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Premium mixed-use property developer operating malls, offices and hotels in Hong Kong and mainland China, part of the Swire Group.
Premium mixed-use property developer operating malls, offices and hotels in Hong Kong and mainland China, part of the Swire Group.
Earns most of its profit from rents on offices and shopping malls it owns for the long term, under multi-year leases in Hong Kong and, in mainland malls, partly as a share of tenants' sales. Residential sales and hotels add smaller, less regular income. Swire Pacific, the Swire family's listed holding company, owns most of it.
In one line: A HK/China premium mixed-use developer, part of the British Swire trading house.
Moat: narrow (brand, installed base). Prime, hard-to-replicate mixed-use complexes (Pacific Place, Taikoo Place) in core HK/China locations.
Headquarters: Hong Kong · Founded: 1972 · Employees: 7,000
Size Swire Properties (1972.HK) is a Hong Kong Real Estate company (Real Estate Development) with a market value of $19.4B, the 94th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$26.36 on 6 Nov 2026.
Performance Over six months the shares gained 4.1%, against -6.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 6.3% over the last twelve months (peer median +1.2%); the operating margin is 49.4% (peer median 20.4%).
Valuation It trades at 18.3× forward earnings against a peer median of 17.0× (10th most expensive of 21).
Credit Swire Properties has 1 bond outstanding ($500M), rated A by the agencies and trading like BBB at a weighted spread of 86 bp.
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$16.7B | HK$16.0B | HK$14.4B | HK$14.7B | HK$13.9B |
| Revenue growth | — | +11% | -2% | +6% | — |
| Gross profit | HK$10.5B | HK$10.7B | HK$10.2B | HK$10.5B | HK$9.58B |
| EBITDA | HK$8.76B | HK$8.68B | HK$8.44B | HK$8.71B | HK$8.11B |
| Net income | HK$3.30B | -HK$1.53B | -HK$766M | HK$2.64B | HK$7.98B |
| Free cash flow | HK$7.63B | HK$7.29B | HK$3.49B | HK$5.23B | HK$4.62B |
| Capital expenditure | HK$237M | HK$225M | HK$322M | HK$281M | HK$191M |
| Total debt | n/a | HK$54.1B | HK$50.9B | HK$41.8B | HK$23.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Swire Properties 1972.HK | $19.4B | +4% | +6% | 49% | 18.3× | n/a |
| Hongkong Land H78.SI | $17.7B | -1% | -25% | 23% | 20.9× | n/a |
| Wharf Reic 1997.HK | $12.6B | +24% | -1% | 73% | 14.8× | n/a |
| China Res Land 1109.HK | $29.1B | -7% | -12% | 16% | 8.9× | n/a |
| Shk Ppt 0016.HK | $43.5B | -18% | +17% | 26% | 14.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1972.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.0% | +7.5% | 8th highest of 21 |
| 6-month return | +4.1% | -6.2% | 6th highest of 21 |
| Distance from 52-week high | -3.0% | -15.6% | highest of 21 |
| Revenue growth (TTM) | +6.3% | +1.2% | 8th highest of 21 |
| Operating margin | 49.4% | 20.4% | 4th highest of 21 |
| Forward P/E | 18.3× | 17.0× | 10th most expensive of 21 |
| Bond spread | 86 bp | 103 bp | 5th tightest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Swire Properties 1972.HK | Hong Kong | $19.4B | +4% | +6% | 49% | 18.3× | n/a | n/a |
| DLF DLF.NS | India | $19.7B | +22% | -29% | 13% | 38.3× | n/a | n/a |
| Sumitomo Realty & Development C 8830.T | Japan | $18.8B | -34% | +5% | 29% | 12.8× | n/a | n/a |
| China Overseas 0688.HK | Hong Kong | $18.4B | -13% | +4% | 11% | 10.2× | n/a | n/a |
| Henderson Land 0012.HK | Hong Kong | $18.3B | -12% | +46% | 20% | 17.2× | n/a | n/a |
| Hongkong Land H78.SI | Singapore | $17.7B | -1% | -25% | 23% | 20.9× | n/a | n/a |
| KE Holdings, Inc. Class A 2423.HK | Hong Kong | $21.4B | +3% | -11% | 6% | 16.8× | n/a | n/a |
| CK Asset 1113.HK | Hong Kong | $21.9B | -3% | +48% | 15% | 12.8× | n/a | n/a |
| Jones Lang LaSalle JLL | United States | $16.9B | +12% | +11% | 5% | 13.4× | n/a | n/a |
| Vonovia VNA.DE | Germany | $16.1B | -24% | -17% | 40% | 9.4× | n/a | n/a |
| Mitsui Fudosan 8801.T | Japan | $27.4B | -5% | -10% | 14% | 14.9× | n/a | n/a |
| Swiss Prime Site SPSN.SW | Switzerland | $13.0B | +1% | -12% | 76% | 31.7× | n/a | n/a |
| China Res Land 1109.HK | Hong Kong | $29.1B | -7% | -12% | 16% | 8.9× | n/a | n/a |
| Sino Land 0083.HK | Hong Kong | $12.8B | -20% | +15% | 34% | 20.4× | n/a | n/a |
| Mitsubishi Estate 8802.T | Japan | $29.5B | -12% | +17% | 21% | 19.2× | n/a | n/a |
| Wharf Reic 1997.HK | Hong Kong | $12.6B | +24% | -1% | 73% | 14.8× | n/a | n/a |
| Lodha Developers LODHA.NS | India | $12.5B | +22% | +21% | 31% | 27.0× | n/a | n/a |
| China Res Mixc 1209.HK | Hong Kong | $12.1B | -14% | +10% | 28% | 18.4× | n/a | n/a |
| Klepierre LI.PA | France | $11.6B | +8% | +3% | 63% | 13.1× | n/a | n/a |
| China Merchants Shekou Industrial Zone 001979.SZ | China | $10.4B | -10% | -22% | 1% | 69.7× | n/a | n/a |
| Poly Developments & 600048.SS | China | $10.1B | -9% | -4% | 4% | 48.6× | n/a | n/a |
Swire Properties has 1 bond outstanding with $500M face value. The agencies rate it A; its bonds trade like BBB. Weighted yield 5.22%, a spread of 86 bp over government bonds.