Chairman’s Statement Progressive Dividends and and an exciting array of al fresco dining options at street Share Buy-Back level. We will also introduce a member’s club, and a brand-new social concept over four floors in Two Taikoo We declared a first interim dividend for 2024 of HK$0.34 Place, with multi-faceted hospitality, events and meeting per share. This represents a 3% increase over the first spaces, connection-driven programming and exceptional interim dividend for 2023. The first interim dividend for dining offerings. 2024 will be paid on Wednesday, 9th October 2024 to These are important milestones which are helping to shareholders registered at the close of business on the transform Taikoo Place into a vibrant community that record date, being Friday, 6th September 2024. Shares of enjoys one of the best working environments in Hong the Company will be traded ex-dividend from Kong. We are, however, conscious of prevailing weak Wednesday, 4th September 2024. market conditions and will ensure that we pace any Our policy is to deliver sustainable growth in dividends development of new stock to match anticipated and to pay out approximately half of our underlying profit future demand. in ordinary dividends over time. Riding on the benefit of Under our HK$100 billion investment plan, we have our planned investments, our goal is to deliver mid- expanded the Pacific Place portfolio in Admiralty with the single-digit annual growth in dividends. completion of Six Pacific Place, a new Grade A office The Company has announced that the Board has tower. Pacific Place enjoys a strategic location with approved a share buy-back programme of up to excellent connectivity combined with best-in-class retail, HK$1.5 billion for the period up to the conclusion of the office and hotel offerings. Our outlook for Pacific Place next annual general meeting to be held in May 2025. and for the Greater Admiralty super-interchange MTR hub is very positive and the portfolio will continue to benefit from improvements in local infrastructure to Hong Kong Office Development improve walkability. We are currently constructing a footbridge between Pacific Place and Harcourt Garden The Hong Kong office market is currently facing the twin and a planned tunnel connecting Pacific Place and the challenges of oversupply and weak demand. Amid an Wan Chai area, further enhancing connectivity to uncertain economic landscape, corporates are exercising strengthen Admiralty’s positioning as a major caution in their real estate decisions. However, given interchange station for the MTR network. Hong Kong’s standing as an international financial hub Our industry-leading ESG credentials and close and the principal gateway between the Chinese Mainland partnership with tenants who are seeking to achieve their and the rest of the world, we anticipate a recovery in own ESG goals remains a key differentiator in the Hong demand in the medium to long term, particularly for the Kong office market. To ensure that the flight-to-quality finance sector when the IPO pipeline returns, and trend continues, we are committed to ensuring that the increased interest from tenants in the Chinese Mainland design of our offices remains resilient for the future and once the Chinese economy picks up. to pursuing ambitious sustainability targets under our SD In accordance with our long-term placemaking strategy, 2030 Strategy. This approach instils confidence in Taikoo Place has been transformed into a Global Business corporates and this commitment will stand us in good District that is changing the office environment for stead as the market recovers. corporates in Hong Kong. We recently completed the latest phase of the Taikoo Place redevelopment project, which includes the completion of two Triple-A office Expansion in the Chinese Mainland towers, One Taikoo Place and Two Taikoo Place, an Our confidence in the long-term prospects for the additional 70,000 square feet of green space to promote Chinese Mainland market are reflected in our investment urban biodiversity, climate-controlled elevated walkways, pipeline. We continue to look for development 10 Swire Properties Limited Interim Report 2024