the consolidated statement of profit or loss in the 
periods to which the contributions relate.
Critical Accounting Estimates and Judgements 
The Group’s obligations and expenses in respect of defined benefit schemes are dependent on a number of factors that are 
determined using a number of actuarial assumptions. The details of the actuarial assumptions used, including applicable 
sensitivities are disclosed in note 34(f).

184
NOTES TO THE FINANCIAL STATEMENTS
34.	Retirement Benefits (continued)
For the year ended 31st December 2022, disclosures in respect of defined benefit schemes are based on valuations prepared by 
Mercer (Hong Kong) Limited at 31st December 2021, which were updated to reflect the position at 31st December 2022 by Cannon 
Trustees Limited, the main administration manager of the Group’s defined benefit schemes. For the year ended 31st December 2021, 
disclosures are based on valuations prepared by Mercer (Hong Kong) Limited at 31st December 2021.
The majority of the Group’s schemes are final salary guaranteed lump sum defined benefit plans.
Contributions to the defined benefit retirement schemes are made in accordance with the funding rates recommended by 
independent qualified actuaries to ensure that the plans will be able to meet their liabilities as they become due. The funding rates 
are subject to annual review and are determined by taking into consideration the difference between the market values of the plans’ 
assets and the present value of accrued past service liabilities, on an ongoing basis, as computed by reference to actuarial valuations. 
The principal schemes in Hong Kong are valued by qualified actuaries for funding purposes under the provisions of Hong Kong’s 
Occupational Retirement Schemes Ordinance. The latest actuarial valuations indicate that the funding level for the year was 117% 
(2021: 113%) of the accrued liabilities on an ongoing basis. The Group expects to make contributions of HK$79 million to its defined 
benefit schemes in 2023.
Most new employees in Hong Kong are offered the choice of joining the defined benefit retirement schemes or the mandatory 
provident fund (“MPF”) scheme. Where staff elect to join the MPF scheme, both the Company and the staff are required to contribute 
5% of the employees’ relevant monthly income (capped at HK$30,000). Staff may elect to contribute more than the minimum as a 
voluntary contribution. Employees engaged outside Hong Kong are covered by appropriate local arrangements.
(a)	 The amounts recognised in the consolidated statement of financial position are as follows:
2022
HK$M
2021
HK$M
Present value of funded obligations
1,018
1,442
Fair value of plan assets
(1,032)
(1,255)
Net retirement benefit (assets)/liabilities
(14)
187
Represented by:
Retirement benefit assets
(14)
–
Retirement benefit liabilities
–
187 
(14)
187

SWIRE PROPERTIES ANNUAL REPORT 2022 185
34.	Retirement Benefits (continued)
(b)	 Changes in the present value of the defined benefit obligations are as follows:
2022
HK$M
2021
HK$M
At 1st January
1,442
1,361
Current service cost
114
101
Interest expense
30
22
Actuarial (gains)/losses from changes in:
 
– financial assumptions
(436)
147
Experience losses/(gains)
18
(40)
Transfer
5
(25)
Benefits paid
(155)
(124)
At 31st December
1,018
1,442
The weighted average duration of the defined benefit obligations is 10.92 years (2021: 10.90 years).
(c)	 Changes in the fair value of plan assets are as follows:
2022
HK$M
2021
HK$M
At 1st January
1,255
1,226
Interest income
27
20
Return on plan assets, excluding interest income
(173)
82
Contributions by employers
73
76
Transfer
5
(25)
Benefits paid
(155)
(124)
At 31st December
1,032
1,255
There were no plan amendments, curtailments or settlements during the year.
(d)	 Net expenses recognised in the consolidated statement of profit or loss are as follows:
2022
HK$M
2021
HK$M
Current service cost
114
101
Net interest cost
3
2 
117
103
The above net expenses were included in cost of sales and administrative expenses in the consolidated statement of profit or 
loss.
Total retirement benefit costs charged to the consolidated statement of profit or loss for the year ended 31st December 2022 
amounted to HK$132 million (2021: HK$124 million), including HK$15 million (2021: HK$21 million) in respect of defined 
contribution schemes.
The actual return on defined benefit plan assets was a loss of HK$146 million (2021: gain of HK$102 million).

186
NOTES TO THE FINANCIAL STATEMENTS
34.	Retirement Benefits (continued)
(e)	 The plan assets are invested in the Swire Group Unitised Trust (“the Unitised Trust”). The Unitised Trust has four sub-funds in 
which the assets may be invested in accordance with separate and distinct investment policies and objectives. The Unitised Trust 
and sub-funds are overseen by an investment committee, which meets four times a year.
	
The make-up of the Unitised Trust is the result of the asset allocation of each plan. The asset allocation of each plan targets a mix 
of equities, fixed income, absolute return funds and short duration bond sub-funds.
	
The management of the assets within the sub-funds is delegated by the investment committee to a number of reputable 
investment managers. The plan assets comprise:
Defined benefit plans
2022
HK$M
2021
HK$M
Equities
 
Asia Pacific
76
88
 
Europe
67
104
 
North America
228
317
 
Emerging markets
248
320
Bonds
 
Global
86
91
 
Emerging markets
11
13
Absolute return funds
283
316
Cash
33
6 
1,032
1,255
At 31st December 2022, the prices of 96% of equities and 29% of bonds were quoted on active markets (2021: 96% and 21% 
respectively). The remainder of the prices were not quoted on active markets.
The most significant risk facing the defined benefit schemes of the Group is market risk. This risk embodies the potential for 
losses and gains and includes price risk, interest rate risk and currency risk as well as factors specific to an individual investment 
and its issuer and risk specific to a certain market. Market risk is managed principally through diversification of investments by 
the appointed investment managers. Investment managers enter into agreements that stipulate the performance objective of 
the investments, which is referenced to a recognised benchmark. The investment committee monitors the overall market risk 
position on a quarterly basis.

SWIRE PROPERTIES ANNUAL REPORT 2022 187
34.	Retirement Benefits (continued)
(f)	 The significant actuarial assumptions used are as follows:
2022
2021
Discount rate
5.08%
2.08%
Expected rate of future salary increases
7.42% to 12.38% p.a. for 2023;
4.00% p.a. thereafter
5.40% to 6.90% p.a. for 2022;
4.50% p.a. thereafter
The sensitivity of the defined benefit obligations to changes in actuarial assumptions is:
2022
Increase/(Decrease) in 
defined benefit obligation
2021
Increase/(Decrease) in 
defined benefit obligation
Change in 
assumption
Increase in 
assumption 
HK$M
Decrease in 
assumption 
HK$M
Change in 
assumption
Increase in 
assumption 
HK$M
Decrease in 
assumption 
HK$M
Discount rate
0.5%
(59)
46
0.5%
(74)
80
Expected rate of future  
 
salary increases
0.5%
63
(60)
0.5%
78
(73)
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, 
this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the 
defined benefit obligations to significant actuarial assumptions the same method has been applied as when calculating the 
retirement benefit liability recognised within the consolidated statement of financial position.
35.	Share Capital
Ordinary shares 
HK$M
Issued and fully paid with no par value:
At 1st January 2022 and 31st December 2022
5,850,000,000
10,449
At 1st January 2021 and 31st December 2021
5,850,000,000
10,449
There was no purchase, sale or redemption by the Company, or any of its subsidiaries, of the Company’s shares during the years 
ended 31st December 2022 and 31st December 2021.

188
NOTES TO THE FINANCIAL STATEMENTS
36.	Reserves
Revenue 
reserve 
HK$M
Merger 
reserve 
HK$M
Property 
revaluation 
reserve 
HK$M
Cash flow 
hedge 
reserve 
HK$M
Translation 
reserve 
HK$M
Total  
HK$M
At 1st January 2022
 
– as originally stated
277,961
(1,108)
2,005
28
2,820
281,706
 
– impact of adjustments in note 1(c)
(522)
–
–
–
(9)
(531)
 
– as restated 
277,439
(1,108)
2,005
28
2,811
281,175
Profit for the year
7,980
–
–
–
–
7,980
Other comprehensive income 
 
Defined benefit plans
 
 
– remeasurement gains recognised during the year
245
–
–
–
–
245
 
 
– deferred tax 
(40)
–
–
–
–
(40)
 
Cash flow hedges
 
 
– losses recognised during the year
–
–
–
(16)
–
(16)
 
 
– transferred to net finance charges
–
–
–
(13)
–
(13)
 
 
– transferred to operating profit
–
–
–
(1)
–
(1)
 
 
– deferred tax
–
–
–
5
–
5
 
Share of other comprehensive income of joint venture  
 
 
and associated companies
–
–
2
6
(1,752)
(1,744)
 
Net translation differences on foreign operations  
 
 
recognised during the year
–
–
–
–
(3,213)
(3,213)
Total comprehensive income for the year
8,185
–
2
(19)
(4,965)
3,203
2021 second interim dividend (note 13)
(3,744)
–
–
–
–
(3,744)
2022 first interim dividend (note 13) 
(1,872)
–
–
–
–
(1,872)
At 31st December 2022
280,008
(1,108)
2,007
9
(2,154)
278,762

SWIRE PROPERTIES ANNUAL REPORT 2022 189
36.	Reserves (continued)
Revenue 
reserve 
HK$M
Merger 
reserve 
HK$M
Property 
revaluation 
reserve 
HK$M
Cash flow 
hedge 
reserve 
HK$M
Translation 
reserve 
HK$M
Total  
HK$M
At 1st January 2021
 
– as originally stated 
276,245
(1,108)
1,915
41
1,194
278,287
 
– impact of adjustments in note 1(c) 
(513)
– 
– 
– 
(7)
(520)
 
– as restated 
275,732
(1,108)
1,915
41
1,187
277,767
Profit for the year (restated) 
7,112
–
–
–
–
7,112
Other comprehensive income
 
Revaluation of properties previously occupied by  
 
 
the Group
 
 
– gains recognised during the year
–
–
94
–
–
94
 
 
– deferred tax
–
–
(4)
–
–
(4)
 
Defined benefit plans
 
 
– remeasurement losses recognised during the year
(26)
–
–
–
–
(26)
 
 
– deferred tax
4
–
–
–
–
4
 
Cash flow hedges
 
 
– losses recognised during the year
–
–
–
(38)
–
(38)
 
 
– transferred to net finance charges
–
–
–
14
–
14
 
 
– deferred tax
–
–
–
4
–
4
 
Share of other comprehensive income of joint venture  
 
 
and associated companies
–
–
–
7
554
561
 
Net translation differences on foreign operations  
 
 
recognised during the year (restated)
–
–
–
–
1,070
1,070
Total comprehensive income for the year (restated)
7,090
–
90
(13)
1,624
8,791
2020 second interim dividend (note 13)
(3,569)
–
–
–
–
(3,569)
2021 first interim dividend (note 13)
(1,814)
– 
– 
– 
– 
(1,814)
At 31st December 2021 (restated)
277,439
(1,108)
2,005
28
2,811
281,175
(a)	 The Group’s revenue reserve includes retained revenue reserves from joint venture companies amounting to HK$14,219 million 
(2021 (Restated): HK$13,071 million) and retained revenue reserves from associated companies amounting to HK$160 million 
(2021: HK$148 million).
(b)	 The Group’s revenue reserve includes HK$3,978 million (2021: HK$3,744 million) representing the declared second interim 
dividend for the year (note 13).
(c)	 The Group adopted merger accounting in accordance with Accounting Guideline 5, Merger Accounting for Common Control 
Combinations (issued by the HKICPA) to account for the acquisition of all the shares of Swire Properties US Inc and Swire 
Properties One LLC in January 2010. These companies were wholly-owned subsidiaries of the immediate holding company of 
Swire Properties Limited.
(d)	 At 31st December 2022, the Group’s cash flow hedge reserve includes HK$5 million (net of tax) (2021: a credit of HK$25 million) 
relating to the currency basis element of the Group’s derivatives which is recognised separately as a cost of hedging.

190
NOTES TO THE FINANCIAL STATEMENTS
37.	Company Statement of Financial Position and Reserves
(a)	 Company Statement of Financial Position
At 31st December 2022
Note
2022
HK$M
2021
HK$M 
ASSETS AND LIABILITIES
Non-current assets
 
Property, plant and equipment
33
29
 
Intangible assets
126
100
 
Right-of-use assets
34
8
 
Subsidiary companies
126,204
118,148
 
Loans due from joint venture companies
2,801
2,673
 
Associated companies
3
3
 
Deferred tax assets
–
10
 
Other financial assets at amortised cost 
–
505
 
Retirement benefit assets
23
– 
129,224
121,476
Current assets
 
Trade and other receivables
614
62
 
Taxation recoverable
–
3
 
Cash and cash equivalents
470
8,319
1,084
8,384
Current liabilities
 
Trade and other payables
22,791
42,091
 
Taxation payable
8
–
 
Lease liabilities due within one year
12
8
22,811
42,099
Net current liabilities
(21,727)
(33,715)
Total assets less current liabilities
107,497
87,761
Non-current liabilities
 
Long-term lease liabilities
22
1 
 
Deferred tax liabilities
25
–
 
Retirement benefit liabilities
–
160
47
161
NET ASSETS
107,450
87,600
EQUITY
Equity attributable to the Company’s shareholders
 
Share capital
35
10,449
10,449
 
Reserves
37(b)
97,001
77,151 
TOTAL EQUITY
107,450
87,600
Guy Bradley 
May Y. Wu 
Directors
Hong Kong, 9th March 2023

SWIRE PROPERTIES ANNUAL REPORT 2022 191
37.	Company Statement of Financial Position and Reserves (continued)
(b)	 The movement of the Company reserves during the year are as follows:
Revenue
reserve
 HK$M 
Company
At 1st January 2022
77,151
Profit for the year (note 12) 
25,282
Other comprehensive income 
Defined benefit plans
 
– remeasurement gains recognised during the year
221
 
– deferred tax
(37)
Total comprehensive income for the year
25,466
2021 second interim dividend (note 13)
(3,744)
2022 first interim dividend (note 13)
(1,872)
At 31st December 2022
97,001
Company
At 1st January 2021
76,923
Profit for the year (note 12)
5,629
Other comprehensive income
Defined benefit plans
 
– remeasurement losses recognised during the year
(22)
 
– deferred tax
4
Total comprehensive income for the year
5,611
2020 second interim dividend (note 13)
(3,569)
2021 first interim dividend (note 13)
(1,814)
At 31st December 2021
77,151
(i)	 Distributable reserves of the Company at 31st December 2022 amounted to HK$97,001 million (2021: HK$77,151 million).
(ii)	 The Company’s revenue reserve includes HK$3,978 million (2021: HK$3,744 million) representing the declared second interim 
dividend for the year (note 13).

192
NOTES TO THE FINANCIAL STATEMENTS
38.	Non-controlling Interests
The movement of non-controlling interests during the year is as follows:
2022
HK$M
2021
HK$M
Restated 
At 1st January
 
– as originally stated
2,003
1,944
 
– impact of adjustments in note 1(c)
(17)
(16)
 
– as restated
1,986
1,928
 
Share of profit less losses for the year
247
167
 
Share of translation differences on foreign operations
(110)
23
Share of total comprehensive income
137
190
Capital contribution from a non-controlling interest
1,020
–
Dividends paid and payable
(96)
(132)
At 31st December
3,047
1,986
39.	Capital Commitments
2022
HK$M
2021
HK$M 
(a) The Group’s outstanding capital commitments at the year end in respect of:
Property, plant and equipment
 
Contracted but not provided for
12
13
 
Authorised by Directors but not contracted for
491
356
Investment properties
 
Contracted but not provided for
2,986
4,541
 
Authorised by Directors but not contracted for
17,028
10,924 
20,517
15,834
The Group’s share of capital commitments of joint venture companies at the year end*
 
Contracted but not provided for
393
150
 
Authorised by Directors but not contracted for 
7,044
4,700 
7,437
4,850
*	 of which the Group is committed to funding HK$331 million (2021: HK$1,146 million).
At 31st December 2022, the Group was committed to inject capital of HK$421 million (2021: nil) into joint venture companies.
(b)	 At 31st December 2022, the Group had unprovided contractual obligations for future repairs and maintenance on investment 
properties of HK$380 million (2021: HK$213 million).

SWIRE PROPERTIES ANNUAL REPORT 2022 193
40.	Contingencies
Accounting Policy
Contingent liabilities are possible obligations that arise from past events and the existence of which will only be confirmed by the 
occurrence or non-occurrence of one or more future events not wholly within the control of the Group. Where it is not probable 
that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a 
contingent liability, unless the probability of an outflow of economic benefits is remote.
Financial guarantee contracts are recognised as a financial liability at the time the guarantee is issued. The liability is initially 
measured at fair value and subsequently at the higher of:
–	 the amount determined in accordance with the expected credit loss model under HKFRS 9 “Financial Instruments” and
–	 the amount initially recognised less, where appropriate, the cumulative amount of income recognised in accordance with the 
principles of HKFRS 15 “Revenue from Contracts with Customers”.
The fair value of financial guarantees is determined based on the present value of the difference in cash flows between the 
contractual payments required under the debt instrument and the payments that would be required without the guarantee, or 
the estimated amount that would be payable to a third party for assuming the obligations. Where guarantees in relation to loans 
or other payables of associates are provided for no compensation, the fair values are accounted for as contributions and 
recognised as part of the cost of the investment.
2022
HK$M
2021
HK$M 
Guarantees provided in respect of:
 
Bank loans and other liabilities of joint venture companies
4,181
3,643
 
Bank guarantees given in lieu of utility deposits and others 
73
76 
4,254
3,719
The Group has assessed the fair value of the above guarantees and does not consider them to be material. They have therefore not 
been recognised in the consolidated statement of financial position.

194
NOTES TO THE FINANCIAL STATEMENTS
41.	Lease Commitments
Accounting Policy
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating 
leases. Receipts by the Group as a lessor under operating leases (net of any incentives paid to lessees) are recognised as income 
in the consolidated statement of profit or loss on a straight-line basis over the period of the lease.
For commenced leases (which are not identified as low-value or short-term leases) undertaken by the Group as a lessee,  
right-of-use assets and the corresponding lease liabilities are recognised in the financial statements when the leased assets 
become available for use. Commitments in respect of leases payable by the Group as a lessee represent the future lease 
payments for (i) committed leases which have not yet commenced at the year-end date and (ii) short-term leases.
The Group acts as both lessor and lessee under operating leases. Details of the Group’s commitments under non-cancellable 
operating leases are set out as follows:
(a)	 Lessor – lease receivables
The leases for investment properties typically run for periods of three to six years. The retail turnover-related rental income 
received from investment properties during the year amounted to HK$837 million (2021: HK$986 million).
The future aggregate minimum lease receipts under non-cancellable operating leases were receivable by the Group at the year 
end as follows:
2022
HK$M
2021
HK$M 
Investment properties
 
Within 1 year
8,100
8,868
 
Between 1 and 2 years
6,691
7,219
 
Between 2 and 3 years
4,955
5,512
 
Between 3 and 4 years
3,561
3,925
 
Between 4 and 5 years
2,317
2,922
 
After 5 years
3,006
4,408 
28,630
32,854
Assets held for deployment on operating leases at the year end were as follows:
2022
HK$M
2021
HK$M 
Investment properties at fair value
248,114
236,703 
(b)	 Lessee
At 31st December 2022, there were no future lease payments under leases committed but not yet commenced by the Group and 
no short-term leases commitments which were significantly dissimilar to those relating to the portfolio of short-term leases for 
which expenses were recognised for the year ended 31st December 2022 (2021: None).

SWIRE PROPERTIES ANNUAL REPORT 2022 195
42.	Related Party Transactions
Accounting Policy
Related parties of the Group are individuals and companies, including subsidiary, fellow subsidiary, joint venture and associated 
companies and key management of the Group or the parent of the Group (including close members of their families), where the 
individual or company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other 
party in making financial and operating decisions.
There is an agreement for services (“Services Agreement”), in respect of which John Swire & Sons (H.K.) Limited (“JS&SHK”), an 
intermediate holding company, provides services to various companies in the Group and under which costs are reimbursed and fees 
payable. In return for these services, JS&SHK receives annual fees calculated as 2.5% of the Group’s relevant consolidated profits before 
taxation and non-controlling interests after certain adjustments. The Services Agreement were renewed on 1st October 2022 for three 
years expiring on 31st December 2025. For the year ended 31st December 2022, service fees payable amounted to HK$186 million 
(2021: HK$200 million). Expenses of HK$92 million (2021: HK$88 million) were reimbursed at cost; in addition, HK$80 million  
(2021: HK$82 million) in respect of shared administrative services was reimbursed.
Under a tenancy framework agreement (the “Tenancy Framework Agreement”) between JS&SHK, Swire Pacific Limited and the 
Company dated 14th August 2014, members of the Group enter into tenancy agreements with members of the JS&SHK group and 
members of the Swire Pacific group from time to time on normal commercial terms based on prevailing market rentals. The Tenancy 
Framework Agreement was renewed on 1st October 2021 for a further term of three years expiring on 31st December 2024. For the 
year ended 31st December 2022, the aggregate rentals payable to the Group by members of the JS&SHK group and members of the 
Swire Pacific group under tenancies to which the Tenancy Framework Agreement applies amounted to HK$109 million  
(2021: HK$113 million) and HK$38 million (2021: HK$43 million) respectively.
The above transactions under the Services Agreement and the Tenancy Framework Agreement are continuing connected 
transactions, in respect of which the Company has complied with the disclosure requirements of Chapter 14A of the Listing Rules.
In addition, the following is a summary of significant transactions between the Group and related parties (including transactions 
under the Tenancy Framework Agreement), which were carried out in the normal course of the Group’s business, in addition to those 
transactions disclosed elsewhere in the financial statements.
Joint venture  
companies
Fellow  
subsidiary companies
Immediate  
holding company
Intermediate  
holding company
Other related parties
Note
2022
HK$M
2021
HK$M
2022
HK$M
2021
HK$M
2022
HK$M
2021
HK$M
2022
HK$M
2021
HK$M
2022
HK$M
2021
HK$M
Purchase of goods 
(a)
–
–
–
–
–
–
–
–
–
1
Purchase of services 
(a)
–
–
28
28
–
–
–
–
–
–
Rendering of services
(a)
67
57
–
–
–
–
8
1
–
1
Rental revenue 
(b)
–
–
28
32
10
11
109
113
1
1
Rental expenses 
(b)
9
7
–
–
–
–
–
–
–
–
Revenue from hotels 
9
19
–
–
–
–
1
1
70
14
Interest income 
(c)
50
79
–
–
–
–
–
–
–
–
Interest charges
(c)
16
9
–
–
–
–
–
–
–
–
Notes:
(a)	Purchase of goods and rendering of services from and to related parties were conducted in the normal course of business at prices and on terms no less 
favourable to the Group than those charged by/to and contracted with other suppliers/customers of the Group.
(b)	The Group has, in the normal course of its business, entered into lease agreements with related parties to lease premises for varying periods up to six 
years. The leases were entered into on normal commercial terms.
(c)	Loans advanced to joint venture and associated companies at 31st December 2022 are disclosed in notes 20 and 21. Advances from joint venture and 
associated companies are disclosed in note 27.
The amounts due from the immediate holding company at 31st December 2022 is disclosed in note 25. The balance arises in the 
normal course of business, is non-interest-bearing and repayable within one year.
Remuneration of key management, which includes Executive and Non-Executive Directors and Executive Officers, is disclosed in note 9.

196
NOTES TO THE FINANCIAL STATEMENTS
43.	Notes to the Consolidated Statement of Cash Flows
(a)	 Reconciliation of operating profit to cash generated from operations
2022
HK$M
2021
HK$M
Restated 
Operating profit
9,024
7,834
Change in fair value of investment properties
(801)
1,947
Change in fair value of assets classified as held for sale
(48)
(42)
Change in fair value of financial assets at fair value through profit or loss
–
12
Depreciation
296
338
Amortisation of initial leasing costs on investment properties
79
35
Amortisation of intangible assets
53
47
Gains on disposal of subsidiary companies
(520)
(121)
Gains on disposal of investment properties
(31)
(1,028)
Gains on disposal of property, plant and equipment
–
(9)
Gains on disposal of assets classified as held for sale
(20)
(36)
Other items
144
(28)
Operating profit before working capital changes
8,176
8,949
Decrease in amounts due from immediate holding company
1
15
Increase in properties for sale
(1,667)
(2,832)
(Increase)/Decrease in stocks
(1)
1
Increase in trade and other receivables
(89)
(96)
Increase in trade and other payables
62
867
(Decrease)/Increase in contract liabilities
(106)
98
(Decrease)/Increase in retirement benefit liabilities
(44)
26 
Cash generated from operations
6,332
7,028
(b)	 Purchase of property, plant and equipment
2022
HK$M
2021
HK$M 
Land and buildings
12
8
Plant and equipment
121
172 
Total
133
180
The above purchase amounts do not include interest capitalised on property, plant and equipment.

SWIRE PROPERTIES ANNUAL REPORT 2022 197
43.	Notes to the Consolidated Statement of Cash Flows (continued)
(c)	 Disposal of subsidiary companies
2022
HK$M
Net assets disposed of:
 
Investment properties
556
 
Trade and other receivables
1
 
Trade and other payables
(8)
 
Taxation payable
(2)
 
Deferred tax liabilities 
(7)
540
Gains on disposal
520
1,060
Satisfied by:
 
Cash received (net of transaction costs)
1,060
Analysis of net inflow of cash and cash equivalents from disposal:
 
Net cash proceeds
1,060
The disposal of subsidiary companies consists of the sale of the Group’s interests in certain properties in Hong Kong.
Refer to the tables with the headings “Audited Financial Information” on page 82 for details of the changes in financing during  
the year.
44.	Immediate and Ultimate Holding Company
The immediate holding company is Swire Pacific Limited, a company incorporated and listed in Hong Kong.
The ultimate holding company is John Swire & Sons Limited, a company incorporated in the United Kingdom.

198
Apart from the accounting policies presented within the corresponding notes to the financial statements, the other principal 
accounting policies applied in the preparation of these consolidated financial statements are set out below:
1.	 Basis of Preparation
The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRS”) 
issued by the Hong Kong Institute of Certified Public Accountants. The consolidated financial statements include “Audited Financial 
Information” in the Financing section on pages 81 to 89. The consolidated financial statements have been prepared under the 
historical cost convention as modified in relation to the revaluation of investment properties, put options in respect of non-controlling 
interests, financial assets at fair value through profit or loss and other comprehensive income, defined benefits assets/liabilities and 
derivative financial instruments, each of which are carried at fair value.
2.	 Basis of Consolidation
The consolidated financial statements incorporate the financial statements of Swire Properties Limited, its subsidiary companies 
(together referred to as the “Group”) and the Group’s interests in joint venture and associated companies.
The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the 
acquisition of a subsidiary company is the fair values of the assets transferred, the liabilities incurred and the equity interests issued 
by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration 
arrangement. Acquisition-related costs are generally expensed as incurred. Identifiable assets acquired and liabilities and contingent 
liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-
acquisition basis, the Group recognises any non-controlling interest in the acquired subsidiary either at fair value or at the non-
controlling interest’s proportionate share of the acquired subsidiary’s net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquired subsidiary and the acquisition-
date fair value of any previous equity interest in the acquired subsidiary over the fair value of the Group’s share of the identifiable net 
assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the acquired subsidiary, the difference is 
recognised directly in the consolidated statement of profit or loss.
Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated on 
consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of impairment of the asset transferred. 
Accounting policies of subsidiary companies have been changed where necessary to ensure consistency with the policies adopted by 
the Group.
The Group treats transactions with non-controlling interests as transactions with equity owners of the Group. For purchases from 
non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net 
assets of the subsidiary company is recorded in equity. Gains or losses on disposals to non-controlling interests where control is not 
lost are also recorded in equity.
When the Group ceases to have control, any retained interest in the entity is remeasured to its fair value, with the change in carrying 
amount recognised in the consolidated statement of profit or loss. The fair value is the initial carrying amount for the purposes of 
subsequently accounting for the retained interest as an associated company, joint venture company or financial asset. In addition, 
any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had 
directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in the consolidated statement 
of other comprehensive income are reclassified to the consolidated statement of profit or loss.
Where the Group enters into a contract that contains an obligation (for example a written put option exercisable by the contract 
counterparty) to acquire shares in a partly-owned subsidiary company from the owner of the non-controlling interest, which is not 
part of a business combination, the Group records a financial liability in respect of the present value of the redemption amount with a 
corresponding charge directly to equity. Changes to the value of the financial liability are recognised in the consolidated statement of 
profit or loss within net finance charges.
PRINCIPAL ACCOUNTING POLICIES

SWIRE PROPERTIES ANNUAL REPORT 2022 199
2.	 Basis of Consolidation (continued)
In the Group’s consolidated statement of financial position, its interests in joint venture and associated companies are accounted for 
using the equity method of accounting and are initially recognised at cost. The excess of the cost of investment in joint venture and 
associated companies over the fair value of the Group’s share of the identifiable net assets acquired at the date of acquisition 
represents goodwill. The Group’s interests in joint venture and associated companies include goodwill identified on acquisitions, net 
of any accumulated impairment loss.
The Group’s share of its joint venture and associated companies’ post-acquisition profits or losses is recognised in the consolidated 
statement of profit or loss, and its share of post-acquisition movements in the consolidated statement of other comprehensive 
income is recognised in the consolidated statement of comprehensive income. The cumulative post-acquisition movements are 
adjusted against the carrying amount of the investment. When the Group’s share of losses equals or exceeds its interest in the joint 
venture or associated company, including any other unsecured receivables, the Group does not recognise further losses, unless it has 
incurred obligations or made payments on behalf of the joint venture or associated company.
The Group assesses at the end of each reporting period whether there is any objective evidence that its interests in joint venture and 
associated companies are impaired. Such objective evidence includes whether there has been any significant adverse changes in the 
technological, market, economic or legal environment in which the joint venture and associated companies operate or whether there 
has been a significant or prolonged decline in value below their cost. If there is an indication that an interest in a joint venture or 
associated company is impaired, the Group assesses whether the entire carrying amount of the investment (including goodwill) is 
recoverable. An impairment loss is recognised in the consolidated statement of profit or loss for the amount by which the carrying 
amount is higher than the higher of the investment’s fair value less costs of disposal or value-in-use. Any reversal of such impairment 
loss in subsequent periods is credited to the consolidated statement of profit or loss.
The Group recognises the disposal of an interest in a joint venture company when it ceases to have joint control and the risks and 
rewards of ownership have passed to the acquirer.
If the ownership interest in an associated company is reduced but significant influence is retained, only a proportionate share of the 
amounts previously recognised in the consolidated statement of other comprehensive income are reclassified to the consolidated 
statement of profit or loss where appropriate.
Unrealised gains on transactions between the Group and its joint venture and associated companies are eliminated to the extent of 
the Group’s interest in these companies. Unrealised losses on assets transferred between the Group and its joint venture and 
associated companies are also eliminated unless the transactions provide evidence of impairment of the assets transferred. 
Accounting policies of joint venture and associated companies have been changed where necessary to ensure consistency with the 
policies adopted by the Group.
Dilution gains and losses arising in respect of investments in associated companies are recognised in the consolidated statement of 
profit or loss.
3.	 Subsidiary Companies
Subsidiary companies are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or 
has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the 
entity. Subsidiary companies are consolidated from the date on which control is transferred to the Group. They are deconsolidated 
from the date that control ceases.
Investments in subsidiary companies in the Company’s standalone financial statements are stated at cost less provision for any 
impairment losses. Income from subsidiary companies is accounted for on the basis of dividends received and receivable. Long-term 
loans to subsidiary companies are considered to be quasi-equity in nature where there is no defined repayment terms and no 
expectation of repayment.
4.	 Joint Venture and Associated Companies
In the Company’s statement of financial position, its investments in joint venture and associated companies are stated at cost less 
provision for any impairment losses. Income from joint venture and associated companies is recognised by the Company on the basis 
of dividends received and receivable. Long-term loans to joint venture and associated companies are subject to expected credit losses 
assessment. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

200
PRINCIPAL ACCOUNTING POLICIES
5.	 Foreign Currency Translation
(a)	 Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary 
economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are 
presented in Hong Kong dollars, which is the Company’s functional and presentation currency.
(b)	 Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the 
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at 
year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated 
statement of profit or loss, except when deferred in the consolidated statement of other comprehensive income as qualifying 
cash flow hedges or qualifying net investment hedges.
When a gain or loss on a non-monetary item is recognised directly in the consolidated statement of other comprehensive 
income, any associated translation difference is also recognised directly in the consolidated statement of other comprehensive 
income. When a gain or loss on a non-monetary item is recognised in the consolidated statement of profit or loss, any associated 
translation difference is also recognised in the consolidated statement of profit or loss.
(c)	 Group companies
The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that 
have a functional currency different from the presentation currency are translated into the presentation currency as follows:
(i)	 Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that 
statement of financial position;
(ii)	 Income and expenses for each statement of profit or loss are translated at average exchange rates (unless this average is not 
a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income 
and expenses are translated at the dates of the transactions); and
(iii)	All resulting exchange differences are recognised in the statement of other comprehensive income and accumulated in a 
separate component in equity.
On consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of 
borrowings and other currency instruments designated as hedges of such investments, are taken to the consolidated statement 
of other comprehensive income. When a foreign operation is partially disposed of or sold, exchange differences that were 
recorded in equity are reclassified in the consolidated statement of profit or loss as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign 
entity and translated at the closing rate.
6.	 Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events; it is more likely than 
not that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are 
not recognised for future operating losses.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by 
considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one 
item included in the same class of obligations may be small.
7.	 Government Grants
The Group recognises government grants when there is reasonable assurance that the Group will comply with the conditions 
attached to the grants and the grants will be received. Government grants, that are intended to compensate the Group for expenses 
incurred, are recognised in the consolidated statement of profit or loss on a systematic basis in the years in which the related 
expenses are recognised.

SWIRE PROPERTIES ANNUAL REPORT 2022 201
PRINCIPAL SUBSIDIARY, JOINT VENTURE  
AND ASSOCIATED COMPANIES
Showing proportion of capital owned at 31st December 2022
Attributable 
to the Group 
%
Owned 
directly  
%
Owned  
by 
subsidiaries 
%
Issued and fully paid up 
shares/Registered capital
Principal activities
Subsidiary companies:
Incorporated in Hong Kong with limited liability  
 
and operating in Hong Kong:
Achieve Bright Limited
100
100
–
100 shares (HK$100)
Property trading
Citiluck Development Limited
100
–
100
1,000 shares (HK$1,000)
Property investment
Cityplaza Holdings Limited
100
100
–
100 shares (HK$1,000)
Property investment
Coventry Estates Limited
100
–
100
4 shares (HK$40)
Property investment
Joyful Sincere Limited (d)
80
–
100
1 share (HK$1)
Property trading
One Queen’s Road East Limited
100
–
100
200 shares (HK$200)
Property investment
Pacific Place Holdings Limited
100
100
–
2 shares (HK$2)
Property investment
Redhill Properties Limited
100
100
–
250,000 shares (HK$7,300,000)
Property investment
Super Gear Investment Limited
100
100
–
2 shares (HK$2)
Property investment
Swire Properties (Finance) Limited
100
100
–
1,000,000 shares  
 
(HK$1,000,000)
Financial services
Swire Properties Management Limited
100
100
–
2 shares (HK$20)
Property management
Swire Properties MTN Financing Limited
100
100
–
1 share (HK$1)
Financial services
Swire Properties Real Estate Agency Limited
100
100
–
2 shares (HK$20)
Real estate agency
Taikoo Place Holdings Limited
100
100
–
2 shares (HK$2)
Property investment
Incorporated in the Chinese Mainland with  
 
limited liability and operating in the 
 
Chinese Mainland:
(Sino-foreign joint venture)
Taikoo Hui (Guangzhou) Development  
 
Company Limited (b)
97
–
97
Registered capital of  
 
RMB3,050,000,000
Property investment
(Wholly foreign owned enterprises)
Beijing Anye Property Management  
 
Company Limited (b)
100
–
100
Registered capital of  
 
RMB209,500,000
Property Investment
Beijing Sanlitun Hotel Management  
 
Company Limited (b)
100
–
100
Registered capital of  
 
RMB800,000,000
Hotel investment 
Beijing Sanlitun North Property Management  
 
Company Limited (b)
100
–
100
Registered capital of  
 
RMB2,784,000,000
Property investment 
Beijing Sanlitun South Property Management  
 
Company Limited (b)
100
–
100
Registered capital of  
 
RMB1,598,000,000
Property investment 
Sunshine Melody (Guangzhou) Properties  
 
Management Limited
100
–
100
Registered capital of  
 
RMB295,000,000
Property investment 
Swire Properties (China) Investment  
 
Company Limited (b)
100
–
100
Registered capital of  
 
US$30,000,000
Holding company
(Domestic company)
Beijing Tianlian Real Estate  
 
Company Limited (b)(d)
100
–
100
Registered capital of  
 
RMB865,000,000
Holding company 
(Sino-foreign owned enterprises)
Xi’an Tengyun Real Estate Company Limited (b)
70
–
70
Registered capital of  
 
RMB3,653,743,600
Property trading and  
 
investment
Notes:
(a)	This table lists the principal subsidiary, joint venture and associated companies of the Group including those which, in the opinion of the Directors, 
materially contribute to the net income of the Group or hold a material portion of the assets or liabilities of the Group. To give full details of these 
companies would, in the opinion of the Directors, result in particulars of excessive length.
(b)	Translated name.
(c)	Group interest held through joint venture and associated companies.
(d)	Companies the accounts of which are not audited by PricewaterhouseCoopers. These companies accounted for approximately 2.0% of attributable 
net assets at 31st December 2022.

202
PRINCIPAL SUBSIDIARY, JOINT VENTURE AND ASSOCIATED COMPANIES
Showing proportion of capital owned at 31st December 2022
Attributable 
to the Group 
%
Owned 
directly  
%
Owned  
by 
subsidiaries 
%
Issued and fully paid up 
shares/Registered capital
Principal activities
Subsidiary companies (continued):
Incorporated in the United States with limited  
 
liability and operating in the United States:
700 Brickell City Centre LLC
100
–
100
Limited Liability Company
Property investment
Brickell City Centre Plaza LLC
100
–
100
Limited Liability Company
Property investment
Brickell City Centre Project LLC
100
–
100
Limited Liability Company
Property trading and  
 
investment 
Brickell City Centre Retail LLC
62.93
–
87.93
Limited Liability Company
Property investment 
Swire Jadeco LLC
100
–
100
Limited Liability Company
Property trading
Swire Properties Inc
100
–
100
1,000 shares of US$0.01 each
Holding company
Swire Properties One LLC
100
–
100
Limited Liability Company
Holding company
Swire Properties US Inc
100
–
100
1,000 shares of US$0.01 each
Holding company
Swire Realty LLC
100
–
100
Limited Liability Company
Real estate agency
Incorporated in the British Virgin Islands with 
 
 limited liability and operating in Hong Kong:
Boom View Holdings Limited
100
100
–
2 shares of US$1 each
Property investment
Cherish Shine Limited
100
100
–
1 share of US$1
Property investment
High Grade Ventures Limited
100
100
–
1 share of US$1
Property trading and  
 
investment
Novel Ray Limited
100
100
–
1 share of US$1
Property investment
One Pacific Place Limited
100
–
100
1 share of US$1
Property investment
Sino Flagship Investments Limited
100
100
–
1 share of US$1
Property investment
Swire and Island Communication  
 
Developments Limited (d)
60
60
–
100 shares of HK$10 each  
 
and 1 non-voting dividend  
 
share of HK$10
Property investment
Swire Properties China Holdings Limited
100
100
–
1 share of US$1
Holding company
Joint venture companies:
Incorporated in Hong Kong with limited liability  
 
and operating in Hong Kong:
Hareton Limited (d)
50
–
50
100 shares (HK$1,000)
Property investment
Pacific Grace Limited
50
–
(c)
2 shares (HK$2)
Property investment
Richly Leader Limited
50
–
50
1,000,000,000 shares  
 
(HK$700,000,000)
Property investment
Incorporated in the United States with limited  
 
liability and operating in the United States:
Swire Brickell Key Hotel, Ltd.
75
–
75
Florida Partnership
Hotel investment

SWIRE PROPERTIES ANNUAL REPORT 2022 203
Attributable 
to the Group 
%
Owned 
directly  
%
Owned  
by 
subsidiaries 
%
Issued and fully paid up 
shares/Registered capital
Principal activities
Joint venture companies (continued):
Incorporated in the British Virgin Islands  
 
with limited liability:
Dazhongli Properties Limited  
 
(operating in the Chinese Mainland)
50
–
50
1,000 shares of US$1 each
Holding company
Fortune Access Holdings Limited  
 
(operating in Hong Kong)
25
–
25
100 shares of US$1 each
Holding company
Great City China Holdings Limited  
 
(operating in the Chinese Mainland)
65
–
65
100 shares of US$1 each
Holding company
Honster Investment Limited  
 
(operating in Hong Kong)
50
–
50
2 shares of US$1 each
Holding company
Newfoundworld Investment Holdings Limited  
 
(operating in Hong Kong)
26.67
–
26.67
15 shares of US$1 each
Holding company
Incorporated in the Chinese Mainland  
 
with limited liability and operating in the  
 
Chinese Mainland:
(Domestic companies)
Beijing Linlian Real Estate Company Limited (b)
50
–
50
Registered capital of  
 
RMB400,000,000
Property investment
Shanghai Kaiye Commercial Management  
 
Company Limited (b)
60
–
60
Registered capital of  
 
RMB10,000,000
Property management
(Wholly foreign owned enterprises)
Chengdu Qianhao Real Estate Company Limited
65
–
(c)
Registered capital of  
 
US$329,000,000
Property investment
Guan Feng (Shanghai) Real Estate Development  
 
Company Limited (b)
50
–
(c)
Registered capital of  
 
US$1,136,530,000
Property investment
(Sino-foreign owned enterprises)
Beijing Xingtaitonggang Properties  
 
Company Limited (b)
35
–
35
Registered capital of  
 
RMB9,500,000,000
Property investment
Shanghai Qianxiu Company Limited (b)
50
–
50
Registered capital of  
 
RMB1,549,777,000
Property investment
Sanya CDF Seaside Investment & Development  
 
Company Limited (b)
50
–
50
Registered capital of  
 
RMB2,500,000,000
Property investment
Incorporated in Indonesia with limited liability  
 
and operating in Indonesia:
PT Jantra Swarna Dipta
50
–
50
1,202,044 shares of  
 
Rp1,000,000 each
Property trading
Associated companies:
Incorporated in Hong Kong with limited liability  
 
and operating in Hong Kong:
Greenroll Limited (d)
20
20
–
45,441,000 shares  
 
(HK$454,410,000)
Hotel investment
Queensway Hotel Limited (d)
20
–
(c)
100,000 shares  
 
(HK$1,000,000)
Hotel investment
Shangri-La International Hotels (Pacific Place)  
 
Limited
20
20
–
10,005,000 shares  
 
(HK$10,005,000)
Hotel investment
Incorporated in Vietnam with limited liability  
 
and operating in Vietnam:
City Garden Thu Thiem Limited Liability  
 
Company (d)
20
–
(c)
Charter capital of  
 
VND969,797,500,000
Property trading

204
SCHEDULE OF PRINCIPAL GROUP PROPERTIES 
At 31st December 2022
Gross floor areas in square feet
Hong Kong
Chinese Mainland
U.S.A. and Elsewhere
Totals
Held through 
subsidiaries
Held through 
other 
companies
Held through 
subsidiaries
Held through 
other 
companies
Held through 
subsidiaries
Held through 
other 
companies
Held through 
subsidiaries
Held through 
subsidiaries 
and other 
companies
Completed properties  
 
for investment
Retail
 2,321,585
223,903
3,239,776
2,534,983
496,508
–
6,057,869
8,816,755 
Office
 8,474,662
738,548
1,693,125
1,208,566
–
–
10,167,787
12,114,901 
Residential/Serviced apartment
 555,551
–
50,376
143,059
–
–
605,927
748,986 
Hotels
 358,371
435,770
678,897
498,603
–
258,750
1,037,268
2,230,391 
 11,710,169
1,398,221
5,662,174
4,385,211
496,508
258,750
17,868,851
23,911,033 
Property developments  
 
for investment
Retail
 –
–
–
1,071,720
–
–
–
1,071,720 
Office
223,303
–
–
–
–
–
223,303
223,303
Residential/Serviced apartment
14,768
–
–
–
–
–
14,768
14,768 
Under planning
 –
–
2,364,668
1,415,930
1,510,000*
 –
3,874,668
5,290,598 
238,071
–
2,364,668
2,487,650
1,510,000
–
4,112,739
6,600,389
Completed properties for sale
Residential/Serviced apartment
10,817
–
–
–
–
50,611
10,817
61,428 
10,817
–
–
–
–
50,611
10,817
61,428
Property developments for sale
Retail
 15,199
–
–
–
–
–
15,199
15,199
Residential/Mixed-use
 795,266
159,576
–
–
1,073,000
1,683,168
1,868,266
3,711,010 
810,465
159,576
–
–
1,073,000
1,683,168
1,883,465
3,726,209 
12,769,522
1,557,797
8,026,842
6,872,861
3,079,508
1,992,529
23,875,872
34,299,059
*	 One Brickell City Centre is currently under planning. The site is included under “Properties held for development” in the financial statements.
Notes:
1.	 All properties held through subsidiary companies are wholly-owned except for Island Place (60% owned), Chai Wan Inland Lot No. 178 (80% 
owned), Taikoo Hui, Guangzhou (97% owned), Taikoo Li Xi’an (70% owned) and Brickell City Centre (Retail: 62.93% owned). The above summary 
table includes the floor areas of these five properties in 100%.
2.	 “Other companies” comprise joint venture, associated companies and financial assets at fair value through profit or loss. The floor areas of 
properties held through such companies are shown on an attributable basis.
3.	 Gross floor areas in Hong Kong and the Chinese Mainland exclude car parking spaces; there are about 9,840 completed car parking spaces in Hong 
Kong and the Chinese Mainland, which are held by subsidiaries and other companies for investment.
4.	 When a Hong Kong property is held under a renewable lease, the expiry date of the renewal period is shown.
5.	 All properties in the U.S.A. are freehold.
6.	 Gross floor areas for all properties in the U.S.A. represent saleable or leasable areas for completed and nearly completed properties, which exclude 
car parking spaces; there are about 1,976 completed car parking spaces held by subsidiaries and other companies for investment.

SWIRE PROPERTIES ANNUAL REPORT 2022 205
Completed properties for 
investment in Hong Kong
Lot number
Leasehold 
expiry
Site area in 
square feet
Gross floor area  
in square feet
Number of  
car parks
Year of 
completion
Remarks
Office
1.	 Pacific Place, 
	
88 Queensway, 
	
Central
One Pacific Place
IL 8571 (part)
2135
115,066 
(part)
863,266
–
1988
Two Pacific Place
IL 8582 & Ext. (part)
2047
203,223 
(part)
695,510
–
1990
2.	 Three Pacific Place,
	
One Queen’s  
Road East
IL 47A sA RP
IL 47A sB RP
IL 47A sC RP
IL 47B sC RP
IL 47A RP
IL 47C sA ss1 RP
IL 47C sA RP
IL 47B sA RP
IL 47B sB RP
IL 47B RP
IL 47A sB ss2
IL 47A sD
IL 47B sD
IL 47C RP
IL 47D RP
IL 47D sA RP
IL 47 sA ss1
IL 47 sA RP
IL 47 sB ss1 & RP
IL 47 sC ss1 & ss2 sA & ss2 RP &  
 
ss3 sA & ss3 RP & ss4 & ss5 &  
 
ss6 sA & ss6 RP & ss7 RP & RP
IL 47 sP
IL 47 RP
IL 47 sC ss5 Ext.
IL 47 sC ss1 Ext.
2050-2852
40,236
627,657
111
2004/07
Linked to The Mall  
at Pacific Place and 
Admiralty MTR station.
3.	 Devon House, 
Taikoo Place
QBML 1 sE ss2 (part)
QBML 1 sF ss1 (part)
QBML 1 sF RP (part)
ML 703 sN (part)
2881
70,414  
(part)
803,452
311
1993
Linked to Dorset House 
and Cambridge House.
4.	 Dorset House, 
Taikoo Place
QBML 1 sQ (part)
QBML 1 sR ss1 (part)
QBML 1 sR RP (part)
QBML 1 sS (part)
QBML 1 sT ss1 (part)
QBML 1 sT ss2 (part)
QBML 1 sT RP (part)
QBML 1 sU (part)
QBML 1 sW (part)
QBML 1 RP (part)
2881
238,582 
(part)
609,540
215
1994
Linked to Devon House 
and PCCW Tower.
5.	 Lincoln House, 
Taikoo Place
QBML 1 sQ (part)
QBML 1 sR ss1 (part)
QBML 1 sR RP (part)
QBML 1 sS (part)
QBML 1 sT ss1 (part)
QBML 1 sT ss2 (part)
QBML 1 sT RP (part)
QBML 1 sU (part)
QBML 1 sW (part)
QBML 1 RP (part)
2881
238,582 
(part)
333,529
164
1998
Linked to PCCW Tower 
and One Taikoo Place.
6.	 Oxford House, 
Taikoo Place
QBML 1 sC ss4
QBML 1 sC ss7 (part)
QBML 2 & Ext. sD
2881/2899
33,434
501,253
182
1999
Linked to One Taikoo 
Place.

206
SCHEDULE OF PRINCIPAL GROUP PROPERTIES
At 31st December 2022
Completed properties for 
investment in Hong Kong
Lot number	
Leasehold 
expiry
Site area in 
square feet
Gross floor area  
in square feet
Number of  
car parks
Year of 
completion
Remarks
Office (continued)
7.	 Cambridge House, 
Taikoo Place
QBML 1 sE ss2 (part)
QBML 1 sF ss1 (part)
QBML 1 sF RP (part)
ML 703 sN (part)
2881
70,414 
(part)
268,795
–
2003
Linked to Devon House.
8.	 One Island East, 
Taikoo Place
QBML 1 sC ss5
QBML 1 sC ss6
QBML 2 & Ext. sF
QBML 2 & Ext. sG
QBML 2 & Ext. sH ss6 sB RP
QBML 2 & Ext. sH RP
QBML 2 & Ext. RP
QBIL 15 sD
2881/2899
109,929
1,537,011
–
2008
9.	 One Taikoo Place, 
Taikoo Place
QBML 1 sQ (part)
QBML 1 sR ss1 (part)
QBML 1 sR RP (part)
QBML 1 sS (part)
QBML 1 sT ss1 (part)
QBML 1 sT ss2 (part)
QBML 1 sT RP (part)
QBML 1 sU (part)
QBML 1 sW (part)
QBML 1 RP (part)
2881
238,582 
(part)
1,013,368
82
2018
Linked to Lincoln House and 
Oxford House.
10.	Two Taikoo Place, 
Taikoo Place
QBML 1 sQ (part)
QBML 1 sR ss1 (part)
QBML 1 sR RP (part)
QBML 1 sS (part)
QBML 1 sT ss1 (part)
QBML 1 sT ss2 (part)
QBML 1 sT RP (part)
QBML 1 sU (part)
QBML 1 sW (part)
QBML 1 RP (part)
2881
238,582 
(part)
994,545
346
2022
Linked to PCCW Tower.
11.	SPACES. 8QRE, 
8 Queen’s  
Road East, 
Wan Chai
IL 5250
IL 7948
IL 7950
2089/ 
2103/2113
4,612
81,346
–
2013 
(Refurbishment)
With ground floor retail.
12.	 28 Hennessy Road 
(will be renamed as 
Five Pacific Place),  
Wan Chai
ML 23
IL 2244 RP
IL 2245 RP
2843
9,622
145,390
–
2012
Total held through subsidiaries
8,474,662
1,411
13.	PCCW Tower, 
Taikoo Place
QBML 1 sQ (part)
QBML 1 sR ss1 (part)
QBML 1 sR RP (part)
QBML 1 sS (part)
QBML 1 sT ss1 (part)
QBML 1 sT ss2 (part)
QBML 1 sT RP (part)
QBML 1 sU (part)
QBML 1 sW (part)
QBML 1 RP (part)
2881
238,582 
(part)
620,148
217
1994
Linked to Dorset House, Lincoln 
House and Two Taikoo Place. 
Floor area shown represents 
the whole development, in 
which the Group owns a 50% 
interest.
14.	Berkshire House, 
Taikoo Place
IL 8854
2047
25,926
388,838
84
1998
Floor area shown represents 
the whole development, in 
which the Group owns a  
50% interest.
15.	One Citygate, 
Tung Chung, 
Lantau
TCTL 2 (part)
2047
358,557 
(part)
160,522
63
1999/ 
2000
Above Citygate Outlets. Floor 
area shown represents the 
whole of the office area of the 
development, in which the 
Group owns a 26.67% interest.
16.	South Island Place, 
Wong Chuk Hang
AIL 461 RP
2064
25,260
382,499
137
2018
Floor area shown represents 
the whole development, in 
which the Group owns a  
50% interest.
Total held through joint venture companies
1,552,007
501
–  of which attributable to the Group
738,548

SWIRE PROPERTIES ANNUAL REPORT 2022 207
Completed properties for 
investment in Hong Kong
Lot number	
Leasehold 
expiry
Site area in 
square feet
Gross floor area  
in square feet
Number of  
car parks
Year of 
completion
Remarks
Retail
1. 	 Pacific Place, 
88 Queensway, 
Central
The Mall at  
Pacific Place
IL 8571 (part) 
IL 8582 & Ext. (part)
2135/2047
318,289  
(part)
711,182
426
1988/90
Shopping centre with 
restaurants and a 
cinema. Access to 
Admiralty MTR station. 
Pacific Place also 
comprises serviced 
apartments and hotels, 
details of which are given 
in the Residential and 
Hotel categories below.
2.	 Cityplaza, 
Taikoo Shing
QBML 2 & Ext. sK ss5 (part)
QBML 2 & Ext. sR RP (part)
QBML 2 & Ext. sR ss1 sA (part)
QBML 2 & Ext. sR ss2 (part)
QBML 2 & Ext. sQ RP (part)
QBML 2 & Ext. sQ ss7 sA (part)
QBML 2 & Ext. sQ ss7 RP (part)
QBML 2 & Ext. sQ ss2 sB (part)
QBML 2 & Ext. sQ ss2 sA ss1 (part)
QBML 2 & Ext. sQ ss2 sA RP (part)
QBML 2 & Ext. sJ RP (part)
2899
334,475 
(part)
1,096,898
845
1983/87/ 
97/2000
Shopping centre with 
restaurants, ice-skating 
rink, cinema and access 
to Tai Koo MTR station.
3.	 Commercial areas  
in Stages I - X of  
Taikoo Shing
SML 1 sA ss1, SML 1 sA RP
SML 1 sB, SML 2 sC RP
SML 2 sC ss2
SML 2 sD, SML 2 RP
QBML 2 & Ext. sJ ss1
QBML 2 & Ext. sJ ss3
QBML 2 & Ext. sL
QBML 2 & Ext. sN
QBML 2 & Ext. sQ ss4 & ss5
QBML 2 & Ext. sQ ss2 sC
QBML 2 & Ext. sS ss1
QBML 2 & Ext. sH ss1
QBML 2 & Ext. sH ss3 sA
QBML 2 & Ext. sK ss3 sA
QBML 2 & Ext. sU ss1
QBML 2 & Ext. sK ss3 RP
QBML 2 & Ext. sK ss4 sA & RP
QBML 2 & Ext. sT ss1 & RP
QBML 2 & Ext. sU RP
QBML 2 & Ext. sK ss9 & ss10 &  
 
ss11 & ss13 & ss16 (part)
2081/ 
2889/2899
–
329,810
2,182
1977-85
Neighbourhood shops, 
schools and car parking 
spaces.
4.	 Island Place, 
500 King’s Road,  
North Point
IL 8849 (part)
2047
106,498 
(part)
150,223
288
1996
Floor area shown 
represents the whole 
shopping centre podium, 
in which the Group owns 
a 60% interest.
5.	 StarCrest,  
9 Star Street, 
Wan Chai
IL 8853 (part)
2047
40,871  
(part)
13,112
83
1999
Floor area shown 
represents the whole of 
the retail podium.
6.	 EAST Residences, 
23 Tong Chong 
Street, Taikoo Place
ML 703 sI (part)
2881
8,664 
(part)
12,312
–
2014
Floor area shown 
represents the whole of a 
3-storey retail podium 
(excluding serviced- 
suites above).
7.	 STAR STUDIOS I & II, 
8-10 & 18 Wing  
Fung Street, 
Wan Chai
IL 47 sF (part)
IL 47 sG (part)
IL 47 sH (part)
IL 47 sI (part)
IL 8464 (part)
2056/2852
6,775 
(part)
5,197
–
2016
(Refurbishment)
Floor area shown 
represents the retail area 
(excluding residential 
apartments).

208
SCHEDULE OF PRINCIPAL GROUP PROPERTIES
At 31st December 2022
Completed properties for 
investment in Hong Kong
Lot number	
Leasehold 
expiry
Site area in 
square feet
Gross floor area  
in square feet
Number of  
car parks
Year of 
completion
Remarks
Retail (continued)
8.	 EIGHT STAR STREET, 
Wan Chai
IL 526 sA ss1 sC
IL 526 sA ss1 sB ss1
IL 526 sA ss1 sB RP
IL 526 sA ss2
IL 526 sA ss3
IL 526 sA RP
2856
3,609 
(part)
2,851
–
2022
Floor area shown 
represent the whole of  
the retail podium.
Total held through subsidiaries
2,321,585
3,824
9.	 Tung Chung  
Crescent, 
Tung Chung, 
Lantau
TCTL 1 (part)
2047
331,658 
(part)
36,053
75
1998/ 
1999
Floor area shown 
represents the retail space, 
in which the Group owns a 
26.67% interest.
10.	Citygate Outlets, 
Tung Chung, 
Lantau
TCTL 2 (part)
TCTL 11 (part)
2047/ 
2063
466,476 
(part)
803,582
1,197
1999/ 
2000/ 
2019
Floor area shown 
represents the whole of 
the retail area of the 
development, in which the 
Group owns a 26.67% 
interest. 
Total held through joint venture companies
839,635
1,272
–  of which attributable to the Group
223,903
Residential
1.	 Pacific Place 
Apartments, 
88 Queensway, 
Central
IL 8582 & Ext. (part)
2047
203,223 
(part)
443,075
–
1990
270 serviced suites within 
the Conrad Hong Kong 
Hotel tower.
2.	 EAST Residences, 
23 Tong Chong Street, 
Taikoo Place
ML 703 sI (part)
2881
8,664  
(part)
62,756
–
2014
106 serviced suites above 
a 3-storey retail podium. 
Floor area shown excludes 
retail portion. 
3.	 STAR STUDIOS I & II, 
8-10 & 18 Wing  
Fung Street, 
Wan Chai
IL 47 sF (part)
IL 47 sG (part)
IL 47 sH (part)
IL 47 sI (part)
IL 8464 (part)
2056/2852
6,775  
(part)
47,076
–
2016  
(Refurbishment)
120 apartments above 
ground floor shops.  
Floor area shown  
excludes retail area  
(5,197 square feet).
4.	 House B,  
36 Island Road,  
Deep Water Bay
RBL 507 & Ext. (part)
2097
20,733  
(part)
2,644
–
1980
One detached house.
Total held through subsidiaries	
555,551
–
Hotel
1.	 EAST Hong Kong, 
Taikoo Shing
QBML 2 & Ext. sR RP (part)
QBML 2 & Ext. sR ss1 sA (part)
QBML 2 & Ext. sR ss2 (part)
QBML 2 & Ext. sQ RP (part)
QBML 2 & Ext. sQ ss7 sA (part)
QBML 2 & Ext. sQ ss7 RP (part)
QBML 2 & Ext. sQ ss2 sB (part)
QBML 2 & Ext. sQ ss2 sA ss1  
 
(part)
QBML 2 & Ext. sQ ss2 sA RP  
 
(part)
QBML 2 & Ext. sJ RP (part)
2899
146,184 
(part)
199,633
–
2009
331-room hotel.
2.	 The Upper House, 
Pacific Place
IL 8571 (part)
2135
115,066 
(part)
158,738
–
2009  
(Refurbishment)
117-room hotel above the 
JW Marriott Hotel.
Total held through subsidiaries
358,371
–
3.	 JW Marriott Hotel, 
Pacific Place
IL 8571 (part)
2135
115,066 
(part)
525,904
–
1988
608-room hotel, in which 
the Group owns a 20% 
interest.
4.	 Conrad Hong Kong 
Hotel, Pacific Place
IL 8582 & Ext. (part)
2047
203,223 
(part)
555,590
–
1990
513-room hotel, in which 
the Group owns a 20% 
interest.
5.	 Island Shangri-La 
Hotel, Pacific Place
IL 8582 & Ext. (part)
2047
203,223 
(part)
605,728
–
1991
557-room hotel, in which 
the Group owns a 20% 
interest.
Total held through associated companies
1,687,222
–
–  of which attributable to the Group
337,444

SWIRE PROPERTIES ANNUAL REPORT 2022 209
Completed properties for  
investment in the Chinese Mainland
Address
Leasehold 
expiry
Site area in 
square feet
Gross floor area  
in square feet
Number of  
car parks
Year of 
completion
Remarks
Retail
1.	 Taikoo Li Sanlitun 
(Taikoo Li Sanlitun South)
19 Sanlitun Road, 
Chaoyang district, Beijing
2044 
(2054 for  
car parks)
566,332 
(part)
776,909
417
2007
Shopping centre with 
restaurants and cinema.
2.	 Taikoo Li Sanlitun 
(Taikoo Li Sanlitun North)
11 Sanlitun Road, 
Chaoyang district, Beijing
2044  
(2054 for  
car parks)
566,332 
(part)
519,399
340
2007
Shopping centre with 
restaurants.
3.	 Taikoo Li Sanlitun 
(Taikoo Li Sanlitun West)
58 Gongti North Road, 
Chaoyang district, Beijing
2033
40,102
293,405
50
2021
Shopping centre with 
restaurants leased by  
the Group.
4.	 Building 15 
15 Sanlitun North, 
Chaoyang district, Beijing
2048
4,861
19,747
–
2000s
Commercial building 
acquired by the Group.
5.	 The Red 
Building 15A,  
Sanlitun North, 
Chaoyang district, Beijing
2027
7,641
10,077
–
2000s
Shopping centre leased by 
the Group.
6.	 Hui Fang
75 Tianhe East Road, 
Tianhe district, 
Guangzhou
2044
174,377 
(part)
90,847
100
2008
Shopping centre with 
restaurants.
7.	 Taikoo Hui
381-389 Tianhe Road  
(odd numbers), Tianhe 
district, Guangzhou
2051
526,941 
(part)
1,529,392
718
2011
Shopping centre with 
restaurants. Floor area 
shown represents the 
retail portion, in which the 
Group owns a 97% interest.
Total held through subsidiaries
3,239,776
1,625
8.	 INDIGO
18 Jiuxianqiao Road, 
Chaoyang district, Beijing
2044  
(2054 for  
car parks)
631,072 
(part)
946,769
617
2012
Shopping centre with 
restaurants and cinema. 
Floor area shown 
represents the retail 
portion, in which the Group 
owns a 50% interest.
9.	 Sino-Ocean Taikoo Li 
Chengdu
Daci Temple Area, 
9 Dongda Street, 
Jinjiang district, Chengdu
2051
814,604 
(part)
1,314,237
1,051
2014
Shopping centre with 
restaurants and cinema. 
Floor area shown 
represents the retail 
portion, in which the Group 
owns a 65% interest.
10.	Heritage Buildings  
in Sino-Ocean  
Taikoo Li Chengdu
Daci Temple Area,  
9 Dongda Street, 
Jinjiang district, Chengdu
2034
N/A 
(part)
40,387
–
2014
Heritage Buildings leased 
from the local government 
as part of the retail 
operation of Sino-Ocean 
Taikoo Li Chengdu, in 
which the Group owns a 
65% interest.
11.	HKRI Taikoo Hui
South of West Nanjing 
Road and east of Shi Men  
Yi Road, Jing’an district, 
Shanghai
2049
676,091 
(part)
1,105,646
240
2016
Floor area shown 
represents the retail 
portion, in which the Group 
owns a 50% interest.
Completed properties for 
investment in Hong Kong
Lot number	
Leasehold 
expiry
Site area in 
square feet
Gross floor area  
in square feet
Number of  
car parks
Year of 
completion
Remarks
Hotel (continued)
6.	 Novotel Citygate 
Hong Kong,  
Citygate
TCTL 2 (part)
2047
358,557 
(part)
236,758
25
2005
440-room hotel, in which 
the Group owns a 26.67% 
interest.
7.	 The Silveri  
Hong Kong – MGallery, 
Citygate
TCTL 11 (part)
2063
107,919 
(part)
131,965
5
2019
206-room hotel, in which 
the Group owns a 26.67% 
interest.
Total held through joint venture companies
368,723
30
–  of which attributable to the Group
98,326

210
SCHEDULE OF PRINCIPAL GROUP PROPERTIES
At 31st December 2022
Completed properties for  
investment in the Chinese Mainland
Address
Leasehold 
expiry
Site area in 
square feet
Gross floor area  
in square feet
Number of  
car parks
Year of 
completion Remarks
Retail (continued)
12.	Metrolink in  
HKRI Taikoo Hui 
South of West Nanjing 
Road and underneath  
Shi Men Yi Road, Jing’an 
district, Shanghai
2028
N/A 
(part)
67,813
–
2018
Shopping corridor leased 
from Shanghai Shentong 
Metro and operated by 
HKRI Taikoo Hui, in which 
the Group owns a 50% 
interest. 
13.	Taikoo Li Qiantan 
East of Yangsi West Road, 
West of Dongyu Road, 
North of Haiyang West 
Road, Pudong New district, 
Shanghai
2053
638,125
1,188,727
907
2020
The Group owns a 50% 
interest.
Total held through joint venture companies 
4,663,579
2,815
–  of which attributable to the Group
2,534,983
Office
1.	 Taikoo Hui 
Towers 1 & 2
North of Tianhe Road and 
west of Tianhe East Road, 
Tianhe district, Guangzhou
2051
526,941 
(part)
1,693,125
–
2011
Floor area shown 
represents the office 
portion, in which the Group 
owns a 97% interest.
Total held through subsidiaries	
1,693,125
–
2.	 ONE INDIGO
20 Jiuxianqiao Road, 
Chaoyang district, Beijing
2054
631,072 
(part)
589,071
390
2011
Floor area shown 
represents the office 
portion, in which the Group 
owns a 50% interest.
3.	 HKRI Centre 1 and  
HKRI Centre 2
South of West Nanjing 
Road and east of  
Shi Men Yi Road, Jing’an 
district, Shanghai
2059
676,091 
(part)
1,828,060
798
2016
Floor area shown 
represents the office 
portion, in which the Group 
owns a 50% interest.
Total held through joint venture companies
2,417,131
1,188
–  of which attributable to the Group
1,208,566
Hotel
1.	 The Opposite House
11 Sanlitun Road,  
Chaoyang district, Beijing
2044  
(2054 for  
car parks)
566,332 
(part)
169,463
32
2007
99-room hotel.
2.	 Mandarin Oriental,  
Guangzhou
North of Tianhe Road and 
west of Tianhe East Road, 
Tianhe district, Guangzhou
2051
526,941 
(part)
Hotel: 
509,434
Serviced 
apartment: 
50,376
559,810
– 
–
2012
263-room hotel and 24 
serviced apartments, in 
which the Group owns a 
97% interest.
Total held through subsidiaries	
729,273
32
3.	 EAST Beijing
22 Jiuxianqiao Road, 
Chaoyang district, Beijing
2044  
(2054 for 
office and 
car parks)
631,072 
(part)
358,301
240
2012
369-room hotel, in which 
the Group owns a 50% 
interest.
4.	 The Temple House
Daci Temple Area,  
9 Dongda Street, Jinjiang 
district, Chengdu
2051
814,604 
(part)
Hotel: 
193,137
Serviced 
apartment: 
106,804
299,941
– 
–
2015
100-room hotel and 42 
serviced apartments, in 
which the Group owns a 
65% interest.

SWIRE PROPERTIES ANNUAL REPORT 2022 211
Completed properties for  
investment in the Chinese Mainland
Address
Leasehold 
expiry
Site area in 
square feet
Gross floor area  
in square feet
Number of  
car parks
Year of 
completion
Remarks
Hotel (continued)
5.	 The Sukhothai Shanghai 
Hotel
380 Weihai Road, 
Jing’an district, 
Shanghai
2049
676,091 
(part)
Hotel:
246,646
79
2018
201-room hotel, in which the 
Group owns a 50% interest.
	
The Middle House
366 Shi Men Yi Road,  
Jing’an district, 
Shanghai
Hotel:
141,181
43
2018
111-room hotel, in which the 
Group owns a 50% interest.
	
The Middle House 
Residences
366 Shi Men Yi Road,  
Jing’an district, 
Shanghai
Serviced 
apartment: 
147,273
535,100
40
2018
102 serviced apartments, in 
which the Group owns a 50% 
interest.
Total held through joint venture companies
1,193,342
402
–  of which attributable to the Group
641,662
Completed properties for 
investment in the United States
Address
Site area in 
square feet
Gross floor area  
in square feet
Number of  
car parks
Year of 
completion
Remarks
Retail
1.	 Brickell City Centre – 
retail portion 
701 S Miami Avenue,  
Miami, Florida
380,670 
(part)
496,508
1,137
2016
Floor area shown represents 
the whole shopping centre,  
in which the Group owns a 
62.93% interest. 
2.	 Car parking spaces for  
Two Brickell City Centre, 
Three Brickell City Centre, 
EAST Residences and  
EAST Miami
78 SW 7th Street and  
788 Brickell Plaza, Miami, Florida
380,670 
(part)
–
389
2016
The Group owns the 389  
car parking spaces of the  
sold properties.
Total held through subsidiaries	
496,508
1,526
Hotel
1.	 Mandarin Oriental,  
Miami
South Brickell Key,  
Miami, Florida
120,233
345,000
600
2000
326-room luxury hotel in 
central Miami, in which the 
Group owns a 75% interest.
Total held through joint venture companies
345,000
600
–  of which attributable to the Group
258,750
 
Property developments for 
investment in Hong Kong
Lot number
Leasehold 
expiry
Site area in 
square feet
Gross floor 
area in 
square feet
Number of  
car parks
Stage of  
completion
Expected 
completion 
date
Remarks
Residential
1.	 Rocky Bank, 
6 Deep Water Bay 
Road
RBL 613 RP
2099
28,197
14,768
–
Site formation  
and foundation  
in progress
2024
Floor area shown is an 
approximation.
Total held through subsidiaries
14,768
–

212
SCHEDULE OF PRINCIPAL GROUP PROPERTIES
At 31st December 2022
Property developments for 
investment in Hong Kong
Lot number
Leasehold 
expiry
Site area in 
square feet
Gross floor 
area in 
square feet
Number of  
car parks
Stage of  
completion
Expected 
completion 
date
Remarks
Office
1.	 Six Pacific Place,  
46-56 Queen’s Road 
East
IL 2242
IL 2244 sA
IL 2244 sB
IL 2244 sC
IL 2245 sA
IL 2245 sB
IL 2245 sC
IL 2245 sD
IL 2245 sE
IL 2245 sF
2843
14,433
223,303
88
Superstructure 
works in progress
2023
Floor area shown is an 
approximation.
Total held through subsidiaries
223,303
88
Property developments  
for investment in the 
Chinese Mainland
Address
Leasehold 
expiry
Site area in 
square feet
Gross floor area  
in square feet
Number of  
car parks
Stage of 
completion
Expected 
completion  
date
Remarks
Retail
1.	 Phase III of the  
Sanya International 
Duty-Free Complex
Next to and on the west 
of current Phase II of 
 the Sanya International 
Duty-Free Complex
2063
2,233,387
Under 
planning:
2,143,440
(under design 
& further 
review)
2,075
Site handover 
completed, 
foundation 
works expected 
from Q1 2023
From late 
2024
A premium, resort-style, 
retail-led development  
in the Haitang district of 
Sanya. The Group owns  
a 50% interest.
Total held through joint venture companies
2,143,440
2,075
–  of which attributable to the Group
1,071,720
Under planning
1.	 Taikoo Li Xi’an
The Small Wild Goose 
Pagoda historical  
and cultural Zone  
Beilin District, Xi’an
2062
1,290,669
Under 
planning:
2,364,668
To be 
determined 
Under  
planning
2025
Retail-led mixed-use 
development comprising 
retail and cultural 
facilities in addition  
to a hotel, serviced 
residences and business 
apartments. The Group 
owns a 70% interest.
Total held through subsidiaries
2,364,668
–
2.	 INDIGO Phase Two, 
Beijing
Next to and on the  
east of current INDIGO, 
Beijing
2060 for 
retail  
and hotel, 
2070 for 
office
842,807 
(part)
Under 
planning:
4,045,514
To be 
determined 
Basement 
structure  
works
are in  
progress
Phase 1: 
2025 
Phase 2: 
2026
An office-led, mixed-use 
extension of the  
existing INDIGO project 
comprising a shopping 
mall, office towers, and  
a hotel. The Group owns 
a 35% interest.
Total held through joint venture companies
4,045,514
–
–  of which attributable to the Group
1,415,930
Property developments for 
investment in the United States
Site area in square feet
Gross floor area  
in square feet
Number of  
car parks
Expected 
completion date
Remarks
Under planning
1.	 One Brickell City Centre, 
Miami, Florida
123,347
Under planning: 
1,510,000
To be 
determined
To be 
determined
One Brickell City Centre is being planned as 
a future mixed-use development comprised 
of retail and Grade A office space. Area 
shown is in lettable area.
Total held through subsidiaries
1,510,000
–

SWIRE PROPERTIES ANNUAL REPORT 2022 213
Completed properties for sale  
in Vietnam
Address
Site area in  
square feet
Gross floor area  
in square feet
Number of  
car parks
Year of 
completion
Remarks
Residential
1.	 The River
Thu Thiem, Lot 3.15
165,518
253,054
–
2022
3 residential towers with 525 units,  
in which the Group effectively owns a 
20% interest. GFA excludes 6,886 sqm 
of parking and 4,500 sqm of retail 
which is not included in the Group’s 
investment. As of 31st December 
2022, sales of 368 units had been 
closed. Floor area shown represents 
the GFA of the remaining 157 
residential units.
Total held through associated companies
253,054
– 
–  of which attributable to the Group
50,611
Completed properties for sale  
in the Hong Kong
Address
Site area in  
square feet
Gross floor area  
in square feet
Number of  
car parks
Year of 
completion
Remarks
Residential
1.	 EIGHT STAR STREET
8 Star Street,  
Wan Chai
3,609  
(part)
10,817
–
2022
Residential block comprising  
37 units over retail podium. As of  
31st December 2022, sales of 27 units 
had been closed. Floor area shown 
represents the GFA of remaining  
10 residential units.
Total held through subsidiaries
10,817
–
Property developments  
for sale in Hong Kong
Lot number
Leasehold expiry
Site area in 
square feet
Gross floor area  
in square feet
Number of  
car parks
Expected 
completion date Remarks
Residential
1.	 269 Queen’s Road  
East
IL 9061
2072
13,203  
(part)
102,990
To be 
determined
2025
Residential block over retail 
podium. Floor area shown 
represents the residential 
portion of the development.
2.	 Chai Wan Inland  
Lot No. 178 
CWIL 178
2071
96,876  
(part)
692,276
To be 
determined
2025
The residential portion of 
the whole development,  
in which the Group owns  
a 80% interest.
Total held through subsidiaries
795,266
–
3.	 Wong Chuk Hang 
Station  
Package Four Property 
Development 
AIL 467
2067
738,199 
(part)
638,305
To be 
determined
2024
Floor area shown 
represents the whole 
Package Four development, 
in which the Group owns a 
25% interest.
Total held through joint venture companies
638,305
–
–  of which attributable to the Group
159,576
Retail
1.	 269 Queen’s Road  
East 
IL 9061
2072
13,203  
(part)
13,197
To be 
determined
2025
The retail portion of the 
whole development.
2.	 Chai Wan Inland  
Lot No. 178 
CWIL 178
2071
96,876 
(part)
2,002
To be 
determined
2025
The retail portion of the 
whole development,  
in which the Group owns  
a 80% interest.
Total held through subsidiaries
15,199
–

214
SCHEDULE OF PRINCIPAL GROUP PROPERTIES
At 31st December 2022
Property developments for sale  
in the United States
Site area in square feet
Gross floor area  
in square feet
Number of  
car parks
Expected 
completion date
Remarks
1.	 South Brickell Key,  
Miami, Florida
105,372
Residential:  
550,000
395
–
Development site in central 
Miami acquired in January 1997 
along with Mandarin Oriental site. 
Plans for condominium tower 
currently on hold.
2.	 North Squared,  
Miami, Florida
380,670  
(part)
Residential: 
523,000
544
–
The development on the North 
Squared site is currently on hold.
Total held through subsidiaries
1,073,000
939
Property developments  
for sale in Indonesia
Lot number/Address
Site area in 
square feet
Gross floor area  
in square feet
Number of  
car parks
Expected 
completion date
Remarks
1.	 Savyavasa,  
South Jakarta
Jalan Wijaya II No.37A  
Kebayoran Baru, South Jakarta
227,982
Residential:  
1,122,728
1,079
2024
Residential tower with 
433 units, in which the 
Group owns a 50% 
interest.
Total held through joint venture companies
1,122,728
1,079
–  of which attributable to the Group
561,364
Property developments  
for sale in Vietnam
Lot number/Address
Site area in 
square feet
Gross floor area  
in square feet
Number of  
car parks
Expected 
completion date
Remarks
1.	 Empire City
Thu Thiem, (Zone 2b)
1,103,461
Residential/
Mixed-use:  
7,131,624
4,729
In phases  
up to 2028
A residential-led mixed-use project 
comprising luxury residential 
condominiums, an office tower,  
a hotel, serviced apartments and  
a retail mall. To be completed in 
phases up to 2028. The Group 
effectively owns a 15.73% interest. 
GFA excludes 172,295 sqm of parking 
(although this is included in the 
Group’s investment).
Total held through financial assets  
at fair value through profit or loss
7,131,624
4,729
–  of which attributable to the Group
1,121,804

SWIRE PROPERTIES ANNUAL REPORT 2022 215
GLOSSARY 
Earnings per share
=
Profit attributable to  
the Company’s shareholders
Weighted average number of shares 
in issue during the year
Return on average 
equity attributable to 
the Company’s 
shareholders
=
 
Profit attributable to 
the Company’s shareholders
Average equity during the year 
attributable to the Company’s 
shareholders
Equity attributable to 
the Company’s 
shareholders 
per share
=
 
Equity before 
non-controlling interests
Number of shares in issue  
at the end of the year
Gearing ratio
=
Net debt
Total equity
Interest cover
=
Operating profit
Net finance charges
Cash interest cover
=
 
Operating profit
Total of net finance charges and 
capitalised interest
Dividend payout ratio
=
Dividends paid and declared
Profit attributable to  
the Company’s shareholders 
References in this document to Hong Kong are to  
Hong Kong SAR.
Attributable gross rental income  Gross rental income less 
amount shared by non-controlling interests plus the Group’s 
share of gross rental income of joint venture and associated 
companies, and adjusted with related rental concession 
recognised in the consolidated statement of profit or loss.
Equity attributable to the Company’s shareholders   
Equity before non-controlling interests.
Gross borrowings  Total of loans, bonds and overdrafts.
Net assets employed  Total equity plus net debt.
Net debt  Total borrowings and lease liabilities less short-
term deposits and bank balances.
Underlying profit  Reported profit adjusted principally for 
the impact of (i) changes in the fair value of investment 
properties, (ii) deferred tax on investment properties and  
(iii) amortisation of right-of-use assets reported under 
investment properties.
Recurring underlying profit  Underlying profit adjusted for 
significant credits and charges of a non-recurring nature, 
including gains on the sale of interests in investment 
properties.
Ratios

216
FINANCIAL CALENDAR AND INFORMATION FOR INVESTORS
Registered Office
Swire Properties Limited 
33rd Floor, One Pacific Place
88 Queensway
Hong Kong
Registrars
Computershare Hong Kong Investor Services Limited
17M Floor, Hopewell Centre
183 Queen’s Road East
Hong Kong
Website: www.computershare.com
Stock Code
Hong Kong Stock Exchange	
01972
Auditors
PricewaterhouseCoopers
Certified Public Accountants and Registered PIE Auditor
22nd Floor, Prince’s Building  
Central  
Hong Kong
Financial Calendar 2023
Shares traded ex-dividend	
3rd April
Annual Report available to shareholders	
4th April
Share register closed for 2022 second interim dividend entitlement	
6th April
Payment of 2022 second interim dividend	
4th May
Share register closed for attending and voting at Annual General Meeting	
4th – 9th May 
Annual General Meeting	
9th May
Interim results announcement	
August
2023 first interim dividend payable	
October
Investor Relations
E-mail: ir@swireproperties.com
Public Affairs
E-mail:	
pad@swireproperties.com
Tel:	
(852) 2844-3888
Fax:	
(852) 2918-9960
Website:	www.swireproperties.com
Request for Feedback
In order that we may improve our reporting, we would be grateful 
to receive your comments on our public announcements and 
disclosures via e-mail to ir@swireproperties.com.
Disclaimer
This document may contain certain forward-looking statements that reflect the Company’s beliefs, plans or expectations about the 
future or future events. These forward-looking statements are based on a number of assumptions, current estimates and projections, 
and are therefore subject to inherent risks, uncertainties and other factors beyond the Company’s control. The actual results or 
outcomes of events may differ materially and/or adversely due to a number of factors, including the effects of COVID-19, changes in 
the economies and industries in which the Group operates (in particular in Hong Kong and the Chinese Mainland), macro-economic 
and geopolitical uncertainties, changes in the competitive environment, foreign exchange rates, interest rates and commodity 
prices, and the Group’s ability to identify and manage risks to which it is subject. Nothing contained in these forward-looking 
statements is, or shall be, relied upon as any assurance or representation as to the future or as a representation or warranty 
otherwise. Neither the Company nor its directors, officers, employees, agents, affiliates, advisers or representatives assume any 
responsibility to update these forward-looking statements or to adapt them to future events or developments or to provide 
supplemental information in relation thereto or to correct any inaccuracies.

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太古地產有限公司
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