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Greater Bay Area Residential Transactions Stabilized in 2H 2024 With Central Government’s Support
Neighborhood Retail Assets and Industrial/Logistics Sector Gain Investors’ Interest
- Since the Politburo’s emphasis in its September 2024 meeting that authorities “must work to halt the real estate market decline and spur a stable recovery,” Chinese mainland residential market sentiment has strengthened significantly, supporting a pick-up in primary market home sales
- Total investment volume in the Greater Bay Area (GBA) commercial real estate (CRE) market recorded RMB44.7 billion in 2024, accounting for 20% of total Chinese mainland CRE investment volume
- The industrial/ logistics sector became sought-after, accounting for 22% of total investment volume in the GBA, with transaction activity in second-tier GBA cities performing notably well
HONG KONG SAR – Media OutReach Newswire – 14 January 2025 – Global real estate services firm Cushman & Wakefield today published its Greater Bay Area Residential and Investment Market 2024 Review and 2025 Outlook. In reviewing 2024, GBA residential market sentiment remained cautious in the first three quarters, due to the slower-than-expected pace of economic recovery and a lack of confidence among potential buyers. However, since the Central Government emphasized at the Politburo meeting that authorities “must work to halt the real estate market decline and spur a stable recovery,” and put forward stimulus measures targeting both the demand and supply sides, residential transaction activity started to strengthen from October. The CRE investment market also began to show a steady uptrend from Q4 onwards, with neighborhood retail assets and the industrial/ logistics projects being the most sought-after by investors.
GBA Residential Market
Overall GBA residential market sentiment remained cautious in the first half of 2024 due to the economic slowdown in the Chinese mainland combined with a lack of confidence in the real estate market. Although overall GBA primary market residential transactions picked up in June following the introduction of the “517” new housing policies, the market then gradually digested the favorable impact in the subsequent months, failing to bring a sustained stimulus to residential transactions.
In late September, the Central Government then emphasized at the Politburo meeting that authorities “must work to halt the real estate market decline and spur a stable recovery”. Unlike the “517” new housing policies, which mainly targeted the demand side, this time the policies were designed to stimulate the market from both the demand and supply sides. The Central Government also introduced real estate measures summarized as “four cancellations, four reductions, and two additions,” aimed at lowering the cost of entry for buyers,and boosting the market’s confidence in developers’ capital flow by encouraging local governments to use funds from special-purpose bonds to reclaim and acquire idle land and unsold units. Since October, the residential market has become more active, with transaction numbers picking up significantly. Around 40,000 transactions were recorded in the GBA primary residential market in October, growing 70% m-o-m. Transactions through Q4 showed a strong recovery, growing 42% y-o-y and 72% q-o-q, with new home sales in Shenzhen and Guangzhou surging 165% and 72% respectively over the same period last year. These figures reflect that with the support of favorable policies, residential transaction activity in the Greater Bay Area is gradually recovering. Although total primary market transactions for the full-year 2024 reached approximately 318,000 units, a 16% y-o-y drop from 2023, the decline was concentrated in the first three quarters. (Chart 1).
Chart 1: GBA First-Hand Residential Sales
Primary market home prices are more swayed by the quality level of newly launched projects, and first-hand residential prices in the nine GBA Chinese mainland cities showed a mixed trend in 2H 2024. Secondary market home prices generally better reflect current underlying trends, and National Bureau of Statistics data shows that Shenzhen secondary home prices had been in a correction of -9.2% for the first nine months of 2024. However, since the Central Government introduced a series of stimulus measures for the real estate market in September and October, in particular the special-purpose bonds to improve developers’ cash flow, the sales price index of secondary market residential buildings in Shenzhen has stabilized, with m-o-m increases of 0.7% in October and 0.5% in November. We expect the price index in December to record similar growth to November, narrowing the annual decline to 7.7% (Chart 2).
Chart 2: Change in Shenzhen Secondary Home Price Index
Alva To, Cushman & Wakefield’s Vice President, Greater China & Head of Consulting, Greater China said, “In reviewing the easing policies introduced in 2H 2024, the Central Government has not only stimulated housing demand but also strived to stabilize supply. Among the measures, we believe the policy of encouraging local governments to use funds from special-purpose bonds to reclaim and acquire idle land and unsold units is the most noteworthy. This is expected to help developers improve their cash flow and liquidity, in turn strengthening market’s confidence in developers’ deliveries, while also ensuring a stable housing supply. Only with the gradual restoration of market confidence can the purchasing power stimulated by easing policies be truly unleashed. Looking ahead to 2025, we believe that the most challenging time is over and that the property market is now gradually stabilizing with the support of the Central Government’s policies. With the support of favorable policies, transaction numbers are likely to be maintained at the current level. We forecast that total first-hand residential transactions in the GBA will increase by 20% to around 380,000 units in 2025, supporting the gradual recovery of home prices.”
GBA CRE Investment Market
Charli Chan, Cushman & Wakefield’s Deputy Managing Director, Head of HK PRC Team, Capital Markets, said, “After significant downward asset price adjustments in the middle of the year, the GBA CRE investment market began to show a trend of stable recovery trend from Q4 2024. The GBA CRE investment market (large-sized deals at RMB100 million or above) recorded 66 deals totaling RMB44.7 billion for the full-year 2024, decreasing 9% y-o-y, accounting for 20% of the overall Chinese mainland investment market (Chart 3). Of the 66 large-sized deals, 15 were above the RMB1 billion mark, accounting for 23% of the total number of transactions, up from 20% in 2023. The GBA commercial property investment market continued to focus on the two first-tier mainland cities, Shenzhen and Guangzhou, recording total transaction volumes of RMB23.9 billion and RMB14.6 billion, respectively.
By property type, the office/R&D office sector continued to take the largest share of the market, accounting for more than half of the total investment volume for 2024. The share of the industrial/ logistics sector increased notably, from 9% of total investment volume in 2023 to 22% in 2024, chiefly driven by logistics demand spurred by cross-border e-commerce activities (Chart 4). This trend is also in line with the firm’s forecast six months ago.
Chart 4: Total CRE Investment Volume in the GBA by Property Type
Charli Chan added, “Looking ahead to 2025, investors are likely to remain cautious in the current market conditions. The abundant new supply of industrial, logistics, and office premises, combined with relatively few buyers in the market, is going to lead to increased competition, bringing downward pressure on property prices. However, the low interest rate environment in the Chinese mainland, and with further rate cuts anticipated, is expected to offset the downward pressure to a certain extent. Property prices are expected to remain generally stable in 2025.
“In terms of property type, the logistics sector currently remains the top choice for investors. However, Guangdong is facing a supply boom in the coming two years, which may exert pressure on rents. Neighborhood retail assets and community malls are expected to remain sought after, and industrial parks are also attracting greater market attention with the benefit of relatively long-term tenants. Yet, investors are advised to adjust their strategies in a timely manner, considering the effectiveness of the ‘Industry’s Going Upstairs’ (IGU) policy and the actual market situation. Among all asset classes, the office sector has experienced the greatest price pressure. We suggest investors to pay attention to projects held by U.S. dollar funds that are willing to offload assets with price discounts.”
Please click here to download photos.
Caption:
Alva To, Cushman & Wakefield’s Vice President, Greater China & Head of Consulting, Greater China (Left)
and Charli Chan, Cushman & Wakefield’s Deputy Managing Director, Head of HK PRC Team, Capital Markets (Right).
Hashtag: #CWK
The issuer is solely responsible for the content of this announcement.
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 2023, the firm reported revenue of $9.5 billion across its core services of valuation, consulting, project & development services, capital markets, project & occupier services, industrial & logistics, retail and others. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.hk or follow us on LinkedIn (https://www.linkedin.com/company/cushman-&-wakefield-greater-china).
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Galaxy Macau Collaborates with “Luzhou Laojiao · Guojiao 1573” Spring Festival Tasting Pop-Up Store Debuts
Experience Exclusive 2025 Yisi Snake Year Baijiu at Galaxy Macau Until March 31, 2025
MACAU SAR – Media OutReach Newswire – 18 January 2025 – In the spirit of the Lunar New Year, the world-class integrated resort, Galaxy Macau™ has partnered with the renowned Guojiao 1573, one of China’s most prestigious baijiu brands, to present the first-ever “Auspicious Snake · Guojiao 1573 Tasting Festival” pop-up store in Macau.
The Guojiao 1573 Tasting Festival pop-up store officially opened on January 17 with a ceremony attended by distinguished guests and senior management, including senior management from Mr. Nelson Chan, Executive Vice President of Customer Development of Galaxy Entertainment Group and Mr. Xiang Ye, the General Manager of the Comprehensive Management Department at Luzhou Laojiao International Development (Hong Kong) Co., Ltd., along with Ms. Lucy Siu, Senior Regional Sales Manager and Ms. Shirley Ieong, General Manager of Wai Ming Hong, who gathered to witness this precious moment.
Macao’s First National Liquor Launch
From January 17 to March 31, 2025, two Chinese New Year gift liquors – “Guojiao 1573 · Auspicious Spirit Snake” and “Luzhou Laojiao · 2025 Year of the Yi Si Lunar New Year Gift Baijiu,” will debut at the pop-up store for the first time in Macau.
The design of both exclusive offerings features fine porcelain bottles crafted by Yongfengyuan Guoci. The Guojiao 1573 · Auspicious Spirit Snake, limited to 2025 bottles, is adorned with golden yellow glaze and a spirit snake symbolizing wealth and blessings, with a tail embracing a copper coin. The Luzhou Laojiao · 2025 Year of the Yi Si Lunar New Year Gift Baijiu, features a gold-ingot-topped lid symbolizing fortune. Both baijiu deliver a rich and layered aroma, smooth and soft palate, leaving a lasting impression. They are of great collection value with limited edition for sales. Guests can enjoy tastings of Luzhou Laojiao · Antique Edition and Guojiao 1573 · Classic in the pop-up store, alongside exclusive privileges and limited-time pairing menus.
Exquisite Pairings of Fine Baijiu and Cuisine
From now until March 31, five Chinese restaurants at Galaxy Macau and StarWorld Hotel are collaborating with Guojiao 1573 to present a limited-time baijiu pairing menu. Notable restaurants include Michelin two-star restaurant Feng Wei Ju, Shang Pin Seafood Hotpot Restaurant, Pang’s Kitchen, Putien, and Bei Shan Lou, featuring signature dishes such as Signature Roost Goose, Pan-fried Dalian Abalone, Simmered Softshell Turtle, Crystal Duck with Ginseng Herbal Soup, Braised Soft-Shelled Turtle with Goose. Guests can savor the perfect harmony of Luzhou Laojiao · Antique Edition with various gourmet delicacies. These dishes are paired with specially crafted Guojiao 1573 liquors and Luzhou Laojiao · Zisha Daqu, welcoming the spring with rich flavors and festive spirit, allowing guests to savor the harmonious beauty of strong-aroma baijiu and exquisite Cantonese and Fujian delicacies.
Hashtag: #GalaxyMacau
The issuer is solely responsible for the content of this announcement.
ABOUT GALAXY MACAU INTEGRATED RESORT
Galaxy Macau™, The World-class Luxury Integrated Resort delivers the “Most Spectacular Entertainment and Leisure Destination in the World”. Developed at an investment of HK$43 billion, the property covers 1.1 million-square-meter of unique entertainment and leisure attractions that are unlike anything else in Macau. Eight award-winning world-class luxury hotels provide close to 5,000 rooms, suites and villas. They include Banyan Tree Macau, Galaxy Hotel™, Hotel Okura Macau, JW Marriott Hotel Macau, The Ritz-Carlton, Macau, Broadway Hotel, Raffles at Galaxy Macau, Andaz Macau. Unique to Galaxy Macau, the 75,000-square-meter Grand Resort Deck features the world’s longest Skytop Adventure Rapids at 575-meters, the largest Skytop Wave Pool with waves up to 1.5-meters high and 150-meters pristine white sand beach. Two five-star spas from Banyan Tree Spa Macau and The Ritz- Carlton Spa, Macau help guests relax and rejuvenate.
As the dining destination in Asia, Galaxy Macau offers a wide variety of gastronomic delights, exquisite experiences and ingredients of the finest quality with over 120 dining options from Michelin dining to authentic delicacies.
Embark on a delightful and rewarding journey at Galaxy Promenade, the one-stop shopping destination boasting some of the world’s most iconic luxury brands. Be the first to get the latest limited-edition items; explore fascinating pop-ups by coveted labels and revel in fabulous shopping rewards and privileges. Our VIPs are entitled to a highly-curated experience with dedicated personal shoppers at guests’ service, and be invited to exclusive luxury brand events. A different caliber of privileges and rewards also await. Discover the joys of fashion and stand at the forefront of style and sophistication—Galaxy Promenade has everything guests need to stay ahead of the style game.
Galaxy Cinemas, immersive thrills and luxurious comfort go hand in hand at Galaxy Cinemas. All 10 theaters are equipped with the latest audio-visual technology; CHINA ROUGE, one-of-a-kind deluxe lounge that evokes the glitz and glamor of Shanghai’s golden era with entertainment in luxury and style; and Foot Hub presents the traditional art of reflexology to make you feel more relaxed and revitalized. For Authentic Macau Flavours & Vibrant Asian Experiences, Broadway Macau – just a 90-second walk via a bridge from Galaxy Macau, has over 35 Authentic Macau & Asian Flavours at its Broadway Food Street. The 2,500-seat Broadway Theatre plays host to world-class entertainers and a diverse array of cultural events.
Meeting, incentive and banquet groups are also well looked after with a portfolio of unique venues in Galaxy Macau and a professional service staff. Galaxy International Convention Center (GICC) is the latest addition to the Group’s ever-expanding integrated resort precinct and will usher in a new era for the MICE industry in Macau. GICC is a world- class event venue featuring 40,000-square-meter of total flexible MICE, and a 16,000-seat Galaxy Arena – the largest indoor arena in Macau.
For more details, please visit www.galaxymacau.com,www.broadwaymacau.com.mo and www.galaxyicc.com.
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Nomination period for the Broermann Medical Innovation Award started
- Prize money of one million euros higher than the prize money for the Nobel Prize for Medicine
- Award honors researchers worldwide who have done pioneering work in medicine, biotechnology, or related fields
GIEßEN, GERMANY – Newsaktuell – 17 January 2025 – The nomination period for the Broermann Medical Innovation Award has started. The prize, which will be awarded for the first time this year, is aimed at scientists worldwide who have carried out pioneering work in medicine, biotechnology, or related fields with their research.
The nomination portal (www.broermann-award.org/nomination/) is open until March 1, 2025. At one million euros, the prize is more valuable than the Nobel Prize for Medicine, making it one of the most highly endowed awards for medical research worldwide.
The international Broermann Medical Innovation Award recognizes research results that demonstrate a high level of innovation for clinical application and thus have the potential to improve the lives and health of millions of people worldwide. The prize is aimed at scientists whose research has been pioneering in the fields of medicine, biotechnology, or related sciences.
The Broermann Medical Innovation Award was established in 2024 to honor the vision and commitment of Dr. Bernard große Broermann, the founder of the Asklepios Kliniken. The Broermann gemeinnützige GmbH sponsors the award, and the University Hospital Giessen and Marburg (UKGM) manages the organization. “With this award, we want to honor groundbreaking medical discoveries and highlight those whose research brings real improvements in the prevention or treatment of diseases,” says Prof. Werner Seeger, Chairman of the Award Committee. For the Medical Director of the UKGM, Prof. Friedrich Grimminger, the unique prize reflects the clear conviction of the company founder: “Scientific excellence in medicine is always an international team effort, but without the genius of individual researchers, networks are limited in their impact. These key players and drivers of medical innovation should be promoted and recognized worldwide.”
Nomination process and deadlines
Nominations for the Broermann Medical Innovation Award can be submitted until March 1, 2025. The incumbent Hessian Minister President will present the award in December 2025 at the Hessian State Chancellery in Wiesbaden.
Further information on the award, the nomination criteria, and the selection process can be found at www.broermann-award.org.
The issuer is solely responsible for the content of this announcement.
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1st APAC Intelligent Finance Forum and “Embarking on Prosperity Journey Together” Partnership Convention Concluded Successfully in Hong Kong
The Era of Intelligent Finance: Innovation Driving the Future
The forum focused on the deep integration of financial technology and artificial intelligence, exploring the transformation and opportunities within the financial sector amidst a new wave of technological advancements. Core topics included:
- Trends in the Development of the Hong Kong Financial Market
- The Integration of AI Trends and Traditional Finance
- Hong Kong Finance in the AI Era
- Global Financial Landscape and Changes in the APAC Financial Market
The forum aimed to promote innovation in financial technology, enhance the Asia-Pacific region’s competitiveness in the financial market, and create a high-level platform for industry professionals to share experiences and explore cooperation.
Prominent Guests Discuss the Future of Finance
The forum invited a number of distinguished guests in the industry, including:
- Prof. David K Ho: Chairman, Global Corporate Scale Management Association
- Dr. Tang Sing Hing: Chairman, Association of Stock Analysts
- Mr. Kwok Sze Chi: Director, Hong Kong Securities Professionals Association
- Mr. Kenny Kit: Renowned Hong Kong Financial Commentator
- Mr. Lam Ka Kei: Director, Meta Securities
- Mr. Qin Liangliang: Director, Fund Services Business Development, CLSA Asia
- Mr. Leo Wong Ka Chun: CEO, Koala Securities
- Prof. Lau, Francis Chi Moon: Honorary Professor, Department of Computer Science, University of Hong Kong
The panel discussions delved into topics such as how AI is disrupting traditional financial models, enhancing capital market efficiency through financial technology, and capitalizing on global economic transformation opportunities in the Asia-Pacific region. The exchange of ideas sparked thought-provoking insights.
Raymond Wong, Market Development Director of OAM Global, remarked, “This forum has elevated the conversation about the future of artificial intelligence and the financial market. We look forward to collaborating with more industry leaders on platforms like this to unlock the unlimited potential of finance.”
“Embarking on Prosperity Journey Together” Partnership Convention: Forging Cooperations for the Future
Following the forum, OAM Global hosted the “Embarking on Prosperity Journey Together” Partnership Convention at 4 PM, co-organized by Grand Koala SPC. Three key MOUs were signed during this event between leading companies:
1. OAM Global & Smart City Development Holdings (HKEX: 8268)
- Combining OAM Global’s expertise in AI algorithmic trading with Smart City Development’s resources in smart city infrastructure, the partnership aims to advance AI-powered computational labs and AI assistants to accelerate the digitization and intelligent transformation of urban infrastructure.
2. OAM Global & Grand Koala SPC
- Collaborating to establish a scalable and efficient investment ecosystem, the two entities aim to achieve sustainable asset growth through innovative financial products and enhanced investor participation, further strengthening the international competitiveness of the Asia-Pacific capital markets.
3. Grand Koala SPC & Koala Financial Group (HKEX: 8226)
- By integrating fund management and securities trading services, the partnership seeks to build a seamless financial ecosystem that enhances asset management efficiency, ensures compliance, and safeguards investor funds, providing robust and efficient services to capital market participants.
Looking Ahead: Creating a New Era of Intelligent Finance
The success of the 1st APAC Intelligent Finance Forum marked an unprecedented integration of AI and fintech in the Asia-Pacific region, opening new opportunities for multilateral cooperation. The event organizers plan to transform this forum into an annual flagship event, further promoting fintech innovation across the Asia-Pacific and expanding its influence to more countries and regions globally, injecting fresh momentum into international capital markets.
Prof. David K Ho, Chairman of the Global Corporate Scale Management Association, commented, “The future financial market will not be defined by competition alone but by the comprehensive integration of technology, services, and resources. We look forward to working together with industry peers to create a new era of intelligent finance.”
The forum’s conclusion represents a milestone in the industry’s evolution, and the journey of intelligent finance has only just begun.
Hashtag: #APACIntelligentFinanceForum
The issuer is solely responsible for the content of this announcement.
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