Swire Properties bullish on mainland China despite tariff war's pall
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'Volatility and uncertainty are never good for business, and anything which undermines consumer confidence is not good for business,' Tim Blackburn said at a media event in Chengdu. 'But there is evidence that even under the current tariff scenario, there are positive opportunities and positive consequences for our businesses.'
The company is on the hunt for retail investment opportunities in Shenzhen, the southern city bordering Hong Kong, amid the 'onshoring of consumption', he added.
Declining interest rates, the onshoring trend – Hong Kong consumers visiting mainland China for shopping – and increased demand for high-end residential properties are all tailwinds, he said, adding that foot traffic across the company's shopping centres in mainland China increased by about 5 per cent in the past year.
The Hong Kong developer has been ramping up its capital commitment to the mainland in recent years. In March 2022, it announced a HK$100 billion (US$12.9 billion) investment plan for commercial and residential projects across Hong Kong, mainland China and Southeast Asia over the next decade, with half of that earmarked for the mainland.
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As of March 7, HK$46 billion, or 92 per cent of the mainland allocation had been already deployed, according to Swire Properties' annual report. While the current priority is to complete existing projects, Swire Properties is also looking for new opportunities in Shenzhen, Blackburn said.
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