Media365
Swire Properties reported stronger underlying earnings in 2025, as the Hong Kong developer stepped up asset disposals and expanded its mainland China retail portfolio, though weakness in the city’s office market dragged the company into a headline loss.
Underlying profit rose 27 per cent to HK$8.62 billion (US$1.1 billion), driven largely by gains from the disposal of noncore assets including the Brickell City Centre retail mall in Miami and several properties in Hong Kong, according to the company’s full-year results released on Thursday.
Revenue increased 11 per cent to HK$16.04 billion, while recurring underlying profit – a key measure of rental income – slipped 3 per cent to HK$6.26 billion amid softer office rents in Hong Kong.
CEO Tim Blackburn said 2025 remained “another challenging year for our industry”.
The developer booked HK$7.72 billion in fair-value losses on investment properties during the year – equivalent to roughly 90 per cent of its underlying earnings – contributing to a reported net loss of HK$1.53 billion.
The change in property valuations was non-cash in nature and did not affect operating cash flow.
