Review of Operations Capital Commitments Capital Expenditure and Commitments Capital expenditure in the first half of 2023 on Hong Kong investment properties and hotels, including the Group’s share of the capital expenditure of joint venture companies, amounted to HK$1,298 million (first half of 2022: HK$1,287 million). Outstanding capital commitments at 30th June 2023 were HK$9,613 million (31st December 2022: HK$11,878 million), including the Group’s share of the capital commitments of joint venture companies of HK$50 million (31st December 2022: HK$67 million). Capital expenditure in the first half of 2023 on Chinese Mainland investment properties and hotels, including the Group’s share of the capital expenditure of joint venture companies, was HK$353 million (first half of 2022: HK$3,547 million). Outstanding capital commitments at 30th June 2023 were HK$15,235 million (31st December 2022: HK$16,076 million), including the Group’s share of the capital commitments of joint venture companies of HK$6,798 million (31st December 2022: HK$7,370 million). The Group was committed to funding HK$982 million (31st December 2022: HK$331 million) of the capital commitments of joint venture companies in the Chinese Mainland. In addition to this, the Group was committed to make a capital injection into a joint venture company of HK$405 million (31st December 2022: HK$421 million). Capital expenditure in the first half of 2023 on investment properties and hotels in the U.S.A. amounted to HK$16 million (first half of 2022: HK$18 million). Outstanding capital commitments at 30th June 2023 were HK$27 million (31st December 2022: Nil). Profile of Capital Commitments for Investment Properties and Hotels Commitments relating to Total Joint Venture (1) Companies (2) Expenditure Forecast Expenditure Commitments Six months Six months ended ending 30th June 31st December 2026 At 30th June At 30th June 2023 2023 2024 2025 and later 2023 2023 HK$M HK$M HK$M HK$M HK$M HK$M HK$M Hong Kong 1,298 1,733 971 1,387 5,522 9,613 50 Chinese Mainland 353 1,592 4,215 3,765 5,663 15,235 6,798 U.S.A. 16 24 3 – – 27 – Total 1,667 3,349 5,189 5,152 11,185 24,875 6,848 (1) The capital commitments represent the Group’s capital commitments of HK$18,027 million plus the Group’s share of the capital commitments of joint venture companies of HK$6,848 million. (2) The Group was committed to funding HK$982 million of the capital commitments of joint venture companies in the Chinese Mainland. 44 Swire Properties Limited Interim Report 2023