REVIEW OF OPERATIONS Others Investment Properties – U.S.A. Zhangyuan, Shanghai Overview In 2021, the Group formed a joint venture management Brickell City Centre, Miami company with Shanghai Jing’an Real Estate (Group) Co., Ltd. This company, which the Group has a 60% interest, Brickell City Centre is an urban mixed-use development in is engaged in the revitalisation and management of the the Brickell financial district of Miami, U.S.A. It has a site Zhangyuan shikumen compound in the Jing’an district area of 504,017 square feet (approximately 11.6 acres). of Shanghai. When the revitalisation is completed, the The first phase of the Brickell City Centre development compound will have a GFA of 645,840 square feet above comprises a shopping centre, two office towers (Two and ground and 753,480 square feet underground, of which Three Brickell City Centre, which were sold in 2020), a an underground area of 197,000 square feet will be for hotel with serviced apartments (EAST Miami, which commercial use. There are 43 shikumen blocks with was sold in 2021) managed by Swire Hotels and two about 170 two or three-storey houses. There are residential towers (Reach and Rise) developed for sale. connections to three metro lines and to HKRI Taikoo All the residential units at Reach and Rise have been sold. Hui. Construction and renovation were in progress at 30th June 2022. The revitalisation is planned to be The Group owns 62.93% of the shopping centre at the completed and opened in two phases, in the fourth Brickell City Centre development. The remaining interest quarter of 2022 and in 2025. The Group does not have in the shopping centre is owned by Simon Property an ownership interest in the compound. Group (25%) and Bal Harbour Shops (12.07%). Bal Harbour Shops has an option, exercisable from February 2020, to sell its interest to the Group. The shopping centre was 93% leased (including by way of letters of intent) at 30th June 2022. Retail sales in the first half of 2022 increased by 36%. 34 Swire Properties Limited Interim Report 2022