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SWIREPROPERTIES (01972.HK): 1Q Retail Sales Performance Stable, Expects Weak Retail Sentiment to Persist
Responding to 1Q24 operating data, a spokesperson for SWIREPROPERTIES (01972.HK) commented that the overall retail market in Hong Kong was affected by increased outbound travel, a ...
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SWIREPROPERTIES (01972.HK): 1Q Retail Sales Performance Stable, Expects Weak Retail Sentiment to Persist
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Responding to 1Q24 operating data, a spokesperson for SWIREPROPERTIES (01972.HK)  +0.220 (+1.432%)    Short selling $24.73M; Ratio 32.220%   commented that the overall retail market in Hong Kong was affected by increased outbound travel, a stronger HKD and a cautious market outlook. The overall retail sentiment was soft as the trend of outbound travel continued over the festive period and this is expected to continue. Nevertheless, the overall performance of SWIRE PPT's Hong Kong shopping centres remained stable with 100% occupancy. Retail sales are stable going into 1Q24 after strong growth in 2023.

The spokesperson said in the face of oversupply and weak demand in the office market, SWIRE PPT's office portfolio remained solid, with high occupancy rates. The overall occupancy rate of Taikoo Place also outperformed the market in the Hong Kong Island East sub-region.

According to the spokesperson, Six Pacific Place was granted an occupation permit in February, further expanding the diversified Pacific Place portfolio. On the other hand, the redevelopment of Taikoo Place is in its final stages and is expected to be completed this year, with the opening of an air-conditioned corridor linking Two Taikoo Place, One Island East and Oxford House in April.

As for Mainland operations, the spokesperson noted that SWIRE PPT's retail developments in China recorded a slight double-digit YoY increase in overall footfall, with high occupancy rates reflecting the attractiveness of the shopping centres as city landmarks and quality lifestyle destinations. Overall retail sales at the 6 malls recorded a slight decline in 1Q24, compared to the strong growth recorded in 1Q23 following the post-pandemic recovery. Overall sales were also impacted by the temporary closure of shops at Taikoo Li Sanlitun in Beijing and at HKRI Taikoo Hui in Shanghai during the ongoing upgrading and renovation works.


(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-05-17 16:25.)

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