Home price expected to rise by maximum 3% in 4Q conducive to stable outlook

• Economic recovery in Hong Kong drove upsurge of residential property transactions by 15% y-o-y in 3Q 21. With purchasing power gradually unleashed, transaction volume has gone down since August and is expected to shrink in September. Property market will enter consolidation phase.
• Despite a downward trend in transaction volume, home prices are expected to progress steadily in 4Q with room to rise by maximum 3%.
• New project sales from property developers are expected to continue in 4Q, and primary sales will dominate the market

HONG KONG SAR – Media OutReach – 15 September 2021 – Global real estate services firm Cushman & Wakefield publishes Hong Kong Residential Markets Review and Forecast 3Q 2021 today. With the purchasing power of the market unleashed at a certain level and consumed in 1H 21, available affordable units reduced, and diminished bargaining space for owners, the transaction volume has displayed a downward trend.

Chart 1: Total S&Ps forecasted to hit 25,661 cases in 3Q

Chart 2: Residential S&Ps forecasted to hit 17,825 cases in 3Q

Chart 3: Overall home price increased by 4.3% since 2021

Chart 4: Price at City One Shatin (Phase 4) forecasted to rise by 2.1% q-o-q in 3Q

Chart 5: Price at Taikoo Shing (Kao Shan Terrace) forecasted to increase by 2.5% y-o-y in 3Q

Chart 6: Price at Residence Bel-Air (Phase 2) forecasted to rise by 4.9% in 3Q

Chart 7: About 8,900 new flats potentially available from September to December

Mr Keith Chan, Director, Head of Research, Hong Kong, Cushman and Wakefield comments, “Transaction in the market has been active since 2021. The total number of sales and purchase agreements (S&Ps) in the first 9 moths is estimated to be 77,369 cases, ie. an upsurge of 27% y-o-y (Chart 1), while the number of residential S&Ps is 57,956 cases, both reaching a histocical high since 2012. However, the number of residential S&Ps in 3Q 21 is forecasted to be 17,825 cases, representing a plunge of 19% q-o-q (Chart 2). This is mainly due to the fact that affordable units have been gradually consumed by the market. With limited availability of residential units, owners’ bargaining space has narrowed and they even began to raise prices. Buyers took a wait-and-see attitude, waiting for the market to cool down, leading a see-saw situation between the two. Transaction became slow, bringing the property market to consolidation phase.The downward trend is expected to continue with S&Ps falling to 4,700 cases in September (Chart 2).”

Mr Edgar Lai, Director, Valuation and Advisory, Hong Kong, Cushman & Wakefield comments, “In terms of property price, overall home price has risen by 4.3% since 2021 and is expected to surpass the peak of May 2019 soon. The average price at City One Shatin has already made its historical high (Chart 4), and that at Taikoo Shing has also risen by 2.5% q-o-q (Chart 5). Luxury homes such as Residence Bel-Air show similar performance as common residential homes with a 15% rise since 2021 (Chart 6), only less than 3% from its record high. We forecasted a full year increment of 8% to 10% in 1Q 21. We expect property price will rise steadily in 4Q with a further increment of maximum 3%.”

Commenting on the market outlook, Mr Edgar Lai further commented, “Following a round of active transactions, we expect that the purchasing power previously accumulated in the property market has been released. Buyers also become more cautious after prices have recorded certain increment so far. Moreover, banks are less active in getting business at year end as it is traditional an off-season period for mortgage. In this regard, we expect that both transaction volume and property price increment will continue to slow down in 4Q. Property prices have reached historical-high and the property market will enter a period of consolidation. We forecast that about 8,900 new units will be ready for primary sale from September to December (Chart 7), of which many come from large-scale developments. 76% of these are located in the New Territories and the rest across Hong Kong. If primary sales performance is good, the outcome will be conducive to the stable development of the market. We have forecasted residential price growth of 8% to 10% throughout 2021 by start of the year. With home prices expected to progress steadily in 4Q, we would estimate a maximum 3% growth by end of the year.”

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About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. Across Greater China, 22 offices are servicing the local market. The company won four of the top awards in the Euromoney Survey 2017, 2018 and 2020 in the categories of Overall, Agency Letting/Sales, Valuation and Research in China. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com.hk or follow us on LinkedIn (https://www.linkedin.com/company/cushman-&-wakefield-greater-china).

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Valued at US$1.1 billion, the regional leader of classifieds will continue to cement its frontrunner position across Goods, Autos and Property verticals, and accelerate its transactional push into recommerce

SINGAPORE – Media OutReach – 15 September 2021 – Carousell Group, the leading classifieds group in Greater Southeast Asia, today announced that it has secured an investment of US$100 million to accelerate its leadership in the region, and to reimagine the classifieds experience with a focus on convenience and trust, to make secondhand the first choice.

This round of funding, led by STIC Investments, a leading Korean private equity that invests across Asia, marks a significant milestone that will bring Carousell’s valuation to US$1.1 billion. The investment will power the group’s ambitions to redefine commerce for secondhand goods and automobiles in an increasingly digitally savvy, affluent and sustainability-conscious region.

“The pandemic has shown us that our mission to inspire the world to start selling and buying secondhand is more relevant than ever. People in the community are using our platforms to make more possible for each other—through shared passions, making ends meet, affording what they need, or simply because it is more sustainable. We believe that the accelerated adoption of digital experiences is an opportunity for us to double down on our recommerce efforts with a focus on convenience and trust, to unlock step-change growth in our community,” said Quek Siu Rui, Co-founder and CEO of Carousell. “STIC’s investment is a validation of our mission and strategic direction. We’ll deepen our investments in recommerce across more categories and markets, and will continue to seek opportunistic acquisitions in scaling up.”

“We have been monitoring Carousell as one of the leading platforms in Greater Southeast Asia, and are excited to partner up with a significant stake in its growth story,” said Jason Cho, Managing Director of STIC Investments.  “Carousell continues to achieve tremendous user growth as they transform the recommerce market, adding new features that are focused on creating trusted marketplaces and enhancing overall user experience.  We are highly confident that Carousell will be at the center of the secondhand economy in this region at a time when an increasing number of socio-economic and environmentally conscious consumers are shifting towards a circular economy”. As part of the funding round, Mr. Cho will join the Carousell Board of Directors.

Since its founding in 2012, the Group serves a community of tens of millions of users across eight markets in Greater Southeast Asia under the brands Carousell, Mudah.my, Cho Tot and OneKyat. Carousell’s pioneering mobile-first approach reignited the classifieds space, making selling and buying easier and proving to be an essential one-stop shop across all categories.

“We have grown way beyond categories like fashion, electronics and general goods,” said Siu Rui, “As the region becomes more affluent, people want to enjoy the finer things in life. We are looking at authentication capabilities for higher-value products, including luxury goods and cars. Our goal is to make transacting in a secondhand marketplace as convenient and trusted as any e-commerce platform so that secondhand can truly be the first choice.”

This year alone, Carousell has piloted a Certified Mobiles programme in Singapore, offering a 12-month warranty for used mobile phones to offer users a like-new experience at secondhand prices, and launched integrated shipping with PosLaju (the Malaysia national postal service) to provide contactless transaction options for sellers and buyers during the Movement Control Order. Carousell Auto Group, which was formed earlier this year to leverage its regional leadership position in car classifieds, has in a short period rolled out a Certified Autos programme in Malaysia that achieved the largest inventory of certified cars in the country, with other key markets to follow.

“We are grateful and privileged to have investors, teammates and users who believe in our mission and our journey in building a meaningful and enduring company,” Siu Rui added.

About Carousell Group

Carousell is the leading classifieds group in Greater Southeast Asia on a mission to inspire the world to start selling, and to make secondhand the first choice. Founded in August 2012 in Singapore, the group has a leading presence in eight markets under the brands Carousell, Mudah.my, Cho Tot and OneKyat, serving tens of millions of monthly active users. Carousell is backed by leading investors including Telenor Group, Rakuten Ventures, Naver, STIC Investments and Sequoia Capital India. Visit here for more information.

About STIC Investments

STIC Investments, Inc. is one of the largest and most experienced private equity firms in Korea. STIC seeks to create growth and prosperity in economies across Asia through investing in companies that engage in promising businesses. Starting its operations as a venture capital firm in 1999, STIC is now renowned as a leading private equity firm in Korea with a proven 22-year track record and abundant investment experience in multiple business cycles. STIC has circa US$5 billion AUM, 40 investment professionals and invested in more than 80 companies. Its global investor base includes sovereign wealth funds, public pension funds, insurance companies, financial institutions, family offices, endowments, foundations, and fund of funds from Korea, Southeast Asia, Middle East, and Europe. Visit here for more information.

#CarousellGroup

United Efforts Together to “Design for the Future”

HONG KONG SAR – Media OutReach – 15 September 2021 – Fashion Summit (HK) 2021, one of the largest conference in Asia on sustainable fashion, came to a successful close. Over 40 speakers from Hong Kong and abroad representing the fashion industry, fashion designers, the academia and NGOS, hosted a number of keynote speeches and panel discussions during the 2-day summit to formulate a sustainable future for the fashion industry. The total number of attendees and real time online participants exceeded 1,000.

Funded by the lead sponsor, Create Hong Kong of the Government of the Hong Kong Special Administrative Region (“HKSAR Government”), Fashion Summit (HK) 2021 (“the Summit”) is jointly organized by Clothing Industry Training Authority (“CITA”), Office of the Hon Felix CHUNG Kwok-pan, Member of the Legislative Council, Redress, Sustainable Fashion Business Consortium (“SFBC”), The Mills Fabrica and WWF-Hong Kong. With the theme “Design for the Future”, the Summit was held on 9^th and 10^th September at the Hong Kong Convention and Exhibition Centre in both physical and online formats. Mr. Edward Yau Tang-wah, GBS, JP, Secretary for Commerce and Economic Development of the Government of the Hong Kong Special Administrative Region, officiated at the opening ceremony by delivering a keynote speech on the first day of the Summit.

The 2-day Summit addressed a number of important issues such as “What are the Designs for the Future?”, “Consumer Engagement in the Digital Age: Strategic Marketing for a Global and Local Audience”, “Are we failing the future of fashion with the lack of sustainability education?”, “Future Fashion Materials”, “Multifaceted Virtual Fashion” and “Green Finance – Resilient to Changes”, generating in-depth discussions on areas including fashion design, digital marketing, sustainable education, use of raw materials, virtual fashion and green finance, etc.

Also unveiled at the event was the result of a questionnaire survey conducted by Fashion Summit (HK) 2021 with dozens of Hong Kong and overseas fashion designers during May and June 2021. The survey aimed to understand the impact of the pandemic on fashion designers, how well they have adapted to life during the COVID-19 era and their opinion about the future of fashion design. By finding out the perception of fashion designers, the survey was expected to shed light on their customers’ awareness and requirements about environmental protection, allowing the fashion industry to revive green economy. The results show that, compared to consumers in Europe, America, Africa, Australia and other parts of Asia, local designers believe that Hong Kong consumers’ demands for environmentally-friendly products are much lower. This reflects a need to strengthen the awareness of environmental fashion among Hong Kong designers and consumers.

Since its inaugural edition in 2017, the Summit has been committed to fostering a review of the fashion industry’s current business models, enhancing the public’s knowledge of the fashion industry’s leading role in sustainable development, and nurturing the concept of sustainable fashion among the younger generation. The Summit also aims to foster sustainable development of the fashion industry by providing a platform for members of the industry to exchange their views and strike collaborations of various kinds. As an important fashion event in Asia, the Summit is highly regarded by local and international fashion industry, environmental industry as well as technology industry.

To revisit the programme of Fashion Summit (HK) 2021 and browse the fashion designers survey report, please visit the Summit’s website at www.fashionsummit.hk.

About Fashion Summit (HK)

Fashion Summit (HK) is an Asian event focusing on “Sustainable Development In Fashion”. It brings together global leading academics, key players from the fashion industry, NGOs, media, decision makers and leaders to achieve sustainable fashion in Asia. Fashion Summit (HK) consists of a 2-Day Conference and a series of events. It plays a vital role to provide a sharing platform for participants from around the world to exchange insights on the latest sustainable fashion trends, technology, best practices, solutions, and opportunities. The Summit is jointly organized by Clothing Industry Training Authority (CITA), Office of the Hon Felix CHUNG Kwok-pan, Member of the Legislative Council, Redress, Sustainable Fashion Business Consortium (SFBC), The Mills Fabrica and WWF-Hong Kong, and funded by the lead sponsor, Create Hong Kong of the Government of the Hong Kong Special Administrative Region. For more information on Fashion Summit (HK) 2021, please visit: www.fashionsummit.hk

#FashionSummit

About Create Hong Kong

Create Hong Kong (CreateHK) is a dedicated agency set up by the Government of the Hong Kong Special Administrative Region in June 2009. It is under the Communications and Creative Industries Branch of the Commerce and Economic Development Bureau and dedicated to spearheading the development of creative industries in Hong Kong. Its strategic foci are nurturing talent and facilitating start-ups, exploring markets, and promoting Hong Kong as Asia’s creative capital and fostering a creative atmosphere in the community. CreateHK sponsors Fashion Summit (HK) since 2017 to promote Hong Kong’s fashion design industry. Website: www.createhk.gov.hk.

Disclaimer : The Government of the Hong Kong Special Administrative Region provides funding support to the project only, and does not otherwise take part in the project. Any opinions, findings, conclusions or recommendations expressed in these materials/events (or by members of the project team) are those of the project organizers only and do not reflect the views of the Government of the Hong Kong Special Administrative Region, the Communications and Creative Industries Branch of the Commerce and Economic Development Bureau, Create Hong Kong, the CreateSmart Initiative Secretariat or the CreateSmart Initiative Vetting Committee.

BOAT QUAY, SINGAPORE – Media OutReach – 15 September 2021 – Heritage Collection opened its latest branch to the public on 20 August 2021. The newly launched hotel is a flagship of the recognized boutique hotel chain and serviced apartments provider. It is the only hotel situated along Boat Quay‘s riverfront. Spanning across 4 shophouse units, the hotel houses over 40 first-rate rooms inside. Heritage Collection on Boat Quay (Quayside Wing) boasts a chinoiserie theme through its architectural elements and interior furnishings.

Guests can safely stay in the hotel because along with the Singapore Tourism Board (STB), lodging establishments are working hand in hand to strictly implement safety precautions and other helpful guidelines into their systems—following those that are indicated in STB‘s Safe Management Measures for Hotels and Hostels.

Heritage Collection on Boat Quay (Quayside Wing) has also replaced the Collection‘s use of keyfob access with a more convenient yet secure and fuss-free mobile self check-in system, allowing guests to safely lock and enter their rooms with only a mobile key access.

Currently, Heritage Collection is offering a 30% off on all rooms in the new hotel in Boat Quay. Anyone can avail of the discount through a unique promo code: STAYWITHHC76. The promo is applicable on bookings made until September 12, 2021 and for stays until October 31, 2021. Beyond this limited time promotion, the hotel offers a 10% discount with their ongoing promo code: STAYWITHHC. They also have weekly flash deals for weekend getaways on their Instagram and Facebook pages.

Since the enforcement of restrictions for international travel in 2020, the hospitality sector in Singapore has been flogged left and right by the effects of the pandemic. Without traveling tourists, hotels receive little to no guests, making it hard for companies to sustain operations and even personnel. The series of lockdowns made staycation popular among locals who are seeking ways to temporarily escape reality by going on short trips and spending a few days in in-country hotels. Currently, the pent-up demand for staycation bookings is what have kept lodging establishments afloat since the past year. Despite the pandemic, Heritage Collection was able to sustain its operations and even expand the business by opening up more branches nationwide.

With boutique hotels implementing safety protocols across all of its chains, people are determined to take their days off to unwind in a place apart from their home. In a survey conducted by the Singapore Management University’s (SMU) Institute of Service Excellence, it has been well noted that Singaporean residents are keen and more than willing to go and spend on staycations more frequently than usual, with The Straits Times even stating that: “Sixty-three per cent of the 450 participants surveyed said they would maintain or increase the frequency of staycations while 71 per cent said they would spend the same amount or more.”

Heritage Collection, which has received sky-high ratings in known global travel platforms like Agoda, Booking.com, Expedia, Trip.com, Airbnb, and TripAdvisor, will be opening up another branch in the Kampong Glam area soon. Offering transient rooms that come with all-inclusive and flexible lease terms, it is the optimal choice for those who want to go on a staycation trip for work, leisure, or any other purpose.

About Heritage Collection:

Heritage Collection is a homegrown shophouse boutique hotel chain and serviced apartments provider in Singapore. Each Heritage Collection property has a heritage theme, and is located in Singapore‘s cultural districts and business districts. Heritage Collection‘s signature features include complimentary laundry facilities, fully equipped kitchenette, weekly housekeeping, personal guest experience managers, complimentary high-speed WiFi, and 24 hours CCTV protection. The apartments at Heritage Collection are clean, modern and cozy, and are stocked with the essentials needed for a comfortable stay. The apartment categories range from loft to studios, and even two-bedroom apartments. Heritage Collection offers flexible lease terms with a minimum accommodation of 3 months for their serviced apartments to meet the needs of guests at affordable rates. Heritage Collection‘s service has been recognized by online travel agents, receiving a rating of over 90% on Booking.com, Expedia and Trip.com, and also achieved superhost status on Airbnb.

To enjoy a staycation in a heritage-themed boutique hotel located in Singapore’s civil and cultural districts, visit Heritage Collection.

#HeritageCollection

Ransomware remains primary threat as threat actors evolve tactics

HONG KONG SAR – Media OutReach – 15 September 2021 – Global cybersecurity leader Trend Micro Incorporated (TYO: 4704; TSE: 4704) announced today that it blocked 40.9 billion email threats, malicious files, and malicious URLs for customers in the first half of 2021, a 47% year-on-year increase.

To read the full report “Attacks from All Angles: 2021 Midyear Security Roundup”: https://www.trendmicro.com/vinfo/hk/security/research-and-analysis/threat-reports/roundup/attacks-from-all-angles-2021-midyear-security-roundup .

Ransomware remained the standout threat in the first half of the year as cyber criminals continued to target big-name victims. Working with third parties to gain access to targeted networks, they used Advanced Persistent Threat tools and techniques to steal and encrypt victims’ data.

The banking industry was disproportionately affected, experiencing a 1,318% year-on-year increase in ransomware attacks in the first half of 2021.

Ransomware was a major threat to global organizations in the first half of 2021, but it was not the only one. Trend Micro’s report also reveals:

• Business email compromise (BEC) attacks increased by 4%, potentially as a result of new COVID-19 opportunities for threat actors.
• Cryptocurrency miners became the most detected malware, having surged ahead of WannaCry and web shells in recent months.
• The Zero Day Initiative detected 770 vulnerabilities, a slight (2%) drop from 1H 2020.
• A total of 164 malicious apps related to COVID-19 scams were detected, 54% of which impersonated TikTok.

“The first step towards effectively mitigating cyber risk is understanding the scale, complexity, and specific characteristics of the threat landscape,” said Tony Lee, Head of Consulting at Trend Micro Hong Kong and Macau. “In addition to comprehensive protection against fast-evolving threats like ransomware, phishing and BEC that Trend Micro offers, our biannual roundup reports provide global organizations and stakeholders invaluable insights to help them build a more secure connected world.”

The report’s overall findings highlight the effectiveness of – and increasing need for – a holistic and scalable cybersecurity solution at the enterprise level. As threats continue to increase in frequency and sophistication, enterprise SOC teams will require a platform that can streamline security processes without sacrificing reliability.

About Trend Micro

Trend Micro, a global cybersecurity leader, helps make the world safe for exchanging digital information. Fueled by decades of security expertise, global threat research, and continuous innovation, Trend Micro’s cybersecurity platform protects hundreds of thousands of organizations and millions of individuals across clouds, networks, devices, and endpoints. As a leader in cloud and enterprise cybersecurity, the platform delivers a powerful range of advanced threat defense techniques optimized for environments like AWS, Microsoft, and Google, and central visibility for better, faster detection and response. With 7,000 employees across 65 countries, Trend Micro enables organizations to simplify and secure their connected world. www.trendmicro.com.hk

#TrendMicro