|For Immediate Release||19 October 2022|
Strengthen Hong Kong SAR's Competitiveness
19 October 2022, Hong Kong - Swire Properties welcomes the Chief Executive's Policy Address 2022 announced today, which proposed multiple measures to strengthen the Hong Kong SAR's competitiveness as a leading international financial centre, and to strengthen the city's integration into the national development plan.
The Chief Executive put forward a strategic plan to attract new talents and strategic enterprises to further the city's development. Swire Properties believes that these measures, such as the Top Talent Pass Scheme, will help in replenishing the local workforce and boost the overall competitiveness of the city. The Company will support the Development Bureau's review on the labour shortage situation in the construction sector by providing opinions and suggestions.
As a key player in the property development industry, we welcome the Chief Executive's multi-pronged approach to build a land reserve. Urban renewal is a major source of land supply, and Swire Properties is pleased with the proposal to streamline statutory and administrative procedures for land production, and to lower the compulsory sale application thresholds to facilitate urban renewal.
The Company believes that the introduction of new measures, including the Light Public Housing and the Pilot Scheme on Private Developer Participation in Subsidised Housing Development, can help to address the need for quality public housing.
Swire Properties is also pleased with the Government's comprehensive plan to develop the Northern Metropolis and to accelerate the development of the San Tin Technopole. The Company believes that the proposed development will foster Hong Kong's integration into the national development plan, as well as solidifying Hong Kong's role as a key regional hub in the Greater Bay Area. The extensive plan to strengthen the transport infrastructure in the area will facilitate and improve connectivity and pave the way for Hong Kong's future success.
"The Chief Executive has introduced an array of new policies and concrete proposals to address the key challenges facing Hong Kong. As we celebrate 50 years in Hong Kong, Swire Properties will continue to contribute to the development of our home city through our unique and long term approach to placemaking," said Tim Blackburn, Chief Executive of Swire Properties.
"Our recently announced HKD100 billion investment plan - of which approximately HKD30 billion is allocated specifically to Hong Kong - demonstrates our confidence and long-term commitment to our home city. We will continue our efforts to contribute to the city's bright future, through the development of arts and culture, youth empowerment, and by fostering local pride within our communities."
About Swire Properties
Swire Properties develops and manages commercial, retail, hotel and residential properties, with a particular focus on mixed-use developments in prime locations at major mass transportation intersections. Swire Properties is listed on the Main Board of the Stock Exchange of Hong Kong and its investment portfolio in Hong Kong comprises Taikoo Place, Pacific Place, Cityplaza and Citygate. The Company's completed portfolio in Hong Kong comprises approximately 16.8 million sq ft (approximately 1.56 million sqm) of space.
In the Chinese Mainland, Swire Properties has six completed projects in operation in Beijing, Shanghai, Guangzhou and Chengdu - predominately retail-led mixed-use developments. They include Taikoo Li Sanlitun and INDIGO in Beijing, HKRI Taikoo Hui and Taikoo Li Qiantan in Shanghai, Taikoo Hui Guangzhou and Sino Ocean Taikoo Li Chengdu. INDIGO Phase Two in Beijing and Taikoo Li Xi'an are currently under development. The Company's completed portfolio in the Chinese Mainland comprises approximately 14 million sq ft (approximately 1.3 million sqm) of space.
In addition to Hong Kong and Chinese Mainland, the Company has investments in the United States, Indonesia and Vietnam.
2022 is Swire Properties' 50th anniversary. Throughout the year, the Company will be celebrating its achievements and the core values that have underpinned its success, over the past five decades, under the theme of "ORIGINAL. ALWAYS". "ORIGINAL" captures Swire Properties' forward-looking and innovative spirit, and "ALWAYS" refers to the Company's long-term commitment and trusted reputation. A range of special events and campaigns will be launched to celebrate this milestone.
Visit Swire Properties' website at www.swireproperties.com.