Review of Operations Retail Overview The completed retail portfolio in Hong Kong comprises an aggregate of 3.2 million square feet of space on a 100% basis. Total attributable gross rental income from our retail properties in Hong Kong decreased by 3%, to HK$1,288 million in the first half of 2024. At 30th June 2024, our retail properties in Hong Kong were valued at HK$53,562 million. Of this amount, the Group’s attributable interest was HK$44,331 million. The portfolio principally consists of The Mall at Pacific Place, Cityplaza at Taikoo Shing and Citygate Outlets at Tung Chung. The Group wholly owns The Mall and Cityplaza, and has a 26.67% interest in the Citygate development (comprising Citygate Outlets). The malls are managed by the Group. Hong Kong Retail Portfolio GFA (sq. ft.) Occupancy Attributable (100% Basis) (at 30th June 2024) Interest The Mall, Pacific Place 711,182 100% 100% Cityplaza 1,096,898 100% 100% Citygate Outlets 803,582 100% 26.67% (1) Others 549,558 100% 26.67%/60%/100% Total 3,161,220 (1) Others largely comprise Taikoo Shing neighbourhood shops and StarCrest retail premises (which are wholly-owned), Island Place retail premises (60% owned) and Tung Chung Crescent neighbourhood shops (26.67% owned). Gross rental income from the retail portfolio in Hong Kong was HK$1,198 million in the first half of 2024, representing a 3% decrease from the same period in 2023. Intensive marketing activities and activations were launched to attract both local customers and tourists to our malls. However, economic uncertainty, a strong US currency, continuous outbound travel trend, high interest rate environment and the changing tourist spending behaviour continue to adversely affect the retail market. Retail sales decreased by 13%, 4% and 3%, respectively, at The Mall at Pacific Place, Cityplaza, and Citygate Outlets in the first half of 2024. Retail sales in Hong Kong as a whole decreased by 7% in the first half of 2024. The malls were almost fully let throughout the period. 26 Swire Properties Limited Interim Report 2024