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

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

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

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

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

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

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

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

Chart 1: Rents of Grade A offices in Hong Kong

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

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

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

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

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

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

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

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

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

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

Chart 3: Number of residential sale & purchase agreements

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

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

Please click here to download photos.

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

Hashtag: #Cushman&Wakefield

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 2024, the firm reported revenue of $9.4 billion across its core services of Valuation, Consulting, Project & Development Services, Capital Markets, Project & Occupier Services, Industrial & Logistics, Retail, and others. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit or follow us on LinkedIn ().

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Hong Kong Company Formations Surge 40.5% in 2025, Outpacing Regional Competitors

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15/05/2026

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Air Corporate data reveals 9 in 10 founders incorporated in Hong Kong do so remotely, driven by a 20% surge in Middle Eastern entrepreneurs seeking cost-effective operational alternatives to Dubai.

HONG KONG SAR – Media OutReach Newswire – 15 May 2026 – Air Corporate registered a 40.5% increase in Hong Kong incorporations in 2025, with the first quarter of 2026 already up 48% year-over-year. This data indicates that Hong Kong is reasserting itself as the leading Asian jurisdiction for company formation, fueled by a new wave of remote founders from the Middle East, North Africa, and Europe.

The prevailing narrative over the past five years suggested that Singapore was eclipsing Hong Kong; however, recent incorporation volumes challenge this. According to city-wide official figures cited by Vivian, Founder of Air Corporate, approximately 195,000 companies were registered in Hong Kong in 2025, compared to around 77,000 in Singapore.

“There was a lot of fuss about Singapore taking over Hong Kong as preferred jurisdiction over the last few years, but for 2025 alone, around 195,000 companies were formed in HK, vs around 77,000 for Singapore,” said Vivian. While city-wide registrations rose roughly 35% in 2025, incorporations at Air Corporate specifically grew by 40.5%. Vivian added, “With a 35% increase in the number of companies registered in 2025, Hong Kong is definitely back in the game as the top jurisdiction to start a company.”

The reality of Hong Kong company formation is increasingly global, lean, and founder-led. Nine in ten founders incorporated in Hong Kong with Air Corporate do not live there.

Key demographic and operational insights from Air Corporate’s client base include:

  • Approximately 90% of founders operate remotely from abroad, while 10% or less are based in Hong Kong.
  • Entrepreneurs aged 35 to 44 represent the largest age cohort at 38%, demonstrating that Hong Kong attracts founders in their prime career years rather than just younger digital nomads.
  • Serial entrepreneurs make up 60% of Air Corporate’s client mix, utilizing Hong Kong as an operational base for multiple companies, while first-time founders account for the remaining 40%.
  • A total of 89% of new companies are launched by solo founders (58%) or small teams of two to five individuals (31%).
  • Mainland China, Hong Kong, Turkey, India, the UAE, Australia, France, and Morocco rank among the top source markets for these founders.

Furthermore, 73% of new Hong Kong incorporations are directly tied to physical goods trade with China. This consists of e-commerce and dropshipping businesses (38%) and the trading of goods (35%). The recovery of in-person trade flows, including events, such as the Canton Fair and various industrial fairs, is pulling foreign founders back into the Greater China orbit and establishing Hong Kong as the natural entry point and financial layer over the world’s largest manufacturing base.

Air Corporate’s data recorded a 20% year-over-year growth in founders originating from the Middle East. This shift highlights a reverse migration where founders previously incorporated in Dubai are now choosing Hong Kong. Based on Vivian’s observations, founders often arrive in Dubai expecting fast incorporation and low costs, but discover that incorporation and maintenance are significantly more expensive than in Hong Kong, and banking remains difficult. Consequently, many founders move to Hong Kong after 12 to 24 months in the UAE, a trend accelerated by the Hong Kong government’s strategic outreach to the region.

For lean, remote-first businesses, speed-to-market is a critical factor. A founder located anywhere in the world can incorporate in Hong Kong and open a working bank account in approximately 7 days using digital banking partners. Currently, 90% of Air Corporate’s clients utilize these digital banking partners.

“Hong Kong and Singapore are the only places in Asia where you can set up your company, get a corporate account, and be in business in less than a week,” concluded Vivian.

Air Corporate is a service provider facilitating company formation and incorporation in Hong Kong for serial entrepreneurs, first-time founders, and remote-first business owners operating globally.

Media Inquiries
To learn more about Hong Kong company formation, visit Air Corporate’s website or contact their team directly.

Hashtag: #AirCorporate

The issuer is solely responsible for the content of this announcement.

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Natural Diamonds Sparkle on The Red Carpet at The 2026 Met Gala Celebrating “Costume Art”

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15/05/2026

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Today’s biggest stars express individuality and confidence with natural diamonds

NEW YORK, US – Media OutReach Newswire – 15 May 2026 – The 2026 Met Gala celebrating “Costume Art” took place May 4th at the Metropolitan Museum of Art in New York City, bringing together leading figures from across the globe for an unforgettable evening. These tastemakers showcased the most classic, refined and distinctive diamond jewelry looks of the season. Below, A Diamond is Forever highlights the standout trends from the event.

Desert diamonds

Desert diamonds emerged as a striking throughline on the Met Gala carpet, with a range of hues in distinctive settings taking focus.

Rihanna led the trend in a pair of exceptionally rare old Moghul Golconda fancy brown-yellow diamond earrings by Glenn Spiro, featuring two pear-shaped natural diamonds totaling 51.9 carats. Doja Cat offset her all nude look with a pair of large Leviev Diamonds floral-shaped earrings while Paloma Elsesser made a statement in a 29.5-carat diamond necklace by Bernard James, centered around a 15-carat fancy light yellow pear-shaped natural diamond. Cara Delevingne wore a De Beers London Forces of Nature High Jewelry ring, featuring marquise yellow diamonds set as eyes, while Emma Chamberlain opted for yellow and white diamond earrings by Chopard, underscoring the continued allure of warm diamond hues.

Magnificent Diamond Earrings

A wide variety of captivating silhouettes defined the natural diamond earrings on the Met Gala carpet. Zoë Kravitz delivered a modern twist with oversized diamond flower earrings by Jessica McCormack. Chase Sui Wonders opted for Jean Schlumberger by Tiffany & Co. Sea Fan earrings, bringing an element of sculptural artistry to the look. Gracie Abrams selected gently dangling Chanel earrings, adding understated fluidity, while Connor Storrie selected simple hoop earrings from Tiffany & Co., reinforcing the clean and enduring appeal of natural diamonds.

Standout Diamond Moments

Natural diamonds appeared in personal, unconventional and eye-catching ways, offering moments of surprise and awe. Power couple Beyoncé and Jay-Z embodied this trend with Beyoncé wearing Chopard’s Queen of Kalahari necklace, named after the rare 342-carat diamond that provided 23 stones for Chopard’s Garden of Kalahari collection. Jay-Z contributed to the narrative with a vintage diamond brooch by Briony Raymond worn at the collar as an unexpected placement that underscored the piece’s versatility. Isha Ambani made the styling of diamonds an art form in itself, wearing her own diamond jewelry featuring approximately 150 carats of old mine-cut diamonds, including a three-strand necklace and chandelier earrings, while also incorporating diamonds sewn directly into the bodice of her sari to represent significant moments in her life.

Together, these looks highlighted a shift toward natural diamonds as vessels of personal expression, styled with intention, individuality, and a sense of the unexpected.

Hashtag: #MetGala #RedCarpet #ADiamondisForever #NaturalDiamonds #Diamonds





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Turn Your Savings into a Front-Row Experience: HL Bank Singapore Offers Exclusive Passes to AsiaTop Music Festival 2026

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13 hours ago

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14/05/2026

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The premier music festival will play host to 16 K-pop, regional and Malaysian stars including, in performance order: Day 1 – NexT1DE, Aina Abdul, Belle Sisoski, Win Metawin, NMIXX, WINNER, DAESUNG, KUN. Day 2 – Uriah See, Firdhaus, Butterbear, 82MAJOR, STAYC, CRAVITY, TWS, CxM

SINGAPORE – Media OutReach Newswire – 14 May 2026 – Your next major K-pop experience is just a savings goal away as HL Bank Singapore (“HLB Singapore”) bridges the gap between financial wellness and the front row. In an exclusive collaboration designed for the ultimate music enthusiast, the bank is offering fans the chance to secure a pair of sought-after AsiaTop Music Festival 2026 tickets, valued at up to RM1,098 (approx. S$355), simply by growing their wealth.

HL Bank Singapore is giving music fans the chance to redeem exclusive passes to the AsiaTop Music Festival 2026, featuring top Asian acts, through its iSavings Reward Campaign.

This unique initiative stems from the regional synergy between Hong Leong Bank (“HLB”) and Tencent Music Entertainment Group (JOOX and QQ Music). By aligning with Visit Malaysia Year and Visit Selangor Year 2026, HLB is transforming the traditional banking experience into a gateway for premium entertainment. Scheduled for 30 and 31 May 2026 at the iconic Sepang International Circuit, the festival promises a high-octane weekend featuring an elite lineup of Asian superstars, including the largest K-pop showcase in the ASEAN region.

Securing a spot at the heart of the action has been streamlined through the iSavings Reward Campaign, running from 9 May 2026 to 18 May 2026. To participate, fans first decide on their preferred festival experience, selecting either a pair of Standard Passes with a S$5,000 deposit or the high-energy, nearer-to-the-stars Rockzone Passes with a S$8,282 deposit for their chosen day.

Once a tier is selected, customers can register by depositing the qualifying funds into an iSavings account via FAST or Links transfer. To validate their entry, customers must include the specific Comment Code, such as PALLIR1 for Day 1 Rockzone, within the funds transfer description. The qualifying balance must be maintained within the account for a six-month (182 days) earmarked period.

With only 88 pairs of tickets available for this exclusive campaign, the stakes are high. Allocation is limited to 22 pairs per day for each ticket category and will be awarded strictly on a first-come, first-served basis. Fans are encouraged to act quickly to ensure their savings work as hard as they do while securing a premier seat at the musical event of the year.

For full terms & conditions, and further details, please visit: www.hlbank.com.sg/AsiaTop2026

Hashtag: #HLBankSingapore

The issuer is solely responsible for the content of this announcement.

HL Bank Singapore

HL Bank Singapore is the Singapore branch of Hong Leong Bank Berhad, a leading digital-centric Malaysia-based financial services institution with a rooted heritage in the country spanning over 120 years. Operating under a Full Bank Licence in Singapore, HL Bank offers a comprehensive range of financial services to our business, retail and high networth customers through our 4 core business segments – Business & Corporate Banking, Personal Financial Services, Private Wealth Management and Global Markets.

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