Swire Properties Ltd., the Hong Kong commercial landlord with tenants including JPMorgan Chase & Co., posted a 59 percent gain in adjusted full-year underlying profit on higher rental income from its offices and shopping malls as well as apartment sales in the city.
Swire Pacific Ltd. said it’s in talks to sell a “significant” property after Sing Tao Daily reported the Hong Kong office and retail landlord may divest one of its shopping malls for HK$22 billion ($2.83 billion).
Swire Pacific Ltd. hired BOC International Holdings Ltd., Goldman Sachs Group Inc., HSBC Holdings Plc, and Morgan Stanley to help list its property unit in December, two people with knowledge of the matter said.
Swire Pacific Ltd. agreed to sell the Festival Walk shopping center for HK$18.8 billion ($2.4 billion) to a unit of Singapore’s Temasek Holdings Pte in the biggest property transaction ever for the Hong Kong landlord.
Swire Pacific Ltd ., the Hong Kong office landlord which controls Cathay Pacific Airways Ltd., said 2010 underlying profit rose 91 percent on gains from the sale of assets and record earnings by the city’s biggest airline.