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KGI: 2025 Market Outlook
Balancing Global Dynamics
HONG KONG SAR – Media OutReach Newswire – 4 December 2024 – Today, KGI has released its 2025 Market Outlook, covering regions including Mainland China, Hong Kong, Taiwan, the U.S., Singapore, and Indonesia.
Reflecting on this year, the cooling of inflation and the labor market in the United States has brought the economy to a roughly balanced risk between employment and inflation. With Trump re-entering the White House, his policy propositions are poised to impact global economic development and shape the trend of medium and long-term interest rates. In China, domestic investment confidence remains weak. With the potential risk of the United States significantly increasing tariffs, Chinese exports may be affected. In response, China will introduce relevant measures to address these challenges.
Under this backdrop, we recommend the “ACE” strategy for 2025:
- Alternatives: Gold and cryptocurrencies — assets with lower correlation to traditional stocks and bonds.
- Credit Selection: Prioritize high-rated bonds, focusing on opportunities in corporate bonds.
- Elite Stocks: Prefer U.S. and Japanese stocks, maintain a preference for large-cap over small-cap, and pay attention to sector rotation.
Kenny Wen, Head of Investment Strategy at KGI, says: “Regarding asset allocation, based on our assessment of the global economy and geopolitical factors for 2025, investors can consider the ACE strategy: A is for Alternatives, which refers to diversifying into alternative assets to reduce portfolio volatility, with gold being a viable option. C is for Credit Selection, meaning carefully selecting investment-grade bonds to enhance potential income. Lastly, E is for Elite Stocks, where we prefer large-cap stocks, particularly from the U.S. and Japan.”
Macro and the U.S. Market
Within developed markets, the U.S. economy may slow down more significantly than the current market consensus estimate. In other regions, the recovery in the Eurozone and the UK was weaker than expected, but the trend of year-on-year growth is still improving. It is expected that the overall performance will still lag behind the U.S., but the gap is narrowing. In China, the market is currently focused on whether the Central Economic Work Conference in December can propose effective fiscal “stimulus” policies; otherwise, achieving 5% economic growth in the future remains challenging.
In the U.S., the manufacturing recovery has been weak, mainly due to overall weak capital expenditure. On the other hand, for the service sector, has shown unexpectedly strong performance, which has been key to the U.S. economy outperforming other mature markets over the past six months. However, with declining savings rates and increasing financial burdens, credit consumption momentum will weaken, potentially dragging on the U.S. economy in 2025.
Trump’s four major policies—tax cuts, increased tariffs, immigration restrictions, and financial deregulation—have an uncertain execution order, which may adversely affect inflation. Starting with restrictions on immigration and the implementation of tariffs, these policies are visible. Therefore, throughout the year, the four policies mentioned above may be announced in the first half, increasing the volatility of financial markets. However, higher economic risk for the United States is still in the second half of the year, and whether there will be improvement in the fourth quarter depends on the policy changes at that time.
The U.S. has returned to a roughly balanced dual-risk target of employment and inflation, with core inflation expected to continue declining in 2025. However, Trump’s increased tariffs and anti-immigration policies could lead to a resurgence in goods and services inflation, posing a risk of rising inflation again in 2026. The U.S. has returned to a state of full employment, with the unemployment rate for non-temporary jobs slowly rising, which may negatively affect the consumer spending.
In terms of U.S. stock investment, after two consecutive years driven by the AI wave, the overall U.S. stock market is no longer cheap. However, we see opportunities for sector rotation in the future, mainly reflected in estimated earnings improvements, particularly in finance, materials, industrial, and healthcare sectors. From a timing perspective, we believe the positive post-election stance can be maintained in the first quarter, but starting in the second quarter, the risks of Trump’s policies and economic downturn expectations will be reflected; risks will further increase in the second half, with the first half overall better than the second half.
As for bond investment, under Republican full control, bond investment may be adversely affected. For example, worsening fiscal deficits will increase bond issuance costs, rising inflation will lead to higher yields on medium- and long-term bonds, and poor fiscal discipline and long-term inflation risks will push up neutral interest rates and bond term premiums. Therefore, medium- and long-term government bonds are less favored in 2025, while some short-term government bonds or high-credit-quality corporate bonds, with relatively higher yields, can provide good interest income. Overall, 2025, with increased inflation risk and potential monetary policy reversal, is not favorable for bond investment.
James Chu, Chairman at KGI Securities Investment Advisory, says: “The global economy’s overall growth in 2025 is expected to be similar to that of 2024. Although the U.S. economy is showing a downward trend, it remains relatively strong among developed markets. The biggest variable for economic performance in 2025 remains the implementation of policies following Trump’s return to office; the impact of these policies on the economy might be difficult to assess immediately, but they are certainly unfavorable for inflation. The Federal Reserve is expected to cut interest rates by 75-100 basis points, potentially reaching a low of 3.75-4.0% in 2025, with rate hikes possibly resuming in 2026. In terms of investment, after being driven by the AI wave for two consecutive years, U.S. stocks are no longer cheaply valued, but there are opportunities for sector rotation. It is expected that in 2025, the S&P 500 will still see mid to high single-digit profit growth, with annual returns estimated between 6-12%, which is a decline compared to the previous two years. In terms of timing, we believe the first quarter should maintain the current post-election bullish trend. Starting in the second quarter, the market is expected to reflect the risks associated with Trump’s policies and the anticipated economic downturn, which may lead to market volatility. Risks are expected to increase further in the second half of the year, with overall performance anticipated to be better in the first half than in the second half.”
Mainland China and Hong Kong Markets
Looking back at the first three quarters of the year, the Chinese economy grew 5.3% YoY in Q1, beating the expected 4.8%, but the momentum slowed down afterwards. In Q2 and Q3, the growth rates came in at 4.7% and 4.6% respectively. This brought GDP growth for the first three quarters to 4.8%, below the government’s target of around 5%. China’s economic growth has been trending down quarter by quarter, indicating strong downward pressure on its economy. Hence the Chinese government has introduced a package of counter-cyclical policies in recent months, which include not only monetary policies such as reducing reserve requirement ratios (RRRs) and interest rates cut, but also a relatively large-scale debt-swap program to ease the stress on local governments’ budgets, to release the resources for supporting the economy.
5% GDP growth for 2025 facing lingering challenges
In fact, although the debt relief program looks sizable, but fiscal “stimulus” is lacking. China needs fiscal policy along with stimulus measures that are large and direct enough to make a difference in the medium to long term. We are expecting that China will continue to advance its medium-term policy stimulus (more rate cuts and other individual measures are possible by year-end; any large-scale incremental fiscal program might have to wait until after next year’s Two Sessions). Moreover, the upcoming focus will be December’s Central Economic Work Conference (CEWC), at which the policy setting for next year will be determined. Investors are more concerned about the impact of Donald Trump’s retaking the White House on China-U.S. relations and the Mainland economy. Tariffs have moved to the center stage while foreign affairs, finance and technology, etc. have receded slightly. If Trump insists on raising tariffs on all Chinese imports to 60%, the impact on China’s trade and economy will be significant. In short, China’s economy next year will be driven by two opposing forces: U.S. policy and stimulus efforts of the Central Government.
Overall, as confidence is yet to be restored, might have to do with China’s not-yet-returned animal spirits. In addition, the continued sluggish employment performance has led to the limited growth in wages (especially for new employees). All this is making people reluctant to spend like they did in the past. Given such stubborn structural problems, we believe that achieving a 5% economic growth rate in China in 2025 will be challenging.
Target price for the HSI in 2025: 23,200 points
Looking ahead to 2025, While the China-U.S. relationship is poised to be the primary risk factor for the Hong Kong stock market in 2025, from an optimistic perspective, the declaration by President Trump regarding a potential 60% tariff on Chinese imports may serve as a part of bargaining strategy, leaving the final tariff rates and their scope uncertain. Additionally, considering that the Ministry of Finance has indicated that further economic stimulus measures are yet to be introduced, our outlook for the market remains cautiously positive. Considering the unusually exuberant market sentiment during the HSI’s recent decline from the peak, when daily trading turnover exceeded HK$600bn at once, we believe that the index has the potential to return to the 23,200 points in 2025. In terms of market valuation, the market forecasts EPS of HK$2,210 for 2025, reflecting a YoY growth of 5.1%. Thus, the forwarded P/E corresponding to the 23,200-point level would be 10.50x, slightly above the 10-year average of 10.26x. Should the index close at 19,700 points by year-end, this would indicate a potential upside of approximately 17.8%.
This scenario is based on the following key assumptions: (1) the scale of economic stimulus measures aligns with expectations and focuses on private consumption, (2) EPS growth for the HSI maintains above 5%, and (3) the China-U.S. conflict is confined to trade-related issues only.
Three investment themes for 2025
- Benefiting from new policies
- Low geopolitical sensitivity
- Actively expanding business overseas
Top Picks
| Name | Target Price |
| Benefiting from new policies | |
| CMB (3968) | 43.0 |
| PAI (2318) | 57.5 |
| Low geopolitical sensitivity | |
| CSCI (3311) | 11.9 |
| Tencent (700) | 507.0 |
| China Mobile (941) | 80.9 |
| Actively expanding business overseas | |
| Trip.com (9961) | 625.3 |
| BYD (1211) | 319.1 |
Prepared by KGI
Kenny Wen, Head of Investment Strategy at KGI, says: “In light of various external uncertainties, such as the recent escalation in the Russia-Ukraine situation and Trump’s threats to significantly increase tariffs, there are potential negative impacts on China’s economy. Coupled with insufficient domestic demand, achieving a 5% economic growth rate next year may be challenging. We should closely monitor the Central Economic Work Conference in December and the Two Sessions in March next year, by then to gain more insights on, how would central government’s assess economic performance and the timeline for introducing stimulus policies. Regarding the Hong Kong stock market, while the economic and corporate earnings growth prospects in mainland China remain conversative, the Hang Seng Index’s attractive valuation and the underweight positions of foreign institutional investors suggest that the market may continue to experience significant fluctuations. Once investor confidence returns and capital flows into the market, the Hang Seng Index could potentially break through the 23,200 level seen in October this year. We recommend focusing on three main themes: (1) benefiting from new policies, (2) low geopolitical sensitivity, and (3) actively expanding business overseas.”
Taiwan Market
We are optimistic that Taiwan’s stock market in 2025 will continue the bullish trend observed in 2023 and 2024. This optimism is primarily based on the steady global economic expansion and the AI arms race, which is expected to sustain strong momentum in technology stock earnings.
While we remain optimistic about the continuation of the bullish trend in Taiwan’s stock market in 2025, the annual gains may not surpass the impressive performances of the past two years. The current AI-driven surge has already resulted in a significant increase of over 90% for the TAIEX, with the forward price-to-earnings ratio reaching as high as 21 times. Compared to previous bull markets driven by technological paradigm shifts, the current gains and valuations are approaching historical peaks. Following a 28% increase in 2023, Taiwan’s stock market once reached a maximum gain of nearly 30% so far in 2024.
We expect Taiwan’s stock market in 2025 to generally follow a U-shaped trend, with a bullish bias in the first and fourth quarters and potential corrections in the second and third quarters.
James Chu, Chairman at KGI Securities Investment Advisory, says: “Under a scenario where the U.S. economy achieves a soft landing, interest rate cuts are expected to boost risk assets. This, combined with China’s economic stimulus measures and the steady trend of artificial intelligence, supports a bullish outlook for Taiwan’s stock market in 2025. The tech industry continues to thrive, primarily driven by AI, with Taiwan maintaining its leading position in the global semiconductor sector and a comprehensive AI supply chain, which is expected to drive significant earnings growth in 2025. However, following Taiwan’s stock market with a maximum gain of nearly 30% in 2023 and 2024, and with earnings growth projected to slow from 36% in 2024 to 18% in 2025, the potential for sustained index gains may be limited. Instead, the focus may shift to individual stock performance. Domestic investors have effectively countered foreign selling pressure in recent years, providing continued support against downside risks in 2025. Meanwhile, the Trump administration’s aggressive economic and trade policies could increase market volatility but also present strategic buying opportunities.”
Singapore Market
Looking ahead to 2025, significant changes are anticipated in the global macroeconomic landscape, with the U.S. expected to overhaul key policies related to international trade, foreign affairs, immigration, and more under Trump’s administration. Rising tensions among major economies are likely. However, Singapore, with its strategic position as a trade, logistics, and wealth hub, is well-positioned to navigate these shifts. Since the onset of the trade war in 2017, Singapore has leveraged its strengths and geographical advantages to achieve consistent growth. As we move into the coming year, Singapore is poised to face both new challenges and fresh opportunities. Chen Guangzhi, Head of Research at KGI Singapore, says: “We believe Singapore will capture growth opportunities amidst the backdrop of the new round of global trade tensions and ensuing rising geopolitical risks in 2025”
Indonesia Market
We are optimistic about 2025, targeting higher economic growth of 5.5%, which is above the 10-year average of 5.1%. This growth will be driven by increased consumption and investment, a rise in civil servant salaries, infrastructure development in the Nusantara Capital City (IKN), and downstream exports, contingent on robust global commodity prices. Yuganur Wijanarko, Senior Analyst at KGI Indonesia, says: “We maintain a positive outlook for 2025, and despite upcoming challenges, anticipate significant improvements in consumer confidence and domestic demand.”
DISCLAIMER
All the information contained in this document is not intended for use by persons or entities located in or residing in jurisdictions which restrict the distribution of this document by KGI Asia Limited (“KGI”), or any other affiliates of KGI. Such information shall not constitute investment advice, or an offer to sell, or an invitation, solicitation or recommendation to subscribe for or invest in any securities, insurance or other investment products or services nor a distribution of information for any such purpose in any jurisdiction. In particular, the information herein is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States of America, or to or for the benefit of United States persons (being residents of the United States of America or partnerships or corporations organised under the laws of the United States of America or any state, territory or possession thereof). All the information contained in this document is for general information and reference purpose only without taking into account of any particular investor’s objectives, financial situation or needs and may not be redistributed, reproduced or published (in whole or in part) by any means or for any purpose without the prior written consent of KGI. Such information is not intended to provide any legal, financial, tax or other professional advice and should not be relied upon in that regard.
All investments involve risks. The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling securities.
Bond investment is NOT equivalent to a time deposit. It is NOT protected under the Hong Kong Deposit Protection Scheme. Bondholders are exposed to a variety of risks, including but not limited to: (i) Credit risk – The issuer is responsible for payment of interest and repayment of principal of bonds. If the issuer defaults, the holder of bonds may not be able to receive interest and get back the principal. It should also be noted that credit ratings assigned by credit rating agencies do not guarantee the creditworthiness of the issuer; (ii) Liquidity risk – some bonds may not have active secondary markets and it would be difficult or impossible for investors to sell the bond before its maturity; (iii) Interest rate risk – When the interest rate rises, the price of a fixed rate bond will normally drop, and vice versa. If you want to sell your bond before it matures, you may get less than your purchase price. Do not invest in bond unless you fully understand and are willing to assume the risks associated with it. Please seek independent advice if you are unsure.
You are advised to exercise caution and undertake your own independent review, and you should seek independent professional advice before making any investment decision. You should carefully consider whether investment is suitable in light of your own risk tolerance, financial situation, investment experience, investment objectives, investment horizon and investment knowledge.
No representation or warranty is given, whether express or implied, on the accuracy, adequacy or completeness of information provided herein. In all cases, anyone proposing to rely on or use the information contained herein should independently verify and check the accuracy, completeness, reliability and suitability of the information. Simulations, past and projected performance may not necessarily be indicative of future results.
Information including the figures stated herein may not necessarily have been independently verified, and such information should not be relied upon in making investment decisions. None of KGI, its affiliates or their respective directors, officers, employees and representatives will be liable for any loss or damage of any kind (whether direct, indirect or consequential losses or other economic loss of any kind) suffered or incurred by any person or entity due to any omission, error, inaccuracy, incompleteness or otherwise, or any reliance on such information. Furthermore, none of KGI, its affiliates or their respective directors, officers, employees and representatives shall be liable for the content of information provided by or quoted from third parties.
Members of the KGI group and their affiliates may provide services to any companies and affiliates of such companies mentioned herein. Members of the KGI group, their affiliates and their directors, officers, employees and representatives may from time to time have a position in any securities mentioned herein.
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The issuer is solely responsible for the content of this announcement.
KGI
KGI is one of the region’s leading financial institutions since 1997. Our scope of business encompasses wealth management, brokerage, fixed income, and asset management. We are committed to offering a broad range of financial products and services to corporate, institutional, and individual clients throughout Asia. Backed by KGI Financial Group, we have a robust Asia footprint covering Taiwan, Hong Kong, Singapore, Indonesia, and Thailand.
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Sunlight Real Estate Investment Trust (“Sunlight REIT”) Interim Results for the Six Months Ended 30 June 2026
Financial Highlights of 2026 Interim Results
(in HK$’ million, unless otherwise specified)
| Six months ended
30 June 2026 |
Six months ended
30 June 2025 |
Change
(%) |
|
| Revenue | 382.4 | 391.2 | (2.2) |
| Net property income | 299.7 | 307.4 | (2.5) |
| Cost-to-income ratio (%) | 21.6 | 21.4 | N/A |
| Loss after taxation | (124.1) | (172.2) | N/A |
| Distributable income | 164.0 | 168.6 | (2.7) |
| Distribution per unit (HK cents) | 8.8 | 9.1 | (3.3) |
| Payout ratio (%) | 94.3 | 93.8 | N/A |
| At 30 June
2026 |
At 31 December
2025 |
Change
(%) |
|
| Portfolio valuation | 17,118.1 | 17,403.0 | (1.6) |
| Net asset value | 12,168.2 | 12,402.6 | (1.9) |
| Net asset value per unit (HK$) | 6.92 | 7.09 | (2.4) |
| Gearing ratio (%) | 28.3 | 27.8 | N/A |
Disclaimer: The information contained in this press release does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for units in Sunlight REIT in Hong Kong or any other jurisdiction.
Hashtag: #SunlightREIT #REIT
The issuer is solely responsible for the content of this announcement.
About Sunlight REIT
Listed on The Stock Exchange of Hong Kong Limited since 21 December 2006, Sunlight REIT (stock code: 435) is a real estate investment trust authorized by the Securities and Futures Commission, and constituted by the trust deed dated 26 May 2006 (as amended and restated) (the “Trust Deed”). It offers investors the opportunity to invest in a diversified portfolio of 11 office and six retail properties in Hong Kong with a total gross rentable area of approximately 1.3 million sq. ft. The office properties are located in both core and decentralized business areas, while the retail properties are situated in regional transportation hubs, new towns and urban areas with high population density.
About the Manager
The Manager of Sunlight REIT is an indirect wholly-owned subsidiary of Henderson Land Development Company Limited. Its main responsibility is to manage Sunlight REIT and all of its assets in accordance with the Trust Deed in the sole interest of its unitholders.
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Create Meaningful Family Moments This Mother’s Day Holiday with ONYX Hospitality Group
Believing that the best journeys are those shared with the people who matter most, ONYX Hospitality Group, a leading hospitality management company in the Asia-Pacific region specialising in hotels, resorts, serviced apartments, luxury residences, restaurants and spas, encourages families to reconnect and create meaningful moments together this holiday. Through thoughtfully curated experiences designed to bring generations together, each property offers a wide range of on-site activities alongside the unique attractions of its surrounding destination, creating opportunities for families to make every moment together even more meaningful.
Guided by its More of What You Love philosophy, ONYX Hospitality Group’s portfolio of hotels is committed to creating holiday experiences that extend far beyond the guest room. From memorable dining experiences and rejuvenating spa treatments to quality time spent together in the hotel’s shared spaces and opportunities to discover the charm of local communities and cultural heritage surrounding each destination, every journey is thoughtfully designed to be richer and more rewarding. Complemented by the benefits of ONYX Rewards and exceptional dining experiences through ONYX Dining, every stay is made more seamless, more rewarding and more memorable, from the moment guests arrive until they return home.
For families planning a short getaway within Thailand, with the turquoise sea as the backdrop to their ideal holiday, Amari offers meaningful moments of relaxation, creating opportunities to spend quality time with mothers and loved ones alike, whether on the Gulf of Thailand or along the Andaman coast.
Amari Pattaya offers everything families need for a memorable holiday, with accommodation options ranging from one-bedroom rooms to spacious three-bedroom suites accommodating up to six guests, allowing everyone to spend quality time together throughout their stay. At the same time, every generation can enjoy activities tailored to their own interests, whether relaxing at Club Napa, the exclusive lounge on the 19th floor overlooking panoramic views of Pattaya Bay, or letting younger guests enjoy the water park and Tree House Kids Club before coming together again to share memorable dining experiences. From authentic Thai cuisine and international favourites to homemade pasta and poolside bites, dining experience adds another special moment to the family getaway. The day concludes with a rejuvenating treatment at maai spa, where holistic wellness therapies inspired by the beautiful transformation of the silkworm create a deeply restorative experience for both body and mind.
Meanwhile, Amari Hua Hin offers another ideal destination for families wishing to create meaningful moments with their mothers during the holiday. Set within a relaxed seaside atmosphere, the hotel features comfortable accommodation suitable for guests of all ages, a swimming pool, Breeze Spa, and dedicated children’s facilities. Beyond the hotel, families can stroll along the beach, discover local cafés and restaurants, or explore the unique charm of Hua Hin together.
For families seeking a relaxing escape amid the beauty of the Andaman Sea, Amari Phuket is set on a secluded private headland, offering panoramic views across Patong Bay from its guestrooms and suites. The resort’s interiors thoughtfully blend contemporary Thai craftsmanship with a distinctive sense of place, creating a warm and inviting atmosphere throughout the stay. Families can enjoy memorable moments together over authentic Italian cuisine at La Gritta, the resort’s renowned seafront Italian restaurant, or unwind while taking in spectacular ocean views from La Gritta Bar, The Jetty, The TreePod, and Samutr Bar, each offering its own unique ambience. The resort also features two swimming pools, Breeze Spa, and a Kids Club, allowing guests of all ages to enjoy their preferred way of spending time before heading out to experience the vibrant atmosphere of Patong Beach, along with its restaurants and shopping destinations, all just minutes away.
Another excellent choice for a seaside family holiday is Amari Koh Samui, located on Chaweng Beach. Surrounded by natural beauty, the resort offers a range of accommodation options, including spacious two-bedroom suites, along with three swimming pools, Breeze Spa, and activities for children. Families can also enjoy exploring Bophut Fisherman’s Village or discovering the unique charm of Koh Samui together. The resort’s diverse collection of restaurants and bars further enhances every family dining experience, including Amaya Food Gallery, serving Thai and international cuisine through interactive live cooking stations; Amaya Café for coffee, tea and light refreshments; Amaya Bar by the beach; Prego Koh Samui, offering authentic Italian cuisine and pizzas; and Aqua Eatery & Bar, serving beverages and light meals in a relaxed poolside setting.
For families seeking greater tranquillity and a closer connection with nature, Amari Vogue Krabi is located on Tubkaek Beach, one of Krabi’s most peaceful stretches of coastline. Nestled amidst nature at the foot of Dragon’s Crest (Khao Ngon Nak), one of the province’s most renowned scenic viewpoints, the resort enjoys a setting that continues to attract travellers from around the world. Surrounded by the breathtaking Andaman Sea, picturesque offshore islands and lush green mountains, the resort provides an idyllic environment for families to spend quality time together, unwind completely and immerse themselves in the beauty of nature. Beyond the resort, guests can discover Krabi’s natural attractions through island-hopping excursions, kayaking adventures, visits to its famous beaches and viewpoints, or explore the local way of life in Krabi Town, with its restaurants, markets and vibrant evening attractions.
Whether it is taking your parents away for a well-deserved change of scenery, spending the holidays with children and grandchildren, gathering with siblings for a special occasion, or reconnecting with friends after a long time apart, ONYX Hospitality Group’s hotels and serviced residences are ready to be part of every meaningful moment. With a diverse portfolio that caters to different destinations, lifestyles and travel preferences, ONYX Hospitality Group believes that the true meaning of travel lies not simply in the places we visit, but in the people we share the journey with and the moments we create together. Bringing More of What You Love to every stay, the Group continues to create memorable travel experiences that matter.
For more information and reservations, please visit www.onyx-hospitality.com
Hashtag: #ONYXHospitalityGroup
https://www.onyx-hospitality.com
https://www.linkedin.com/company/onyx-hospitality-group/
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https://www.instagram.com/onyxhospitalitygroup/
The issuer is solely responsible for the content of this announcement.
About ONYX Hospitality Group
ONYX Hospitality Group, a reputable force in the Asia-Pacific hospitality industry, operates a collection of comprehensive yet complementary brands – Amari, OZO, Shama and Oriental Residence – catering to the distinctive needs of discerning business and leisure travellers across the region where it has deep expertise. In addition to its brand portfolio, ONYX Hospitality Group also operates additional hospitality services across spa and food & beverage. With six decades of management experience, the company extends its innovative solutions throughout the region, upholding internationally recognised standards and ensuring optimal operational manoeuvrability. By fostering enduring relationships with like-minded business partners, ONYX Hospitality Group delivers unparalleled experiences in a dynamic and competitive market, meeting the ever-evolving demands of travellers.
More information: www.onyx-hospitality.com
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Vinhomes advances urban development platform amid global shift toward nature-positive investment
With a land bank exceeding 295 million square meters, nearly 650,000 residents across its integrated townships, and record equivalent revenue of VND183.1 trillion (US$6.94 billion) in 2025, the company has demonstrated its capacity to plan, finance, deliver and operate large-scale cities with remarkable consistency.
For more than two millennia, humanity has celebrated its greatest achievements through the idea of “wonders,” from the Seven Wonders of the Ancient World to the New7Wonders of Nature, which in 2011 recognized sites such as the Amazon Rainforest and Vietnam’s own Ha Long Bay for their untouched natural beauty.
Today, a fourth wave is emerging: one defined not by human creations set apart from nature, nor by landscapes left untouched, but by developments where urbanization actively enhances natural ecosystems. This philosophy, combined with Vinhomes’ operational scale, has positioned the company at the forefront of that shift, offering global institutional investors a proven model that is gaining recognition across Asia.
Nature-Positive Development Defines Vinhomes’ Urban Philosophy
At the core of Vinhomes’ approach is a fundamental departure from traditional real estate development; the company approaches urban development as an integrated process of environmental enhancement, infrastructure creation and community building.
This philosophy is evident across several landmark projects. At Vinhomes Green Paradise in Can Gio, built on reclaimed coastal land, modern infrastructure coexists with active ecological restoration, creating new living environments while supporting long-term environmental resilience.
At Vinhomes Global Gate Ha Long, the urban masterplan has been designed specifically to complement the UNESCO-recognized Ha Long Bay, one of the world’s most celebrated natural wonders, creating a space where urban life and natural heritage mutually enrich one another.
For institutional investors, this nature-positive orientation reflects a broader strategic shift. Long-term capital is increasingly flowing toward developers capable of creating urban ecosystems that generate value over decades, not merely delivering projects on a transactional basis. Vinhomes’ ability to embed sustainability, ecological regeneration and climate resilience into its masterplans aligns with the evolving expectations of global asset owners seeking both financial returns and environmental impact.
Proven Execution And Operational Scale Build Investor Confidence
In real estate, vision carries little weight without the ability to execute. This is where Vinhomes has established one of its strongest competitive advantages. While many developers concentrate their portfolios within a limited number of cities or regions, Vinhomes has successfully replicated its large-scale urban development model across Vietnam, delivering integrated townships from north to south while maintaining consistent quality, execution speed and operational standards.
The company’s 2025 performance underscores this capability. By year-end, Vinhomes had delivered more than 34,000 apartments, villas and shophouses, achieving record equivalent revenue of VND183.1 trillion (US$6.94 billion), a 29% year-on-year increase that exceeded its annual target. Net profit reached VND43.3 trillion (US$1.6 billion), up 24%, while sales bookings nearly doubled to VND205.3 trillion (US$7.9 billion). Unrecognized contracted sales of VND186.4 trillion (US$7.1 billion) provide exceptional revenue visibility for the years ahead.
Beyond financial metrics, Vinhomes’ operational scale is evidenced by nearly 650,000 residents now living across its developments nationwide, forming one of Southeast Asia’s largest integrated residential communities. This scale demonstrates not only the company’s ability to build projects but also its capacity to create functioning urban ecosystems capable of sustaining long-term economic and social activity.
The company’s land bank, exceeding 295 million square meters as of December 31, 2025, represents Vietnam’s largest and is strategically positioned across major metropolitan areas and regions benefiting from accelerating urbanization, industrial development and tourism growth. This extensive reserve provides a substantial pipeline for future development while supporting sustainable long-term growth.
Vinhomes’ operational excellence is further validated by internationally recognized certifications including ISO 9001, ISO 14001, ISO 45001 and SA8000, reflecting global standards in quality management, environmental performance, occupational health and safety, and social responsibility. The company’s market position, Vietnam’s largest listed real estate company by market capitalization at approximately US$19.4 billion, and the country’s second-largest listed enterprise overall, reinforces its institutional credibility. Its brand, valued at an estimated US$1.6 billion by Brand Finance, ranks among Vietnam’s Top 10 Most Valuable Brands.
For international investors, these indicators point to something larger than financial success alone. They reflect a company that has evolved beyond traditional real estate development into a trusted urban development platform, one capable of planning, financing, delivering and operating large-scale cities with remarkable consistency.
If the first three waves of human wonders celebrated extraordinary achievements of engineering or nature, the emerging fourth wave may well be defined by developments that elevate nature itself, creating places where environmental restoration, economic growth and human prosperity reinforce one another.
That vision demands proven execution, long-term thinking and institutional credibility. These qualities explain why an increasing number of global investors are viewing Vinhomes as one of Asia’s most compelling long-term urban development platforms.
Hashtag: #Vinhomes
The issuer is solely responsible for the content of this announcement.
About Vinhomes
Vinhomes is Vietnam’s largest residential real estate and integrated township developer. The company pioneers the development of synchronized, modern large-scale townships, delivering premium living standards and unlocking sustainable investment opportunities for domestic and international clients.
