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Hong Kong Residential Market Post-Budget Sentiment Strengthens as Smaller-Sized Unit Transactions Pick Up

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1 year ago

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Grade A office rents remained under pressure in Q1, while a tourist inflow recovery is yet to boost retail market confidence

  • Smaller-sized residential units have been more sought-after following the relaxation of the maximum property value chargeable at a HK$100 stamp duty level as announced in the latest government budget speech, supporting first-hand residential sales. The total residential unit transaction number for Q1 climbed 24% y-o-y to reach 12,200 units.
  • The Grade A office market recorded positive net absorption of 143,700 sf in Q1, although the high availability rate saw the overall rental level soften further by 2.5% q-o-q.
  • Growing visitor arrival numbers in Q1 failed to drive up retail sales, with high-street rents across core retail districts adjusting within a +/-2% range q-o-q. However, an expected boost from the mega event economy is expected to be reflected later this year.

HONG KONG SAR – Media OutReach Newswire – 7 April 2025 – Global real estate services firm Cushman & Wakefield today held its Hong Kong Property Markets Q1 2025 Review and Outlook press conference. Following the government’s announcement to raise the residential property maximum value chargeable at a stamp duty level of HK$100 from HK$3 million to HK$4 million in the latest budget speech, first-time home buyers and investors were more active, resulting in a significant uptick of transactions in March from the first two months of the year. However, overall home prices in Q1 continued to trend down as interest rates stayed at a relatively higher level.

In the Hong Kong office market, the Grade A sector recorded positive net absorption in Q1, although the abundant available space continued to weigh on the rental outlook. In the retail market, the structural changes seen in tourists’ and local residents’ consumption patterns continued to curtail retail sales performance, in turn hindering retail market rental grow. However, we expect that the city’s ongoing mega event program activity will support greater visitor arrivals and consequent retail sales in the coming few quarters.

Grade A office leasing market: New demand led by banking & finance sector, although new supply ensures continued high availability and pressure on rental levels

The Grade A office market achieved a sixth consecutive quarter of positive net absorption in Q1 2025, reaching 143,700 sf. Despite the positive leasing momentum, the citywide overall availability rate edged up q-o-q to 19.2%. The expanded availability was primarily due to the completion of THE CENDAS project in Kowloon East, bringing 352,800 sf of new Grade A space to the office market. Relocation and expansion activities from the banking & finance and insurance sectors were the key drivers of new leasing activity in the quarter, with the two sectors accounting for approximately 46% of total new leased area. Notable transactions included American hedge fund Point72’s commitment to a 49,500 sf space at The Henderson.

With incoming new supply and the availability rate remaining at a high level, the citywide overall Grade A office rental level softened further by 2.5% q-o-q to record HK$43.9 per sf per month. Compared with the peak of Q1 2019, the overall Grade A office rental level has now fallen by 42.2%.

Chart 1: Rents of Grade A offices in Hong Kong

John Siu, Managing Director, Hong Kong, Cushman & Wakefield, said, “Looking ahead, the recovery of Hong Kong’s initial public offering (IPO) pipeline and stock market performance, as well as the measures introduced by the Hong Kong Government to attract more global capital, enterprises, and family offices, should help support downstream demand from the finance sector, in turn underpinning the city’s office market sentiment. As current office rents are now discounted by more than 40% against the prior peak level, occupiers pursuing flight-to-quality strategies have greater options. In the coming three quarters of 2025, around 3 million sf of new supply is expected to enter the market. This presages a further intensifying of the competitive leasing environment. We expect the overall average office rental level to remain under pressure, with a decline of 7%–9% throughout 2025.”

Retail leasing market: Retail performance recovery missed expectations, high street rents mixed

The Hong Kong retail market has been unable to demonstrate a significant sales performance improvement despite the continued growth in tourist arrival numbers, predominantly due to the continued structural changes in the consumption preferences of visitors and locals. The city’s overall retail sales for the January to February 2025 period recorded HK$64.8 billion, representing a drop of 7.8% y-o-y.

Generally, inbound visitors from the Chinese mainland no longer focus their time on traditional shopping activities at malls. In turn, high-end categories in the city’s key retail sectors have been the most impacted. Retail sales in the Jewellery & Watches and Fashion & Accessories sectors declined 15.8% and 6.4% y-o-y in the first two months of January and February, respectively. The Supermarkets sector, which had performed steadily in the past few years, also recorded a 4.4% y-o-y drop. Meanwhile, Food, Alcohol & Tobacco; and Medicines & Cosmetics, were the only sectors to post growth, albeit modestly at within 1% y-o-y.

Leasing transactions in the Tsimshatsui retail district were relatively active, with landlords more willing to offer greater flexibility and rental discounts. In turn, this attracted tenants from different sectors along with Chinese mainland brands to expand into core districts, while also encouraging some local retailers to look for opportunities again. Key district vacancy rates in Kowloon remained stable with Tsimshatsui and Mongkok at 9.4% and 8.4%, respectively. Causeway Bay was the only core retail district to record greater vacancy in Q1, jumping to 5.3% from 0% in Q4 2024. The overall vacancy rate in Central dropped slightly q-o-q from 8.6% to 7.1%.

Overall high street retail rents in Tsimshatsui and Causeway Bay fell slightly at 2.3% and 1.0% q-o-q, respectively. In Mongkok, the entry of some aggressively moving tenants prompted a moderate q-o-q increase of 0.5%. The Central district overall rental level was unchanged. In the F&B sector, rental levels remained soft, with Causeway Bay and Mongkok falling in a range of 0.4% to 1.8% q-o-q. Tsimshatsui F&B rents remained unchanged, while the Central F&B sector saw a 0.5% uptick q-o-q, chiefly supported by high-end dining options.

Chart 2: High street retail rents in prime districts in Hong Kong

John Siu added, “In Q1, leasing activity on Haiphong Road was particularly active. Deals concluded during the quarter involved retailers that already have a presence in the area. Most of these retailers believe that the current rental level has dropped to an attractive level. In spite of the change in tourists’ spending patterns and uncertain sales levels, they are still willing to sign new leases as the costs become more controllable. We expect these uncertainties to stay in the short-term, hence hindering the pace of rental recovery. Looking ahead, we believe Chinese mainland retailers will continue to be the major source of new leasing demand in the market, to cater to the consumption habits and preferences of residents coming to Hong Kong from the mainland in recent years. The government’s efforts to promote tourism and the development of the mega event economy also led us to believe that the local retail market will gain support and receive a boost later this year with the successive hosting of mega events and concerts.”

Residential market: Relaxation of stamp duty policy supports transaction numbers recovery, price decline narrows by end of quarter

With the government’s relaxation of the stamp duty levy on properties priced up to HK$4 million in the February budget speech, coupled with the wealth effect brought by the stock market recovery at the start of the year, overall residential market sentiment improved in Q1. The residential transaction number in March strengthened significantly to close to 5,400 units, driving the total Q1 transaction number up 24% y-o-y to circa 12,200 units. As some buyers regained confidence to enter the market, developers seized the opportunity to launch new projects, leading to a pick-up in the primary residential market, with the proportion of first-hand sales expected to increase in March.

Chart 3: Number of residential sale & purchase agreements

Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield, commented, “Rating and Valuation Department data shows that overall residential prices continued to decline in February by 0.9% m-o-m, bringing a combined drop of 1.6% for the first two months of 2025. According to Cushman & Wakefield’s small- to medium-sized residential price index, home prices exhibited further fluctuations by correcting at around 1.7% in Q1. Among the residential unit sectors, price levels corrected most notably in City One Shatin, representing the small-sized sector, with a drop of 9.1% q-o-q. Prices fell by 2.2% in Taikoo Shing, representing the mid-sized sector, while prices at the luxury sector Residence Bel-Air saw an overall 7.4% decrease in Q1 2025. We expect that upcoming residential transactions will be mostly focused on smaller-sized units.”

Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield, added, “Although our Cushman & Wakefield verbal inquiry index in March rebounded by around 26% from the January low, and transaction numbers have risen to more than 5,300 units, the local property market is still constrained by the uncertainties brought about by recent global trade and economic conditions. Looking ahead, if the economy and stock market can stabilize again, and the U.S. Federal Reserve continues to cut interest rates within the year, it will support the residential transaction level, thereby stabilizing housing prices. Given that the current market conditions are more volatile than expected at the beginning of the year, some investors and potential buyers may adopt a wait-and-see approach again. We expect overall transaction numbers to be similar to last year, and property prices may fluctuate within a range of ±3% during the year.”

Please click here to download photos.

Photo 1: (From left to right) Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield; John Siu, Managing Director, Head of Project and Occupier Services, Hong Kong, Cushman & Wakefield, and Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield.

Hashtag: #Cushman&Wakefield

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About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2024, the firm reported revenue of $9.4 billion across its core services of Valuation, Consulting, Project & Development Services, Capital Markets, Project & Occupier Services, Industrial & Logistics, Retail, and others. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit or follow us on LinkedIn ().

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iQOO 15R Named Official Gaming Phone for 2026 Asian Games Esports Qualifiers: Honor of Kings

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17 hours ago

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19/06/2026

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The performance-focused smartphone will support tournament-level mobile gameplay with stable performance, responsive controls and sustained power.

DONGGUAN, CHINA – Media OutReach Newswire – 19 June 2026 – iQOO, a smartphone brand built for high-performance mobile gaming experiences, today announced that the iQOO 15R has been named the Official Gaming Phone for the 2026 Asian Games Esports Qualifiers: Honor of Kings.

iQOO

As an official esports title of the Asian Games, Honor of Kings brings together competitive mobile esports players from across the region. Through this partnership, iQOO will support the Qualifiers with a device designed for competitive mobile gaming, reinforcing the brand’s commitment to supporting powerful, stable and immersive experiences for players and fans.

Supporting Tournament-Level Mobile Esports

Competitive mobile esports requires more than peak performance. Players often rely on consistent frame rates, responsive touch control and reliable power throughout extended matches. With the iQOO 15R serving as the Official Gaming Phone for the Qualifiers, iQOO aims to bring its performance-driven technology into a professional tournament setting and support players with a device built for speed, control and sustained gameplay.

Built for Stable, High-Intensity Gameplay

Designed as a performance-focused smartphone, the iQOO 15R is equipped to support the high demands of mobile gaming. Powered by the Snapdragon® 8 Gen 5 Mobile Platform and Monster HyperCore Engine, the device is engineered to help deliver stable frame rates and responsive gameplay during extended sessions.

The Supercomputing Chip Q2 is designed to enhance visual clarity for a more immersive gaming experience, while the Super Touch Control Chip is designed to improve input accuracy and control response. In addition, the advanced cooling system and large-capacity Silicon Anode Battery with fast charging help provide the sustained performance and power required for tournament-level play.
Hashtag: #iQOO

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About iQOO

iQOO, a sub-brand of vivo, differentiates itself in performance and Esports experience. iQOO leverages the research, quality assurance and after-sales service expertise of vivo, and follows the brand ethos of i Quest On and On to push boundaries, innovate boldly and share the excitement of exploring future technology. With products offering Esports-standard capabilities, iQOO aims to become the top choice of consumers who are passionate about performance and gaming.

For more information, please visit .

About Honor of Kings

Developed by TiMi Studio Group, Honor of Kings has become the world’s most-played MOBA. In 2025, the combined MAU of Honor of Kings titles surpassed 260 million. Featuring highly detailed and diverse character and battlefield design plus music created by world renowned composers including Hans Zimmer, Joe Hisaishi, and Howard Shore, Honor of Kings immerses players in a unique and colorful universe. Honor of Kings prides itself on being free to play and fair to win, with success determined by players’ skills and tactics. Honor of Kings is also home to a thriving esports ecosystem supporting competitive play from grassroots amateurs to elite professionals. To learn more about Honor of Kings, follow on , , , , or visit the official of Honor of Kings.

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ZEEKR Surpasses 800,000 Global Deliveries and Unveils Global Expansion Strategy for Dual Flagship 9-Series Models

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19/06/2026

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HONG KONG SAR – Media OutReach Newswire – 19 June 2026 – The 2026 International Automotive and Supply Chain Expo (Hong Kong) officially opened today. Under the theme “Luxury, Elevated to a New Realm”, ZEEKR unveiled the global expansion strategy for its dual flagship 9-Series models — the ZEEKR 9X and ZEEKR 009 Grand.

As a key gateway connecting China with global markets, Hong Kong serves as an important benchmark for the premium automotive industry and a strategic platform for luxury brands expanding internationally. Launching the global strategy for the 9-Series in Hong Kong marks a significant new chapter in ZEEKR’s growth across the global premium new energy vehicle market.

800,000 Deliveries Milestone Underscores ZEEKR’s Global Growth Momentum

Strong market performance continues to support ZEEKR’s expansion in the global premium new energy vehicle segment. As of June 16, 2026, ZEEKR’s cumulative global deliveries officially exceeded 800,000 vehicles, marking a major milestone for the brand.

In Hong Kong, ZEEKR has maintained strong momentum. From January to May 2026, ZEEKR captured a 40.7% market share of Hong Kong’s luxury vehicle segment, ranking first among all luxury automotive brands. The ZEEKR 009 ranked as Hong Kong’s best-selling luxury MPV, while the ZEEKR 7X became the city’s best-selling luxury SUV.

Across key international markets, ZEEKR continues to achieve strong results. In Thailand, the brand was the best-selling luxury pure-electric MPV brand in 2025 and retained its leadership position from January to May 2026. In Malaysia, ZEEKR ranked No.1 among luxury pure-electric brands during the same period, with the ZEEKR 7X leading the luxury electric SUV category and the ZEEKR 009 remaining the top-selling luxury electric MPV. In Australia, ZEEKR continued to lead the luxury SUV segment priced above AUD 65,000 from January to May. In Mexico, the ZEEKR 7X secured the monthly luxury EV sales title in both April and May.

Dual Flagship 9-Series Models Showcase ZEEKR’s Technology-Luxury Vision

At this year’s expo, ZEEKR is showcasing five models spanning family mobility, executive transportation and flagship luxury, highlighting the breadth of its premium product portfolio.

The ZEEKR 9X, ZEEKR’s new global flagship of ultra-luxury SUV, is built on the SEA-S architecture and features a 900V high-performance silicon carbide electric drive system delivering more than 1,030 kW of maximum power. Four integrated safety structures combined with extensive use of 2,000 MPa ultra-high-strength steel contribute to a torsional rigidity rating of 41,600 N·m/deg, setting a new benchmark for safety in the hybrid SUV segment. The ZEEKR 9X recently opened pre-sales in the Middle East, where it has received strong market interest. The model is scheduled to expand into key markets across Latin America, Central Asia and Europe.

The ZEEKR 009 Grand, the brand’s global ultra-luxury four-seater flagship MPV, features a 720-degree comprehensive safety architecture and the world’s first integrated die-cast C-ring cabin structure, delivering segment-leading rear-seat protection. The second row is equipped with two ultra-soft aniline leather executive seats featuring 20 massage points and an industry-leading seven-zone graphene heating system, creating an exceptional luxury experience for rear passengers. The right-hand-drive version of the ZEEKR 009 Grand is scheduled to launch in Hong Kong in the fourth quarter of 2026.

The ZEEKR 8X, a super hybrid high-performance flagship SUV, also makes its Hong Kong debut. Built on the SEA-S Super Hybrid Architecture, the ZEEKR 8X delivers a flagship experience across four key dimensions: performance, intelligence, safety and comfort.

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Expanding Global Capabilities and Opening a New Chapter of Technology Luxury

As its product lineup continues to grow and its international footprint expands, ZEEKR is accelerating the development of a comprehensive global operating system spanning R&D, product planning, market operations and customer services. Today, ZEEKR’s overseas business covers more than 60 major cities worldwide with a rapidly growing global user base.

As the global automotive industry accelerates toward electrification and intelligent mobility, the luxury vehicle market is entering a new era in which technological innovation is redefining the premium experience. Leveraging Hong Kong’s position as a globally connected international hub, ZEEKR will continue to deepen its global presence and advance the evolution of luxury through innovation. Through cutting-edge technologies, exceptional products and comprehensive lifecycle services, ZEEKR is committed to delivering a distinctive technology-luxury mobility experience for customers around the world.

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About Zeekr

Zeekr is the global luxury electric vehicle technology brand from Geely Auto Group. Utilizing advanced software-defined architectures and cutting-edge propulsion technologies, Zeekr is dedicated to creating a fully integrated user ecosystem with innovation at its core.

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A Decade of Sharing the Flavors of China: ‘Chinese Restaurant’ Stays True to Its Mission Through Food and Culture

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19/06/2026

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CHANGSHA, CHINA – Media OutReach Newswire – 19 June 2026 – Carrying the warmth of everyday life and the richness of Chinese civilization, Chinese Restaurant embarks on a new chapter as it celebrates its 10th anniversary. Marking this milestone, Chinese Restaurant: Nanyang Memories Season makes its highly anticipated return, with partners Huang Xiaoming, Wang Junkai, Hannah Quinlivan (Kun Ling), Jiang Yan, Jin Mengjia, Zhang Yaqi, Lin Shuwei, and the rest of the team ready to begin a heartwarming journey through Southeast Asia. The new season will premiere on June 19, airing every Friday at 12:00 p.m. (Beijing Time) on Mango TV and at 10:00 p.m. on Hunan TV.

Over the past nine years, Chinese Restaurant has traveled across multiple countries and regions, including Thailand, France, Italy, and Hungary. Looking back on its journey of cultural exchange, the program launched a dedicated Chinese food truck in France, allowing local residents and visitors to conveniently experience authentic Chinese flavors. In Hungary, food served as a unique language that fostered deeper intercultural understanding. During the 50th anniversary of diplomatic relations between China and Italy, the program actively responded to the Belt and Road Initiative, using cultural interaction and culinary exchange to strengthen friendship between the two nations.

Now, standing at the threshold of its second decade, Chinese Restaurant: Nanyang Memories Season returns to Thailand, drawing upon the longstanding cultural, tourism, and people-to-people ties between China and Thailand. Through food and storytelling, the program once again brings Chinese culture to life on Southeast Asian soil.

The new season introduces an innovative business model inspired by traditional Chinese agricultural wisdom, creating a distinctive experience that combines pastoral ecology with the aesthetics of contemporary Chinese dining. New service concepts, including the “Chef’s Table” and “Chef at Home,” offer guests diverse culinary experiences while naturally integrating Chinese cuisine into everyday local life.

For ten years, Chinese Restaurant has remained committed to its original vision: telling authentic and heartfelt Chinese stories while showcasing the unique appeal of Chinese cuisine to global audiences. Through food, the program has helped narrow cultural distances, deepen international understanding, and highlight the confidence, vitality, and inclusiveness of Chinese culture.

The premiere episode of Chinese Restaurant: Nanyang Memories Season coincides with the Dragon Boat Festival, as the seven partners begin a brand-new entrepreneurial adventure in Chiang Mai, Thailand. From unexpected operational challenges and cultural differences to the dynamic interactions among team members with diverse personalities, the journey promises a wealth of memorable moments and compelling stories for viewers.

Over the years, the Chinese Restaurant franchise has consistently used authentic Chinese cuisine as a bridge connecting people across cultures. Every dish reflects the traditions and warmth of Chinese daily life, while every shared meal conveys the spirit and values of Eastern culture. Set against real-world international backdrops, the program vividly presents the depth and richness of Chinese civilization.

Today, Chinese Restaurant is far more than a culinary reality show. It has become a platform for cultural dialogue, mutual understanding, and friendship between China and the world. Through the universal language of food, the program continues to bring people closer together, allowing Chinese flavors and Chinese stories to resonate across borders and leave a lasting impression on audiences worldwide.

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