SWIRE PROPERTIES ANNUAL REPORT 2023 8. Segment Information (continued) (a) Information about reportable segments (continued) Analysis of external revenue of the Group – Timing of revenue recognition Rental At a point income in time Over time on leases Total HK$M HK$M HK$M HK$M Year ended 31st December 2023 Property investment – 117 13,408 13,525 Property trading 166 – – 166 Hotels 465 514 – 979 631 631 13,408 14,670 Year ended 31st December 2022 Property investment – 114 12,226 12,340 Property trading 921 – – 921 Hotels 331 234 – 565 1,252 348 12,226 13,826 (b) Information about geographical areas The activities of the Group are principally based in Hong Kong, the Chinese Mainland and the U.S.A. An analysis of revenue and non-current assets of the Group by principal markets is outlined below: Revenue Non-current assets (Note) 2023 2022 2023 2022 HK$M HK$M HK$M HK$M Hong Kong 9,136 9,319 224,443 229,330 Chinese Mainland 5,034 3,648 59,436 42,612 U.S.A. and elsewhere 500 859 6,648 6,489 14,670 13,826 290,527 278,431 Note: In this analysis, the total of non-current assets exclude joint venture and associated companies (and loans advanced to these companies), financial assets at fair value through profit or loss and other comprehensive income, financial instruments, deferred tax assets and retirement benefit assets. Of the joint venture and associated companies balances, HK$7,635 million (2022: HK$7,668 million) is based in Hong Kong, HK$21,566 million (2022: HK$16,797 million) is based in the Chinese Mainland and HK$658 million (2022: HK$597 million) is based in U.S.A. and elsewhere. 157