Core Grade A Offices Lead Rental Recovery, Hong Kong Island High Streets Outperform Kowloon

• Residential Market: Q2 residential transaction numbers increased by 19% q-o-q and 32% y-o-y to reach more than 22,150 units. Home prices rose by 2.5% during April and May, bringing a cumulative 7.4% increase for the first five months, with growth recorded across different segments.
• Grade A Office Market: Citywide net absorption reached 396,100 sq ft in Q2, with new leases mainly driven by the banking & finance and insurance sectors. Core areas such as Greater Central witnessed significant rental pick up, offsetting rental corrections in non-core submarkets. Cushman & Wakefield expects the overall office market rental level to rise by +4% to +6% in 2026.
• Retail Market: Overall retail sales maintained steady growth on the back of sustained rises in inbound visitors and a stronger RMB. High street vacancy rates in Causeway Bay and Central remained at 0% in Q2, with Hong Kong Island leading a rental growth recovery.
• Capital Markets: Hong Kong’s commercial real estate investment market sustained the momentum carried over from late 2025. Supported by demand from end-users and still-attractive pricing levels across property sectors, total large-sized (>HK$100 million) non-residential transaction volume for the 1H 2026 period recorded HK$23.2 billion, up 84% y-o-y.

HONG KONG SAR – Media OutReach Newswire – 7 July 2026 – Global real estate services firm Cushman & Wakefield today held its Hong Kong Property Markets 1H 2026 Review and 2H 2026 Outlook press conference. Residential market activity remained robust as transaction numbers surpassed 22,000 cases in Q2, the highest quarterly record since Q2 2021. Grade A office market net absorption reached 396,100 sq ft in Q2, with rental level recovery mainly driven by core areas. Greater Central rents continued to pick up by 4.1% q-o-q in Q2, supporting the citywide rental level to grow by 1.9% q-o-q. In the retail sector, total retail sales continued to recover steadily, while high street store vacancy in Causeway Bay and Central returned to 0%, supporting stronger rental performance on Hong Kong Island and outpacing Kowloon. In the capital markets, end-users and well-capitalized investors bottom-fished amid attractive office asset pricing. Living sector and residential site transactions are expected to be the market focus in the upcoming months.

Grade A office leasing market: Leasing momentum driven by banking & finance and insurance sectors, rental recovery led by core areas
Driven by take-up at recent new entrants into the market, citywide office market net absorption reached 396,100 sq ft in the quarter, mainly led by Greater Central and Greater Tsimshatsui. The total new leased area reached 1.2 million sq ft in Q2, underpinned by activities from the banking & finance and insurance sectors. Rents in Greater Central continued to pick up, rising by a further 4.1% q-o-q in Q2 for total growth of 9.7% in 1H 2026, while rental level growth of 2.9% q-o-q was seen in Wanchai/ Causeway Bay. In contrast, rents in non-core areas remained soft, with all four non-core submarkets experiencing rental corrections in Q2 and 1H. The recovery in core areas has supported citywide rental growth of 1.9% q-o-q in Q2 and 4.3% for 1H 2026. In the absence of new completions in Q2, the overall availability rate fell by 0.5 percentage points q-o-q to 19.5%.

John Siu, Managing Director, Hong Kong, Cushman & Wakefield, said, “Despite the uncertainties arising from recent stock market volatility and geopolitical tensions, leasing demand from the banking & finance and insurance sectors is expected to remain resilient, backed by ongoing wealth management activities, an active IPO pipeline, and long-term operational needs from finance-related institutions. These two sectors accounted for around 60% of Grade A office new leased area in 1H 2026, compared with 38% in 2024. Following strong rental growth in Greater Central in 1H 2026, the upwards momentum is expected to moderate in 2H. Full-year rental growth in the submarket is projected in the +10% to +12% range. This will help offset the impact of rental corrections in certain non-core submarkets, and support the citywide Grade A office rental level to rise by +4% to +6% in 2026, revised upward from the previous forecast of +1% to +3%.”

Retail leasing market: High street vacancy in Causeway Bay and Central holds at 0%, more overseas brands to establish presence in Hong Kong
Sustained rises in inbound visitors, along with the wealth effect from an improving residential market and a stronger RMB, have continued to support steady growth in Hong Kong’s retail market. As at May 2026, the city’s overall retail sales marked thirteen consecutive months of y-o-y growth, while total retail sales for the January to May 2026 period recorded HK$171.5 billion, up 10.6% y-o-y. Sales growth was recorded in all key retail categories. The Jewellery & Watches sector remained the most popular among tourists, posting y-o-y growth of 26.2%, followed by the Fashion & Accessories and Medicines & Cosmetics sectors, which grew 5.4% and 5.2%, respectively.

The overall high street vacancy rate rose mildly to 5.4% in Q2 from 4.2% in Q1, chiefly driven by greater vacancies in Kowloon. Causeway Bay and Central both continued to register zero vacancies through the quarter, while vacancy rates in Tsimshatsui and Mongkok rose to 8.3% and 8.6%, respectively. Despite this, new leasing activity was witnessed across core retail districts, with relatively strong leasing demand from pharmacies and jewellery & watches retailers.

As for high street retail rents, rental recovery in Hong Kong Island continued to outperform Kowloon. Causeway Bay and Central recorded q-o-q increases of 1.0% and 0.8%, respectively, with both local and international retailers displaying preferences for these two prime high-street hubs. At the same time, the relatively affordable and reasonable rental levels in Mongkok attracted a wider range of brand entries into the district, bringing q-o-q rental growth to 0.5%. However, with the slowdown among luxury retailers, rental levels in Tsimshatsui remained under pressure, declining by 1.1% q-o-q. In the F&B sector, landlords have been more willing to offer discounts amid high availability, resulting in F&B rents across four key retail districts recording q-o-q declines within a 1% range.

John Siu commented, “Looking ahead, we expect the Hong Kong retail market to remain on a steady recovery trajectory in 2H 2026, supported by continued growth in inbound tourist numbers and recovering tourist spending amid a stronger RMB. Given still-attractive rental levels, we also expect ongoing entries of new retailers, especially from international brands who view the Hong Kong market as a strategic launchpad for regional expansion in Asia. Causeway Bay and Central are likely to remain active for leasing activities, underpinned by strong tourist footfall. We forecast high street retail rents in Causeway Bay and Central to lead a recovery and increase by 3% to 5% in 2H 2026, while we project Tsimshatsui and Mongkok to pick up modestly in the range of 1% to 2%.”

Residential market: Prices and sales rise in 1H, interest rate uncertainty may weigh on 2H sentiment
The Hong Kong residential market continued to gain momentum in Q2, with overall sentiment and transactions remaining active despite the disruptions brought on by ongoing geopolitical uncertainties. Both primary and secondary sales were strong in Q2, with the total number of residential sales and purchases agreements reaching more than 22,150 cases in the quarter, up 19% q-o-q and 32% y-o-y (Chart 3), bringing the total transaction number for the 1H 2026 period to more than 40,800 cases, a new high for the same period since 2021. As at June, the monthly number of residential sales and purchases agreements exceeded 5,000 units for 16 consecutive months, reflecting sustained buyer confidence and demand from investors. Strong sales at new launches saw primary market transactions take a 32% share of total transactions between January and May.

Edgar Lai, Senior Director, Valuation and Advisory Services, Hong Kong, Cushman & Wakefield, highlighted, “Home prices continued to increase in Q2 2026. Rating and Valuation Department data suggests that the overall residential price index picked up 2.5% in the two months from April to May, bringing 7.4% YTD growth. Meanwhile, our Cushman & Wakefield mid-and-small size units price index shows that home prices rose by 4% q-o-q and 9% in 1H. Our tracking of popular housing estates shows that price growth was witnessed across different market segments. Prices at City One Shatin, representing the mass market, rose 4.7% q-o-q, while prices at Taikoo Shing, representing the mid-market, grew by 8.6% q-o-q. Residence Bel-Air, representing the luxury segment, also recorded a notable 6.7% q-o-q rise. However, following the sustained release of pent-up demand over the past year, coupled with rising stock market volatility in June and tighter cross-border capital controls from the Chinese mainland, our June Verbal Enquiry index indicates that buyer enquiries moderated towards the end of the quarter, compared with the peak seen in April and May.”

Rosanna Tang, Deputy Managing Director, Head of Research, Hong Kong, Cushman & Wakefield, added, “The Hong Kong residential market extended its positive momentum in Q2, with overall transaction activity remaining vibrant. Total residential transaction numbers in the quarter exceeded 22,150 cases, marking a new high since Q2 2021. Looking ahead to 2H, uncertainties in interest rate movements are expected to widen. Some potential buyers may again observe how geopolitical developments and stock market trends are affecting capital flow and market sentiment. Yet, given the resilient housing demand in the city, backed by rising numbers from incoming talent and non-local students, Hong Kong residential market is expected to remain stable in 2H. We anticipate full-year transactions in 2026 to reach approximately 75,000 units, while home prices to pick up by close to 10%. In terms of rents, rental index picked up by 1.8% in the first five months in 2026, rising 18% from the last bottom in 2023. Rental growth is expected to be moderate and stay within 5% y-o-y in 2026.”

Non-residential investment market (dealsexceeding HK$100 million): Transaction momentum sustains, with end-users leading office transactions
Amid the still-attractive pricing across property sectors, the Hong Kong commercial real estate investment market largely sustained the transaction momentum carried over from 2H 2025. The city’s non-residential investment market for deals exceeding HK$100 million recorded 50 transactions in 1H 2026, with total transaction volume rising 84% y-o-y to HK$23.2 billion, although down 16% from the HK$27.8 billion seen in the 2H 2025 period. (Chart 4). In 1H 2026, local buyers remained the major source of capital, accounting for more than 70% of the total consideration. Foreign capital comprised 19% of 1H 2026 total transaction volume, drawn by discounted property prices and conversion projects with value-added angles. By asset class, the office sector accounted for 54% of total investment consideration, followed by around 23% from the hotel / rental housing sector.

Tom Ko, Executive Director and Head of Capital Markets, Hong Kong, Cushman & Wakefield, concluded, “In 1H 2026, office sales transactions continued to account for the largest share of both consideration and deal count, indicating a recovery in the investment ecosystem. During this round of consolidation, end-user buyers acted to capture bottom-fishing opportunities, with multiple large-scale office deals concluded. Our recent publication in May 2026, Hong Kong Office Building Investment Back in Focus: A Market Reassessment, suggests the significant capital value adjustment has reset entry levels and reopened the market to end-users seeking bottom-fishing opportunities, especially for education institutions, banks and financial institutions, as well as leading Chinese mainland corporates.

“Notably, some end-user buyers are cash-rich and therefore less sensitive to banks’ cautious lending stance toward commercial properties, and to interest rate movements. Office capital values are projected to follow the recovery in rents. Coupled with the declining availability of distressed office assets, the current market encourages end-users to accelerate their decision-making to consider bottom-fishing ahead of the subsequent upcycle. Looking ahead to 2H 2026, we believe demand from end-users and the living sector will remain the major drivers of investment activity. The market has also witnessed growing momentum in private residential sites transactions, with investors strategically expanding land banks amid a buoyant residential market. We expect to see more transactions in this segment through the remainder of the year. Against this backdrop, the 2026 full-year investment volume is now forecast to reach more than HK$40 billion.”

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(From left to right) Tom Ko, Executive Director and Head of Capital Markets, Hong Kong, Cushman & Wakefield; John Siu, Managing Director, Hong Kong, Cushman & Wakefield; Rosanna Tang, Deputy Managing Director, Head of Research, Hong Kong, Cushman & Wakefield and Edgar Lai, Senior Director, Valuation and Advisory Services, Hong Kong, Cushman & Wakefield.
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Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 53,000 employees in nearly 350 offices and 60 countries. In Greater China, a network of 23 offices serves local m

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 53,000 employees in nearly 350 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2025, the firm reported revenue of $10.3 billion across its core services of Valuation, Consulting, Project & Development Services, Capital Markets, Project & Occupier Services, Industrial & Logistics, Retail, and others. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.hk or follow us on LinkedIn (https://www.linkedin.com/company/cushman-&-wakefield-greater-china).

Backed by Over 105,000 Hair & Scalp Diagnosis Conducted in Malaysia, L’Occitane Advocates Understanding the Cause Before Choosing the Solution

KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 7 July 2026 – As hair fall and hair loss concerns continue to affect consumers across different ages and life stages, L’Occitane is encouraging Malaysians to look beyond the symptoms and understand the root cause of their concerns through its complimentary Hair & Scalp Diagnosis.

Backed by more than 105,000 Hair & Scalp Diagnosis conducted in Malaysia, L’Occitane has developed extensive expertise in understanding hair fall, hair loss, scalp imbalances and personalised scalp care needs. Through this diagnostic-first approach, the brand helps consumers identify the underlying causes of their concerns before recommending a targeted hair and scalp care routine.

The insights gathered from these diagnosis reveal that what often appears to be hair loss or hair thinning may be linked to a variety of factors, including scalp imbalance, stress, hormonal changes, post-partum shedding, lifestyle habits and environmental conditions. While the symptoms may look similar, the underlying causes and therefore the solutions are often very different.

As a result, L’Occitane believes that effective hair care begins not with choosing a product, but with understanding the scalp.

Over 105,000 Hair & Scalp Diagnosis: Understanding Hair Fall Beyond the Surface
Through more than 105,000 Hair & Scalp Diagnosis conducted in Malaysia, L’Occitane has observed that hair fall concerns typically stem from multiple contributing factors rather than a single cause.

Common concerns identified include:

• Hair loss and excessive hair fall
• Hair thinning and reduced hair density
• Post-partum hair shedding
• Scalp sensitivity and discomfort
• Oily scalp conditions
• Stress-related hair concerns
• Hormonal-related hair changes
• Weakened scalp barrier and scalp imbalance

Each diagnosis includes an in-depth scalp analysis and personalised consultation, helping consumers better understand their scalp condition before selecting products suited to their individual needs.

This personalised approach has positioned L’Occitane as a trusted hair and scalp care expert, focused on addressing the cause of hair concerns rather than simply masking the symptoms.

Clinically Proven Support for Hair Loss and Hair Fall Concerns
At the heart of L’Occitane’s personalised hair care approach is the Anti-Hair Loss Serum, formulated with 99% natural-origin ingredients.

Clinically proven results include:

• Helps reduce hair loss
• Strengthens hair from the root
• Improves the appearance of fuller, denser-looking hair
• Supports the growth of up to 17,000 new strands after three months of use

When paired with a personalised Hair & Scalp Diagnosis, the serum becomes part of a tailored solution designed around each individual’s scalp condition and hair concern.

Personalised Hair & Scalp Solutions for Different Needs
Recognising that every scalp is unique, L’Occitane offers complementary scalp care solutions that address different scalp conditions and lifestyle needs.

Immortelle Pro-Youth Scalp Serum
Designed to:

• Revitalise the scalp
• Improve scalp elasticity
• Replenish vitality
• Promote healthier-looking hair

Night Soothing Defense Scalp Serum
Designed to:

• Soothe sensitive scalps
• Strengthen the scalp barrier
• Reduce discomfort
• Restore balance overnight

Gentle & Balance Shampoo
Designed to:

• Gently cleanse the scalp
• Support the scalp microbiome
• Promote a healthy scalp environment

Volume & Strength Shampoo
Designed to:

• Strengthen fragile hair
• Improve resilience
• Create fuller-looking hair

Together with the complimentary Hair & Scalp Diagnosis, these targeted solutions form a personalised hair care ritual tailored to individual scalp conditions and hair goals.

Different Causes. Real People. Real Results.
While many consumers experience hair fall, hair loss or hair thinning, the underlying causes behind these concerns are often different.

The experiences of Soo Chian, Jack and Hui Ying demonstrate why understanding the root cause can make a meaningful difference.

Goh Soo Chian, 33
Concern:
Post-Partum Hair Fall
Contributing Factor:
Post-pregnancy hormonal changes
Recommended Routine:
Anti-Hair Loss Advanced Scalp Serum (3 months)
Result:
Reduced hair fall and visible baby hairs

Like many mothers, Soo Chian experienced significant hair fall after childbirth. As her hairline became increasingly visible and bald patches began to appear, she found herself constantly searching for ways to conceal the changes.
After adopting a consistent hair care routine with L’Occitane’s Anti-Hair Loss Advanced Scalp Serum, she began noticing visible improvements.
“Now I see less hair loss compared to even before I got pregnant. I feel much more confident and less stressed about it.”

Jayabalan A/L Subramaniam (Jack), 51
Concern:
Hair Thinning
Contributing Factor:
Work-related stress and environmental exposure
Recommended Routine:
Anti-Hair Loss Advanced Scalp Serum (6 months)
Result:
Improved hair density and fuller-looking coverage

For Jack, what began as gradual thinning eventually affected both his appearance and confidence.
After consistently incorporating the serum into his routine, he began noticing encouraging improvements.
“My mother told me she could see my bald patch was darker, meaning the hair was growing back. That put a big smile on my face because I was happy to hear she noticed something different.”

Ooi Hui Ying, 35
Concern:
Progressive Hair Thinning
Contributing Factor:
Hormonal changes
Recommended Routine:
Anti-Hair Loss Advanced Scalp Serum (8 months)
Result:
Visible baby hairs and improved confidence

What began as gradual thinning eventually developed into a visible bald patch. Through consistent use of the serum, Hui Ying started noticing visible baby hairs after three months and experienced renewed confidence as her hair became fuller over time.
“My self-esteem improved. I’m very happy and delighted that this worked.”

Understanding Comes First
Although Soo Chian, Jack and Hui Ying experienced similar symptoms, their hair concerns stemmed from different underlying causes.

Their stories reinforce an important truth: understanding the cause is often the first step towards finding an effective solution.

Through complimentary Hair & Scalp Diagnosis, personalised consultations and targeted hair care solutions, L’Occitane continues to help Malaysians better understand hair fall, hair loss and scalp health before recommending the routine best suited to their needs.

Today, with over 105,000 Hair & Scalp Diagnosis conducted in Malaysia, L’Occitane remains committed to helping consumers make more informed decisions about their hair and scalp care journey.
Complimentary Hair & Scalp Diagnosis is available at L’Occitane boutiques nationwide.

Each diagnosis includes:

• Personalised scalp analysis
• Identification of scalp concerns
• Hair loss and hair fall assessment
• Product recommendations tailored to individual needs

Hashtag: #AntiHairLoss #HairCareExpert #LOccitaneMY #LOccitaneEnProvence​

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L’Occitane En Provence

A Beauty Maison revealing the living force of flora, since 1976. Born from a simple gesture – the distillation of rosemary – L’Occitane en Provence draws its inspiration from the vibrant nature and cultures of Haute-Provence. The Maison designs skincare, fragrances and home collections formulated in France with botanicals inspired by Haute-Provence and enhanced by advanced science and an environmentally conscious approach. Celebrating the ties that bind people and nature, L’Occitane en Provence brings to life an art de vivre inspired by the beauty of simple moments. Today, the Maison shares this philosophy with its guests through over 3,000 boutiques worldwide, 100 spas, 2,500 partner hotels, and its own hotel, Le Couvent des Minimes, un Hôtel et Spa L’Occitane en Provence.

The L’OCCITANE Group is now B Corp™ certified

The L’Occitane Group, a pioneer in premium sustainable beauty and wellness, is proud to announce that it is now a certified B Corporation™. This is an exciting milestone that builds on the Group’s ongoing commitment to creating positive change by empowering the communities it invests in, protecting biodiversity, reducing waste and mitigating climate change. With certification, the Group joins a global community of like-minded businesses that share a collective vision of creating an inclusive, equitable and regenerative economy to be a force for good in the world.

Agency leader Bryan Phang is the sole COE (Diamond Agency) winner to achieve four consecutive award wins; Prudential’s solid showing underpinned by its strong knowledge sharing and mentorship culture

SINGAPORE – Media OutReach Newswire – 7 July 2026 – Prudential Singapore (“Prudential”) achieved the strongest showing globally in the 2026 Million Dollar Round Table (MDRT) Culture of Excellence (COE) Awards, with 29 agency leaders recognised out of 68 winners worldwide. This was up from 13 winners in 2025, reflecting the strong progress made by Prudential’s agency force. Accounting for more than two in five award recipients this year, Prudential had the highest number of MDRT COE Award winners globally.

The MDRT COE Award recognises agency leaders who deliver strong outcomes across six dimensions of agency management¹: production, retention, recruitment, persistency, whole person, and MDRT or MDRT Academy membership.

Mr Rom Lee, Chief Agency Officer, Prudential Singapore, said: “Having 29 agency leaders recognised on the global MDRT Culture of Excellence Awards, up from 13 last year, is a strong affirmation of the standards our leaders set for themselves and their teams. Beyond individual achievement, it reflects a culture grounded on discipline, a strong MDRT sharing culture and a deep commitment to helping customers make confident financial decisions.

“We have worked to create an environment where financial representatives can grow their careers, perform at a high level and be recognised for their achievements. As customer needs continue to evolve, this culture of excellence will remain central to how we develop a trusted, future-ready agency.”

MDRT COE Award winner Mr Bryan Phang, Financial Services Director, Prudential Singapore, is the only Diamond Agency recipient globally to achieve this distinction for a fourth consecutive year. This year, the agency went a step further by achieving all six criteria of the Award. Said Mr Phang: “Earning this recognition for a fourth consecutive year is meaningful. The best teams make each other better. For us, it’s about developing people, building leaders and creating a culture that can sustain success over time. We hope this recognition raises the bar for what strong agency culture and high standards can achieve.”

New MDRT COE Award winner, Ms Chiam Shu Yi, Wealth Director, Prudential Financial Advisers Singapore, Platinum Agency, is recognised for developing the careers of young and mid-career financial representatives. Said Ms Chiam: “Success is never built alone. The greatest fulfilment in leadership is investing in people, helping them discover hidden confidence, and reach milestones which they thought were out of reach. By supporting others, you empower them to grow, succeed, and build lives and careers they are proud of.”

Agency leaders awarded the MDRT Culture of Excellence Award include:

Prudential’s agency force has continued to deliver strong results and a consistently growing number of qualifiers. In 2026, it had 1,425 MDRT qualifiers, including 186 Court of The Table (TOT) and 73 Top of the Table (TOT) qualifiers, as well as 29 MDRT COE Award winners.

Prudential continues to invest in capability building across its agency force through training and professional development pathways. These include the Financial Consultant Induction Programme (FCIP) for new joiners, which leads to an Institute of Banking and Finance Qualified (Level 1) certification, as well as leadership development tracks such as the Chartered Insurance Agency Manager designation.

The company also equips financial representatives to serve affluent and high-net-worth customers through its in-house High Net Worth Skill Up Series and external programmes including the Certified Affluent Wealth Adviser and Advanced Affluent Wealth Adviser courses by the Wealth Management Institute. In 2024, Prudential also enhanced its Management Associate Programme (MAP) to support fresh graduates and young professionals pursuing a career as financial representatives².

Prudential has 5,400 financial representatives with its tied agency and financial advisory arm, Prudential Financial Advisers Singapore, as of 31 December 2025.

1 For more information on criteria for MDRT Culture of Excellence Awards, please visit: https://www.mdrtcenter.org/culture-of-excellence-awards
2 For more information about the enhanced Management Associate Programme, visit: https://www.prudential.com.sg/about/newsroom/press-release/2024/prudential-ramps-up-hiring

Hashtag: #Prudential #PrudentialSingapore #MDRTCOE #MDRTCultureofExcellenceAward

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About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore)

Prudential Assurance Company Singapore (Pte) Ltd is one of the top life and health insurance companies in Singapore, serving the financial and protection needs of the country’s citizens for 95 years. As at 31 December 2025, it has S$66.3 billion funds under management. The company has an AA Financial Strength Rating from leading credit rating agency Standard & Poor’s and delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of 5,400 financial representatives.

About MDRT Center for Field Leadership

The MDRT Center for Field Leadership was created exclusively for financial services field and home office leaders. As a separate, individual membership association with innovative leadership development strategies, the MDRT Center provides its members with exceptional value and leadership growth opportunities. MDRT Center membership allows increased engagement within the MDRT community while allowing leaders to develop a culture of excellence within their respective organizations. To learn more visit mdrtcenter.org.