Swire Group Announces Major Hong Kong Job Cuts Amid China’s Economic Slowdown

In an effort to streamline operations in the face of China's economic slowdown, the British multinational Swire Group plans to lay off around 10% of its staff at its Hong Kong office, according to a report by news agency Bloomberg on 26 November 2025, which cited persons with knowledge of the matter.

40 workers in the conglomerate's risk management, finance, and sustainable development divisions were reportedly let off last week, according to the news agency. A few department heads, including Mark Harper, the group head of sustainability, were reportedly let go by the corporation as part of the job downsizing.

Layoffs Part of New Business Strategy

Although Mark Harper did not reply to the news agency's questions about the development, Swire Group informed the agency that the company is redesigning its office layout in order to increase overall productivity and streamline some procedures. The group employs around 500 workers at its head office in Hong Kong and over 121,000 people worldwide, according to the company's official website.

The economic downturn and real estate bubble in mainland China are putting pressure on Swire Group. This situation has prompted employee presumption that management intends to reduce expenditures to enhance operational efficiency via the implementation of artificial intelligence (AI) resources.

Swire Group Heavily Rely on Hong Kong and China

A prolonged economic downturn and Greater China real estate collapse have put pressure on the 209-year-old Swire Group. With origins as a British trade house, Swire Group is one of the last Hong Kong companies still primarily dependent on the city and the Chinese mainland. As of the end of 2024, its flagship division, Swire Pacific, accounted for 79% of its sales and held 91% of its non-current assets in the property, beverage, and aviation sectors.

As a result, Swire Group is vulnerable on all fronts as US-China tensions rise and China's economy falters. Its largest source of earnings, real estate, has been negatively impacted by the mainland and Hong Kong real estate slowdown, while its beverage division has been under pressure from declining consumer spending. Although Cathay Pacific Airways, its carrier, is making progress, it hasn't been sufficient to counteract broader challenges. After reporting a 71% decline in underlying profit in 2024, Swire Pacific saw a 2% decline in the first half of 2025.