Media OutReach
Hong Kong Residential Prices and Volume to Pick Up in 2025, Student Accommodation Takes the Spotlight in City’s Capital Market
New supply to weigh on office sector rental levels, while core retail high street rents continue to recover
- Grade A office year-to-date (YTD) net absorption as at mid-November recorded 1 million sq ft, with overall rents down by 5.9% in the same period. Rents are forecast to experience further downwards pressure in the 7%–9% range in 2025.
- Prime retail high street store leasing momentum slightly picked up in 2024, with core high street rents rising by 3%–7%. The retail rental level is expected to further increase by 3%–5% in 2025.
- Driven by the rate cut and relaxation of loan-to-value (LTV) ratio, residential market sentiment has improved, and transaction volume is forecast reach 53,800 cases in 2024. If rate cuts continue in 2025, housing prices and transaction volume are expected to rise by 5% and 3%–5%, respectively.
- Capital market sentiment remains cautious with YTD transaction volume of non-residential big-ticket deals recording just HK$28.5 billion as at December 6. The student housing sector is expected to remain as investors’ key focus in 2025.
HONG KONG SAR – Media OutReach Newswire – 9 December 2024 – Global real estate services firm Cushman & Wakefield today held its Hong Kong Property Markets 2024 Review and 2025 Outlook press conference. With the U.S. Federal Reserve initiating an interest rate easing cycle, coupled with the relaxation of the LTV ratio for residential properties, as stated in the Hong Kong government’s Policy Address, residential market sentiment has improved. Demand for rental housing assets has also increased, and with the government expanding the non-local student ratio, student accommodation has become a key focus in the city’s capital market. In the Grade A office sector, despite positive net absorption for five consecutive quarters, the high availability rate has kept overall rents in a downward cycle. As for the retail market, active new lettings in prime streets have reduced vacancy rates across core districts. Amid the revival of the “multiple entry” Individual Visit Schemes (IVS), we expect core high street rents to continue to recover in 2025.
Grade A office leasing market: YTD net absorption reached more than 1 million sq ft, the highest since 2019
In Q4 2024, as at mid-November, Grade A office net absorption slowed to 46,000 sq ft, but still representing the fifth consecutive quarter of positive net absorption, bringing YTD net absorption to more than 1 million sq ft, the highest level since 2019. As no major new office projects completed during the quarter, the overall availability rate edged down to 19.2%, marking the second consecutive quarter of decline. New lettings in Q4 were mainly driven by the Banking & Finance sector, accounting for about 33% of total leased area. However, demand from the education sector rose notably to 12% of total leased area, with examples such as the Hong Kong University of Science and Technology and the University of Hong Kong committing to more than 10,000 sq ft of office space in Manulife Financial Centre and Kingston International Centre in Kowloon East, respectively.
Grade A office rents continued to fall in Q4 2024 up to the end of November, by 2.1% q-o-q and 5.9% YTD (Chart 1), to record HK$45.1 per sq ft per month. However, supported by demand from insurance companies, rents in Tsim Sha Tsui fell by just 2.3% YTD, outperforming the overall market average.
Chart 1: Rents of Grade A offices in Hong Kong
Source: Cushman & Wakefield Research
John Siu, Managing Director, Hong Kong, Cushman & Wakefield, said, “The Hong Kong Grade A office market recorded net absorption of 1 million sq ft as at mid-November 2024, while the availability rate has declined for two consecutive quarters, suggesting market sentiment is somewhat improving. Looking ahead in the short-to-medium term, leasing market sentiment in the Grade A office sector will still depend on the overall economic recovery and the performance of the local IPO and stock markets, which could support leasing demand from related and downstream industries. However, as total Grade A office supply is expected to reach 3.5 million sq ft next year, the availability rate is expected to stand at above 20%, and overall Grade A office rents will continue to decline by 7%–9% in 2025.”
Retail leasing market: New leasing activities underpinned the recovery of high street rents, while Causeway Bay witnessed zero vacancy
The change in consumption patterns of tourists and local residents continued to affect the Hong Kong retail market. For the January to October 2024 period, total retail sales in the city recorded HK$312.3 billion, a y-o-y drop of 7.1%. Among the major retail categories, only Medicines and Cosmetics witnessed an increase in sales at 5.7% y-o-y, while sales in the Jewellery & Watches and Fashion & Accessories sectors, formerly very popular with tourists, fell by 15.5% and 10.6% y-o-y, respectively. This indicates a structural change in the consumption habits of tourists and local residents following city’s post-pandemic border reopening.
In Q4 2024, the overall retail high street vacancy rate among core districts fell to 7.6%, as the market continued to see leasing activity from both local and Chinese mainland brands. Across the key submarkets, Causeway Bay recorded a vacancy rate of 0%, for the first time since 2019, suggesting brands are willing to return to the traditional tourist-oriented districts amid the significant rental correction. Vacancy levels in Central, Tsimshatsui and Mongkok remained stable q-o-q, staying at 8.6%, 9.4% and 8.4%, respectively.
With the accelerating leasing momentum, high street retail rents across districts continued to rise steadily in Q4, recording a q-o-q increase ranging from 0.6% to 1.3% (Chart 2), bringing the y-o-y increase to 3% to 7%, with Central and Tsimshatsui both registering a more notable y-o-y increase of 6.7%. Meanwhile, F&B rents dropped in a range of 0.7% to 2.0% q-o-q across districts, due to the increasing operating costs and the northbound travel of Hong Kong consumers.
Chart 2: High street retail rents in prime districts in Hong Kong
Source: Cushman & Wakefield Research
John Siu added, “Throughout 2024, although the number of visitor arrivals continued to recover, the overall retail sentiment in the city has not been able to sustain the growth momentum from last year. In the face of the change in tourists’ and local residents’ consumption patterns, retailers are generally undergoing an adjustment period. While high street leasing activity in core districts has become more active, retailers have remained cautious with their expansion strategies, given the uncertainty surrounding the changing spending habits of consumers. We believe leasing demand in the coming year will mainly be driven by Chinese mainland brands who view Hong Kong as a key stepping stone to promote their brands on the international stage, gradually absorbing vacant space on high streets. Looking ahead to 2025, we believe the series of economic and consumption stimulus measures launched by the Central government will continue to benefit the Hong Kong retail market, including the recent resumption of “multiple-entry” Individual Visit Schemes (IVS) for Shenzhen residents. Coupled with the gradual easing of the strong Hong Kong dollar, we expect total retail sales in Q1 2025 to increase by 3% to 5% y-o-y, with high street retail rents across core districts recording single-digit growth of 3%–5% throughout 2025.”
Residential market: Q4 transactions improved amid rate cut, 2025 home prices to see 5% upside
Hong Kong residential market sentiment improved in Q4, with more investors and potential buyers entering the housing market again, supported by the U.S. interest rate cut in November as well as the relaxation of the LTV ratio announced by the Hong Kong government in the 2024 Policy Address. We forecast that residential transactions in Q4 2024 will reach approximately 15,800 units, up 54% q-o-q and 108% y-o-y from the previous low base, bringing the full-year 2024 annual transaction volume to 53,800 units, climbing 25% from last year’s low (Chart 3). Following the U.S. Federal Reserve’s commencement of the interest rate easing cycle, developers have been actively launching new projects, in turn competing with purchasing power in the secondary market. From January to October, primary market transactions accounted for about 32% of total residential transactions.
Chart 3: Number of residential sale & purchase agreements
Source: Land Registry, Cushman & Wakefield Research
Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield, commented, “Rating and Valuation Department data shows that the housing price index stemmed the prior five months’ drop in October, with the index edging up by 0.6% m-o-m, narrowing the cumulative drop in the first ten months of the year to 6.8%. Meanwhile, our C
Cushman & Wakefield mid-and-small size units price index strengthened slightly by 1% in Q4, as at December 6. Home prices in popular estates across segment also rose. Prices at City One Shatin, representing the small-sized market, rebounded by 13.5% q-o-q. Prices at Taikoo Shing, representing the middle-sized market, increased by 0.7% q-o-q, while Residence Bel-Air in the luxury market moved up by 0.5% q-o-q.”
Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield, added, “The U.S. Federal Reserve has cut interest rates twice since September this year, with major banks in Hong Kong following suit. This has prompted some potential buyers to reassess and compare the performance of banks’ deposit rates versus residential rental yields. In fact, our inquiry volume index in November has risen by around 18% from August’s low following the rate cuts, suggesting that the market generally believes that interest rates have peaked, thereby supporting the return of certain capital allocations to the residential market. Looking ahead to 2025, if interest rates continue to stay on a downward trend, and the stock market remains stable, we expect residential transaction volume will increase by 5%–8% to a level of 56,000–58,000 units, supporting an overall price rebound in the range of 5%.”
Non-residential investment market (deals exceeding HK$100 million): Capital market muted by high interest rates in 2024, rental housing emerging as the market highlight
Amid the high interest rate environment, bank have tightened approvals on commercial mortgage loans. Coupled with a lack of high-yield assets in the market, this shackled overall investment activity which remained sluggish through 2024. For the year to date, the non-residential investment market for deals exceeding HK$100 million has recorded 65 transactions as at December 6, with total transaction volume recording HK$28.5 billion, a drop of 41% y-o-y (Chart 4). In face of the liquidity challenges and heavy interest expenses amid the high interest rate environment, landlords are more willing to offer price discounts on property disposals, thus leading to further correction of property prices and the average deal size. At the same time, this situation has provided windows for cash-rich investors and end-users to bottom-fish. In 2H 2024, local capital accounted for nearly half of total transaction volume by consideration, while Chinese and foreign capital accounted for 34% and 17%, respectively.
Chart 4: Annual non-residential investment transactions (2015-2024*)
Source: Cushman & Wakefield Research
Tom Ko, Executive Director and Head of Capital Markets, Hong Kong, Cushman & Wakefield,
concluded, “In 2024, the office sector accounted for 43% of the total transaction number, the highest across all sectors. This was chiefly due to the significant reduction in asking prices for the asset class, thus attracting end-users acquiring assets for saving future rental expenses. Some investors are also eyeing the capital appreciation potential of new Grade A offices. Meanwhile, the retail sector accounted for around one-third of the total transaction number, with a few transactions of neighborhood malls with relatively stable rental income and shops at prime locations recorded. It is worth noting that in 2024, there were a total of nine hotel and rental housing-related transactions, at around 14% of the total number of deals this year, up from 5% in 2023. Following the renewed influx of expat talent and non-local students, demand for co-living properties, multifamily assets, and student accommodation has continued to rise. Furthermore, the latest Hong Kong Policy Address encourages the private sector to convert hotels and commercial buildings into student housing, and we believe this sector will continue to be sought-after in the coming year, particularly for those assets in prime locations with conversion potential. Looking ahead, despite the rate cut in September 2024, commercial mortgage rates are still higher than the property yields for most commercial sectors. We expect total investment volume to pick up by around 10% to HK$ 30billion in 2025.”
Please click here to download photos and presentation deck.
(From left to right) Tom Ko, Executive Director and Head of Capital Markets, Hong Kong, Cushman & Wakefield; John Siu, Managing Director, Head of Project and Occupier Services, Hong Kong, Cushman & Wakefield; Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield and Edgar Lai, Senior Director, Valuation and Consultancy Services, 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 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).
High-Quality Growth with Improved Gross Profit Margin, increasing R&D Investment and Strategic Focus on Trustworthy Agents Ecosystem
HONG KONG SAR – Media OutReach Newswire – 27 March 2026 – Voicecomm Technology Co., Ltd. (“Voicecomm Technology” or the “Company“, Stock Code: 2495.HK), a core technology provider and ecosystem operator of trustworthy conversational AI in China, announced its annual results for the year ended December 31, 2025. Leveraging its deep technological expertise and forward-looking strategic initiatives in trustworthy conversational AI, the Company achieved steady revenue growth, continuous improvement in profitability, and a significant enhancement in operating cash flow, further strengthening its competitive edge in the enterprise-level trustworthy Agent sector.
Gross Profit Margin Steadily Improves, Operating Cash Flow Turns Strongly Positive
In 2025, the Company’s total revenue successfully exceeded the RMB1 billion mark, reaching RMB1,006.9 million, representing a year-on-year increase of 7.0%. Gross profit amounted to RMB551.2 million, increased by 8.0% from the previous year, while the gross profit margin increased by 0.5 percentage point to 54.7% from 54.2% in the same period last year, reflecting the high-value-added products and technical services of the Company, as well as effective cost control.
Notably, the Company’s net cash generated from operating activities turned strongly positive, reaching a net inflow of RMB212.5 million, compared to a net outflow of RMB129.2 million in the same period last year. This improvement underscores enhanced operational efficiency and reflects strengthened receivables management, which accelerated cash collection.
Profit for the year amounted to RMB140.2 million. The significant increase in net profit compared to the same period last year was mainly attributable to eliminating the impacts of changes in carrying amount of redeemable capital contributions, an accounting adjustment arising from financing agreements entered into with shareholders prior to the Listing and completion of the Global Offering.
Increasing R&D Investment to Strengthen the Trustworthy Agent Technology Foundations
As a technology-centric product company, Voicecomm Technology remains committed to the independent R&D and innovation of underlying technologies. In 2025, the Company’s research and development expenses reached RMB224.3 million, representing a substantial year-on-year increase of 67.7%. The investment was primarily directed towards developing Agents with continuous learning capabilities and a technical framework for Multi-agent collaboration, aiming to enhance technological capabilities and elevate the level of product innovation. This reinforces our trustworthy Agent technical architecture composed of three layers: “Multimodal Perception + Multi-model Thinking + Multi-agent Collaboration”.
This architecture takes the “meta-model” as the core to effectively alleviate the common pain points of in enterprise-level implementation, such as hallucinations, controllability and data security, by integrating the generalization capabilities of large language models with the precision of vertical domain knowledge. On this basis, the Company have formed a deliverable and operable trustworthy Agent product system, to ensure that the Agents are usable, manageable, and controllable in enterprise environments, thereby powering the intelligent upgrade of six core application scenarios: City management and administration, Automotive and transportation, Telecommunications, Finance, Healthcare, and Energy management.
Productization Strategy Drives Deep Application across Six Core Scenarios
Voicecomm Technology focuses on empowering various industries through superior products and technologies. In 2025, leveraging its mature product matrix, the Company successfully established replicable benchmark standards across multiple application scenarios.
City Management and Administration: As a leading solution provider in the smart government sector in China, the Company’s business has covered more than 130 prefecture-level cities. The “Smart Government Agent” deeply integrates the capacities of large language models, enabling more intelligent and automated government services with standardized and intelligent applications in scenarios such as government hotlines and city governance.
Automotive and Transportation: The Company successfully established benchmark autonomous driving projects in cities such as Mianyang, Zibo, and Ezhou, building a successful and replicable “Smart Transportation Agent” solution. For the Mianyang Science and Technology New City project, a total of 96 autonomous vehicles have been deployed, and the project was successfully selected as a National AI Application Pilot Testing Base in the transportation sector. In January 2026, the Company newly won the bid for the “Ezhou Huahu Airport Smart Port” autonomous driving bus procurement and operation project, further expanding its application boundaries.
Healthcare: In January 2026, the Company successfully won the bid for the “Chuannan Smart Valley AI Vertical Large Model Innovation Platform – Silver Economy Construction and Operation Project” in Neijiang City, Sichuan Province, with a total contract value of nearly RMB300 million. This project represents the Company’s first “AI + Elderly Care” city-level benchmark demonstration project. It adopts a closed-loop collaborative model of “online platform + offline service network + home terminals,” integrating Agents capabilities with the Company’s “vertical small model microservices” system in areas such as Health Early Warning, Cognitive Ability Assessment, and emotional companionship into a productized solution, thereby establishing rapidly replicable city-level smart elderly care operational benchmark.
Telecommunications, Finance, and Energy Management: The Company continues to deepen collaborations with leading enterprises in the telecommunications and finance sectors, leveraging the “Telecommunication Service Agent” and “Financial Service Agent” to enhance service efficiency and user service value. Meanwhile, its AI-powered smart charging solution has been progressively integrating charging pile networks in China and across several Southeast Asian countries.
Benefiting from the successful implementation of the Company’s productization strategy and the high level of market recognition for its trustworthy Agent solutions, as of December 31, 2025, the Group’s project pipeline and orders in hand saw significant growth. The number of ongoing projects at year-end increased to 320, representing a year-on-year increase of 41.6%, while the outstanding contract sum at year-end rose to RMB1,048.9 million, a year-on-year increase of 57.4%, reflecting the continued expansion of the Company’s business.
Future Outlook: Focusing on the Trustworthy Agents Ecosystem with Four Strategic Priorities
Looking ahead, the Company will firmly focus on its goal of “building a trustworthy conversational AI ecosystem” and will advance the following strategic priorities:
Overall and Technology Strategy: Continue to focus on R&D and innovation in frontier technologies such as multi-modal fusion and trustworthy intelligence, promoting the deployment of trustworthy agents across more application scenarios. By creating open technology platforms and standards, the Company will attract more developers and partners to jointly build a prosperous and win-win industrial ecosystem.
Market Strategy: Establish benchmarks for quality and innovation within the industry and deepening partnerships with various service channels. At the same time, the Company will actively expand into the C-end market, extending cutting-edge technologies to a wider user base, thereby expanding the influence and commercial value of the ecosystem.
Regional Strategy: Domestically, the Company will continue to deepen its partnerships with major cooperating cities to create smart city benchmark cases. Internationally, the Company will actively respond to the “Belt and Road” initiative, grasp the tremendous potential of emerging markets, and promote the Company’s trustworthy Agent products and services globally to enhance its international brand image.
Investment Strategy: Through prudent strategic investments and M&A, the Company will optimize the layout of the upstream and downstream industry chains and consolidate the stability and competitiveness of the ecosystem.
DR.Tang Jinghua, Chairman ofVoicecomm Technology Co., Ltd., said: ” 2025 was a landmark year for Voicecomm Technology. We not only achieved a strong turnaround in operating cash flow and a steady increase in gross profit margin financially, but we also completed a strategic leap at the technological and business level towards becoming a ‘a core technology provider and ecosystem operator of trustworthy conversational AI.’ We deeply understand that the essence of enterprise-grade AI lies in creating replicable and reliable products and technology foundations. During the year, we significantly increased R&D investment and successfully applied our trustworthy Agents across six core scenarios, particularly in city-level benchmark projects in emerging fields like smart elderly care, showing the strong competitiveness of our productization strategy. Looking to the future, we will continue to pursue the goal of ‘building a trustworthy conversational AI ecosystem,’ leveraging an open platform to gather ecosystem partners and empowering diverse industries with innovative technology, thereby creating long-term sustainable value for our shareholders and society. ”
Hashtag: #Voicecomm
The issuer is solely responsible for the content of this announcement.
Voicecomm Technology Co., Ltd.
Founded in 2005 and headquartered in Wuhan, Voicecomm Technology is one of the leading core technology providers and ecosystem operators of trustworthy conversational AI listed on the Main Board of the Hong Kong Stock Exchange, and obtained the qualification as National-level SRDI, Technology Little Giant and High-Tech Enterprise. Leveraging its proprietary trustworthy Agent，the Company overcomes pain points in the commercialization of large language models, such as hallucinations and compliance issues, ensuring AI is usable, manageable, and controllable in enterprise environments. For enterprise-level customers, the Company provides AI services covering the entire process of “communication –decision – execution”. Its trustworthy Agent solutions have been widely deployed across multiple scenarios, including City management and administration, Automotive and transportation, Telecommunications, Finance, Healthcare, and Energy management, and it is dedicated to empowering the intelligent transformation of diverse industries.
City Chamber Orchestra of Hong Kong
HONG KONG SAR – Media OutReach Newswire – 27 March 2026 – On 21 April 2026 at Hong Kong City Hall Concert Hall, 8:00pm, the City Chamber Orchestra of Hong Kong (CCOHK) presents Bassoon & Baton, a rare showcase of the bassoon’s lyrical voice and virtuosic brilliance. Held as part of the French May Arts Festival 2026, the programme features the Hong Kong debut of Sophie Dervaux, the internationally acclaimed French bassoonist and principal bassoonist of the Vienna Philharmonic Orchestra. She performs bassoon concertos by Vivaldi, Mozart and Hummel and takes up the baton to conduct orchestral works by French composers Lully, Guy Ropartz and Gossec, thereby highlighting her dual artistry as both soloist and conductor.
City Chamber Orchestra of Hong Kong
Bassoon & Baton — French May Arts Festival 2026
Sophie Dervaux bassoon/guest conductor
21 APR 2026 (Tue)
Hong Kong City Hall Concert Hall, 8:00pm
PROGRAMME
Lully I Marche pour la Cérémonie des Turcs, LWV43
VivaldiI Concerto for Bassoon in G major, RV493
Guy Ropartz I Serenade for Strings
Mozart I Concerto for Bassoon in B-flat major, K.191
GossecI Symphony in C minor Op. 6 No. 3, RH24
Hummel I Grand Concerto in F major, S.63, WoO.23
Sophie Dervaux will also contribute to community activities in Hong Kong by holding two Bassoon masterclasses open to the public. On 18 April 2026, 10:30am–1:00pm, at Sing Music Academy, Room 901, On Lok Yuen Building 25-27A Des Voeux Road, Central, Hong Kong, and on 19 April 2026, 2:30pm–5:00pm, at CR2, 7/F Hong Kong Cultural Centre Concert Hall Backstage.
Sophie Dervaux’s outstanding career as a solo bassoonist, orchestral musician, conductor and recording artist includes her engagements with the Vienna Philharmonic Orchestra (since 2015), the Vienna State Opera Orchestra and the Berlin Philharmonic Orchestra. She is a prize-winner of the prestigious ARD International Music Competition Munich (2013) and the Beethoven Ring Bonn (2014). Born in France, Sophie Dervaux studied at the Music Conservatory of Versailles, the Conservatoire de Paris in Lyon, the Hanns Eisler Academy of Music in Berlin and at the Karajan Academy. She has performed at the Philharmonie de Paris, Berlin Philharmonie, Suntory Hall Tokyo, New York’s Carnegie Hall and the Royal Albert Hall in London. Her solo engagements include the Konzerthausorchester Berlin, the Bavarian Radio Orchestra and the Vienna Philharmonic Orchestra. On CD she has collaborated with Daniel Barenboim and Emmanuel Pahud. In 2021 she received the German Record Critics’ Award for her debut solo album on the Berlin Classics label. She is currently working on a project to record all 39 of Vivaldi’s bassoon concertos with La Folia Barockorchester. In addition to performing, Sophie Dervaux works internationally as a guest conductor and has appeared with the Mozarteumorchester Salzburg, the Vienna Chamber Orchestra, the Ensemble Kanazawa, the Prague Philharmonic Orchestra and the KBS Symphony Orchestra in Seoul. She teaches bassoon at the Music and Arts University of The City of Vienna and plays on a Püchner bassoon.
Tickets priced at $450, $300 and $220 (with50% off for full-time students, senior citizens, Comprehensive Social Security Assistance (CSSA) recipients, people with disabilities and their accompanying minder), are available from all URBTIX outlets. For internet booking, visit www.urbtix.hk; for programme or other enquiries, call 2864 2156 or email in**@***hk.com.
BASSOON MASTERCLASS by SOPHIE DERVAUX
18 Apr (Sat) 10:30am-1:00pm, Sing Music Academy, Room 901, On Lok Yuen Building, 25-27A Des Voeux Road, Central, Hong Kong
19 Apr (Sun) 2:30pm-5:00pm, CR2, 7/F Hong Kong Cultural Centre Concert Hall Backstage
The masterclasses are open to observers at $100 per person.
Register Now (in**@***hk.com/2864 2156)
PHOTOS Link to: Sophie Dervaux
MEDIA ENQUIRIES (including artist interviews/photos): in**@***hk.com/2864 2154
WEBSITE:www.ccohk.com
Hashtag: #CityChamberOrchestraofHongKong #Bassoon&Baton
The issuer is solely responsible for the content of this announcement.
City Chamber Orchestra of Hong Kong
City Chamber Orchestra of Hong Kong (CCOHK) holds a unique position as one of Asia’s leading chamber orchestras. Founded by oboist Leanne Nicholls in 1999, CCOHK has performed with many of the world’s most celebrated artists and composers including Sir James Galway, Dame Evelyn Glennie, Dame Emma Kirkby, Sir Thomas Allen, Sir Neville Marriner, Michala Petri, Christian Lindberg, Sarah Chang, Julian Lloyd Webber, Barry Douglas, Edgar Meyer, Branford Marsalis, Sir Karl Jenkins, Ney Rosauro, Richard Galliano and Alma Deutscher. The orchestra has also collaborated with celebrities including Dame Edna Everage, Hayley Westenra, Richard Clayderman, Robin Gibb and Canto-pop stars Sandy Lam, Hacken Lee, Hins Cheung, Ivana Wong and Jacky Cheung. Additional highlights include concerts with the Vienna Boys’ Choir, the Warsaw Boys’ Choir, The American Boychoir, the Swedish Voices Chamber Choir, the King’s Singers and The Swingle Singers. CCOHK’s progressive programming has been internationally recognized with tour invitations to festivals in London, L’Aquila, Taipei, Beijing, Chengdu and Shanghai. At home CCOHK has performed for French May Arts Festival, Hong Kong Ballet, RTHK’s televised Christmas Concerts in the Park, the 2017 World Harp Congress, The Hong Kong Composers’ Guild and The Hong Kong International Piano Competition. Cinema and anime performances include Howard Blake’s The Snowman & The Bear, the Harry Potter series, Final Fantasy, Attack on Titan and One Piece Music Symphony. CCOHK is also a keen supporter of contemporary music and has commissioned works by Mao Yuan, Samson Young, Joyce Tang, Dobrinka Tabakova and Richard Harvey. The orchestra’s CDs include world premiere recordings on the NAXOS, Orchid Classics and OUR Recordings labels with Michala Petri, Dame Evelyn Glennie and bandoneón/piano duo Binelli-Ferman. CCOHK’s passion for building young audiences for music has inspired the creation of several award-winning productions and musicals. Credits include Magnificent Mozart, The Star Bach, The Bonn Man, Haydn & The Prince, Bug Symphony (winner of the Public Choice Award at the YAMawards in Portugal 2017), WILD (The Musical) (winner of the Public Choice Award at the YAMawards in Belgium 2022) and Shark Symphony. In 2023 CCOHK garnered five-star reviews for the London premiere of WILD (The Musical), and in the same year was voted into RTHK Radio 4’s Top Ten Music Headlines. Armenian French piano virtuoso Vahan Mardirossian serves as chief conductor (since 2019), succeeding French conductor Jean Thorel (2008 to 2016). CCOHK is currently a Venue Partner of Tsuen Wan Town Hall (since 2026) and the recipient of HKADC’s Eminent Arts Group Scheme (since 2024).
- Innomotics wins several orders to provide motor and drive technology for turbine replacement projects, totaling a volume in the higher double-digit million EUR range
- Environmental, operational and financial benefits for many industries and industrial applications
- Geographic diversity underlines market potential
NUREMBERG, GERMANY – Newsaktuell – 26 March 2026 – Innomotics, a globally leading supplier of electric motor and large drive systems, has won several major orders for turbine replacement projects on nearly every continent. The total volume for all orders is in the higher double-digit million EUR range.
With increased electrification of industrial applications, significant operational cost efficiency and CO₂ reduction can be gained by changing existing turbines with an electric drive system, the so-called Turbine Replacement Technology. This can be used for high-speed pump applications (centrifugal pumps) as well as for high-power compressor systems in refineries, petrochemicals, or oil and gas.
Especially the need for supplying large-scale turbine driven boiler feed pump applications in power plants with high voltage motors becomes increasingly important, as it significantly saves energy consumption, CO₂ and operational costs.
The transition to electric drive technology for rotating equipment is an important part of the overall plant electrification and decarbonization pathway, reducing the use of costly and environmentally harmful carbon fuels.
By sourcing the power from a renewable source such as wind, solar or hydro, CO₂ emissions can be practically eliminated. This is especially relevant for energy-intensive industries and industrial applications. Beyond ecological aspects, the use of high-speed motor systems offers significant benefits to customers, such as increasing efficiency, reducing operational costs and maintenance requirements as well as easy construction and start-up.
“Replacing existing gas and steam turbines with electrical motor and drive systems is a complex task. Thanks to our highly motivated and skilled team, Innomotics is thought leader and pace setter for turbine replacement technology for more than 25 years now and with more than 70 Turbine Replacement projects globally realized. Our outstanding portfolio sets standards: The reliability and availability of our advanced High-speed High Voltage Motor system technology is unrivaled in the field, due to our unique rotor design. Additionally, our Medium Voltage Drive technology includes extended redundancy measures such as cell by-pass systems for maximum uptime”, says Michael Reichle, CEO of Innomotics.
Operators of turbine-driven systems currently face high operational costs, which can be significantly reduced or even eliminated through turbine replacement technology. For example, in a project with Repsol in Spain, Innomotics helped avoid 68,000 tons of CO₂ emissions per year and reduce energy consumption by around 25 percent.
Recently awarded Turbine Replacement Projects
Electric Drive Upgrade for INA Refinery in Croatia:
INA is modernizing its refinery in Rijeka to improve efficiency and reduce emissions. As part of this transformation, steam turbines used to operate compressors are being replaced with electric drive systems. This reduces reliance on fossil fuels, lowers maintenance requirements, and increases overall energy efficiency.
To implement this upgrade within an operating refinery, INA partnered with Innomotics and Siemens Energy. The project includes four electric drive train systems, combining HV and HS-Modyn motors ranging from 1.8 MW to 6 MW with Innomotics Perfect Harmony GH180 variable frequency drives.
The solution ensures high reliability through redundant system design and enables fast installation on existing foundations with minimal construction effort. As a result, INA reduced significantly CO₂ emissions by 96,000 tons, reduced operating costs, total high-pressure steam production reduced by around 25%, and improved availability.
Turbine Replacement Technology for Repsol Industrial Complex in Spain:
Repsol has electrified a gas compressor at its Puertollano Industrial Complex by replacing a steam turbine with an electric motor solution from Innomotics. This upgrade improves energy efficiency by 25 percent and reduces CO₂ emissions by approximately 68,000 tons per year. The solution includes a High Voltage Motor combined with a Perfect Harmony GH180 Medium Voltage Drive, delivering 8.25 MW at 5,800 rpm. Designed for high reliability and continuous operation, the system enables maintenance intervals of up to five years. With this electrification project, Repsol strengthens its commitment to achieving net zero emissions by 2050 while significantly improving operational efficiency and system availability.
Turbine Replacement Technology for Chemicals Park in the Netherlands:
The owner and operator of a chemicals park in the Netherlands aims to accelerate the energy transition of the Dutch chemical industry. One of their three major goals is to achieve net zero emissions within ten years. Therefore, Innomotics was awarded for a turbine replacement project in a propylene plant. The order amounts a considerable value for Innomotics and includes a 25MW as well as an 8.6MW high-speed induction motor together with two Innomotics Medium Voltage GH150 drives. The order also includes comprehensive services.
Turbine Replacement Technology for Power Plants in Republic of Korea:
A Korean energy producer and provider awarded Innomotics an order to replace the previous turbine technology with a 12.5MW electric Innomotics High-speed High Voltage Motor and Medium Voltage Drives. With that replacement the company benefits from higher energy efficiency of at least 20 percent and the associated energy savings as well as reduced CO₂ emissions. The Innomotics solution therefore contributes directly to the customer’s net zero carbon strategy. The parallel operation of three Medium Voltage Drives ensures a particularly uninterrupted and stable power supply.
Turbine Replacement for a propane dehydrogenation (PDH) plant in Spain:
At the top of its agenda, a German chemicals and plastics giant, has placed the motto: “Net Zero Emissions by 2050”. One measure the company takes accordingly is replacing steam production at co-generation plants with heat pumps and e-driven compressors. Therefore, the Spanish site, has started a turbine replacement project in their propylene production at a propane dehydrogenation (PDH) plant. The order for Innomotics amounts to a double digit million Euros and includes a 23.3MW High-speed High Voltage induction motor, together with a Medium Voltage Drives and a converter transformer.
Turbine Replacement for Indian natural gas company:
Furthermore, Innomotics has won a pilot order to replace one out of eight installed gas turbines for a state-owned energy corporation in the state of Madhya Pradesh (India). This order creates a new benchmark in the gas turbine replacement market to the extent that the proposed solution will consist of an Innomotics High Voltage HV-M Motor, together with a gearbox and an Innomotics Medium Voltage Drive instead of a High-speed High Voltage Motor system.
Additional Turbine Replacement materials:
Whitepaper on Turbine Replacement
Expert Video concerning Turbine Replacement
Operational savings calculator, reference projects and success stories
Podcast episode on Spotify
Explore the 3D visualization in our virtual world: Innomotics Electrosphere
For more information, visit https://www.innomotics.com/hub/en/applications/turbine-replacement
Follow us on LinkedIn: www.linkedin.com/company/innomotics
For more information, visit www.innomotics.com.
Hashtag: #Innomotics
The issuer is solely responsible for the content of this announcement.
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