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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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New Documentary A MONA LISA OBSESSION from Discovery to debut December 14 in Southeast Asia
Owned by Frank Huang, an art collector and Taiwanese technology leader from Taiwan, this depiction of the Mona Lisa from his private collection adds a unique perspective to the ongoing conversation surrounding one of Leonardo da Vinci’s most iconic works.
The Mona Lisa has long captivated the world with her enigmatic smile and mysterious gaze – over centuries, many artistic interpretations inspired by the Mona Lisa have emerged, with scholars discovering more hidden details and subtle symbols, fueling the fascination of the original painting.
Catch A Mona Lisa Obsession in Southeast Asia on the Discovery Channel, Thursday, December 11, 2025 at 7:10 PM SGT and on Discovery Asia on Sunday, December 14 at 9:00 PM SGT.
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About Discovery Channel
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Financial Stress Keeps Singapore Awake, while Overall Well-Being in APAC Lags Behind Global Peers
Promotion of exercise culture and therapy may boost physical and mental health
The Singapore report of the Cigna Healthcare International Health Study 2025, released today encompasses more than 11,000 respondents across 13 markets, including 1,000 in Singapore and 4,000 across the Asia-Pacific region. The study reveals that physical, mental and financial well-being are the three aspects prioritized by Singapore residents. However, financial well-being is ranked the lowest with almost four in 10 (39%) rating their financial health as “fair” or “poor”.
Raymond Ng, CEO & Country Manager, Cigna Healthcare Singapore & Australia said: “Health and vitality are key to building resilient communities. It promises the well-being of our workforce and enables us to grow and prosper as a society. While vitality and well-being levels held firm among Singapore residents, more needs to be done in today’s uncertain environment to tackle stressors that can negatively impact their physical and mental well-being.”
The key indicators of vitality and well-being in Singapore are as follows:
| Vitality Score | Overall Well-Being
(% rating as “excellent” or “very good”)
|
Top Three Areas of Well-Being
(% rating as “excellent” or “very good” in 2025) |
| 2025: 61.2
2024: 61.4 |
2025: 34%
2024: 33% |
Family well-being: 44%
Mental well-being: 36% Physical well-being: 34% |
On a regional level, overall well-being in Asia Pacific lags behind the global average, with less than three in 10 (28%) Asia-Pacific respondents rating their overall well-being as “excellent” or “very good”, compared to four in 10 (41%) globally. While physical and mental well-being are the two most important aspects of well-being for respondents globally, financial well-being is more important for those in Asia Pacific, coming in as the third most important aspect. With financial well-being remaining the weakest aspect across the globe, there is a pressing need for governments and organizations to render support to address financial concerns.
Robert Peat, Chief Executive Officer, Asia Pacific, Cigna Healthcare said: “Asia Pacific continues to be one of the fastest growing regions in the world. To sustain this momentum, communities and employers need to recognize that healthy people are the foundation of a healthy economy and implement measures to close the gaps in their well-being.”
Sleepless in Singapore: Financial stress as the sleep killer
While mental well-being in Singapore remains stable with more than a third of respondents rating it as “excellent” or “very good” this year, eight in 10 (79%) respondents are stressed. Their greatest stressors are the current cost of living (53%); uncertainty about the future (47%); and personal finance (43%).
Stress affects more than mental and emotional health and can have huge implications on physical well-being. Our study reveals that disrupted sleep is the most common effect of stress among respondents in the nation, with close to half (48%) of respondents who are stressed reporting this effect, compared to 38% regionally.
Therapy remains underused by Singapore respondents. Despite nearly half (49%) of respondents reporting being negatively impacted by poor mental health, nearly nine in 10 (89%) say they did not receive counselling or therapy in the past 12 months, with 77% believing they do not need it. Given the impacts of stress and poor mental health on physical and overall well-being, more efforts are needed to raise awareness about the benefits of therapy and destigmatize seeking help.
Exercise culture runs strong in Singapore
More than a quarter (26%) of respondents in Singapore rate their exercise habits as “excellent” or “very good”.
When asked how they manage their weight, two-thirds (66%) said they exercise regularly, higher than the Asia-Pacific average of 61%; with only 4% of Singapore respondents turning to medication for weight management. The findings underscore a relatively strong exercise culture and the prioritization of healthy habits among those living in the nation. Communities and organizations may leverage the growing fitness trend to enhance physical well-being.
Cautious optimism around AI in healthcare
Close to half (47%) of Singapore respondents are positive about the impact of AI on healthcare, with 45% expecting it will reduce wait times within three years. This could have an outsized impact in Singapore, as respondents here are 29% more likely to have delayed or avoided getting care due to concern with wait times than their regional counterparts.
Additionally, almost half of Singapore respondents (48%) mention a reduction in human interaction as an expected change with the advent of AI. The challenge ahead is striking the right balance between efficiency and empathy.
The full findings of the report are available here.
Hashtag: #CignaHealthcare #CignaHealthcareInternationalHealthStudy #Health #Wellness #Wellbeing
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Cigna Healthcare Singapore
Cigna Healthcare is a division of The Cigna Group, a global health company committed to creating a better future built on the health and vitality of every individual and every community. Cigna Healthcare is a health benefits provider that advocates for better health through every stage of life. We guide our customers through the healthcare system, empowering them with the information and insight they need to make the best choices for improving their health and vitality.
Cigna Healthcare Singapore is a strong believer of total health and wellness and prides itself on delivering personalized solutions for the health of our clients and customers. To achieve this, Cigna Healthcare Singapore works as one global team and in close partnership with its customers, network providers and communities to understand and address their diverse needs. Learn more at www.cigna.com.sg
The JESSICA Beauty and Wellness Awards celebrate excellence across luxury beauty, healthcare and wellness. It is one of the most recognized beauty industry awards in Hong Kong. The organizer, JESSICA, is a major lifestyle and media company. For over 25 years, JESSICA has been reporting on fashion, lifestyle and business, as one of the most trustworthy and influential media sources in Hong Kong.
“We’re incredibly fortunate to win this new, Best AI Slimming Award with JESSICA,” said the spokesperson for SWISS REJU. “Our goal was to provide our guests with top medical aesthetic technologies. Platforms like BTL EXION and INDIBA, are exactly the type of top medical technologies which SWISS REJU is heavily investing in. The breathtaking results powered by AI, reflect the endless possibilities new technologies can bring to the beauty and slimming field”
The JESSICA Beauty and Wellness Awards is extremely selective and has a rigorous nominations and editorial selection process. Only brands that have been proven to provide genuine service and excellent results are eligible to compete. Amongst the Winners this year, are Australian organic brand “CANVAS” and Japanese household name “Panasonic VITALIFT” beauty appliances.
SWISS REJU, with its heavy investment in new and prestigious technologies such as INDIBA (recently approved in Europe under the Medical Device Regulation), offers a seamless blend of traditional wellness and innovation, allowing guests to experience what many considered to be one of the most effective slimming treatments in Hong Kong. INDIBA with its trademark Proionic 448khz technology, is loved by the Top 1% most influential users in the world, amongst them European royalties, celebrity footballers and international singers.
The recognition of this major annual Award, reaffirms SWISS REJU’s commitment to exceptional technology. It is the 12th annual award won by the brand, representing a new record.
SWISS REJU and integrative power of cutting edge technologies
SWISS REJU’s trademarked “K-Lipolysis” body contouring program offers winning technologies including INDIBA, BTL EXION, Winback, ATP LIPO X, amongst others. It is the unique contouring solution beauty lovers are craving for.
Hashtag: #SWISSREJU #熱光溶脂
http://www.reju.hkThe issuer is solely responsible for the content of this announcement.
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