Review of Operations Hotels Overview The Group owns and manages (through Swire Hotels) hotels in Hong Kong, the Chinese Mainland and the U.S.A. The House Collective, comprising The Upper House in Hong Kong, The Opposite House in Beijing, The Temple House in Chengdu and The Middle House in Shanghai, is a group of small and distinctive luxury hotels. There are plans to further expand The House Collective to Tokyo and Shenzhen. There are EAST hotels in Hong Kong, Beijing and Miami. EAST Miami ceased to be owned by the Group since October 2021 but is managed by the Group under a third-party hotel management agreement. The Group also has interests in non-managed hotels in Hong Kong, Guangzhou, Shanghai and Miami. Businesses in the managed hotels in Hong Kong and the Chinese Mainland recovered strongly following the lifting of COVID-19 measures and the reopening of the border. The hotels in the U.S.A. performed well. The managed hotels (including restaurants and hotel management office) recorded an operating profit before depreciation of HK$59 million in the first half of 2023, compared with an operating loss before depreciation of HK$74 million in the first half of 2022. Hotel Portfolio (managed by Swire Hotels) No. of Rooms Attributable (100% Basis) Interest Completed Hong Kong – The Upper House 117 100% – EAST Hong Kong 331 100% (1) – Headland Hotel 501 0% Chinese Mainland – The Opposite House 99 100% – EAST Beijing 365 50% (2) – The Temple House 142 100% (3) – The Middle House 213 50% U.S.A. (4) – EAST Miami 352 0% Total 2,120 (1) Headland Hotel is owned by Airline Property Limited, a wholly-owned subsidiary of Cathay Pacific Airways Limited. (2) Comprising one hotel tower and one serviced apartment tower. In February 2023, the Group acquired the remaining 35% interest in Sino- Ocean Taikoo Li Chengdu. The Group’s interest in The Temple House increased to 100% after the transaction. (3) Comprising one hotel tower and one serviced apartment tower. (4) EAST Miami (including serviced apartments in the hotel tower) is owned by a third party. 40 Swire Properties Limited Interim Report 2023