51 SWIRE PROPERTIES ANNUAL REPORT 2024 HKRI Taikoo Hui, Shanghai There are two office towers at HKRI Taikoo Hui in Shanghai. They were 96% let at 31st December 2024. Demand for office space in 2024 was weaker than anticipated. New supply and higher vacancy rates in Nanjing West Road put pressure on rents. The main tenants are financial services companies, pharmaceutical companies, law firms, gaming companies and retailers. Abbvie, Advent Capital, Alliance Bernstein, Amore Pacific, Bank of China, Bally, Beautiful Tree, BioNTech, Blackstone, Canali, CITIC Capital, Clifford Chance, Electronic Arts, Eli Lilly, Fangda Partners, Fidelity, H&M, Harry Winston, Jimmy Choo, JLL, JunHe, KKR, Michael Kors, Towers Research Capital, Versace, Warburg Pincus and Warner Brothers are tenants. Electronic Arts and Harry Winston leased more space in 2024. Authentic Brands Group and Ami Paris became tenants in 2024. HKRI TAIKOO HUI S H A N G H A I Chinese Mainland Office Market Outlook In Guangzhou, significant new office supply in decentralised areas is expected to put downward pressure on rents. In Beijing, despite there being limited new supply in core areas, rents are expected to remain under pressure given weak demand. However, quality buildings with good ESG credentials are expected to be well-positioned for a recovery once demand improves. In Shanghai, significant new supply and existing vacant stock, coupled with weak demand is expected to put downward pressure on office rents. Overall, all cities continue to experience negative market sentiment due to economic uncertainties which are causing tenants to remain cautious. Office rents are expected to decline in 2025 and have yet to bottom out.