HONG KONG SAR – Media OutReach – 8 June 2021 – Cushman & Wakefield has been voted as the second most attractive employer in Hong Kong in the Randstad 2021 Employer Brand Research (REBR) survey. The second place ranking puts the firm behind only the Hong Kong Jockey Club. The nomination also confirms Cushman & Wakefield Hong Kong as the most attractive employer in the real estate sector.

In the survey, Cushman & Wakefield ranked top in work-life balance, positive work culture, career progression and COVID-secure work environment. These are the attributes that make us the employer of choice.

John Siu, Managing Director, Hong Kong, Cushman & Wakefield, said, “We are proud to be awarded as 1st Runner-Up in this industry-recognized survey of employers of choice. We are committed to hiring and developing the best available talent. Our people have always been our most valuable asset, and are central to our brand, culture, and values. We place a particular focus on introducing and nurturing young talent, and we believe that our philosophy of inclusion, collaboration and diversity sets us apart from other industry players”.

Shirley Fung, Director and Head of Human Resources & Administration, Hong Kong, Cushman & Wakefield, added, “Our diversity is our strength, and we treasure the uniqueness of each team member in developing their potential to the fullest. We have seen that inclusion and collaboration among our teams creates room for greater synergies and well-informed business decisions. Our team members’ efforts in supporting the firm during the challenges of the pandemic are testament to that collaboration, and we applaud their contribution”.

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About Randstad 2021 Employer Brand Research (REBR) Survey

The REBR is the most comprehensive, independent and in-depth employer brand research in the world, analyzing worker’s drivers and motivators and ranking the most attractive employers in 34 markets globally. The performance criteria include work-from-home flexibility, COVID-19 safety, career progression, reputation, CSR, and work-life balance. In Hong Kong, the 2021 REBR was conducted independently with 2,630 locally-based respondents. The outcomes are based on public perception and focus on two main areas: overall brand awareness and relative attractiveness. For more details, please visit https://www.randstad.com.hk/employers/employer-brand-research/2021-top-companies-in-hong-kong-revealed/.

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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• Economic recovery in Hong Kong has driven residential transaction upsurge by 20% q-o-q, reaching a nine-year high and its peak since 2012
• New home supply over the next two years remains low at an average of about 19,100 units per year
• Home prices expected to rise by 5% in the second half of 2021 and return to June 2019 peak prior to social events and pandemic outbreak in Q3

HONG KONG SAR – Media OutReach – 8 June 2021 – Global real estate services firm Cushman & Wakefield publishes Hong Kong Residential Markets Review and Forecast 2021 Q2 today. Steady economic recovery, declining unemployment rate and stabilizing pandemic situation, have contributed to significant growth in the Hong Kong property market in Q2, particularly for the residential market. Residential transaction has hit a nine-year high in the first half of 2021. Home prices are expected to return to their peak in Q3 at a level before COVID outbreak and social events. Resumption of China-Hong Kong travel in the second half of 2021 is expected to bring in mainland buyers, providing more favourable conditions for an overall recovery of the local property market.

In the first two-month period of 2021 Q2, the overall total Sales and Purchase Agreements (S&Ps) stood at 18,590 cases. Combining an estimated 9,500 cases in June brings the quarterly transactions to 28,090 cases, an increase of 37% y-o-y or 20% q-o-q. Residential transactions rose by 20% q-o-q to 21,709 cases, resulting in a total of 39,840 cases in the first half of 2021, the highest since 2012 and a nine-year record.

Mr. Keith Chan, Cushman & Wakefield’s Director, Head of Research, Hong Kong, mentions, “The economy of Hong Kong shows early signs of picking up with a growth of 7.9% y-o-y in Q1, and has twisted a six-quarter contraction. With an improving labour market where the unemployment rate lowered to 6.4%, and the fourth wave of COVID outbreak under control, the housing market sentiment has turned warm with home prices in April rose by 4.1% y-o-y. Residential transactions in the first four months of 2021 were dominated by secondary sales which took up 81%, up from 74% in 2020. This number has returned to the traditional secondary to primary sales ratio of 80 to 20%.”

According to the analysis of Mr. Edgar Lai, Cushman & Wakefield’s Director, Valuation and Advisory Services, Hong Kong, both mass residential and luxury residential markets show similar trends. The average prices of housing estates in multiple districts have increased by over 10% to date since this year. Take City One Shatin as an example, the average price has increased by 5.4% in Q2, over 10% since this year, and recorded “five consecutive rises” with the average price nearing its peak of June 2019. The average price of Taikoo Shing has also increased by 5.7% q-o-q and is expected to record a 15.3% increase by the end of June. The luxury home market has also rebounded, with Bel-Air rising by 9.3% in Q2. This upward trend is expected to continue.

As for private housing supply in the future, a more reasonable number of about 19,100 new units per year are expected in the pipeline in the next two years. While slightly above the average annual supply of 14,300 units in the past ten years, the number is still low compared to the average of 26,600 units from 1991 to 2000.

Mr. Alva To, Cushman & Wakefield’s Vice President, Greater China & Head of Consulting, Greater China, commented, “Residential transactions in Q2 were brisk with upsurge in both volume and prices. The tight supply of new residential properties was a favourable contributor, but the support chiefly came from the better-than-expected economic growth, persistent low interest rates, easing of the pandemic, and further reduction of unemployment rate therefore unleashing purchase power. Looking ahead, we expect that with the resumption of cross-border travels in the second half of this year, mainland buyers will inject momentum into local property sales. The residential market will remain active in the second half of this year, with room for a 5% rise in price, or 10% for the whole year. In Q3, it might return to its historical peak prior to the outbreak of social events in June 2019 and the pandemic. Luxury residential market is likely to rise by another 5% to 10% within this year.”

Click HERE to download high-resolution photos of the Cushman & Wakefield press conference.

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).

#Cushman&Wakefield