Hong Kong’s commercial property recovery is increasingly becoming a story of location, with the fortunes of the city’s biggest landlords diverging depending on the districts where they own office space. At Taikoo Place in Quarry Bay, however, an abundance of new supply and increased vacancies kept leasing conditions competitive. The occupancy rate for One Island East and One Taikoo Place was 91 per cent, while the district’s newest office tower Two Taikoo Place was 80 per cent leased. Swire’s underlying profit rose 11 per cent to HK$4.9 billion (US$624.7 million) in the first half, while recurring underlying profit increased 36 per cent to HK$4.66 billion. The overall occupancy rate for its office portfolio was 90 per cent.