89 SWIRE PROPERTIES ANNUAL REPORT 2024 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 2024 and 2023: Net Debt of Joint Venture and Associated Companies Portion of Net Debt Attributable to the Group Debt Guaranteed by the Group 2024 HK$M 2023 HK$M 2024 HK$M 2023 HK$M 2024 HK$M 2023 HK$M Hong Kong Entities 8,964 10,228 3,231 3,444 2,376 2,408 Chinese Mainland Entities 9,068 7,042 4,754 3,403 1,579 1,449 U.S.A. and other Entities 223 86 109 64 190 139 Total 18,255 17,356 8,094 6,911 4,145 3,996 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 18.6%. Attributable Net Debt The chart below illustrates, by entity, the Group’s attributable net debt (in HK$ million): Swire Properties (Finance) 14,293 Swire Properties (334) H.K. Entities (254) Swire Properties MTN Financing 26,907 Chinese Mainland Entities (188) U.S.A. and other Entities 3,322 Consolidated Net Debt 43,746 H.K. JV/Asso 3,231 Chinese Mainland JV/Asso 4,754 U.S.A. and other JV/Asso 109 Attributable Net Debt of Joint Venture and Associated Companies (“JV/Asso”) 8,094