The Zhitong Finance App learned that UBS released a research report stating that it gave Swire Properties (01972) a “buy” rating, with a target price of HK$23.3. The company's operating data for the Mainland and Hong Kong regions was weak in the first quarter. Although the rental rate did not change from quarter to quarter, the negative rent growth in Hong Kong office buildings widened. The bank expects the group's stock price to react negatively due to weak data for the first quarter.

The bank mentioned that in terms of retail business in Hong Kong, Pacific Place Mall's sales fell 1.2% in the first quarter, which is basically in line with the overall trend in Hong Kong. The year-on-year decline in Taikoo Shing Centre is believed to be mainly due to an increase in outbound travel by local Hong Kong residents. Citygate's tenant sales increased 6.5%. As of March 2024, the occupancy rate of all three shopping malls under the Group reached 100%.