Media OutReach
Hong Kong Residential Market Activity Supports Confidence for Home Prices to Bottom Out and Rally Within Year-End
Prime Central Office Rents Show Signs of Stabilization While High Street Retail Rents Record Narrower Decline
- With the support of improving market sentiment and the U.S. Federal Reserve’s rate cut, Hong Kong residential transaction numbers trended upwards in Q3 amid the current consolidation phase. Total residential transactions for the Q3 period reached 16,700 units, up 63% y-o-y, while home prices remained stable throughout the quarter.
- The Grade A office market recorded net absorption of 401,000 sq ft in Q3, the highest level since Q2 2019. Overall office rents declined by 0.8% q-o-q, although Prime Central subdistrict rents posted a modest rise of 0.6% q-o-q.
- The average retail high street vacancy rate in core districts dropped to 8.3% in Q3, with leasing activities most active in Causeway Bay and Mongkok. Overall high street retail rents gradually stabilized within a narrow range of ±1% q-o-q, with the full-year rental change now forecast in a range of -1% to -2% y-o-y.
HONG KONG SAR – Media OutReach Newswire – 8 October 2025 – Global real estate services firm Cushman & Wakefield today held its Hong Kong Property Markets Q3 2025 Review and Outlook press conference. The residential market sustained momentum in the quarter, supported by lower mortgage rates, a buoyant stock market, and developers’ active launches of primary market home sales at competitive prices. Monthly residential transactions exceeded 5,000 units during the quarter, bringing total residential sales in Q3 to 16,700 units. In the Grade A office sector, boosted by a recovery in stock market confidence and initial public offering (IPO) activity, quarterly net absorption and new lease activities remained robust, with the Greater Central district outperforming. Overall office rents remained under pressure due to high availability, but Prime Central subdistrict rents showed early signs of recovery and edged up. As for the retail sector, overall retail sales experienced some stabilization in the first two months of Q3, with an uptick of 2.8% y-o-y through July and August, while the overall year-to-date decline in retail sales narrowed. Average high street vacancy levels in core retail districts fell during the quarter, accompanied by mild q-o-q declines in core area high street rents.
Grade A office leasing market: Leasing demand and momentum accelerated, Prime Central sub-district rents stabilized
Leasing demand in the Hong Kong Grade A office market saw accelerated momentum through Q3 2025, boosted by a recovery in stock market confidence and initial public offerings (IPOs). The total new leased area in Q3 reached 1.13 million sf, pushing the total for the first three quarters of 2025 past 3.37 million sf, surpassing the full-year total for 2024. The overall Hong Kong Grade A office rental level decline narrowed to -0.8% q-o-q in Q3. The Prime Central subdistrict outperformed the overall market to achieve positive rental growth of 0.6% q-o-q. Quarterly net absorption reached 401,000 sq ft, the highest level since Q2 2019 and bringing the overall office availability rate down to 19.2%, despite the addition of 463,000 sf of new supply at the One Causeway Bay property completed in the quarter.
John Siu, Managing Director, Hong Kong, Cushman & Wakefield, said, “The Grade A office market continued to experience active leasing demand in Q3, chiefly due to recovery in the financial sector and IPO activity, in turn driving leasing demand both from upstream and downstream of related industries. As one of the most preferred submarkets for banking and financial institutions, Greater Central accounted for around 30% of the total new leased area in the quarter, supported by new set-up and relocation demand from hedge funds and wealth management firms, and demonstrating the expansion strategies adopted by the high-end financial services industry.
“Notably, the Greater Central office rental level decline narrowed in Q3, with signs of stabilization between August and September. Prime Central subdistrict office rents edged up by 0.6% q-o-q, suggesting a steady recovery in demand for premium office space. We believe that occupancy levels and rental performances between the highest-quality offices and other lower-tier spaces will increasingly diverge. With leasing sentiment in the first three quarters of 2025 demonstrating greater resilience than previously anticipated, we have now revised our full-year 2025 forecast for overall Grade A office rents to decline in a milder range of approximately 4% to 6%.”
Retail leasing market: Retail sector showed signs of stabilization, with the overall average vacancy rate falling and rental level declines narrowing further
Hong Kong’s overall retail sales experienced some stabilization in the first two months of Q3, with an upturn of 2.8% y-o-y through July and August. In August alone, retail sales grew by 3.8% y-o-y, marking the fourth consecutive month of growth and suggesting the beginnings of a turnaround from the previously sluggish performance. The buoyant stock market and the government’s continuous proactive efforts in promoting tourism have provided support to more stable local consumption and growing tourist arrivals, bolstering overall retail market sentiment. The city’s overall retail sales for the January to August 2025 period saw a narrower y-o-y decline of 1.9% to record HK$245.1 billion. Within key retail sectors, the Medicines & Cosmetics; and Food, Alcoholic Beverages & Tobacco sectors continued to record modest growth in the Q3 period, rising by 3.8% and 0.8% y-o-y, respectively.
The overall high street vacancy rate across the four core retail districts fell to 8.3% in Q3 from 9.7% in Q2. Vacancy rates in Causeway Bay and Mongkok dropped to 7.9% and 5.3%, respectively, aided by resilient tourist footfall and attractive rental levels that have attracted entry from diverse retailers. Central and Tsimshatsui rents rose slightly to 10.0% and 10.6%, respectively.
As for high street rental levels, Causeway Bay, Central and Tsimshatsui recorded q-o-q declines within 1%, while Mongkok remained stable, edging up 0.1% q-o-q. Given the sustained leasing momentum in core districts, coupled with landlords’ more pragmatic attitudes, overall high street rents are expected to gradually stabilize. Cushman & Wakefield’s full-year 2025 forecast is now for the overall rental level to decline in the range of 1% to 2%. Regarding F&B rents, fluctuations across districts were within ±1% in Q3, although overall leasing activity in the sector was relatively subdued, suggesting room for negotiation in the near term.
John Siu commented, “Since the full reopening of borders, Hong Kong’s retail market has continued to see first-store leasing activities by brands. During the first nine months of 2025 we have recorded at least 91 non-local brands setting up their first permanent store in Hong Kong, with F&B operators accounting for the largest share, followed by fashion and athleisure brands. Notably, around 60% of these brands chose to set up their first location in the four core districts. As for the origin, 41% are from the Asia-Pacific region, and 39% are from the Chinese mainland, reaffirming Hong Kong as a favored destination for both international and China brands. Zooming in on Causeway Bay, apart from the traditional prime streets of Kai Chiu Road and Russell Street, the adjacent Pak Sha Road, Yun Ping Road and Lan Fong Road have formed a vibrant cluster with new fashion brands and bakeries popular among young consumers and tourists, injecting stable foot traffic and energy into the district and in turn driving leasing demand. We are also pleased to see the government’s push in promoting the “pet economy,” which is expected to help attract a broader customer base and to enhance the overall consumer experience.”
Residential market: Home prices stabilized in Q3 while rents continued to rise
Hong Kong’s residential market extended the momentum seen last quarter through the Q3 period, supported by the buoyant stock market and sustained capital inflows. The total number of residential sales and purchase agreements in Q3 reached approximately 16,700 units, representing a y-o-y increase of 63%. The primary market remained active in the quarter, accounting for over 30% of the July and August total transaction number. Developers actively launched primary market projects at competitive prices and with incentives, prompting a resurgence of homebuyer interest particularly for small-to-medium-sized units. In September, the U.S. Federal Reserve announced a 25-basis-point rate cut, marking its first reduction of the year. Several local banks followed suit by lowering mortgage rates, effectively reducing the entry threshold and financing costs for homebuyers. These factors are expected to further stimulate demand in the residential sector.
Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield, added, “Buyer confidence has strengthened with the support of a gradually easing financial environment and rising residential rental yields. This has helped sustain monthly residential transaction numbers above 5,000 units since March this year. Additionally, the U.S. Federal Reserve’s 25-basis-point rate cut in September sent a positive signal to the market, contributing to the housing sector’s gradual stabilization during its consolidation phase. According to the Rating and Valuation Department, the overall residential price index has steadily recovered from its low in March, recording a cumulative increase of 1.3% between March and August. This has narrowed the total price decline in the first eight months of the year to just 0.2%.
“Meanwhile, the residential rental index rose by approximately 3.2%, driven by demand from incoming expats and non-local students, reflecting the resilience of the leasing market. Looking ahead, if the U.S. implements further rate cuts within the year, the HIBOR (Hong Kong dollar interbank rate) is expected to fall further, reducing capital costs and making rental yields more attractive. This could encourage more investors and renters to enter the market, providing positive support to both transaction numbers and property prices. We now forecast the total number of residential transactions for the full-year 2025 to reach 58,000 to 60,000 units, with overall home prices expected to stabilize and potentially strengthen by up to 2% for the year.”
Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield, highlighted, “Residential market sentiment continued to strengthen in Q3, particularly in the small-to-mid-sized segment. Our tracking of popular housing estates shows that prices across different market segments recorded growth through the quarter, reflecting a gradual recovery in buyer confidence. Prices at City One Shatin, representing the mass market, rose by 3.8% q-o-q. Taikoo Shing, representing the mid-market, saw a q-o-q increase of 1.9%. Residence Bel-Air, representing the luxury segment, recorded a 1.5% q-o-q rise. Although verbal enquiries from the bank have slightly eased from May, the level has remained relatively high, suggesting sustained market activity. Notably, we have seen some transactions involving tenanted properties. Lower purchase-price units, particularly those at less than the HK$5 million to HK$6 million range, have been sought-after by homebuyers. With ongoing cash rebate offers from banks and market expectations of further rate cuts, transaction activity in this segment is expected to remain strong, as a key driver of the recovery of the overall residential market.”
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Photo 1: (From left to right) Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield; John Siu, Managing Director, Hong Kong, Cushman & Wakefield; and, Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield.
Hashtag: #戴德梁行 #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 www.cushmanwakefield.com.hk or follow us on LinkedIn (
https://www.linkedin.com/company/cushman-&-wakefield-greater-china).
When One Size Definitely Doesn’t Fit All
XIXILI’s Plus Size Collection flips the narrative that women need to settle for less-than-ideal sizes.
“For too many women, bra shopping has meant settling for sizes that almost fit or styles that prioritise function over fashion,” says XIXILI spokesperson Grace Tan. “Inclusivity is about recognising that every woman deserves access to beautiful, sexy, well-fitted lingerie. That shouldn’t be a problem they have to solve alone.”
To address the challenges of online fitting, XIXILI combines a detailed bra size chart with its pioneering ‘Try-On in 3D’ avatar tool. The feature allows women to generate a personalised digital twin based on specific measurements, enabling them to visualise the fit before purchasing.
Support Without Sacrifice: Plus Size Done Right
The Rufina Full Coverage Full Cup Bra sits at the heart of XIXILI’s Plus Size collection, designed for women who have been told they have to choose between support and style. The Rufina bra offers full coverage support with a contemporary silhouette that works under everything from work blouses to festive party dresses. Engineered specifically for fuller figures, it celebrates natural curves instead of trying to hide or minimise them. It’s the kind of foundation piece that lets you focus on your day, not your discomfort.
“We want every woman to feel supported, comfortable, and beautiful in whatever she’s wearing,” says Grace Tan. “Whether it’s for work, family gatherings, or special occasions, the right fit makes all the difference to daily comfort and confidence.”
Empowering Women With Knowledge, Not Just Options
XIXILI recognises that offering more sizes is only half the equation. Many women have spent years navigating limited options without proper guidance on finding their actual measurements.
The brand addresses this through interactive bra size charts, how-to-measure videos, and one-on-one personalised fittings at boutiques nationwide. By equipping women with the tools and knowledge to identify their true size, XIXILI transforms what can be a frustrating shopping experience into a more confident and informed process.
As Christmas shopping gets underway, the Plus Size Collection offers both a thoughtful gift for loved ones and an opportunity for self-care during the busy holiday season.
For more information and to discover the full range, visit XIXILI’s website.
Hashtag: #XIXILI
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https://www.tiktok.com/@xixili_intima?lang=en
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XIXILI
A homegrown Malaysian brand, XIXILI offers beautiful fashion lingerie and shapewear in Malaysia that prioritises fit and comfort. With an extensive range of bra sizes from A to I and bands 65 to 110cm, XIXILI caters to women of all shapes and sizes. Expert fitters are dedicated to helping each customer find the perfect bra, boosting confidence and enhancing silhouettes.
XIXILI became the first Malaysian lingerie brand to introduce a Try-On in 3D avatar tool, allowing customers to virtually try on XIXILI lingerie using a 3D avatar tailored to their specific body type and measurements. Whether for everyday wear or something special, XIXILI ensures women always look and feel amazing.
Preparation Is Key
SIM reviews thousands of applications each year, and incomplete submissions remain one of the primary causes of processing delays. Early preparation of all required documents is essential to ensure a seamless application experience and allow applicants to remain focused on their academic objectives. As stipulated in SIM’s Application Process Guide, all supporting documents must be uploaded at the point of application and submissions lacking these documents will not be processed.
The Core Documents Every Applicant Needs
Prior to applying to the Singapore Institute of Management (SIM), applicants should ensure that all required documents are prepared to prevent processing delays. Scanned copies of academic certificates and transcripts, such as GCE ‘O’ and ‘A’ Levels, diplomas or degrees must be provided, along with certified translations and notarisation for documents not in English.
Proof of English language proficiency, such as IELTS or TOEFL results, is mandatory for applicants whose previous education was not conducted in English. Identification documents are also required, including the NRIC for local applicants and a valid passport for international applicants, accompanied by a recent passport-sized photograph that complies with SIM’s specifications.
International applicants must additionally prepare documentation for the Student’s Pass application, which includes the passport bio-data page, birth certificate, evidence of financial capability, and, where applicable, parent or guardian identification documents.
Quick Tips to Avoid Delays
Submitting an application to the SIM can be a straightforward process with proper preparation. Ensure that all documents are uploaded in the correct format, with PDF being the standard for certificates and transcripts. For documents not in English, certified translations must be provided to prevent rejection or requests for re-submission.
Applicants should also adhere to SIM’s photo specifications by submitting a recent passport-sized photograph that meets official guidelines. International students must pay particular attention to financial documentation, as proof of financial capability is a key requirement for the Student’s Pass application. Bank statements and supporting documents should be prepared in advance to comply with Immigration & Checkpoints Authority (ICA) requirements. Following these steps will help avoid unnecessary delays and ensure a smooth application process.
Application Essentials
Prospective students are advised to submit a complete and accurate application to ensure smooth processing. Detailed instructions and programme-specific requirements can be found on SIM’s official application portal. Applications that are incomplete or contain inaccuracies will not be considered. To avoid delays, applicants should make use of the provided checklist and guidelines to confirm compliance before submission.
References:
- SIM Application Process – https://www.sim.edu.sg/degrees-diplomas/admissions/application-process
Hashtag: #SIMGlobalEducation #SIMGE
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About SIM Global Education
SIM Global Education (SIM GE) is a leading private education institution in Singapore and the region. We offer more than 140 academic programmes ranging from diplomas and graduate diploma programmes to bachelor’s and master’s degree programmes with some of the world’s most reputable universities from Australia, Canada, Europe, United Kingdom, and the United States. SIM GE’s cohort is made up of 16,000 full- and part-time students and adult learners, of which approximately 36% are international students hailing from over 50 countries.
SIM GE’s holistic learning approach and culturally diverse learning environment aim to equip students with knowledge, industry skills and employability competencies, as well as a global perspective to succeed as future leaders in a fast-changing, technologically driven world.
For more information on SIM Global Education, visit sim.edu.sg
Media OutReach
Vinfuture 2025 Honors Four Groundbreaking Scientific Achievements Under The Theme “Rising And Thriving”
The 2025 VinFuture Prize Award Ceremony was broadcast live on VTV1, the national television channel of Vietnam. The event was attended by Mr. Tran Thanh Man, Politburo member and Chairman of the National Assembly, along with leaders of central ministries and agencies, representatives of embassies and international organisations, and distinguished scientists from around the world.
The VinFuture Prize 2025 received 1,705 nominations from scientists, research institutions, and technology enterprises worldwide, representing an almost threefold increase relative to the inaugural year. These submissions highlight impactful cross-border research efforts focused on protecting public health, advancing next-generation intelligent materials, addressing climate change, accelerating novel energy solutions, and strengthening global food security frameworks.
The 2025 VinFuture Grand Prize valued at US$3 million is awarded to Dr. Douglas R. Lowy, Dr. John T. Schiller, Dr. Aimée R. Kreimer and Prof. Maura L. Gillison (USA) for discoveries and development of HPV vaccines for prevention of tumors caused by human papillomaviruses.
Foundational studies on HPV capsid proteins by Drs. Douglas Lowy and John Schiller led to the development of highly effective HPV vaccines, preventing millions of cervical cancer cases, especially in developing countries. Furthermore, the single-dose vaccination regimen developed by Dr. Aimée Kreimer – now recommended by the World Health Organization (WHO) – has significantly expanded vaccine access for populations worldwide.
In parallel, laboratory and epidemiological studies by Prof. Maura Gillison and Dr. Aimée Kreimer established the link between HPV and head-and-neck cancers, which represent an emerging cancer threat expected to be mitigated by HPV vaccination efforts. The achievements of Dr. Douglas Lowy, Dr. John Schiller, Dr. Aimée Kreimer, and Prof. Maura Gillison have already saved millions of lives and will keep lowering the global cancer burden for decades to come.
In addition to the Grand Prize, the 2025 VinFuture Prizes will also present three Special Prizes, each valued at US$500,000, recognizing Innovators from Developing Countries, Women Innovators, and Innovators with Outstanding Achievements in Emerging Fields.
The 2025 VinFuture Special Prize for Innovators from Developing Countries is awarded to Prof. María Esperanza Martínez-Romero (Mexico) for advances in microbial ecology and symbiotic nitrogen fixation in the tropics. Prof. Martínez-Romero has discovered and described numerous new Rhizobium species, significantly expanding scientific understanding of microbial taxonomy and plant-microbe interactions in agriculture. Her work has opened new directions in the study of bacterial-plant symbiosis, with profound implications for sustainable agriculture in resource-limited settings.
The 2025 VinFuture Special Prize for Women Innovators is awarded to Prof. Mary-Claire King (USA) for identification of the breast and ovarian cancer susceptibility gene BRCA1, laying the foundation for genetic testing, screening programs, and personalized treatment. Her landmark identification of the BRCA1 locus on chromosome 17q21 in 1990, before the human genome was sequenced, is considered a historic milestone, demonstrating the genetic basis of cancer risk and transforming prevention and treatment strategies worldwide.
The 2025 VinFuture Special Prize for Innovators with Outstanding Achievements in Emerging Fields has honored Prof. Venkatesan Sundaresan (USA), Prof. Raphaël Mercier (Germany), Dr. Emmanuel Guiderdoni (France), Dr. Imtiyaz Khanday (USA) and Dr. Delphine Mieulet (France) for innovations in the development of clonal hybrid crops. Hybrid seed production for rice, the staple food for more than half of humankind, is a laborious and costly procedure resulting in a high seed cost. The team’s work has enabled rice plants to produce seeds that retain all the superior traits of the parent plant through self-pollination, grounded in new insights into developmental biology and genetics. This groundbreaking research improves yields, reduces seed production costs, and advances sustainable global food security.
Sharing his reflections on this year’s honored works, Prof. Sir. Richard Friend, Chair of the VinFuture Prize Council, stated: “The 2025 VinFuture Prize Laureates have made big advances in science that have brought direct benefits to human health and to global sustainable food crop production. From new vaccines and new understanding of genetic susceptibility to disease to new approaches for plant breeding and new protocols for healthy crop growth, these achievements exemplify the power of science driven by compassion and cross-border collaboration – showing that when knowledge serves humanity, it not only deepens our understanding of the world but also strengthens and sustains the very foundations of life itself.”
After five consecutive and widely acclaimed award cycles, the VinFuture Prize has been securing recognition among the world’s most prestigious science and technology awards, receiving 6,132 nominations from nearly 110 countries and territories across five continents, and honoring 48 outstanding laureates. The awarded innovations—spanning clean energy, artificial intelligence, biomedical technologies, and transformative advances in agriculture—are elevating quality of life, strengthening human well-being, and shaping strategic pathways for the future of humanity.
The VinFuture Prize Ceremony and VinFuture Sci-Tech Week have evolved into an established global platform for scientific exchange, bringing together scientists, policymakers, and business leaders to advance collaborations toward a sustainable, humane, and prosperous future.
Notably, after five award seasons driven by persistent efforts to connect global scientific excellence with the Vietnamese research community, the VinFuture Foundation and the VinFuture Prize have not only fostered new opportunities and momentum for national science, but have also strengthened Vietnam’s standing as a trusted destination for the world’s scientific community—where innovation is widely shared and amplified for the collective prosperity of humankind.
Hashtag: #Vinfuture
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