Swire Pacific's costly faux pas

Though not a major player in the residential market, Swire Pacific [19], through its subsidiary Swire Properties, got its fingers burnt pretty badly at its Tseung Kwan O residential project, which is a 49:49 joint venture development with Sun Hung Kai Properties [16]. The original site owners hold the remaining 2%.The project has a total residential floor area of approximately 4.1 million sq ft, of which 2 million sq ft is attributable to Swire Pacific. This is the Group’s largest res…