300,000 200,000 250,000 150,000 100,000 50,000 0 2015 2016 2017 2018 2019 2020 2021 2023 2022 2024 HK$M Valuation of Investment Properties Completed Under development 14,000 12,000 10,000 8,000 4,000 6,000 2,000 0 2015 2016 2017 2018 2019 2020 2021 2023 2022 2024 HK$M Gross Rental Income (After Deduction of Rental Concessions) Hong Kong office Hong Kong retail Hong Kong residential Chinese Mainland U.S.A. and elsewhere 27,000 21,000 24,000 18,000 15,000 9,000 6,000 3,000 12,000 0 -3,000 2015 2016 2017 2018 2019 2020 2021 2023 2022 2024 HK$M Underlying Operating Profit Property investment Property trading Hotels Divestment 31 SWIRE PROPERTIES ANNUAL REPORT 2024