bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

urlAlias

moreOnThisArticles

sponsorType

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Sandy Li

Swire Properties, one of Hong Kong’s oldest and largest builders of luxury homes and grade-A offices,
says it will still bid competitively for development sites put on sale in the city by government tender, “if something suit us”.
Chief executive Guy Bradley said the firm’s appetite for land in Hong Kong remain strong despite mainland developers’ bidding having escalated prices in recent months.
“Hong Kong is a competitive market, and we are used to it,” he said.
Although the US Federal Reserve raised the base lending rate by a quarter point overnight on Wednesday, he said it was too early to say the impact on the Hong Kong property market.
“Market sentiment is positive this week,” he said.
His remark comes ahead of three new projects that have attracted more than 20,000 prospective buyers for the sale of about 1,000 units put on sale on Friday and Saturday, the strongest initial responses since November last year.

They are Wheelock Properties’ Monterey development in Tsung Kwan O, Cheung Kong Property Seanorama development in Ma On Shan, and Sun Hung Kai Properties’ Cullinan West atop Nam Cheong Station.
Bradley was speaking as Swire Properties reported its net profit rose 7 per cent to HK$15.05 billion, while revenue rose 2 per cent to HK$16.8 billion.
Underlying profit, a measure that excludes revaluation gains in investment properties, edged up 1 per cent to HK$7.11 billion, missing the HK$7.29 billion expected in a Bloomberg survey of 14 analysts.
“There was a marginal increase in core profit last year, as there was a small decrease in underlying profit from property investment and a small increase in core earnings in property trading,” said chairman John Slosar in a statement.
There was a marginal increase in core profit last year, as there was a small decrease in underlying profit from property investment and a small increase in core earnings in property trading
Swire chairman John Slosar
The slight increase in gross rental income to HK$10.77 billion last year, up 0.53 per cent from 2015, was partly due to the fall in retail rents in Hong Kong.
But its office rental rose slightly to HK$6.05 billion last year, compared with HK$5.97 billion in 2015.
The group owns 22.1 million sq ft of completed investment properties including Pacific Place in Admiralty, Hong Kong and Taikoo Li Sanlitun in Beijing.
“The Hong Kong retail market shows early signs of improvement,” added Bradley.
In China, he expects the firm would to have its second property project in Shanghai after signing a framework agreement with Shanghai Newbund Industrial Development to jointly develop a retail project in Qiantan, Pudong. The project will have a total gross floor area of 1.33 million square feet.
At the parent company Swire Pacific, its 2016 net profit fell 28 per cent to HK$9.64 billion, weighed down by the HK$575 million loss reported by its aviation unit Cathay Pacific Airways Ltd. Swire Pacific’s underlying profit plunged 69 per cent to HK$3.06 billion.
Swire Properties declared a final dividend of 48 HK cents per share, unchanged from the previous year, while Swire Pacific will pay a final dividend of HK$2.1 per A-share and 42 HK cents per B-share.
● Separately, Poly Property Group released the price list for the first batch of 188 units at Vibe Centro development in Kai Tak at an average of HK$19,808 per sq ft, an 18 per cent discount.
The cheapest unit covers 228 sq ft unit cost and will cost as low as HK$3.88 million.


Alibaba to lead AI capital spending among China’s Big Tech firms amid strong market demand

Why this is not just another retail downturn for Hong Kong

Hong Kong beverage giant Vitasoy’s revenue dips 6% as mainland China demand slows

Alibaba posts 5% rise in quarterly revenue on AI, cloud computing momentum

Hong Kong company reporting season

Swire Properties’ 2016 core profit edges up 1pc to HK$7.11bn, missing analysts’ estimates

Swire Properties’ Taikoo Shing development, built on the site where Swire originally refined sugar, built ships, manufactured paint and bottled Coca-Cola. Photo: Swire Handout

Guy Bradley, Chief Executive of Swire Properties (Left) and John Slosar, Chairman of Swire Pacific and Swire Properties attend Swire Pacific and Swire Properties 2015 Final Results at Four Seasons Hotel in Central. 10MAR16 SCMP/Edmond So

Call for Swire Pacific to leave colonial relic

Hong Kong conglomerate Swire eyes market leadership in China’s bakery market

Swire plans to increase the number of bakery shops in Chongqing, Chengdu and Guiyang to 1,000  within three years

caption: Max Lau, managing director of Swire Foods, and Steven Yue, CEO of Chongwing New Qinyuan Bakery outside the bakery plant in Chongqing. photo byline: Peggy Sito

Max Lau, managing director of Swire Foods, visits the Chongwing New Qinyuan Bakery in Chongqing, China. Photo: SCMP

Swire accelerator supports Hong Kong start-ups with free legal framework

Swire Properties ‘blueprint’ accelerator at Taikoo Place, Quarry Bay. Photo: Franke Tsang

Swire Pacific Offshore seeks consolidation given weak oil prices

Swire Pacific owns and operates supply vessels providing support to offshore oil and gas fields. Photo: SCMP Pictures

Swire Pacific warns of lower full-year profit as Cathay woes linger

Cathay’s business will continue to be an overhang on Swire’s profitability. Photo: AP

Cathay Pacific celebrates the arrival of its first A350 aircraft. 30MAY16 SCMP/Edward Wong

Business

Companies

Property

Hong Kong & China

China Business

Net profit rises 7 per cent to HK$15.05bn, while revenue rises 2 per cent to HK$16.8bn


Hong Kong property

Swire Group

Swire

.css-sioo19{color:#c79a00;}New | Swire Properties’ 2016 core profit edges up 1pc to HK$7.11bn, missing analysts’ estimates

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Net profit rises 7 per cent to HK$15.05bn, while revenue rises 2 per cent to HK$16.8bn

New | Swire Properties’ 2016 core profit edges up 1pc to HK$7.11bn, missing analysts’ estimates

Net profit rises 7 per cent to HK$15.05bn, while revenue rises 2 per cent to HK$16.8bn