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CPA Australia Survey: Hong Kong businesses are looking to expand as confidence improves in 2025
Surveyed executives and accounting professionals show a relatively optimistic outlook for Hong Kong’s economy, with 63 per cent anticipating the local economy will grow next year. Hong Kong’s tax system (31 per cent) ranks as the largest positive contributor to the city’s economic and business environment in 2025, while changes in consumer patterns (26 per cent) and tension in US-China relations (26 per cent) are seen to be the two biggest challenges. 56 per cent of respondents rated Hong Kong’s international competitiveness as high.
Mr. Cliff Ip, CPA Australia 2024 Divisional President of Greater China, said, “The survey findings reflect that Hong Kong’s economy and business confidence are expected to steadily improve in the coming year. Recent stimulus measures unveiled by the central government and the Hong Kong government have contributed to this improved sentiment. The start of the rate-cutting cycle has also boosted business confidence. These positive factors should keep this momentum going into 2025 and strengthen Hong Kong’s international competitiveness.
“However, external uncertainties still weigh on some sectors such as tourism and retail. Respondents indicate that changing customer behaviour and weak customer demand are some of the key challenges they expect to face in 2025. In response, companies must keep innovating their products and services, and how they deliver them. They also need to frequently engage with customers and potential customers to better understand trends both in Hong Kong and elsewhere.”
The outlook for initial public offerings (IPOs) in the city is also optimistic. Some 63 per cent of respondents expect the value of funds raised in Hong Kong through IPOs to increase in 2025. “IPO activity in Hong Kong has shown signs of recovery since Q3 due to some mega-sized IPOs. Policies and regulatory reforms are stimulating capital activities and boosting investor confidence,” Ip explained.
The improving economic sentiment is flowing through to revenue projections and business expansion plans in 2025. 51 per cent of respondents predict their company’s revenue will grow next year, with an increase in revenue of between 5 to 20 per cent being the most popular prediction.
In response to this improving business environment, respondents are most likely to forecast that their company will increase their investment in advanced technologies (38 per cent), sales and marketing (37 per cent) and expansion outside of Hong Kong (36 per cent). A notably high proportion of respondents to this survey stated that their company has expansions plan in the next three years at home or abroad, with mainland China (40 per cent) again nominated as the most popular destination.
Though cost management remains the top strategic focus for many companies, the percentage choosing it has dropped from 39 per cent in 2024 to 27 per cent in 2025. While slightly more are expected to focus on market expansion activities (27 per cent) and innovation and digitalisation (26 per cent).
Ip stated, “The more positive business environment is being reflected in an expected shift in corporate strategy away from defensive strategies such as cost management and improving business efficiency towards more expansionary strategies such as market expansion and innovation.”
To support growing revenue and expansion plans, companies are keen to add more employees and increase salary to retain talent. 57 of per cent respondents expect that their companies to increase headcount, the highest new hiring intention since 2020. These new hiring intentions are strongest amongst larger companies. Salaries are expected to grow, with 62 per cent expecting to receive a salary increase in 2025.
While the economy looks to be on a positive trajectory, predictions for price changes in the property market in 2025 are uncertain, with similar numbers of respondents expecting prices to increase and decrease, however more respondents expect prices to increase than the previous two years.
Ip explained, “The city’s property market is recovering, with demand gradually growing. This is due to recent interest rate cuts and changes in government policies such as the relaxation of restrictive measures in the housing market. However, with sectors such as SMEs undergoing a relatively slower recovery due to the weak domestic demand, this is leading to stagnation in the rental market.”
The survey data shows nearly all Hong Kong companies have introduced at least some ESG measures into their operations, with only three per cent stating they have not taken any ESG actions. Another 35 per cent expect their company to increase their ESG-related initiatives and activities next year. Respondents were most likely to nominate compliance and increasing compliance costs as the biggest impact ESG is having on their business.
CPA Australia collected 568 responses from Hong Kong-based executives, accounting and finance professionals working in various industries in October and November for this Hong Kong Economic and Business Sentiment Survey 2025.
Hashtag: #CPAAustraliaHongKong #2025HongKongBusinessOutlook #Forecast #Advocacy #ThoughtLeadership #Accounting
https://www.cpaaustralia.com.au/
https://www.linkedin.com/school/cpaaustralia/
The issuer is solely responsible for the content of this announcement.
CPA Australia
CPA Australia is one of the largest professional accounting bodies in the world, with more than 173,000 members in over 100 countries and regions, including more than 22,500 members in Greater China. CPA Australia has been operating in Hong Kong since 1955 and opened our Hong Kong office in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on issues affecting the accounting profession and the public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au
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Sunlight Real Estate Investment Trust (“Sunlight REIT”) Interim Results for the Six Months Ended 30 June 2026
Financial Highlights of 2026 Interim Results
(in HK$’ million, unless otherwise specified)
| Six months ended
30 June 2026 |
Six months ended
30 June 2025 |
Change
(%) |
|
| Revenue | 382.4 | 391.2 | (2.2) |
| Net property income | 299.7 | 307.4 | (2.5) |
| Cost-to-income ratio (%) | 21.6 | 21.4 | N/A |
| Loss after taxation | (124.1) | (172.2) | N/A |
| Distributable income | 164.0 | 168.6 | (2.7) |
| Distribution per unit (HK cents) | 8.8 | 9.1 | (3.3) |
| Payout ratio (%) | 94.3 | 93.8 | N/A |
| At 30 June
2026 |
At 31 December
2025 |
Change
(%) |
|
| Portfolio valuation | 17,118.1 | 17,403.0 | (1.6) |
| Net asset value | 12,168.2 | 12,402.6 | (1.9) |
| Net asset value per unit (HK$) | 6.92 | 7.09 | (2.4) |
| Gearing ratio (%) | 28.3 | 27.8 | N/A |
Disclaimer: The information contained in this press release does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for units in Sunlight REIT in Hong Kong or any other jurisdiction.
Hashtag: #SunlightREIT #REIT
The issuer is solely responsible for the content of this announcement.
About Sunlight REIT
Listed on The Stock Exchange of Hong Kong Limited since 21 December 2006, Sunlight REIT (stock code: 435) is a real estate investment trust authorized by the Securities and Futures Commission, and constituted by the trust deed dated 26 May 2006 (as amended and restated) (the “Trust Deed”). It offers investors the opportunity to invest in a diversified portfolio of 11 office and six retail properties in Hong Kong with a total gross rentable area of approximately 1.3 million sq. ft. The office properties are located in both core and decentralized business areas, while the retail properties are situated in regional transportation hubs, new towns and urban areas with high population density.
About the Manager
The Manager of Sunlight REIT is an indirect wholly-owned subsidiary of Henderson Land Development Company Limited. Its main responsibility is to manage Sunlight REIT and all of its assets in accordance with the Trust Deed in the sole interest of its unitholders.
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Create Meaningful Family Moments This Mother’s Day Holiday with ONYX Hospitality Group
Believing that the best journeys are those shared with the people who matter most, ONYX Hospitality Group, a leading hospitality management company in the Asia-Pacific region specialising in hotels, resorts, serviced apartments, luxury residences, restaurants and spas, encourages families to reconnect and create meaningful moments together this holiday. Through thoughtfully curated experiences designed to bring generations together, each property offers a wide range of on-site activities alongside the unique attractions of its surrounding destination, creating opportunities for families to make every moment together even more meaningful.
Guided by its More of What You Love philosophy, ONYX Hospitality Group’s portfolio of hotels is committed to creating holiday experiences that extend far beyond the guest room. From memorable dining experiences and rejuvenating spa treatments to quality time spent together in the hotel’s shared spaces and opportunities to discover the charm of local communities and cultural heritage surrounding each destination, every journey is thoughtfully designed to be richer and more rewarding. Complemented by the benefits of ONYX Rewards and exceptional dining experiences through ONYX Dining, every stay is made more seamless, more rewarding and more memorable, from the moment guests arrive until they return home.
For families planning a short getaway within Thailand, with the turquoise sea as the backdrop to their ideal holiday, Amari offers meaningful moments of relaxation, creating opportunities to spend quality time with mothers and loved ones alike, whether on the Gulf of Thailand or along the Andaman coast.
Amari Pattaya offers everything families need for a memorable holiday, with accommodation options ranging from one-bedroom rooms to spacious three-bedroom suites accommodating up to six guests, allowing everyone to spend quality time together throughout their stay. At the same time, every generation can enjoy activities tailored to their own interests, whether relaxing at Club Napa, the exclusive lounge on the 19th floor overlooking panoramic views of Pattaya Bay, or letting younger guests enjoy the water park and Tree House Kids Club before coming together again to share memorable dining experiences. From authentic Thai cuisine and international favourites to homemade pasta and poolside bites, dining experience adds another special moment to the family getaway. The day concludes with a rejuvenating treatment at maai spa, where holistic wellness therapies inspired by the beautiful transformation of the silkworm create a deeply restorative experience for both body and mind.
Meanwhile, Amari Hua Hin offers another ideal destination for families wishing to create meaningful moments with their mothers during the holiday. Set within a relaxed seaside atmosphere, the hotel features comfortable accommodation suitable for guests of all ages, a swimming pool, Breeze Spa, and dedicated children’s facilities. Beyond the hotel, families can stroll along the beach, discover local cafés and restaurants, or explore the unique charm of Hua Hin together.
For families seeking a relaxing escape amid the beauty of the Andaman Sea, Amari Phuket is set on a secluded private headland, offering panoramic views across Patong Bay from its guestrooms and suites. The resort’s interiors thoughtfully blend contemporary Thai craftsmanship with a distinctive sense of place, creating a warm and inviting atmosphere throughout the stay. Families can enjoy memorable moments together over authentic Italian cuisine at La Gritta, the resort’s renowned seafront Italian restaurant, or unwind while taking in spectacular ocean views from La Gritta Bar, The Jetty, The TreePod, and Samutr Bar, each offering its own unique ambience. The resort also features two swimming pools, Breeze Spa, and a Kids Club, allowing guests of all ages to enjoy their preferred way of spending time before heading out to experience the vibrant atmosphere of Patong Beach, along with its restaurants and shopping destinations, all just minutes away.
Another excellent choice for a seaside family holiday is Amari Koh Samui, located on Chaweng Beach. Surrounded by natural beauty, the resort offers a range of accommodation options, including spacious two-bedroom suites, along with three swimming pools, Breeze Spa, and activities for children. Families can also enjoy exploring Bophut Fisherman’s Village or discovering the unique charm of Koh Samui together. The resort’s diverse collection of restaurants and bars further enhances every family dining experience, including Amaya Food Gallery, serving Thai and international cuisine through interactive live cooking stations; Amaya Café for coffee, tea and light refreshments; Amaya Bar by the beach; Prego Koh Samui, offering authentic Italian cuisine and pizzas; and Aqua Eatery & Bar, serving beverages and light meals in a relaxed poolside setting.
For families seeking greater tranquillity and a closer connection with nature, Amari Vogue Krabi is located on Tubkaek Beach, one of Krabi’s most peaceful stretches of coastline. Nestled amidst nature at the foot of Dragon’s Crest (Khao Ngon Nak), one of the province’s most renowned scenic viewpoints, the resort enjoys a setting that continues to attract travellers from around the world. Surrounded by the breathtaking Andaman Sea, picturesque offshore islands and lush green mountains, the resort provides an idyllic environment for families to spend quality time together, unwind completely and immerse themselves in the beauty of nature. Beyond the resort, guests can discover Krabi’s natural attractions through island-hopping excursions, kayaking adventures, visits to its famous beaches and viewpoints, or explore the local way of life in Krabi Town, with its restaurants, markets and vibrant evening attractions.
Whether it is taking your parents away for a well-deserved change of scenery, spending the holidays with children and grandchildren, gathering with siblings for a special occasion, or reconnecting with friends after a long time apart, ONYX Hospitality Group’s hotels and serviced residences are ready to be part of every meaningful moment. With a diverse portfolio that caters to different destinations, lifestyles and travel preferences, ONYX Hospitality Group believes that the true meaning of travel lies not simply in the places we visit, but in the people we share the journey with and the moments we create together. Bringing More of What You Love to every stay, the Group continues to create memorable travel experiences that matter.
For more information and reservations, please visit www.onyx-hospitality.com
Hashtag: #ONYXHospitalityGroup
https://www.onyx-hospitality.com
https://www.linkedin.com/company/onyx-hospitality-group/
https://www.facebook.com/ONYXHospitalityGroup
https://www.instagram.com/onyxhospitalitygroup/
The issuer is solely responsible for the content of this announcement.
About ONYX Hospitality Group
ONYX Hospitality Group, a reputable force in the Asia-Pacific hospitality industry, operates a collection of comprehensive yet complementary brands – Amari, OZO, Shama and Oriental Residence – catering to the distinctive needs of discerning business and leisure travellers across the region where it has deep expertise. In addition to its brand portfolio, ONYX Hospitality Group also operates additional hospitality services across spa and food & beverage. With six decades of management experience, the company extends its innovative solutions throughout the region, upholding internationally recognised standards and ensuring optimal operational manoeuvrability. By fostering enduring relationships with like-minded business partners, ONYX Hospitality Group delivers unparalleled experiences in a dynamic and competitive market, meeting the ever-evolving demands of travellers.
More information: www.onyx-hospitality.com
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Vinhomes advances urban development platform amid global shift toward nature-positive investment
With a land bank exceeding 295 million square meters, nearly 650,000 residents across its integrated townships, and record equivalent revenue of VND183.1 trillion (US$6.94 billion) in 2025, the company has demonstrated its capacity to plan, finance, deliver and operate large-scale cities with remarkable consistency.
For more than two millennia, humanity has celebrated its greatest achievements through the idea of “wonders,” from the Seven Wonders of the Ancient World to the New7Wonders of Nature, which in 2011 recognized sites such as the Amazon Rainforest and Vietnam’s own Ha Long Bay for their untouched natural beauty.
Today, a fourth wave is emerging: one defined not by human creations set apart from nature, nor by landscapes left untouched, but by developments where urbanization actively enhances natural ecosystems. This philosophy, combined with Vinhomes’ operational scale, has positioned the company at the forefront of that shift, offering global institutional investors a proven model that is gaining recognition across Asia.
Nature-Positive Development Defines Vinhomes’ Urban Philosophy
At the core of Vinhomes’ approach is a fundamental departure from traditional real estate development; the company approaches urban development as an integrated process of environmental enhancement, infrastructure creation and community building.
This philosophy is evident across several landmark projects. At Vinhomes Green Paradise in Can Gio, built on reclaimed coastal land, modern infrastructure coexists with active ecological restoration, creating new living environments while supporting long-term environmental resilience.
At Vinhomes Global Gate Ha Long, the urban masterplan has been designed specifically to complement the UNESCO-recognized Ha Long Bay, one of the world’s most celebrated natural wonders, creating a space where urban life and natural heritage mutually enrich one another.
For institutional investors, this nature-positive orientation reflects a broader strategic shift. Long-term capital is increasingly flowing toward developers capable of creating urban ecosystems that generate value over decades, not merely delivering projects on a transactional basis. Vinhomes’ ability to embed sustainability, ecological regeneration and climate resilience into its masterplans aligns with the evolving expectations of global asset owners seeking both financial returns and environmental impact.
Proven Execution And Operational Scale Build Investor Confidence
In real estate, vision carries little weight without the ability to execute. This is where Vinhomes has established one of its strongest competitive advantages. While many developers concentrate their portfolios within a limited number of cities or regions, Vinhomes has successfully replicated its large-scale urban development model across Vietnam, delivering integrated townships from north to south while maintaining consistent quality, execution speed and operational standards.
The company’s 2025 performance underscores this capability. By year-end, Vinhomes had delivered more than 34,000 apartments, villas and shophouses, achieving record equivalent revenue of VND183.1 trillion (US$6.94 billion), a 29% year-on-year increase that exceeded its annual target. Net profit reached VND43.3 trillion (US$1.6 billion), up 24%, while sales bookings nearly doubled to VND205.3 trillion (US$7.9 billion). Unrecognized contracted sales of VND186.4 trillion (US$7.1 billion) provide exceptional revenue visibility for the years ahead.
Beyond financial metrics, Vinhomes’ operational scale is evidenced by nearly 650,000 residents now living across its developments nationwide, forming one of Southeast Asia’s largest integrated residential communities. This scale demonstrates not only the company’s ability to build projects but also its capacity to create functioning urban ecosystems capable of sustaining long-term economic and social activity.
The company’s land bank, exceeding 295 million square meters as of December 31, 2025, represents Vietnam’s largest and is strategically positioned across major metropolitan areas and regions benefiting from accelerating urbanization, industrial development and tourism growth. This extensive reserve provides a substantial pipeline for future development while supporting sustainable long-term growth.
Vinhomes’ operational excellence is further validated by internationally recognized certifications including ISO 9001, ISO 14001, ISO 45001 and SA8000, reflecting global standards in quality management, environmental performance, occupational health and safety, and social responsibility. The company’s market position, Vietnam’s largest listed real estate company by market capitalization at approximately US$19.4 billion, and the country’s second-largest listed enterprise overall, reinforces its institutional credibility. Its brand, valued at an estimated US$1.6 billion by Brand Finance, ranks among Vietnam’s Top 10 Most Valuable Brands.
For international investors, these indicators point to something larger than financial success alone. They reflect a company that has evolved beyond traditional real estate development into a trusted urban development platform, one capable of planning, financing, delivering and operating large-scale cities with remarkable consistency.
If the first three waves of human wonders celebrated extraordinary achievements of engineering or nature, the emerging fourth wave may well be defined by developments that elevate nature itself, creating places where environmental restoration, economic growth and human prosperity reinforce one another.
That vision demands proven execution, long-term thinking and institutional credibility. These qualities explain why an increasing number of global investors are viewing Vinhomes as one of Asia’s most compelling long-term urban development platforms.
Hashtag: #Vinhomes
The issuer is solely responsible for the content of this announcement.
About Vinhomes
Vinhomes is Vietnam’s largest residential real estate and integrated township developer. The company pioneers the development of synchronized, modern large-scale townships, delivering premium living standards and unlocking sustainable investment opportunities for domestic and international clients.
