Attributable Net Debt The chart below illustrates, by entity, the Group’s attributable net debt (in HK$ million): Swire Properties (436) Swire Properties (Finance) Swire Properties MTN 4,716 Financing 15,024 Consolidated Net Debt H.K. Chinese Mainland U.S.A. and other 18,947 Entities Entities Entities (278) (2,644) 2,565 H.K. Chinese Mainland U.S.A. and other Attributable JV/Asso JV/Asso JV/Asso Net Debt of Joint 3,472 7,532 461 Venture and Associated Companies (“JV/Asso”) 11,465 Debt in Joint Venture and Associated Companies In accordance with Hong Kong Financial Reporting Standards, the net debt of the Group reported in the consolidated statement of financial position does not include the net debt of its joint venture and associated companies. These companies had the following net debt positions at the end of 2022 and 2021: Net Debt of Portion of Net Debt Joint Venture and Attributable to Debt Guaranteed by Associated Companies the Group the Group 2022 2021 2022 2021 2022 2021 HK$M HK$M HK$M HK$M HK$M HK$M Hong Kong Entities 10,402 10,033 3,472 3,406 2,408 2,265 Chinese Mainland Entities 15,171 16,629 7,532 7,936 1,203 904 U.S.A. and other Entities 542 317 461 396 570 474 Total 26,115 26,979 11,465 11,738 4,181 3,643 If the attributable portion of the net debt in joint venture and associated companies were to be added to the Group’s net debt, gearing would rise to 10.4%. 89 SWIRE PROPERTIES ANNUAL REPORT 2022