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ZJLD was Invited to the 20th Anniversary Ceremony & Gala Dinner of HKRTIA

As Exclusive Title Sponsor, Kweichow Zhenjiu Strategically Expanding into the Hong Kong Market

HONG KONG SAR – Media OutReach – 26 October 2023 – ZJLD Group Inc. (“ZJLD” or the “Company”, together with the Company’s subsidiaries, collectively the “Group”; SEHK stock code: 06979. HK), the fourth largest private-owned baijiu enterprise in China, is pleased to announce that the Company was invited to attend the 20th Anniversary Ceremony & Gala Dinner of the Hong Kong Retail Technology Industry Association (“HKRTIA”) on Oct 20 as the exclusive title sponsor. To the more than 400 guests joining the evening banquet, the Group’s flagship brand, “Kweichow Zhenjiu“, was officially introduced, marking its official entry into the Hong Kong market.

Dr. CHAN Pak Li, Bernard, JP, Under Secretary for Commerce and Economic Development Bureau of the Government of the Hong Kong Special Administrative Region (middle), and Mr. Vincent So, Chairman of Hong Kong Retail Technology Industry Association (left) holding Zhenjiu.
Dr. CHAN Pak Li, Bernard, JP, Under Secretary for Commerce and Economic Development Bureau of the Government of the Hong Kong Special Administrative Region (middle), and Mr. Vincent So, Chairman of Hong Kong Retail Technology Industry Association (left) holding Zhenjiu.

As the exclusive title sponsor of the 20th Anniversary Ceremony & Gala Dinner of the Hong Kong Retail Technology Industry Association, ZJLD showcased the dinner with three core products of “Kweichow Zhenjiu“, including “Zhen 8“, “Zhen 15“, and “Zhen 30“. Among them, “Zhen 30” won the Grand Gold Medal, the highest “Spirits Selection by Concours Mondial de Bruxelles” award. A dedicated product exhibition area was arranged at the venue to display and introduce the extensive history and distinctive features of “Kweichow Zhenjiu“, which garnered accolades and recognition from the guests.

Mr. Paul Ng, Executive Director of ZJLD Group (fifth from right), Mr. Vincent So, Chairman of Hong Kong Retail Technology Industry Association (middle) and guests of Hong Kong Retail Technology Industry Association conducted a toast ceremony with “Zhen 30”.
Mr. Paul Ng, Executive Director of ZJLD Group (fifth from right), Mr. Vincent So, Chairman of Hong Kong Retail Technology Industry Association (middle) and guests of Hong Kong Retail Technology Industry Association conducted a toast ceremony with “Zhen 30”.

Mr. Paul Ng, Executive Director of ZJLD Group, stated, “The Gala Dinner of the Hong Kong Retail Technology Industry Association is a highly anticipated event in the Hong Kong retail industry. ZJLD is very honoured to attend this event as the exclusive beverage sponsor of the dinner. In the rapidly evolving landscape of technological advancements, we are committed to seeking innovation and recruiting talents in science and technology. We will continue to follow market trends, overcome scientific and technical barriers, and provide consumers with a broader range of mid-to-high-end baijiu products.”

ZJLD was officially listed on the Hong Kong Stock Exchange on April 27, being the largest IPO in Hong Kong since the post-pandemic, making it “the first baijiu stock listed in Hong Kong and outside China and the second sauce-aroma baijiu stock being publicly listed.” The Company’s “Kweichow Zhenjiu” series will be available for sale in major online and offline retail stores in Hong Kong starting this month, marking the official launch of “Kweichow Zhenjiu” in the Hong Kong market.

Hashtag: #ZJLD

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

ZJLD Group Inc.

Zhenjiu was established in 1975 in Zunyi, Guizhou, China’s prime production area of sauce-aroma baijiu. In 1988, it was honoured with the Silver Award of the National Quality Award at the 5th National Wine Appreciation Conference. It is one of the “Three Great Sauce Flavor Brands in Guizhou”, along with Moutai and Xijiu. In the same year, it was admitted by the Protocol Department of the Ministry of Foreign Affairs, the Communication Department of the Ministry of Economy and Trade, and the Great Hall of the People Management Bureau to become one of the four baijiu brands served at China’s national banquets.

ZJLD Group Inc. is a leading baijiu group in China devoted to offering baijiu products, including sauce-aroma, mixed-aroma, and strong-aroma, with sauce-aroma being its core. In terms of revenue in 2022, the Company was deemed the fourth-largest private baijiu company in China, according to Frost & Sullivan statistics. The Company operates four major baijiu brands in China, including Zhenjiu, Lidu, and two leading regional names, Xiangjiao and Kaikouxiao. ZJLD prides itself on inheriting the time-honoured baijiu-brewing techniques and reinvigorating them to develop iconic recipes and classical flavours. It strives to produce a wide variety of aromatic and mellow baijiu products to meet the diverse preferences of consumers, seize broader market opportunities, and promote traditional Chinese baijiu culture.

Infinaxis Data Centre Platform Breaks Ground on Its Inaugural Data Centre in Cyberjaya

SINGAPORE/KUALA LUMPUR, MALAYSIA – Media OutReach – 26 October 2023 – Infinaxis Data Centre Platform, a joint venture formed by a fund managed by Gaw Capital Partners and its partners, celebrated the groundbreaking on 25 October as it officially marked the commencement of its first data centre project ——Infinaxis Data Centre in the tech hub of Cyberjaya.

From left to right: 1. Director and Head of Division of MDEC: Wan Murdani; 2. President and Managing Principal of Gaw Capital Partners: Kenneth Gaw; 3. Deputy Minister of Communications and Digital: Teo Nie Ching; 4. CEO of Infinaxis Data Centre: Zahri Mirza; 5. Founder and Partner of A3 Capital: Amos Ong; 6. Executive Director of Investment Promotion of Malaysian Investment Development Authority (MIDA): Najihah Abadi.
From left to right: 1. Director and Head of Division of MDEC: Wan Murdani; 2. President and Managing Principal of Gaw Capital Partners: Kenneth Gaw; 3. Deputy Minister of Communications and Digital: Teo Nie Ching; 4. CEO of Infinaxis Data Centre: Zahri Mirza; 5. Founder and Partner of A3 Capital: Amos Ong; 6. Executive Director of Investment Promotion of Malaysian Investment Development Authority (MIDA): Najihah Abadi.

Infinaxis Data Centre Platform was formed in February 2023, to invest into greenfield assets across key markets in the Southeast Asia region, with the aim to create a portfolio of Tier-3 certified data centre assets.

Located in Cyberjaya, one of the largest IDC hubs in Malaysia, the seed investment consists of two greenfield sites with a combined plot area of 12,490 square meters. The business plan is to develop a 12 MW IT Load IDC facility with the GFA of 17,427 sqm on one of the plots. The construction is expected to complete in Q2 2025. The IT capacity potentially will be doubled in the future, with the second plot to be developed as an expansion site. More than 80% of phase 1 has been committed via signed leases and customer letters of intent prior to construction commencement, with the remaining space to be leased to wholesale colocation customers.

Kenneth Gaw, President and Managing Principal of Gaw Capital Partners, commented, “We are thrilled to witness this remarkable moment of groundbreaking of the inaugural infinaxis data centre with our esteemed guests, partners and teams. It is a significant step for the Platform and a testament to our commitment to Malaysia’s growing digital economy. We believe in the Malaysia’s growing economy and its potential and look forward to participating in fostering digital transformation in Malaysia and Southeast Asia.”

Asia represents as one of the geographic frontiers in the data centre space with greater opportunities. The Gaw Capital data centre platform will also comprise data centres located in China, Indonesia, Japan, South Korea, Vietnam and Malaysia.

Hashtag: #GawCapitalPartners

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

About Gaw Capital Partners

Gaw Capital Partners is a uniquely positioned private equity fund management company focusing on real estate markets in Asia Pacific and other high barrier-to-entry markets globally.

Specializing in adding strategic value to under-utilized real estate through redesign and repositioning, Gaw Capital runs an integrated business model with its own in-house asset management operating platforms in commercial, hospitality, property development, logistics, IDC and Education. The firm’s investments span the entire spectrum of real estate sectors, including residential development, offices, retail malls, serviced apartments, hotels, logistics warehouses and IDC projects.

Gaw Capital has raised seven commingled funds targeting the APAC region since 2005. The firm also manages value-add/opportunistic funds in the US, a Pan-Asia hospitality fund, a European hospitality fund, a Growth Equity Fund and it also provides services for credit investments and separate account direct investments globally.

Gaw Capital has raised equity of US$22.1 billion since 2005 and commanded assets of US$35.2 billion under management as of Q2 2023.

Keelung City Government will be participating in the Tourism Expo Japan from October 26 to 29

KEELUNG, TAIWAN – MediaOutReach – 26 October 2023 – The Keelung City Government, in its ongoing efforts to deepen engagement in the Japanese tourism market and introduce more Japanese travelers to Keelung, will be participating in the highly prestigious “Tourism Expo Japan” from October 26 to 29, 2023, at Intex Osaka Hall 3. The Keelung City Government will set up a booth to introduce Keelung’s beautiful scenery, food and rich culture to the Japanese public. Keelung’s goal is to make Keelung a new choice for Japanese tourists visiting Taiwan. Additionally, there will be on-site scanning and interactive games, where participants can receive practical and adorable wood pulp cotton souvenirs representing the delectable local cuisine of Keelung. The city government encourages everyone to visit our booth at the travel expo and take part in the activities.

Chengbin Fishing Harbor Colorful Houses
Chengbin Fishing Harbor Colorful Houses

In recent years, the Keelung city government has been actively promoting tourism to the Japan market, hoping to introduce Keelung, a mountainous harbor city with the best cruise ship homeport in Asia, to the Japan public and let them know about Keelung’s rich tourism resources and splendid nature, such as the Waimushan Seaside Scenic Area, which was selected as one of the “Top 10 Attractive Waters” in Taiwan, and the Heping Island Park, which is rated as one of the 21 most beautiful sunrise scenes in the world, etc. What’s more, for Japan foodies who love Taiwanese food, a visit to Keelung’s Miaokou Night Market can practically cover almost all of Taiwan’s classic culinary delights, offering a rich travel experience for those who visit Keelung, Taiwan.

At the exhibition, the Keelung City Government will also prepare highlight videos accompanied by a variety of bilingual promotional materials in Chinese and Japanese as a reference to visitors to the travel show, hoping to introduce and familiarize the people of Japan with Keelung. The Keelung City Government enthusiastically welcomes Japanese visitors to explore this city full of surprises and encourages them to embark on a fascinating journey to Keelung.

Hashtag: #KeelungCityGovernment

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

Former Sgcarmart CEO joins Tembusu Financial Services as Managing Director

SINGAPORE – Media OutReach – 26 October 2023 – Tembusu Financial Services, a leading financial services provider in Singapore has appointed Vincent Tan, former CEO of Sgcarmart, as its new managing director. He will also be given a board seat and his appointment is effective immediately.

In his new role, Vincent will be in charge of leading Tembusu’s business loan portfolio while current managing director, Joe Chua, will continue to head up the car loan business. Both Vincent and Joe will form up the expanded management team, according to a statement by Tembusu. This strategic move comes as part of Tembusu Financial Services’ commitment to driving growth and innovation in the financial industry.

“My focus now will be to expand our product offerings for corporate loans with priority on property backed working capital loans. Automation and online marketing will be key drivers of the business that I will focus on,” said Vincent.

Vincent brings with him a wealth of experience and industry expertise, having previously held the position of CEO at Sgcarmart, a leading online marketplace in Singapore. Under his leadership, Sgcarmart grew from a start up to become an award-winning company that was eventually snapped up by Toyota for $150M. He exited the company in 2022 after an 18-year tenure.

“With a track record of successful leadership and a deep understanding of the local market, his appointment is expected to further strengthen Tembusu Financial Services’ position as a leader in the financial services sector. As the company aims to grow its portfolio and product offerings, the expertise and strategic vision that Vincent brings to the table will be instrumental in driving the growth of the organization,” said Tembusu.

Hashtag: #Tembusu

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

About Tembusu Financial Services

Tembusu Financial Services is a trusted financial service provider specialising in two core product categories. We offer automotive loans tailored for consumers and car dealers, as well as term loans designed for businesses and accredited investors.

Through our use of proprietary capital and flexible underwriting processes, we are able to expedite loan application decisions and provide financing solutions to clients who face challenges securing loans from traditional banks due to factors such as credit history, cash flow, and the Total Debt Servicing Ratio (TDSR).

The award-winning Tembusu team brings together 50+ years of industry experience and has successfully funded over 2,000 deals totalling more than $1 billion.

Singapore’s AIOX Emerges with a New Fund Focused on Deeptech and Web3

Partnering with X-PITCH 2023

SINGAPORE – Media OutReach – 26 October 2023 AIOX Apex Angel Fund (AIOX) has stepped out of the shadows, revealing a new venture fund aimed at supporting founders in deeptech and web3. Partnering with the highly anticipated X-PITCH 2023, a global deeptech startup competition, AIOX has entered into a strategic alliance to accelerate the adoption of technology across a broad spectrum of industries.

Marc Lin, Chairman of AIOX
Marc Lin, Chairman of AIOX

“We see immense potential in partnering with X-PITCH. Through X-PITCH’s platform, we want to connect with highly technical founders who are not already within our networks,” said Marc Lin, Chairman of AIOX. “Our goal is not only to invest but also to actively support and nurture startups that have the potential to revolutionize industries through deep tech advancements.”

While the primary focus of the capital will be on startups in deeptech and web3, the firm remains open to exploring investments in other categories as well. During its stealth phase, the team has already made investments across a diverse range of sectors. “We have portfolio companies in real estate, fintech, biotechnology, artificial intelligence, sharing economy, art and content IPs,” Lin added.

In a recent strategic move, AIOX made significant strides into the content (IP) landscape by leading a substantial investment in Singapore’s XM Studio, consequently becoming its largest shareholder. “Our investment in XM Studio marks our first step in creating a robust content ecosystem where technologies of our portfolio companies can be commercialized through real world use-cases,” said Lin. “We believe having exclusive access to the right IPs can be very powerful in driving new consumer trends.”

With the launch of its new fund, the application of new technologies take center stage for AIOX. “We firmly believe that the development of deeptech has the potential to redefine industries,” said Lin, emphasizing their role as a key partner of X-PITCH 2023. “We aim to be early investors in the deeptech movement that will bring paradigm shifts to many different industries.”

Hashtag: #AIOX

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

About AIOX Apex Angel Fund

AIOX Apex Angel Fund is led and advised by international multi-disciplinary professionals, aiming to be the world’s most influential angel innovation fund. The team has decades of experience in managing corporation and public listing of corporates in various industries, including real estate, finance, manufacturing, blockchain, energy, biotechnology, marketing technology, sharing economy businesses, etc. AIOX is well-equipped in coaching and assisting new ventures in achieving accelerated growth for their businesses. Official website:

About X-PITCH

Hosted by XCEL NEXT and co-organized by top organizations from 11 economies, X-PITCH is a landmark startup event in Asia, and probably the most challenging pitch contest in the world. Known as the X Games for Startups, founders go through a series of pitch challenges to win investments, awards and exposure. Over the past four editions, the contest has been held in skyscraper elevators, self-driving cars, and MRT. This year, the event will take place on the Singapore River, where startups will be pitching on the iconic bumboats. Official website:

BREAKING: Ice Factory Releases Ammonia in the Air Causing Health Hazard to Villagers in Vientiane Capital

Photo courtesy, Vientiane Capital Rescue Team

*Additional reporting by Phontham Visapra and Chono Lapuekou

Latest update below

—-

A leak at an ice company has caused a health hazard in Viengchanlern and Phonphanao villages, Vientiane Capital, as dangerous chemicals, including ammonia, were released into the air. The incident has left the villagers struggling to breathe and experiencing eye pain.

Galimedix Appoints Dr. Luciana Summo as Vice President, R&D Operations

  • Brings over 20 years of clinical experience, including management of Phase 1-2 clinical trials in a variety of indications such as ophthalmology
  • Will oversee all R&D operations with focus on clinical development and operations

Kensington, MD, USA – EQS Newswire – 25 October 2023 – Galimedix Therapeutics, Inc. (“Galimedix”), a Phase 2 clinical-stage biotechnology company developing novel oral and topical neuroprotective therapies with the potential to revolutionize the treatment of serious eye and brain diseases, today announced the appointment of Luciana Summo, PhD, as Vice President, R&D Operations. In this newly created position, she will oversee all activities related to R&D operations, with an emphasis on clinical development and operations. This includes spearheading the design, planning, and execution of clinical trials. Dr. Summo reports to Hermann Russ, MD, PhD, Co-founder and Chief Scientific Officer.

“We are delighted to welcome Luciana to Galimedix,” said Alexander Gebauer, MD, PhD, Co-founder and Executive Chairman. “She brings strong experience setting up and running clinical trials and ensuring that all of the proper support structures are put in place. As we move our lead product candidate, GAL-101, into Phase 2 testing for the treatment of dry age-related macular degeneration, her skill set is the perfect fit for this next stage in our development. Luciana will play a pivotal role in defining Galimedix’s overall R&D strategy and driving our R&D initiatives forward. All of us very much look forward to working with her as we contribute to advancing innovative healthcare solutions that have the potential to improve the lives of patients.”

Dr. Summo has over 20 years of experience in clinical development and operations, including the management of Phase 1-2 clinical trials in several indications such as ophthalmology, cardiology, and oncology. Prior to joining Galimedix, she worked in positions of increasing responsibility in the clinical departments at OMEICOS Therapeutics GmbH, NOXXON Pharma AG, and Berlin-Chemie AG/ Menarini Group. She is well versed in setting up and overseeing clinical trials on a global scale and has played a key role in transitioning programs from pre-clinical to clinical stage. She has experience with the entire spectrum of activities related to R&D operations, with a special emphasis on clinical development and clinical operations, including also quality management and CMC. She works closely with cross-functional teams, including CROs, scientists, clinicians, regulatory affairs specialists, and different stakeholders, to ensure that trials are conducted in accordance with rigorous scientific standards and regulatory guidelines. Dr. Summo has experience in submitting Clinical Trial Applications (CTAs) in Europe and Investigational New Drug (IND) applications in the US and prepared for and participated in pre-IND meetings with the US Food and Drug Administration (FDA), as well as regulatory agency meetings in Europe. She also has set up from scratch and run a clinical operations department.

Luciana Summo, PhD, Vice President, R&D Operations, added: “I am truly excited to be joining Galimedix at this important point in the Company’s growth. The programs in ophthalmology and Alzheimer’s disease have the potential to change the treatment paradigm, and I look forward to working with the rest of the team to bring them forward in the clinic.”
Hashtag: #Galimedix

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

About Galimedix Therapeutics, Inc.

Galimedix is a Phase 2 clinical-stage private company developing novel oral and topical neuroprotective therapies with the potential to revolutionize the treatment of serious eye and brain diseases. Founded by a seasoned and highly dedicated team of bio-entrepreneurs, pharmaceutical executives and scientists, Galimedix’s groundbreaking small molecules offer the hope of changing the course of disease where amyloid beta (Aβ) plays a role, such as in dry age-related macular degeneration (AMD), glaucoma and Alzheimer’s disease – Galimedix’s initial areas of focus. The Company’s approach targets toxic Aβ oligomers and protofibrils. Many studies have indicated that these oligomers and protofibrils are an underlying cause of neurodegenerative diseases of the eye. And, recent approvals and promising Phase 3 results of anti-Aβ drugs also have validated them as a key target in Alzheimer’s disease. Compelling pre-clinical data support the potential of Galimedix’s product candidates to slow or stop neurodegeneration and also restore lost neuronal function. A Phase 2 proof-of-concept study in dry AMD with lead program, topical GAL-101, is in preparation with strong support from partner, Théa Open Innovation (TOI). Clinical studies in other indications are planned.

Cushman & Wakefield 2023/24 Policy Address Response

HONG KONG SAR – Media OutReach – 25 October 2023 –

Response to the Policy Address 2023/24 by KK Chiu International Director Chief Executive Greater China of Cushman & Wakefield:

Land Supply

Cushman & Wakefield welcomes the government’s multi-pronged approach to increasing land supply, demonstrating a strong commitment to addressing the housing needs of the citizens. In addition to the designated areas in the Northern Metropolis, we recommend that the government promptly establish a comprehensive development blueprint and comprehensive infrastructure for the new town development areas. We are pleased to see the government is promoting new projects for the two railway lines and one road, which will contribute to the development of new towns in the eastern part of the Northern Metropolis. These measures will facilitate private developers in accelerating the development of the area, expediting new town development, and further enhancing the surrounding facilities.

Housing Supply

Cushman & Wakefield acknowledges the government’s proposal to enhance the quality and expedite the Modular Integrated Construction (MiC) as the innovative building technologies for public housing. However, the current demand for public housing still far outweighs the supply. We recommend that the government reevaluate the overall public housing policy. For instance, in the rental housing sector, the income and asset limits for eligibility to reside in public housing should be lowered to prevent the misuse of public housing and ensure that resources are allocated to those truly in need.

Furthermore, regarding subsidized sale housing, it is suggested that in the future, the sale of Home Ownership Scheme (HOS) flats should only be allowed in the secondary market at prices agreed upon by the owners, exclusively for buyers nominated by the Housing Authority. They should not be sold on the open market through land premium subsidies to maintain an adequate supply of HOS flats for eligible applicants.

International Hub for Post-secondary Education

The government’s proposal in the Policy Address to shape Hong Kong into an International Hub for Post-secondary Education by increasing the quota for non-local students in the eight subsidized universities to 40% is recognized by Cushman & Wakefield as a measure that contributes to the development of new industries and the cultivation of future talent. However, the current number of student dormitories falls far short of meeting the accommodation needs of students. Some tertiary institutions even face a situation where an average of six students compete for one dormitory place. Moreover, some students are unable to afford the high rental costs and struggle to find suitable housing units.

Therefore, we recommend that the government review and plan for long-term local dormitory supply. This could be achieved by considering the incorporation of provisions in land leases to support the construction or renovation of private student dormitories. Additionally, reserving land in the northern New Territories for educational use and engaging with educational institutions to improve related facilities would facilitate the future study experience of non-local students in Hong Kong.

Response to Policy Address 2023/24 by John Siu Managing Director Cushman & Wakefield Hong Kong

Data centre

The government is determined to transform Hong Kong into an international I&T centre. In line with “Hong Kong Innovation and Technology Development Blueprint”, the government is expediting the establishment of a supercomputing centre to foster AI development. From next year onwards, Cyberport will establish an AI supercomputing centre in phases, with a view to supporting the huge demand for computing power from R&D and relevant sectors and promoting industry development.

Hong Kong possesses a comprehensive and reliable network infrastructure, a robust demand, and a wide range of cloud service providers. It has always enjoyed a favourable business environment and a low tax rate structure, making it highly conducive for the development of the data centre industry.

However, the medium to long-term supply will be constrained by land scarcity, lengthy and complex approval procedures, and limitations in power supply. To promote Hong Kong as a world-class I&T centre hub, Cushman & Wakefield suggests the government to increase suitable land supply in popular areas such as Sha Tin, Tsuen Wan, Kwai Chung, and Faling, in streamlining the approval process for infrastructure and collaborating with power companies to enhance power allocation. These measures will attract more I&T centre operators to establish their presence in Hong Kong and drive its transformation into an international I&T centre.

Logistic Land Use

Cushman& Wakefield welcome the Government’s proposal in the Policy Address for the Action Agenda on the Northern Metropolis, which will closely align with the planning of Shenzhen and other cities in the Greater Bay Area. Such related planning undoubtedly contributes to Hong Kong’s development as a vital logistics hub connecting the mainland, particularly in the Hung Shui Kiu, in leveraging its advantages as a port to establish a modern logistics center. We recommend the government promptly implement the development plan and propel Hong Kong to become an important base for diversified logistics and supply chain operations.

Response to Policy Address 2023/24 by Kevin Lam Head of Retail Services Hong Kong of Cushman & Wakefield:

Cushman & Wakefield welcome the Government’s proposal in the Policy Address today, promote proactively on large-scale events such as artistic performances, exhibitions and local cultural tourism. With an innovative approach, it certainly can leverage Hong Kong’s strengths being an international hub for major events, thereby enhance the local competitiveness.

We anticipate the series of newly proposed activities will synergize, and can build upon last year’s proposal on urban sports and other local sports events, to attract both domestic and regional participants, resulting in supporting the growth of tourism, hospitality, retail, and food and beverage businesses, mitigating the dilution of local consumer spending power while travelling abroad.

Response to the Policy Address 2023/24 by Rosanna Tang Executive Director Head of Research Hong Kong of Cushman & Wakefield:

Talent Hosuing

In this year’s Policy Address, Cushman & Wakefield recognizes the Government’s commitment to expanding the talent pool through the introduction of a series of “attract and retain talent” policies. According to the policy address, as of the end of September, approximately 160,000 talent scheme applications have been received, with over 100,000 approved and around 60,000 talents have arrived in Hong Kong. As mentioned in our earlier published research report titled “Hong Kong Talent Housing: A New Niche Sector “, it is expected that the number of overseas talents and students settling in Hong Kong will continue to grow in the coming years. This indicates investment opportunities for rental apartment properties such as co-living, multi-families, and student housing. In fact, there have been recent plans by tertiary education institutions to acquire hotels for use as student dormitories. We expect an increase in investment opportunities in serviced apartments and hotel properties, as the demand for such rental accommodation rises with the influx of overseas talents and students. properties, as the demand for such accommodations increases with the arrival of more oversea talents and students.

Stamp Duty & Residential Market Forecast

Cushman & Wakefield welcomes the Government’s proposal in the Policy Address to adjust various stamp duty policies in response to market demands. Specifically, the application period for the Special Stamp Duty (SSD) has been shortened from three years to two years; Buyer’s Stamp Duty (BSD) and New Residential Stamp Duty (NRSD) have been reduced by half, from 15% to 7.5%. We believed these adjustment will help alleviate the costs for Hong Kong permanent residents when purchasing the second residential properties and for non-permanent residents to acquire properties, thereby improving market sentiment and restoring confidence among potential buyers and upgraders. Furthermore, these changes are expected to increase the supply and turnover of the secondary property market.

Moreover, Cushman & Wakefield is pleased to see that the government has accepted industry feedback and implemented the stamp duty suspension arrangement for incoming talents’ acquisition of residential properties. This policy is expected to align more effectively with the government’s efforts to attract and retain talents, removing barriers for prospective talents looking to develop their careers in Hong Kong. It will contribute to Hong Kong’s ability to attract and retain talents, thus building a diverse talent pool.

The various stamp duty policies will indeed have a positive impact to the residential market. It is hoped that the government will continue to pragmatically review its policies by collecting and studying real-time changes and data from the market from multiple perspectives, and make proactive policy adjustments without waiting for the next Policy Address.

Looking ahead, it is anticipated that residential property transactions will rebound by 20% to 30% following the government’s stamp duty reduction. However, the current housing market in Hong Kong is still affected by factors such as high interest rates, stock market fluctuations, and global economic uncertainties. Additionally, developers hold a significant amount of unsold inventory, resulting in a relatively high level of housing supply. As a result, it is unlikely that there will be an immediate and significant V-shaped rebound in property prices. Nevertheless, in the long run, the adjustments and relaxation of stamp duty measures will contribute to the stable development of the property market.

Response to the Policy Address 2023/24 by Alva To Vice President Greater China & Head of Consulting Greater China of Cushman & Wakefield:

Northern Metropolis

Cushman & Wakefield welcome the Government’s proposal in the Policy Address to accelerate the development of the Northern Metropolis. Building upon the foundation of the four major zones, the government will further consolidate and position land in various regions by providing a more focused and practical direction for the overall development of the Northern Metropolis. It is crucial to emphasize that the focus should not solely be on residential supply, but rather on industrial development and transportation networks. The former statement can generate substantial employment opportunities and act as an engine for driving economic growth, while the latter serves as a catalyst for regional and industrial development, facilitating external connectivity and sustainable growth.

The Innovation and Technology Center holds crucial significance as the San Tin Technopole and Shenzhen Innovation and Technology Zone determine the industrial positioning of the entire Northern Metropolis. Therefore, we suggest the government to expedite the development of the Innovation and Technology Zone in order to enhance the execution capabilities of various departments, and promptly implement the action details outlined in the policy address. This will align with the rapid progress in Shenzhen and maintain Hong Kong’s competitiveness with a synergistic effect.

Adjustment of Measures in the Hong Kong Property Market in Accordance with Market Positioning

Hong Kong’s current economic situation and the positioning and industrial development, have undergone significant changes since the implementation of stamp duty measures. Today, Hong Kong has become an internationalized world-class city, driven by the Greater Bay Area and One Belt and Road initiatives. It has also become a vital strategic hub connecting Mainland China with the rest of the world. Therefore, Hong Kong must provide the most stable, efficient, safe, and free business environment to effectively support the operations of international enterprises and investors. It should also minimize restrictive policies, including the current stamp duty measures. It is hoped that the government will pragmatically continue to review the stamp duty adjustment policy to facilitate Hong Kong’s future development.

(Click here for high-res pictures)

Hashtag: #CushmanandWakefield

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