153 SWIRE PROPERTIES ANNUAL REPORT 2024 8. Segment Information (continued) (a) Information about reportable segments (continued) Analysis of external revenue of the Group – Timing of revenue recognition At a point in time HK$M Over time HK$M Rental income on leases HK$M Total HK$M Year ended 31st December 2024 Property investment – 136 13,316 13,452 Property trading 88 – – 88 Hotels 395 493 – 888 483 629 13,316 14,428 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 (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) 2024 HK$M 2023 HK$M 2024 HK$M 2023 HK$M Hong Kong 8,620 9,136 215,660 224,443 Chinese Mainland 5,284 5,034 62,566 59,436 U.S.A. 524 500 2,226 6,648 14,428 14,670 280,452 290,527 Note: In this analysis, the total of non-current assets excludes 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$7,105 million (2023: HK$7,635 million) is based in Hong Kong, HK$23,686 million (2023: HK$21,566 million) is based in the Chinese Mainland and HK$672 million (2023: HK$658 million) is based in U.S.A. and elsewhere.