Media OutReach
KGI: 2025 Mid-Year Market Outlook
Navigating the New Normal
HONG KONG SAR – Media OutReach Newswire – 24 June 2025 – Today, KGI has released its 2025 Mid-Year Market Outlook.
Looking back over the first half of the year, Trump officially took office as President of the United States and started a trade war. At one point, he even threatened to levy tariffs on China of more than 100%, triggering massive market fluctuations. Since then, many countries have entered negotiations with the U.S., and positive signals have emerged. How will the ongoing tariff war affect global economic development? How will the economic uncertainty created by Trump’s policies influence interest rate trends? How will China respond to the increasingly tense trade relationship? And how will China achieve economic growth targets amid external economic instability?
Under this backdrop, for the second half of the year, we maintain the “ACE” strategy:
- Alternatives: Gold and other alternative assets are expected to be inflation-resistant and have lower correlation with traditional stocks and bonds.
- Credit Selection: Maintain a preference for high-grade bonds, as the market still presents opportunities to lock in yields.
- Elite Stocks: Diversify investment in quality stocks, balancing the allocation between cyclical and defensive stocks.
Cusson Leung, Chief Investment Officer at KGI, says: “In terms of asset allocation, considering the economic and political developments in the second half of the year, investors can continue to follow the ACE strategy: A is Alternatives. The fiscal conditions of multiple governments have sparked controversy, coupled with central banks diversifying asset allocations and geopolitical instability, which will be favorable to gold prices. C is Credit Selection. We expect downside risks to the economy, thus maintaining a preference for quality bonds. Corporate bonds will provide opportunities to lock in yields. E is Elite Stock. Tariff expectations are anticipated to impact corporate earnings; cyclical stocks and defensive stocks can be balanced in the allocation. Outside the United States, focus on countries with minimal tariff impact or those that have already reached agreements.”
Macro & U.S. Markets
In 2H2025, the global economy will enter a slowdown mode, particularly in emerging markets, with the slowdown being most pronounced in the United States among mature markets. In the first half of the year, U.S. companies stockpiled goods in anticipation of tariff wars, resulting in decent economic performance. However, this situation will not continue into the second half, with GDP growth rates potentially falling below 1%, averaging around 1.35% for the year. The slowdown in the Eurozone and the UK will be less pronounced than in the U.S., but the negative impacts of the trade war cannot be underestimated. The economic outlook for Japan and China is also bleak.
In the first half of the year, the U.S. economy shone due to strong demand, but this demand is expected to wane in the second half, leading to weaker economic data. The uncertainty of Trump’s policies affects consumer confidence and corporate orders, with labor market data showing a downward trend, further impacting wages and consumption.
The Fed may cut interest rates by 25 basis points in the fourth quarter of 2025 and continue to lower rates by 50 to 75 basis points in 2026. As for U.S. stocks, the likelihood of entering a bear market this year is low, but a decline is possible in the third quarter, with annual profit estimates dropping from 14.1% to below 9%. Investors are advised to focus on defensive and high-quality stocks to weather the economic downturn.
In terms of bond investments, the weakening U.S. economy is expected to drive bond yields lower, with Treasury yields projected to fall to 4.0%-4.3% from the latter half of the third quarter to the fourth quarter. It is recommended to invest in higher-quality investment-grade corporate bonds and consider transitioning to non-investment-grade corporate bonds when the economy hits bottom.
James Chu, Chairman at KGI Securities Investment Advisory, says: “The easing of the trade war has reduced the risk of a U.S. economic recession, but its uncertainty has already affected economic confidence and will put pressure on hard data in the future. The recent rise in the stock market has brought valuations back to high levels. Investors need to be aware of the expiration of the tariff suspension and the subsequent economic and corporate earnings revisions that could bring volatility.”
Mainland China and Hong Kong Markets
Since early 2025, China’s economy has shown marginal improvement amid multiple internal and external factors. In the trade sector, after reaching a 90-day short-term tariff exemption agreement with the United States, market expectations for the full-year GDP growth rate have risen from the initially announced “Liberation Day” figure of 4.2% to 4.5% following the preliminary agreement; on the other hand, although exports to the U.S. continue to shrink, exports to ASEAN and India have increased significantly, with exporters actively expanding multilateral markets to mitigate external shocks, and the proportion of China’s exports to the U.S. continues to decline. Against this backdrop of external challenges, the Chinese government’s four economic priorities include: (1) maintaining liquidity in the banking system, (2) boosting consumer confidence, (3) supporting innovation and technology to drive high value-added production strategies, and (4) expanding trade alliances beyond the U.S.
China-U.S. relations will continue to play out in a “periodic tension and relaxation” new normal. Facing U.S. escalating high-tech export controls, China is accelerating the strengthening of domestic supply chains, diversified trade strategies, and independent R&D to promote core technology autonomy and control. The continued growth of gold reserves highlights the value of this safe-haven asset in uncertain environments. Regarding the Hong Kong stock market, the Hang Seng Index has performed strongly since the beginning of the year, reflecting sustained overseas capital allocation to Chinese assets and rising risk appetite. Overall, in the second half of 2025, China’s economy will continue to recover driven by policy support, domestic demand rebound, and manufacturing transformation and upgrading. However, attention should remain on uncertainties such as China-U.S. friction, geopolitical issues, and international demand fluctuations.
Hang Seng Index target price in the second half of 2025 is 25,500 points
We previously set a target of 23,200 points for the first half of 2025, when the biggest downside risk was Trump’s tariff policies. Considering the above factors, we believe the Hong Kong stock market will reflect more positive factors in the second half, which is also reflected in the market’s upward revision of earnings per share estimates for the Hang Seng Index. We raise this year’s Hang Seng Index target price to 25,500 points, corresponding to an estimated price-earnings ratio of about 11 times, with potential growth of 6.3% in the second half (as of June 17, 2025), and a total annual increase of 27.5%. In terms of sectors, we are optimistic on industry, Internet, raw materials, telecommunications, healthcare and utilities, including 13 selected stocks.
Cusson Leung, Chief Investment Officer at KGI, says: “Overall, in the second half of 2025, China’s economy will continue to recover driven by policy support, domestic demand rebound, and manufacturing transformation and upgrading. However, attention should remain on uncertainties such as China-U.S. friction, geopolitical issues, and international demand fluctuations. The Hang Seng Index year end target is at 25,500 points, with a positive outlook on 6 sectors and 13 stock picks.”
Taiwan Market
Trump’s erratic tariff policies have caused significant volatility in the Taiwan stock market during the first half of the year. However, with the recent easing of the trade war and stable short-term AI demand, the Taiwan stock market has seen some recovery. Looking ahead, we believe the negative impact of the trade war will gradually become evident, potentially leading to downward adjustments in the Taiwan stock market before the third quarter. Nonetheless, a moderate correction could help stabilize the market in the fourth quarter. Despite the temporary agreement between the U.S. and China, high tariffs continue to affect economic growth and inflation pressures. Given the close economic ties between Taiwan and the U.S., tariff impacts could lower Taiwan stock market profits. If adverse factors can be absorbed in the third quarter, the market is likely to stabilize in the fourth quarter, with AI demand remaining a crucial support for the Taiwan stock market.
James Chu, Chairman at KGI Securities Investment Advisory, says: “The demand for AI in the short term remains stable, supporting a continued rebound in the stock market. However, the trade war and exchange rate impacts have increased the uncertainty of corporate earnings. Early stockpiling has made the normally slow season in the first half of the year less sluggish for the Taiwanese stock market, but it may lead to a less prosperous peak season in the second half of the year.”
Singapore Market
In 2H25, Singapore’s economy is expected to experience cautious growth due to global trade uncertainties and a challenging external environment. While sectors like wholesale trade, manufacturing, finance, and insurance provide some support, geopolitical tensions and protectionism weigh on sentiment. Inflation remains manageable, but the labor market shows signs of strain. Trade activity, boosted recently by tariff suspensions, is expected to moderate.
Looking ahead, growth is influenced by external factors such as U.S. trade policies and China’s recovery. The government has revised growth expectations downward, but strengths in electronics and financial services persist. Strategic investments in AI, digitalization, and green technologies aim to future-proof the economy. Risks remain from potential trade conflicts and weakening global demand. Domestic measures to boost innovation and stabilize the property market are anticipated to support growth, though challenges for businesses and households may arise. Overall, Singapore’s economy is positioned to remain steady with limited near-term upside.
Chen Guangzhi, Head of Research at KGI Singapore, says: “Amid increasing global macroeconomic uncertainties, Singapore will further underscore its strengths in political and economic stability. Therefore, we remain cautiously upbeat about the outlook in 2H25.”
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The issuer is solely responsible for the content of this announcement.
About KGI
KGI*has been a leading financial institution in Asia since 1997. Our scope of business encompasses wealth management, brokerage, fixed income, and asset management. We are committed to offering a comprehensive range of financial products and services to corporate, institutional, and individual clients throughout Asia. Backed by KGI Financial Group, we have a robust footprint in Asia, covering Taiwan, Hong Kong, Singapore, Indonesia, and Thailand^.
*KGI refers to KGI Asia Limited and its affiliates.
^an investee enterprise of KGI Securities, not a subsidiary.
Media OutReach
From Engineering Feats to Ecological Regeneration, Vinhomes Green Paradise Debuts the ESG++ Framework for Future Cities
Today, that narrative is shifting. When Vinhomes Green Paradise confidently steps onto the global stage, alongside projects from the world’s most advanced economies, it represents far more than the launch of a new development. It marks a moment when Vietnamese urban thinking moves beyond its domestic context, ready to be assessed, debated, and recognized at a regional and international level.
This is not merely a project announcement. It is a signal of transformation.
When Vietnamese Cities Enter the Global Conversation
Vietnam has, in recent years, earned international recognition through prestigious awards in planning, architecture, and real estate, including the Asia Pacific Property Awards and the International Property Awards. These accolades reflect the growing professionalism and creative capacity of Vietnamese developers, architects, and planners.
Yet Vinhomes Green Paradise occupies a different dimension of aspiration. Its significance does not lie in a single master plan or architectural statement, but in a comprehensive urban philosophy, one where sustainability, advanced technology, and environmental responsibility are no longer supporting ideas, but core drivers placed on equal footing with economic growth.
In this sense, the project signals that Vietnamese expertise has matured. It suggests a readiness not just to learn from the world, but to engage in meaningful dialogue with it, and to contribute original thinking to the global discourse on future cities.
The choice of location is no coincidence. Can Gio is one of Vietnam’s most ecologically sensitive regions, home to more than 75,000 hectares of mangrove forests recognized by UNESCO as a World Biosphere Reserve.
Developing nearly 3,000 hectares in such an environment presents an unprecedented challenge. In a place where ecosystems are delicate and interconnected, any miscalculation could leave irreversible consequences.
Vinhomes Green Paradise emerges precisely within this context. It serves as a comprehensive test of urban knowledge, technological capability, governance capacity, and, above all, environmental accountability. Its implementation demonstrates that Vietnamese enterprises are prepared to meet the most demanding international standards in ecological urban development.
From Urban Project to Urban–Nature Ecosystem
What truly distinguishes Vinhomes Green Paradise is not its scale, but its development philosophy. The project is not positioned as a conventional modern township. Instead, it is conceived as an integrated urban–nature ecosystem, where human life and the natural environment coexist in a state of long-term balance.
Green infrastructure, smart-city technologies, renewable energy systems, digital governance, and ecological restoration are woven into a single, unified framework. Globally, only a handful of pioneering cities, such as Masdar in the United Arab Emirates or Songdo in South Korea, have pursued such an integrated approach at scale.
The emergence of Vinhomes Green Paradise signals that Vietnam is no longer standing at the periphery of this movement. It is entering the arena with the confidence to participate, and potentially to lead, in the global race toward sustainable urban futures.
ESG++: Beyond Sustainability Toward Regeneration
While ESG (Environmental, Social, Governance) principles have become a global standard, Vinhomes Green Paradise advances the concept further through an ESG++ framework, adding two critical dimensions: Regeneration and Resilience.
Rather than expanding by consuming natural resources, the project prioritizes ecological restoration, aiming not merely to minimize harm, but to actively return value to the environment. The vision is of a city that can generate its own energy, treat and reuse its wastewater, and maintain ecological equilibrium over time.
Urban experts increasingly agree that such models are essential in an era of climate change, particularly for coastal cities facing rising sea levels and extreme weather. In this context, Vinhomes Green Paradise contributes to defining a new benchmark for sustainable coastal urbanism, not only in Vietnam, but globally.
Building a megacity in an environmentally sensitive coastal zone demands deep interdisciplinary expertise, spanning geology, hydrology, ecology, materials science, and energy systems. The financial and technological investments required are immense, and few developers are willing, or able, to assume such complexity and risk.
It is within this demanding framework that the involvement of AOMI Construction Co., Ltd., becomes particularly significant. AOMI is the owner of the K-DPM soil solidification technology, one of the world’s most advanced solutions for soft-ground and land reclamation projects.
Drawing from Japan’s extensive experience as an island nation with limited land resources, Mr. Okori Katsumi, a Japanese expert, representative of AOMI Construction Co., Ltd., explains: “Japan has long faced constraints in land availability. For decades, we have turned to the sea, creating airports, urban spaces, and new living environments through carefully engineered land reclamation.”
Traditional methods, such as mixing cement directly with soil, revealed critical limitations in scale and transportability. K-DPM technology was developed to overcome these barriers by using high-pressure air to move and solidify large volumes of dredged material, reducing construction time while minimizing environmental impact through reduced reliance on sand extraction.
From Engineering Feats to a 21st-Century Symbol
Japan’s experience in land reclamation has consistently emphasized environmental protection, using containment barriers to limit water turbidity, and applying strict standards for pH levels and material compatibility with surrounding ecosystems. These principles are now being adapted and elevated in Can Gio.
For Vingroup, Vinhomes Green Paradise is not its first venture into coastal engineering. In 2017, the VinFast manufacturing complex in Hai Phong, over 60% of which involved land reclamation, was completed in a record 21 months, setting new benchmarks for speed and technical execution.
In Can Gio, the challenge has been taken further. The project benefits from consultancy by Dutch experts, representing a nation globally renowned for water management and land reclamation expertise. The objective extends beyond structural durability to the comprehensive preservation of indigenous ecosystems over the long term.
If land reclamation once astonished the world through icons like Palm Jumeirah in Dubai, Vinhomes Green Paradise seeks to redefine that legacy through a fundamentally different philosophy: Respect for nature and ecological regeneration.
This ESG++ megacity is more than proof of advanced engineering capability. It stands as a symbol of Vietnam’s national vision, one that looks toward the ocean not as a frontier to conquer, but as a partner in shaping resilient, future-ready cities.
Ultimately, Vinhomes Green Paradise is not simply a real estate development. It is a declaration of aspiration and confidence, a statement that Vietnamese urbanism has entered a new era, where healing people and healing nature are no longer separate goals, but a shared mission for sustainable progress in the 21st century.
Hashtag: #Vinhomes
The issuer is solely responsible for the content of this announcement.
Media OutReach
HDBank completes issuance of US$100 million green bonds to international investors
The announcement was made at “The USD100 Million Green Bond Issuance Disclosure Ceremony” recently held between HDBank and its green bond investors including FMO, BII and the International Finance Corporation (IFC) – a member of the World Bank Group in the presence of the Deputy Consul General of the Netherlands and representatives from the British Consulate General in Ho Chi Minh City.
The bonds included $30 million privately issued to FMO and $20 million to BII. The first tranche was issued to IFC, which facilitated the participation of FMO and BII in the second tranche.
The bonds have a three-year term, are non-convertible and unsecured and issued without warrants.
Nguyen Huu Dang, HDBank’s CEO, said: “Sustainable development goals lie at the heart of HDBank’s strategy, which is centred on delivering the best value for customers, partners and the community. This international green bond initiative marks an important stepping stone on our journey towards achieving those goals.”
The issuance help diversify HDBank’s funding sources, support its sustainable growth strategy and create a foundation for it to continue attracting additional international capital for green finance, sustainable development and inclusive finance initiatives in Vietnam.
This, in turn, helps customers access capital to deploy solar energy projects, electric vehicles, green buildings, and other energy-saving solutions.
Projects financed by the green bond proceeds must undergo rigorous screening, meet environmental and social risk management requirements, and comply with eligibility criteria under the Bank’s Sustainable Finance Framework. These projects are expected to reduce approximately 102,000 tons of CO₂ over 10 years, improve environmental quality and contribute to Vietnam’s Net Zero 2050 commitment.
Weichuan Xu, IFC’s lead for the Financial Institutions Group in Vietnam, Cambodia and Lao PDR, said the issuance marked a significant step in expanding HDBank’s climate finance portfolio and advancing Vietnam’s economic and social progress.
“The funds raised will support projects that foster sustainable industries, generate jobs and strengthen communities,” he added.
Representatives from FMO and BII also highlighted the transaction as a strong signal of the growing readiness and potential of Vietnam’s sustainable finance ecosystem, helping attract more capital for climate-responsible projects.
With this milestone, HDBank reinforces its commitment to sustainable finance and the long-term prosperity of its customers, partners and the community, while expanding its presence on the global financial map.
Hashtag: #HDBank
The issuer is solely responsible for the content of this announcement.
Media OutReach
Hang Lung Enters the Next Phase in Its Sustainability Journey with Ambitious New Targets
New targets outlined for 2030 following the successful conclusion of the 25×25 sustainability targets
HONG KONG SAR and SHANGHAI, CHINA – Media OutReach Newswire – 12 January 2026 – Hang Lung Properties Limited (SEHK stock code: 00101) (“Hang Lung” or the “Company”) today announces a new phase in its sustainability journey, unveiling 20 refreshed 2030 targets that build on its success in achieving its 25 x 25 Sustainability Targets.
Launched in 2021, the 25 x 25 targets defined Hang Lung’s agenda to the end of 2025 across four priorities: Climate Resilience, Resource Management, Wellbeing, and Sustainable Transactions. The Company has achieved its earlier ambitions, and exceeded targets related to greenhouse gas emissions reduction, renewable energy, and energy efficiency. Establishing such a concrete and robust set of targets also helped the Company develop practices in sustainability innovation and continual improvement.
Building on this success, now with expanded data, greater organizational maturity, and heightened ambition, Hang Lung’s refreshed 2030 targets reflect its position as an industry leader in sustainability.
The 20 targets for 2030 continue to be organized under the four priorities that define Hang Lung’s approach to sustainability, including the below highlights:
- Climate Resilience: Among the first real estate companies in Asia to have near- and long-term targets fully aligned with the Science Based Target initiative’s Buildings Criteria and its emission reduction pathway (1.5°C). Also, Hang Lung is the first real estate company in Asia to establish a Climate Value-at-Risk target.
- Resource Management: The first real estate company in Asia to formulate a target for biodiversity net gain (10%) on all new development projects and major renovations, supporting urban ecosystems and enhancing green spaces.
- Wellbeing: Generate at least HK$40 million in social value through community investments.
- Sustainable Transactions: Collaborate with tenants representing 25% of our leased floor area through our sustainability partnerships program.
Collaboration across the value chain remains central to Hang Lung’s approach, extending beyond traditional metrics. Hang Lung aims to partner with suppliers and tenants through quantifiable targets to drive progress upstream and downstream. In addition, the Company is committed to supporting innovation in standards development to facilitate impactful sustainability initiatives across sectors and jurisdictions.
Mr. Adriel Chan, Chair of Hang Lung Properties and Chair of the Sustainability Steering Committee, commented: “We are excited to embark on this next phase of our sustainability journey, reflecting Hang Lung’s growing role not just as a leader in sustainability action, but also in sustainability thought leadership. By working closely with partners across our value chain, we are confident that we can deliver on these commitments and continue to foster excellence in sustainable development in Asia.”
Mr. John Haffner, Deputy Director – Sustainability, added: “Over the past several years, we have seen how ambitious targets focus our efforts and help develop a culture of innovation. Building on our achievements and lessons learned, our 2030 targets are sharper and more data-driven, and will help us achieve greater impact in our communities.”
Full details of the 25 x 25 wrap-up and the new 2030 targets will be shared in Hang Lung’s 2025 Sustainability Report to be released in March. The report will provide further insights into the Company’s achievements, lessons learned, and emerging plans to support the refreshed 2030 targets, inviting partners and the wider public to join forces in shaping a sustainable future.
Appendix
Overview of 2030 Sustainability Goals and Targets
| Priority | 2030 Goals | 2030 Targets |
| Climate Resilience
|
Reduce carbon footprint in line with science and adapt to a changing climate
|
1. In-use operational emissions: 56.1% per m2 reduction in scope 1, 2 and 3 in-use operational GHG emissions of owned and leased buildings from a 2023 base year. |
| 2. Upfront embodied emissions: 42% reduction in upfront embodied emissions from a 2023 base year. | ||
| 3. Renewable electricity: 70% of our landlord’s electricity consumption across the portfolio provided by renewable electricity. | ||
| 4. Adaptation: 10% reduction in our Climate Value-at-Risk compared to the absence of implemented adaptation measures. | ||
| Resource Management
|
Drive efficient and circular use of natural resources and help regenerate nature | 5. Energy Use Intensity: 10% reduction in the landlord’s energy use intensity from a 2023 base year. |
| 6. Operational Waste: 35% recycling of municipal solid waste generated from operating properties. | ||
| 7. Construction Waste: 90% recycling of construction waste generated from construction sites. | ||
| 8. Water: 8% reduction in freshwater intensity from a 2023 base year. | ||
| 9. Biodiversity: 10% biodiversity net gain on all new development projects and major renovations with landscape renovation. | ||
| Wellbeing | Foster safe, inclusive and healthy spaces that enhance quality of life for all stakeholders | 10. Health and safety: Maintain zero work-related fatalities, serious injuries, and occupational diseases for employees and contractors. Maintain a Lost Time Injury Rate of 1.5 or below for employees and contractors. |
| 11. Indoor air quality: Maintain, more than 90% of the time, PM2.5, TVOC and CO2 levels below levels defined in the RESET Air standard. | ||
| 12. Employee engagement: Maintain an employee engagement survey rating greater than or equal to the 75th percentile. | ||
| 13. Diversity: At least 5% of our workforce across the portfolio is comprised of people from diverse backgrounds.* | ||
| 14. Diversity: Maintain Female-to-Male pay ratio of 1:1; maintain gender balance in management positions. | ||
| 15. Social impact: Create at least HK$40 million in social value through our community investments. | ||
| Sustainable Transactions
|
Collaborate with key stakeholders across our value chain to advance our sustainability priorities | 16. Tenant electricity intensity: Benchmarking provided to 100% of tenants across the Chinese Mainland portfolio and work with tenants towards a 10% reduction in their electricity intensity from a 2023 base year. |
| 17. Tenants: Tenants representing 25% of our leased floor area in applicable Chinese Mainland and Hong Kong properties participate in our tenant sustainability partnerships program. | ||
| 18. Suppliers: Regularly conduct ESG risk screening for 100% of active suppliers and provide ESG assessments for suppliers covering 50% of spending. | ||
| 19. Procurement: 15% of spending on operational procurement qualifies as sustainable procurement. | ||
| 20. Standards development: Undertake at least three innovative initiatives in standards development to help accelerate learning and sustainability impact. |
* Our definition of diverse background includes people with disabilities and ethnic minorities.
Hashtag: #HangLungProperties
The issuer is solely responsible for the content of this announcement.
About Hang Lung Properties
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