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Cushman & Wakefield responses to the Policy Address 2025/26
Housing Supply and Land Policy
Optimize land resource allocation and accelerate public housing supply
Hong Kong’s land allocation policies have a profound impact on people’s lives. We are pleased to see the government actively promoting Light Public Housing and other subsidized housing in recent years, as the overall policy direction helps improve living conditions. While we recognize the government’s efforts to introduce various measures to support housing needs, we believe it remains necessary to continuously increase the supply of public housing and accelerate the turnover and allocation of public housing resources.
Welcoming lower construction costs to drive land development
A major difficulty in land development lies in the persistently high construction costs. We are pleased to see the government adopting a multi-pronged approach to reduce construction costs and optimize process design.
On this basis, we recommend that the government further rationally and timely allocate financial, human, and other resources. At the same time, it should proactively strengthen communication with the central government to strive for more centralized procurement benefits that meet Hong Kong’s needs, thereby compressing core costs such as building materials and equipment to enhance overall cost-effectiveness. This move will help accelerate the pace of land supply and provide the market with a more stable and affordable development space.
Cross-District Transfer of Plot Ratio to Help Advance Redevelopment
We support the government in promoting urban renewal with a more flexible approach, especially the relaxation of arrangements for the cross-district transfer of plot ratio. This helps to enhance the incentive for redevelopment and can also effectively alleviate the disputes and difficulties in land resumption and compensation, allowing redevelopment projects to be implemented more smoothly.
In addition to the continuous increase in the construction of public rental housing, I am pleased to see the government providing home ownership opportunities for families with general economic capabilities. With a significant increase in the supply of Home Ownership Scheme (HOS) flats, raising the Green Form quota ratio will assist more public rental housing tenants in purchasing their own homes. At the same time, this allows other applicants on the public housing waiting list to be housed more quickly, achieving a win-win situation.
Furthermore, I am also pleased to see the Housing Authority’s plan to add another 1,000 quotas for eligible applicants of the “White Form Secondary Market Scheme.” Half of these will be allocated to young families and single-person applicants under the age of 40, helping young families realize their dream of home ownership.
Response to the Policy Address 2025/26 by Alva To, Vice President, Head of Consulting, Greater China of Cushman & Wakefield:
Northern Metropolis Development
From “Supervision” to “Development”: The Northern Metropolis Enters a Critical New Phase of Implementation
Our organization is pleased to see the Northern Metropolis officially transition from the “supervision” upgrade to the “development” phase, with the new “Northern Metropolis Development Committee” to be personally led by the Chief Executive. This structural change not only symbolizes a shift in policy focus but also demonstrates the government’s strong emphasis and determination for the project’s implementation. The establishment of three dedicated working groups will effectively enhance overall planning coordination, execution efficiency, and regulatory capacity, laying a solid foundation for the substantive development of the Northern Metropolis.
I. Development and Operation Model Design Group: The Core Driver for Landing Mainstream Industries
- Operation-First, Construction-Led: This group is responsible for promoting the introduction and operation of mainstream industries, including the formulation of public-private partnership models such as “Build-Operate-Transfer” (BOT). This move reflects the government’s awareness that the key to the Northern Metropolis’s success lies not just in construction itself, but in sustainable subsequent operations and the successful establishment of industries.
- Incorporating a Technology-Oriented Approach in the “Two-Envelope Approach”: Our organization supports the government’s adoption of the “two-envelope approach” and recommends further increasing the weighting of the technical bid. This would make the quality of the industrial proposal, long-term commitment, and implementation capability the core criteria for evaluation.
- Introducing the “1.5-level development” Model: The concept of “1.5-level development” requires not only the initial introduction of facilities for entertainment, dining, and MICE (Meetings, Incentives, Conferences, and Exhibitions), but more importantly, how to prepare and nurture the foundation for mainstream industries in the early stages. Therefore, our organization suggests first completing the research and positioning of mainstream industries. In the initial phase, ancillary facilities that require lower development intensity and smaller capital investment but can support the growth of mainstream industries should be introduced. Through several years of incubation and operation, population flow and industrial elements can be gradually gathered. Once the industries mature, the second phase of development can commence, thereby extending the value of the space and amplifying economic momentum.
- Adopting Flexible Land Development Models: We are pleased to see the government adopting diversified land grant methods, including leases, open tenders, restricted tenders, and even direct grants, coupled with industry-specific conditions to accelerate the implementation of high-potential projects. We welcome the government’s encouragement of broad market participation in the construction of the Northern Metropolis to enhance the efficiency and precision of land allocation.
II. University Town Planning and Construction Group: Building the “Talent Engine” Behind Industrial Development
- Mutual Empowerment of Education and Industry: The University Town is not only a base for talent cultivation but also a cradle for promoting innovative research and development and high-value-added industries. Universities have a powerful “enabling effect”; in addition to exporting talent, they help upgrade mainstream industries to higher levels of technology and knowledge intensity.
- Construction of a Research Commercialization Platform: The government is encouraged to leverage universities to promote scientific research and attract local and international academic resources, establishing the Northern Metropolis as a base for international innovation talent.
III. Planning and Development Working Group: The Key Force for Implementing Hardware Infrastructure and Managing Pace
Hardware construction is the foundation that supports the industrial and population development of the Northern Metropolis. Our organization is pleased to see the government establish a dedicated working group to coordinate planning, land, transport, engineering, and environmental protection to ensure synergistic development across all functional areas. We recommend prioritizing the development of transport hubs, living facilities, and public services to align with the simultaneous influx of industries and population, thereby avoiding the scenarios of a “ghost town” or “hollowed-out industries.” Furthermore, the government should establish a clear timetable and a phased reporting mechanism to enhance project transparency and execution efficiency, reducing delays and resource misallocation.
Response to the Policy Address 2025/26 by John Siu, Managing Director, Hong Kong, Cushman & Wakefield:
Retail Market
Supporting Pet-friendly Policies to Promote Diversified Development of the Retail Property Market
We welcome the government’s push for pet-friendly policies. We believe this will not only expand potential customer traffic, but also help legitimize existing operating models. Once implemented, the policies can attract a broader clientele and enhance the overall consumer experience.
Some shopping malls have already prepared for the “pet economy,” creating pet-friendly zones and adding pet retail and grooming services. As the policy rolls out, we expect more malls to transition into pet-friendly spaces, unlocking new customer segments, increasing dwell time, and expanding market opportunities for retail and F&B—creating fresh avenues for growth.
Data Centre
Support Launching the Sandy Ridge Data Facility Cluster Land Tender to Consolidate Hong Kong’s Status as a Regional Data Centre Hub
We welcome the government’s launch this year of the land tender for the Sandy Ridge Data Facility Cluster, which will further strengthen Hong Kong’s position as a regional data center hub and promote related industry development. Given that infrastructure such as water supply, power capacity, fiber-optic networks, and road transport is critical to data center operations, we recommend that the government clearly specify, in the tender documents, the completion timelines and technical specifications of these supporting facilities. This would improve project transparency, bolster market confidence, and help investors and operators better assess investment costs and project completion dates.
Response to the Policy Address 2025/26 by Rosanna Tang, Executive Director, Head of Research, Hong Kong of Cushman & Wakefield:
Building an International Education Hub and Improving Student Accommodation
We welcome the government’s decision to raise the cap on self-financed non-local students at publicly funded post-secondary institutions from 40% to 50% of local intake. This will increase admissions flexibility, strengthen the international competitiveness of Hong Kong’s education sector, and inject new momentum into the local economy.
According to the latest data, the number of non-local students at bachelor’s level and above reached 89,000 in the 2024/25 academic year, up around 24% from 72,000 in 2023/24. However, the average student-to-bed ratio at the eight UGC-funded universities stands at 3.4:1, indicating a clear shortfall. With the new policy taking effect, we estimate the overall shortage of student accommodation in Hong Kong could expand to over 70,000 beds.
We therefore welcome the government’s adoption—outlined in the Policy Address—of the recommendations from our earlier research report “Hong Kong Talent Housing Part Two: Student Accommodation” Specifically, the reservation of new commercial or other land for purpose-built Student Accommodation (PBSA) with detailed arrangements to be announced within the year. This demonstrates a firm commitment to increasing bed supply in the medium to long term, facilitates near-term activation of existing building stock, and, over time, helps build a more complete education-support ecosystem—further advancing Hong Kong’s positioning as an attractive international education hub.
Capital Market
Support for Easing Investment Thresholds and Extending Trading Hours to Promote Market Diversification
We support easing the restrictions in the “Capital Investment Immigration Scheme” regarding the inclusion of purchased residential and non-residential properties as part of the investment amount. We believe this adjustment will not only attract more investors to Hong Kong but also help stimulate turnover in the high-end residential and non-residential property markets, injecting new impetus into the capital market.
Support for Relaxing the Exemption Arrangement for Car Park Gross Floor Area
We welcome the government’s adjustment to the requirements for constructing car parks in new development projects. This means the industry will no longer need to place car parks in basements due to gross floor area considerations. This move can reduce the difficulty of project development and save developers’ project development costs. In the long run, it can also make the price of parking spaces more affordable.
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Asian Smart Medical Online Exhibition 2026: Connecting Smart Medical Suppliers with Global Buyers
Organized by AsianNet and TradeAsia (www.e-tradeasia.com), Medical Asia has been successfully facilitating international medical trade since its launch in 2024 , earning a strong reputation for high-quality participation and tangible business outcomes. In 2026, Medical Asia extends its exhibition period to strategically align with major global healthcare and medical industry events, including Medical Design & Manufacturing West, Arab Health, HIMSS Global Health Conference & Exhibition, MEDICAL JAPAN [Osaka], and Hospitalar Sao Paulo. This extended timeline enables international buyers to engage with multiple key events simultaneously, creating a more efficient and streamlined sourcing experience.
By participating in Medical Asia 2026, exhibitors can expect enhanced global exposure, broader networking opportunities, and increased potential for sustainable business growth, all while reaching a larger and more diverse international buyer base through a flexible and cost-effective hybrid exhibition model.
Medical Asia 2026 features a robust lineup of respected Taiwanese manufacturers, including industry leaders such as Perfect Medical and many more. These companies will present thousands of the latest smart medical industry products and technologies, covering a wide array of sectors crucial to modern manufacturing and production.
The event will feature an extensive selection from top manufacturers, covering categories such as Medical Devices & Clinical Equipment, Medical Supplies & Nursing Consumables, Healthcare Facility Furniture & Logistics Equipment, Emergency & Clinical Patient Monitoring Equipment, Rehabilitation & Physiotherapy Equipment / Consumables, Pharmaceutical Manufacturing, Packaging & Inspection Machinery, Medical-grade Wearables & Remote Patient Monitoring (RPM) Devices, Clinical Laboratory & IVD Analyzers, Medical-grade Materials & Components (Plastics / Rubber / Silicone, etc.), and Home Health Care Products. With thousands of the latest products, accessories, and equipment on display, the exhibition promises to be both comprehensive and highly professional. Attendees will gain valuable insights into the latest innovations and developments across the smart medical industry.
Visit the Online Exhibition:
https://www.etradeasia.com/online-show/42/Asian-Smart-Medical-Online-Exhibition-2026.html
In today’s rapidly evolving global environment, online platforms play a crucial role in breaking geographical barriers and extending marketing reach. In response to this growing demand, Medical Asia 2026 offers a comprehensive suite of innovative digital exhibition solutions, including dedicated exhibitor pages, electronic catalogs, and virtual exhibition halls. These digital tools are seamlessly integrated with TradeAsia, enabling international buyers worldwide to effortlessly discover exhibitors and explore products in depth. Through the platform, buyers can visit individual manufacturer pages, review detailed product information, submit inquiries, and communicate with exhibitors via real-time messaging. This highly interactive and user-friendly experience facilitates smooth communication, enhances buyer engagement, and fosters meaningful business connections between exhibitors and global buyers, ultimately creating valuable commercial opportunities.
TradeAsia (www.e-tradeasia.com) has been providing comprehensive B2B international trade services for buyers and sellers worldwide since 1997. With nearly three decades of industry experience, TradeAsia is recognized as one of the most established and professional global trade platforms. Today, the platform serves millions of members worldwide, featuring more than 600,000 verified suppliers and millions of up-to-date product listings across diverse industries. Every day, thousands of professional buyers from around the world use TradeAsia to source products, connect with suppliers, and explore new business opportunities. As a leading trade promotion channel in Asia, TradeAsia continues to facilitate efficient cross border trade and foster long term partnerships between global buyers and suppliers.
TradeAsia also collaborates with hundreds of trading organizations around the world to exchange marketing and promotional opportunities. As a result, suppliers who showcase their products on TradeAsia gain the chance to be featured across the publicity channels of multiple trade platforms and exhibition organizers worldwide, greatly enhancing their international visibility and marketing reach. In addition, during the period of Medical Asia 2026, promotional messages will be broadcast globally, further amplifying exposure for participating suppliers and connecting them with a wider international audience.
Hashtag: #TradeAsia
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Carbyne Fitness and IFPA Singapore Publish Study Revealing the Gender Gap Between Personal Training and Home Gyms
The findings, based on Carbyne Fitness’ customer data and an online database of personal training enquiries compiled by IFPA Singapore’s personal trainers, point to two fundamentally different approaches to exercise motivation and engagement between men and women.
A Tale of Two Fitness Journeys
The data suggests that men overwhelmingly prefer self-directed fitness, buying equipment such as adjustable dumbbells, benches, and racks for home use. Women, on the other hand, are more inclined toward guided training experiences led by certified professionals.
According to Brian Chang, founder of Carbyne Fitness and IFPA Singapore, this split reveals not just gender preferences, but deeper social and psychological factors shaping how Singaporeans exercise.
“Men often see fitness as something they should be able to handle on their own, like asking for help somehow means they’re not strong enough,” said Chang. “That’s why many men would rather train themselves than work with a coach. Ladies, on the other hand, are usually more open to learning and getting guidance. They see working with a coach not as weakness, but as a smart way to improve safely and effectively.”
The Male Home Gym Boom
The pandemic sparked a surge in home gym investments, and Carbyne Fitness has been at the forefront of this trend. Its adjustable dumbbells and adjustable kettlebells have become popular among working professionals looking to save time and train efficiently at home.
Carbyne Fitness’ customer data revealed that four in five customers are male. “The home gym trend among men is here to stay,” Chang explained. “They appreciate the convenience, privacy, and long-term savings. For many, it’s not just fitness equipment, it’s a personal investment in staying strong and independent as they age.”
However, with about 58% of Carbyne Fitness customers living in HDB flats, 26% in condominiums, and 16% in landed properties, many still hold the misconception that home workouts, especially in smaller HDB or condo spaces, aren’t practical or effective. Landed property owners make up less than 5% of Singapore’s dwellings, yet account for 16% of Carbyne Fitness’ customers.
| Dwelling Type | National Share (SingStat) | Carbyne Customer Share | Index (Representation) |
| HDB (Public Housing) | 72.0% | 58.5% | 0.81 (Under-indexed) |
| Condominiums | 23.3% | 25.6% | 1.10 (Over-indexed) |
| Landed Properties | 4.7% | 15.9% | 3.38 (Heavily Over-indexed) |
“One of the most common reasons people give for not buying home gym equipment is that they ‘don’t have the space,'” said Chang. “But in reality, a proper home setup doesn’t need much room; a good pair of adjustable dumbbells and a bench can fit comfortably within just one square meter if you choose the right equipment.”
Why Women Seek Trainers
In contrast, IFPA Singapore’s training enquiries show that a majority of personal training clients are female. Of the 392 Singapore-based individuals who sought personal training, 63% were women, even though men still represent the majority of gym members nationwide.
| Category | Male % | Female % | Dominant Characteristic |
| Home Gym Buyers (Carbyne) | 80% | 20% | High Autonomy |
| PT Seekers (IFPA) | 37% | 63% | Guidance Seeking |
| Population (DOS 2025) | 49.3% | 50.7% | Balanced |
“This reflects a growing confidence among women to take charge of their fitness journey,” said Chang. “But it also shows that women tend to prioritize safety and proper form. They are more willing to invest in expert guidance rather than risk injury from unguided workouts.”
Many female clients, Chang adds, have goals that extend beyond appearance: postnatal recovery, strength for caregiving, or functional fitness for daily life.
“It’s not just about aesthetics anymore,” he said. “Women are recognizing that strength training builds long-term resilience, both physically and mentally.”
Implications for Singapore’s Fitness Industry
The gender divide uncovered by Carbyne Fitness and IFPA Singapore also points to structural gaps in how Singapore’s fitness ecosystem is organized, particularly the limited avenues for personal trainers to operate independently.
Most commercial gyms and public facilities, including ActiveSG gyms, do not permit outside personal trainers to conduct sessions within their premises. Trainers who are not employed directly by these gyms are often barred from coaching clients on-site, regardless of their certification or insurance coverage.
This restriction limits both consumer choice and career opportunities within the industry. For clients, especially women who prefer guided training but may not want to commit to an expensive gym membership, the policy creates a barrier to accessing affordable, flexible coaching. For freelance trainers, it restricts their ability to build a sustainable practice or serve niche communities such as seniors, postnatal women, or first-time exercisers.
“Many independent trainers tell us their biggest challenge isn’t finding clients; it’s finding space,” said Chang. “There’s a clear demand for affordable, accessible training environments, but the system hasn’t caught up yet.”
As a result, more trainers have turned to parks, void decks, or private studios, and a growing number of clients are exploring home-based personal training, sometimes with only a pair of resistance bands. This shift reflects broader lifestyle preferences: Singaporeans want convenience, privacy, and trust, not just a gym membership.
The study suggests that expanding access to personal training across shared and public fitness spaces could help Singapore move toward a more inclusive, community-driven fitness culture, one that empowers both male and female participants to train safely, confidently, and sustainably at every stage of life.
Volunteering for the Silver Generation
Both Carbyne Fitness and IFPA Singapore are working to build a more inclusive fitness culture through the Silver Strength volunteer program, which runs weekly strength sessions for seniors using resistance bands, adjustable dumbbells, and other small equipment at Active Ageing Centers across Singapore.
The initiative, funded by the National Youth Council, empowers older adults to stay strong, mobile, and independent, while giving volunteers the chance to make a direct impact in their communities.
“Silver Strength is more than fitness. It is about bridging intergenerational gaps and helping seniors live confidently and age with strength,” said Chang.
To sign up as a volunteer, visit getcertifiedpt.com/silver-strength.
About the Study
The gender distribution insights were derived from:
- Carbyne Fitness customer data, representing over 1,000 unique customer interactions across Singapore between January 2024 and September 2025.
- IFPA Singapore’s independent observation of 392 prospective client profiles compiled between October 2025 and December 2025.
While the sample sizes differ, both data sets converge on a clear narrative: Singapore’s home gym market is predominantly male, while personal training demand is female-driven.
The full research can be accessed on https://carbyne.sg/blogs/articles/revealing-the-gender-gap-between-personal-training-and-home-gyms.
Hashtag: #CarbyneFitness
The issuer is solely responsible for the content of this announcement.
About Carbyne Fitness
Carbyne Fitness is a Singapore-based fitness equipment company focused on delivering space-efficient, performance-driven home gym solutions for modern lifestyles. Best known for its space-saving gym equipment such as adjustable dumbbells and foldable treadmills, Carbyne helps professionals, families, and seniors train effectively at home without compromising on quality or safety.
Learn more at: https://carbyne.sg
About IFPA Singapore
IFPA Singapore, operated by Get Certified PT, is the official Singapore operator of the International Fitness Professionals Association (IFPA), delivering internationally accredited personal training education and professional development. IFPA Singapore focuses on producing industry-ready practitioners through competency-based, real-world training.
Learn more at: https://getcertifiedpt.com
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Luyuan Group Participates in Key Event Celebrating the 50th Anniversary of China–Thailand Diplomatic Relations, Promoting Youth Exchange
As part of the program, Luyuan Group co-launched the “Ride with Panda, Toward the Future Together” China–Thailand Youth Friendship Ride. Young participants from both countries rode Luyuan motorbike featuring the panda mascot “A Pu” through iconic Bangkok landmarks, symbolizing the vitality and enduring friendship between China and Thailand.
As an invited corporate representative, Luyuan Group donated a panda-themed motorbike to Dhurakij Pundit University, encouraging youth to document cultural and exchange stories through action. This appearance highlighted Luyuan’s commitment to social responsibility and cultural influence, while also showcasing the Group’s progress in accelerating global expansion through its brand LYVA. Currently, Luyuan’s business footprint spans over 80 countries and regions.
Looking ahead, Luyuan Group will continue to collaborate with global partners to explore new paths in green mobility and contribute to sustainable development worldwide.
In addition, the event also featured the “Gifts from China” exhibition, themed around the 50th anniversary of China–Thailand friendship. Organized with the support of the China National Arts and Crafts Society’s Pattern R&D Center, the Pattern Museum, and Qilin Co-creation, the exhibition brought together numerous Chinese heritage brands, attracting significant interest from young attendees from both countries.
Among the highlights was the debut of the “The Eight Horses of Contemporary Prosperitye” — a horse-themed pattern co-created by the Pattern Museum and artist ZHENG CHONG in celebration of the Year of the Horse — adding rich cultural depth to the event. Contemporary artworks by Xu Shanxun from Mogu Gallery, along with leading Chinese brands such as GELASIGE, Beyond Home Textiles, and Youji Jewelry, further embodied the vibrant reach of Chinese culture abroad.
Hashtag: #LuyuanGroup
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