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Chinese Mainland 2021 INTERIM RESULTS | ANALYST BRIEFING 12TH AUGUST 2021 DISCLAIMER This presentation has been prepared by Swire Properties Limited (“the “Company”, and together with its subsidiaries, the “Group”) solely for information purposes and certain information has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the accuracy, fairness, completeness, reasonableness or correctness of the information or opinions presented herein or any verbal or written communication in connection with the contents contained herein. Neither the Company nor any of its affiliates, directors, officers, employees, agents, advisers or representatives shall have any responsibility or liability whatsoever, as a result of negligence, omission, error or otherwise, for any loss howsoever arising in relation to any information presented or contained in this presentation. The information presented or contained in this presentation is subject to change without notice and shall only be considered current as of the date of this presentation. This presentation 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. This presentation is for information purposes only and does not constitute or form any part of, and should not be construed as, an invitation or offer to acquire, purchase or subscribe for securities nor is it calculated to invite any such offer or invitation, whether in Hong Kong, the Chinese Mainland, the United States, or elsewhere. This presentation does not constitute, and should not be construed as, any recommendation or form the basis for any investment decisions regarding any securities of the Company. Potential investors and shareholders of the Company should exercise caution when investing in or dealing in the securities of the Company. 2 AGENDA 1. Results Highlights 2. Investment Portfolio Guy Bradley, 3. Trading Portfolio Chief Executive 4. Hotel Portfolio 5. Financial Highlights Fanny Lung, 6. Sustainable Development Finance Director 7. Prospects 8. Q&A 3 REBOUND, RESILIENCE AND RECOVERY HK$ 1,984 M HK$ 3,716 M HK$ 4,513 M HK$ 49.21 per share 1H 2021 1H 2021 1H 2021 Equity attributable to +93% Reported profit +0.4% Recurring profit +20% Underlying profit -0.3% shareholders (1H 2020 at HK$1,029M) (1H 2020 at HK$3,702M) (1H 2020 at HK$3,753M) (Dec 2020 at HK$49.36 per share) Resilient Gradual Robust Strategic Sustained HK office portfolio Recovery Chinese Mainland capital management dividend growth HK retail portfolio retail portfolio 98% Almost HK$ bn HK$ Taikoo Place / Pacific Place Fully Let (2) 77% 3.2 0.31 Attri. retail sales growth (3) Sales proceeds from Occupancy (1) First interim 2021 Dividend per share Positive 5-36% 38% EDEN, Singapore Reversions at Taikoo Place Rebound in retail sales Attri. retail gross rental 3.3% Reach & Rise, U.S.A First interim 2020 HK$ 0.30 per share A Large Anchor retail development Taikoo Shing car parking Stable Sixth spaces, HK tenant confirmed at Rental income Taikoo Li Qiantan Two Taikoo Place (excl. amortised concessions) to open in September 2021 (1) HK office overall portfolio occupancy: 96%. 4 (2) HK retail occupancy by malls: 96% at The Mall, Pacific Place; 100% at Cityplaza; 99% at Citygate Outlets and 100% others. (3) Retail sales for all the malls in our Chinese Mainland portfolio on an attributable basis, compared with the same period last year. KEY DEVELOPMENTS ENCOURAGING ACHIEVEMENTS IN 2021 IN ALL REGIONS January March March EIGHT STAR STREET Empire City, HCMC EDEN Hong Kong Vietnam Singapore ▪ Sales launched ▪ Minority investment ▪ All 20 units sold (15.73%) ▪ 26 of 37 units pre-sold (1) ▪ Residential-led mixed- use development Artist impression Artist impression May July August Reach & Rise, Miami Zhangyuan, Shanghai Sanlitun, Beijing U.S.A. Chinese Mainland Chinese Mainland ▪ Almost all remaining ▪ JV management co. ▪ Framework cooperation units sold (60%) for leasing and agreement ▪ Reach: 390 units all management ▪ Transformation of a sold ▪ Historic Zhangyuan BPTC (2) maintenance ▪ Rise: 388 of 390 units shikumen compound depot sold (1) revitalisation ▪ North of Taikoo Li ▪ Close to HKRI Taikoo Sanlitun Hui ▪ Further upgrading Sanlitun business circle (1) As at 10th August 2021. 5 5 (2) Beijing Public Transport Corporation STRATEGIC GROWTH ROADMAP 2021 2022 2023 2024 2025 & onwards GFA sq ft ▪ Two Taikoo Place ▪ 46-56 Queen’s Road East ▪ Wong Chuk Hang Station ▪ Wah Ha / Zung Fu Office Project (2) HK ▪ EIGHT STAR STREET (Pacific Place office extension) Package Four ▪ Quarry Bay Residential Project (3) +2.9 M Hong Kong ▪ Chai Wan Residential Project (4) (1) ▪ (1) CM ▪ Taikoo Li Qiantan Zhangyuan Revitalisation ▪ INDIGO Phase Two (1) ▪ Taikoo Li Sanlitun West (1) (by phases from 2022) Chinese Mainland (by phases) +2.3 M USA ▪ Brickell City Centre Phase Two U.S.A. / other future developments +2.0 M SEA ▪ Empire City, Vietnam ▪ The River, Vietnam ▪ Savyavasa, Indonesia (by phases ~ 2026) South East Asia +1.9 M ▪ Strong balance sheet fueling future growth ▪ Exciting pipeline Two Taikoo Place, HK Taikoo Li Qiantan, Shanghai INDIGO Phase Two, Beijing The River, HCMC, Vietnam ▪ Balanced growth from investment and trading properties 9.1 M sq ft Expected Attri. GFA to be 46-56 Queen’s Road East, HK Taikoo Li Sanlitun West, Beijing Empire City, HCMC, Vietnam Savyavasa, South Jakarta, Indonesia Completed from 2020 (1) Taikoo Li Qiantan was completed in 2020 and Taikoo Li Sanlitun West was completed in Jun 2021. Both are (4) Subject to agreement on land premium with the Hong Kong government. Hongscheduled Kong to open in 2H 2021. GFA of Zhangyuan revitalisation is not included above. (5) As at 12th August 2021 (2) Subject to the Company having successfully bid in a compulsory sale. (6) Expected years of completion are shown above 6 6 (3) Subject to the related joint venture having successfully bid in a compulsory sale and in accordance with applicable town planning controls. Two Taikoo Place INVESTMENT PORTFOLIO HONG KONG OFFICE PORTFOLIO RESILIENCE – POSITIVE REVERSIONS AT TAIKOO PLACE AND OVERALL FIRM OCCUPANCY HK$M 3,277 3,044 3,500 Loss of rental from 3,000 Cityplaza One 98% 2% HK$ 3,044 M 2,500 Taikoo Place & Vs 1H 2020 (excl. Cityplaza Attri. Gross Rental 2,000 Pacific Place One) 1,500 1,000 1% HK$ 171.3 bn 500 vs Dec 2020 Attri. Valuation - 1H 2020 1H 2021 Attributable Gross Rental Income One Island East / Other Taikoo Place Pacific Place One Taikoo Place Office Towers 98% Occupancy(1) Occupancy (1) 100% 96% Occupancy (1) 11% Reversion(2) Reversion (2) 10% 1% Reversion (2) $100-120 1/2 PP (3) mid low (3) 50s – 70s mid 40s – mid 50s (3) $90 3 PP (3) (1) Occupancy as at 30th June 2021. 8 (2) Reversion is the percentage change in rent on lease renewals, entry into new leases and rent reviews. (3) Refers to latest monthly rentals in HK$ psf. HONG KONG RETAIL GRADUAL RECOVERY – REBOUND IN RETAIL SALES AND REDUCED CASH CONCESSIONS HK$M 1,336 1,167 1,400 1,200 1,000 Flattish HK$ 1,167 M Almost Fully let vs 1H 2020 (excl. 800 amortised Attri. Gross Rental concessions) 600 400 200 Amortised rental HK$ bn - concessions 2% 45.5 effects vs Dec 2020 Attri. Valuation (200) 1H 2020 1H 2021 Attributable Gross Rental Income PP Mall Cityplaza Citygate 96% Occupancy(1) 100% Occupancy (1) 99% Occupancy (1) Retail sales (2) (2) 36% 5% Retail sales 18% Retail sales (2) (1) Occupancy as at 30th June 2021. (2) Retail sales year-on-year growth for the six months ended 30th June 2021. 9 CHINESE MAINLAND PORTFOLIO SIGNIFICANT CONTRIBUTION – LEVERAGING TAIKOO LI AND TAIKOO HUI BRANDS ▪ Chinese Mainland overall portfolio contributed 36% attributable gross rental income in 1H 2021. ▪ Chinese Mainland retail is the second largest rental contributor. Attributable Gross Rental Income Chinese Mainland Attributable Gross Rental Income by Region HK$M 4,500 4,246 4,279 3,958 CM Resid. USA 4,000 CM Office 3% 3,311 1% 3,500 6% 2,099 2,338 33% 3,000 2,614 1,963 2,463 2,578 2,500 2,153 1,780 29% 36% Contribution from 42% CM Retail HK Office 2,000 1,327 Chinese Mainland 1,239 1,500 1,179 2,578 2,147 1,000 1,995 1,941 3% 1,531 16% 1,224 1,287 HK Resid. 2H 500 974 HK Retail 1H - 2014 2015 2016 2017 2018 2019 2020 2021 10 CHINESE MAINLAND RETAIL STRONG RENTAL GROWTH – ROBUST RETAIL SALES, STRONG LOCAL DEMAND AND RMB APPRECIATION HK$M 2,108 2,000 95-100% 38% HK$ 2,108 M 1,529 Overall Occupancy vs 1H 2020 Attri.
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