Swire Properties remains bullish on mainland retail despite a slowing market
Foot traffic and sales have been rising across Swire’s mainland portfolio, lifted by Gen Z shoppers, holiday spending and policy support
Hong Kong developer Swire Properties is doubling down on mainland China retail, betting accelerated investment in larger, more mature cities – combined with its deep local knowledge – can deliver growth despite the slowing retail property market.
The developer will launch its first Taikoo Place in Beijing in phases in late 2026, open a Taikoo Li in Sanya – a tropical city in the island province of Hainan – by the end of this year, and open another Taikoo Li in Xian, capital of northwestern Shaanxi province, in 2027.
It will also roll out the second phase of Taikoo Li Qiantan in Shanghai next year.
Swire Properties has allocated HK$100 billion (US$12.8 billion) for investment over the 10-year period from 2022 to 2032, with HK$50 billion earmarked for the mainland. It had deployed HK$46 billion on the mainland as of June last year, according to its earnings report.
“Combined, these ongoing projects mark the largest concurrent development pipeline in our history,” said Han Zhi, director of retail at Swire Properties. “Since 2025, the overall market sentiment has improved, with a growing number of retailers viewing this time as an opportunity, after adopting a more cautious approach in 2024.”
Han said foot traffic and sales at Swire’s mainland developments had been rising since mid-last year, a trend that had carried into 2026 as government stimulus measures supported the property and consumer markets.