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Hong Kong Home Prices Weakened Again in Q2 as Interest Rate Cuts to Come Later Than Market Expectations

Office market net absorption remained positive, high street vacancies stabilized

  • The Hong Kong Grade A office market recorded growth for the third consecutive quarter, with overall net absorption remaining positive at 318,000 sq ft in Q2. Nevertheless, office rents remained under pressure due to the lifted availability rate, dropping 1.5% q-o-q.
  • The overall high street vacancy rate stabilized, and rents continued to record low single-digit growth rate across retail districts. Mainland brands are expected to become key drivers of leasing demand in the long term.
  • Residential transactions accelerated after the Government lifted all demand-side management measures for residential properties, with the Q2 total transaction number forecasted to record approximately 19,000 units, rising by over 90% q-o-q from the low base of last quarter. Home prices remained under pressure amid the high interest rate environment, declining 3.8% for the year-to-date.

HONG KONG SAR – Media OutReach Newswire – 3 July 2024 – Global real estate services firm Cushman & Wakefield today held its Hong Kong Property Markets Review and Outlook 1H 2024 press conference. With the Government lifting all demand-side management measure for residential properties in late February, the number of residential transactions rose noticeably in April. However, transactions in May slowed again from April’s high due to a combination of factors. The Grade A office market recorded positive net absorption for the third consecutive quarter, mainly driven by leasing demand in non-core districts, despite the high availability rate keeping rents under pressure. In the retail sector, with gradually recovering tourist arrivals, the overall high street vacancy rate remained stable in the quarter. However, the structural shift of local residents taking more frequent trips northbound to mainland cities has led to a downward trend in Hong Kong’s total retail sales for the January to May 2024 period.

Grade A office leasing market: Net absorption stayed positive in Q2 2024, availability rate remained largely stable

Overall net absorption in the Grade A office market in Q2 remained positive at 318,000 sq ft, leading to total net absorption of 582,200 sq ft for the 1H 2024 period. In terms of new leasing activities, 964,500 sq ft of newly leased space was recorded in the quarter, representing a y-o-y increase of about 70%, with Kowloon East and Greater Central accounting for the greatest shares at 33% and 23%, respectively. By industry sector, in terms of newly leased area, the insurance sector at 23% was the most active, followed by the professional services sector (22%), banking & finance sector (20%) and consumer products & manufacturing sector (17%) all recording double-digit shares.

Two new office building projects were completed and entered the market in Q2, located in Greater Central and Kowloon East, leading the overall vacancy rate to slightly increase to 19.8%. The overall Grade A office rental level decreased by 1.5% q-o-q, and has fallen by 2.1% for the year-to-date (Chart 1). Looking ahead to 2H 2024, we expect the pace of office leasing activity to be similar to the first half of the year. Companies are still focusing on cost controls, while the market will need some time to absorb the available area, with ample office supply in the current market situation. Therefore, office rents are expected to stay under pressure, and we maintain our original forecast of a 7% to 9% drop in 2024.

John Siu, Managing Director, Head of Project and Occupier Services, Hong Kong, Cushman & Wakefield, said, “As at Q2 2024, the total leased area of Grade A office buildings in Hong Kong stands at about 56.6 million sq ft, similar to the 56.4 million sq ft at the end of 2020. This reflects that the overall demand for office space has remained broadly stable over the past few years despite the pandemic, and the rising availability rate was mainly due to the completion of new Grade A office buildings in recent years. On the other hand, the current rental level has dropped by about 38% from the 2019 peak, providing opportunities for companies to move into better-quality buildings with a similar rental budget, supporting the absorption of quality office space. In addition, according to the 2024 World Competitiveness Report, Hong Kong’s overall ranking has risen by two places to fifth in the world, reflecting the appeal of Hong Kong’s business environment globally. Moreover, many professionals who have recently been approved by different talent schemes have begun to settle in Hong Kong, which is expected to help support long-term office demand.”

Retail leasing market: Overall high street vacancy rate remained stable, rental recovery more evident in Tsimshatsui and Central

With the changed consumption patterns of mainland visitors and the trend of Hong Kong people going northbound to spend, which has relatively weakened local consumption, total retail sales from January to May 2024 amounted to HK$162 billion, a drop of 6.1% y-o-y. With the exception of the Medicines and Cosmetics category, all key retail categories are showing a downward trend. However, the overall high street vacancy rate remained generally stable. Of the key retail districts, Tsimshatsui has seen greater tourist numbers and consumer footfall, bringing a drop of 1.2 percentage points in the vacancy rate to 10.6% over the quarter, while Causeway Bay (2.6%), Central (7.0%) and Mongkok (11.1%) remained flat q-o-q.

With the steady rise in inbound tourist numbers, high street rents across districts saw modest single-digit growth in Q2. Notably, Tsimshatsui, popular among tourists, recorded the most significant increase, rising by 2.8% q-o-q and 3.9% year-to-date, respectively. Central district followed closely, supported by high-spending tourists and local consumption, with a 2.7% q-o-q rental increase (Chart 2). As for the F&B sector, local operators generally remained cautious. F&B rents in Causeway Bay and Central saw a 3% q-o-q increase, while Tsimshatsui and Mongkok recorded mild q-o-q growth of less than 1%.

Kevin Lam, Executive Director, Head of Retail Services, Agency & Management, Hong Kong, Cushman & Wakefield, commented, “The trend of Hong Kong residents traveling to mainland cities for spending, especially during weekends and long holidays, has become a structural change. It is expected that the net outflow of outbound Hong Kong resident passenger trips compared to inbound tourists may even intensify compared to last year. However, the number of visitors to Hong Kong is steadily increasing, which should further improve the vacancy situation for high street shops. We forecast that rental growth for high street shops across districts in 2H 2024 will range from 0% to 5%. Regarding leasing activity, although some international brands have taken advantage of the current attractive rental level to open stores in core areas during the quarter, most retailers will remain cautious in expansion activities. We expect leasing demand in 2H will continue to be mainly driven by mainland retail brands and F&B operators. In recent years, tourists have shifted from shopping-focused travel to “in-depth tourism”. Hong Kong has the potential to combine a mega-event economy with culture, sports, retail, and dining, making the travel experience in Hong Kong more unique, and in turn helping the retail market to overcome challenges.”

Residential market: Transactions yet to sustain at a high level after removal of cooling measures, home prices remain under pressure amid high rate environment

Following the government’s announcement of a complete withdrawal of cooling measures in February, buyer activity noticeably accelerated in March and April. In April, residential transactions jumped to more than 8,500 units, marking the highest monthly figure in nearly a decade. However, transaction volume declined to around 5,550 units in May. Although activity remains more active than before the cooling measures were lifted, the market is still constrained by factors such as delayed interest rate cuts and uncertain market conditions. We anticipate that total transactions for Q2 will reach approximately 19,000 units, representing an increase of 93% q-o-q and a 56% y-o-y (see Chart 3). At the same time, developers have been actively launching their new projects after the removal of cooling measures, and some may also offer competitive pricing or discounts to attract buyers. As a result, the spotlight in the residential market remains on the primary market, with first-home sales accounting for 35% of overall transactions for the January to May period.

Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield, mentioned, “The Rating and Valuation Department data shows that overall residential prices started to strengthen in March. However, such growth momentum has not sustained, with the latest data in May recording a monthly drop of 1.2%, bringing a 1.7% year-to-date decrease for the first five months of this year. According to Cushman & Wakefield’s small to medium-sized residential price index, home prices also corrected again in May, while June’s pricing level was 2.5% lower than April’s number, bringing a drop of 3.8% in the first six month. Home prices in all our market segments have declined again in Q2. The price level in City One Shatin, representing the small-sized market, dropped 6.2% q-o-q, while Taikoo Shing, representing the middle-sized market, recorded a 3.4% q-o-q decrease. As for the luxury segment, Residence Bel-Air also saw a 5% decline over the quarter.”

Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield, added, “Looking ahead to 2H 2024, while the interest rate reduction timetable has been further delayed compared to earlier market expectations, even if the Fed implements interest rate cuts in the latter months, it is believed that the adjustment will be limited and banks in Hong Kong may not immediately follow. The high rate situation, combined with the current cautious lending stance of local banks, has hindered a sustained positive impact from the removal of cooling measures. Additionally, developers will actively promote their new home sales in the market during 2H 2024, limiting the price recovery of secondary homes. Consequently, we have revised and lowered this year’s home price forecast, with a decline of 0% to 5% in 2024. However, the rental market has been receiving ongoing support from incoming professionals and non-local students. The rental index has steadily risen since last year, and we expect this trend to continue, with a forecast of a 0% to 5% increase in rents for the full year. As for transaction volume, we expect that around 50,000 housing units will be transacted in 2024, representing a rise of 15% to 20% from last year’s low point.”

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Hashtag: #CushmanWakefield

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

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2023, the firm reported revenue of $9.5 billion across its core services of valuation, consulting, project & development services, capital markets, project & occupier services, industrial & logistics, retail and others. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit or follow us on LinkedIn ().

Laos Seeks Debt Deferrals as External Payments Nearly Double to USD 950 Million

Laos aims to reduce its debt-to-GDP ratio to 89% by 2025, down from 94% last year, by boosting revenue and cutting borrowing and spending (Photo: pixabay/freemalaysiatoday)

Laos is seeking more time to pay off its debts, as its external debt payments nearly doubled to USD 950 million last year, from USD 507 million in 2022, according to a government report. 

Oudomxay Court Sentences Two Defendants to Death for Drug Trafficking

Credit: Lao National Radio

On 28 June, the first-level criminal court committee of the Oudomxay People’s Court sentenced two defendants to death for trafficking 93 bundles of methamphetamine, weighing 22 kilograms. The defendants, Havan Teng, a Vietnamese citizen, and Souliyong (also known as Bounthong), a Lao citizen, both 52 years old, were found guilty of the charges and handed a death sentence.

The People’s Prosecutor’s Office of Oudomxay Province detailed the case in court, stating that on 7 March, 2022, around 11 am, police officers from the Special Task Force at checkpoint 44 – on the Oudomxay to Luang Prabang road – inspected a blue Hyundai car belonging to Havan Teng.

During the search, the officers found a large amount of drugs, which was hidden between five gas canisters, three mattresses, three bed sheets, a pillow, and blankets.

Under interrogation, Havan Teng confessed that he was hired to plow coffee plantations in Pak Chan District, Champasack Province, and planned to buy the drugs from Suliyong in Napoua Village, Mai District, Phongsaly Province.

On 9 March, 2022, officers from the Oudomxay Province Anti-Narcotics Department, in cooperation with Mai District police officers in Phongsaly, arrested Souliyong.

Shortly after the arrest, Souliyong admitted to selling drugs to Havan but claimed to have sold only nine bundles. He denied knowing the source of the remaining bundles.

After thorough investigation and examination of the evidence, the court found both defendants guilty and sentenced them to death. Meanwhile, a third suspect remains at large. Lao officers are continuing efforts to arrest and prosecute him.

Laos has not executed anyone since 1989, yet courts remain entitled to issue death sentences. Currently there are around 300 individuals on death row. Despite this de facto moratorium, Laos is yet to establish a formal moratorium on this law.

Korea Artiz Studio Earns Recognition for Growth in Singapore and Asia-Pacific


SINGAPORE – Media OutReach Newswire – 3 July 2024 – Korea Artiz Studio, a Korean pre-wedding photoshoot studio in Singapore, is pleased to announce its recent accolades: inclusion in Singapore’s Fastest-Growing Companies 2024 and recognition in the Financial Times High-Growth Companies Asia-Pacific 2024 lists.

Korea Artiz Studio Pre Wedding Photoshoot
Korea Artiz Studio Pre Wedding Photoshoot

Notably, Korea Artiz Studio is the sole honoree from the wedding photography industry to be recognised in both rankings, highlighting the brand’s performance within the field.

Award Highlights
Jointly organised by The Straits Times and global data platform Statista, Singapore’s Fastest-Growing Companies 2024 list recognises businesses demonstrating strong revenue growth over the past three years. To be considered, companies must meet strict eligibility criteria, including achieving a minimum revenue threshold in a previous year and demonstrating a significant increase in revenue over the three-year period. The selection process also considers various factors, including annual growth rate, overall income level, employee benefits, and more, to identify the most deserving companies.

Additionally, the FT High-Growth Companies Asia-Pacific 2024 list, compiled by the Financial Times and Statista, spotlights promising ventures across the Asia-Pacific region with a track record of strong, primarily organic revenue growth between 2019 and 2022. Companies are evaluated by a panel of experts to assess each company’s financial performance, growth trajectory, and overall business strategy to determine the finalists.

Reaching Milestones Through Dedication
Founded with a focus on capturing timeless and unique love stories, Korea Artiz Studio began as a boutique operation in Busan, South Korea. From the start, the studio has aimed to provide couples with a personalised experience, capturing photos in elegant settings that reflect the beauty of Korean aesthetics.

In 2017, Korea Artiz Studio expanded its services to Singapore, bringing Korean-style indoor pre-wedding photography to the local market, addressing a growing demand for unique wedding photography experiences within the local market.

Today, the studio has extended its presence across the Asia-Pacific region, with physical locations in South Korea, Singapore, Mainland China, Taiwan, Thailand, Jakarta, and other areas. This international expansion reflects Korea Artiz Studio’s commitment to serving couples worldwide and sharing the beauty of Korean-style pre-wedding photography.

“Being selected for these two awards is a testament to our customers’ recognition of the Korea Artiz brand and growth over the past few years,” says Kim Yong Seon, founder of Korea Artiz Studio. “This has motivated us to strive even harder to provide exceptional service, stay ahead of trends, and create unforgettable pre-wedding experiences for every couple we serve.”

Navigating the Road Ahead
Looking ahead, the studio plans to continue to uphold its commitment to delivering high-quality products and services to its clients. This includes ensuring each photoshoot reflects attention to detail and maintaining its reputation as a leader in the wedding photography industry in Singapore.

Finally, Korea Artiz Studio extends its thanks to its clients, team members, and partners for their continued support. Their contributions have been crucial in driving the studio’s success and growth.
Hashtag: #preweddingphotoshoot #weddingphotographersingapore #couplephotoshoot #indoorphotoshootsingapore #bridalstudiosingapore #weddingphotoshoot

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

Korea Artiz Studio

Founded in Busan, South Korea, in 2008, Korea Artiz Studio has grown into a leading provider of Korean wedding photoshoots with a global presence. Their signature style features elegant indoor settings crafted by renowned SBS Korea Landscape Designers, ensuring a captivating backdrop for couples’ timeless love stories. Today, they have established themselves as Singapore’s leading indoor wedding studio and for authentic Korean-style pre-wedding photography.

American Songwriter Pens Novelty Tune Highlighting “Classic” Lion-City Misconceptions

Singapore-based Laura Ellington Music Teams with Stand-Up Legend Kumar for Video


SINGAPORE – Media OutReach Newswire – 3 July 2024 – Singaporean comedian and television icon Kumar joins forces with Laura Ellington Music for their latest music video, “Lady Singapore Groove.” This unique collaboration skewers erroneous perceptions of Singapore through music and humour.

Lady Singapore Groove Official Music Video

“Lady Singapore Groove”, the song, was conceived by LEM creative director Toni Thompson; the firm’s Singaporean business director, Kathiona Lie, executive produced the video. A resident of the East Coast area, Toni has drawn on a range of experiences and observations to fashion a playful, rhythmic spoken-word exercise to dispel two of the most common myths surrounding Singapore.

Kumar brings his one-of-a-kind comedic touch to the video, adding an extra layer of humour—but also depth, as his much-celebrated art and his image are inextricably woven into the fabric of Garden City life. Kumar’s natural ability to connect with audiences through laughter makes him the perfect fit for a project that aims to enlighten without rendering judgement.

“Kat and Toni came to me with this whole ‘Singapore-myth-busting’ concept,” says Kumar, “and I thought it would be a hoot to be part of such a project, so I said, ‘Why not?'”.

Says Toni, “Hopefully the light-hearted take of ‘Lady Singapore Groove’ will draw listeners in, invite them to examine the assumptions we sometimes make concerning others”. Too, she adds, “It would be ideal if, after waxing philosophical, people found it was something they could really dance to!”

Kumar is seen in multiple, and unexpected, roles in this colourful nod to the no-frills music videos of old, with the comedy giant lip-syncing to a hook sung by home-grown vocal dynamo Lily Anna Nuris.

According to Kat: “The song blasts two major myths—namely, that we’re located in China, and we don’t speak English. Who hasn’t heard these lulus at some point, especially when travelling abroad?”

With its funky bass line, disco bridge, pithy lyric, and retro feel, “LSG” may prove a springboard to some interesting conversations—at the water cooler, over laksa, on holidays overseas…or yes, perhaps even at a dance venue near you.

“Lady Singapore Groove” has premiered on Social Media platforms inclusive of YouTube, Instagram, Tiktok & Facebook. Do experience this remarkable collaborative effort first-hand!
Hashtag: #LadySingaporeGroove #Kumar #LauraEllingtonMusic #Singapore #Music #Culture






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

Germany’s Support Set to Transform School Meals in Laos

German Support Set to Transform School Meals in Laos
Jacqueline de Groot, WFP Country Director and Representative and Soulioudong Soundara, Deputy Minister of Education and Sports (photo supplied)

A new agreement signed by the Ministry of Education and Sports today formalizes support from the Federal Republic of Germany to the country’s largest social safety net: school meals. Support to local agriculture for a steady supply of food to schools, driven by a partnership with the United Nations World Food Program (WFP), aims to create a positive cycle of rural poverty reduction centered around local schools.

Zest Clinic Celebrates New Location At Parkway Medical Centre

Embracing a new focus, Zest Clinic provides transformative journeys with personalised treatments to enhance health, performance, and physical appearance.


SINGSPORE – Media OutReach Newswire – 3 July 2024 – Zest Clinic is pleased to announce its relocation to a new clinic at Parkway Medical Centre. Moving from its current location within Parkway Parade Mall, the new clinic spanning 1,500sqft, will focus on offering personalised treatments from aesthetics to men’s and women’s health, as well as longevity solutions, to maximise one’s health, performance, and physical appearance.

Zest Clinic, 80 Marine Parade Road #05-04/05 Parkway Parade Medical Centre, Singapore 449269

Zest Clinic, 80 Marine Parade Road #05-04/05 Parkway Parade Medical Centre, Singapore 449269

Zest Clinic believes that optimal health is the cornerstone of longevity and a fulfilling life. Guided by this principle, Zest Clinic serves as a sanctuary where medical science and aesthetics converge, offering cutting-edge treatments and personalised care to help individuals achieve their best selves. From advanced skincare solutions to transformative non-surgical procedures such as Lasers, Zest Clinic offers technologies that enable an all-round experience for those who seek to enhance their well-being and Aesthetics.

Founded by Dr. Sankeerth Reddy and Dr. Tiffany Yeo-Reddy, Zest Clinic’s comprehensive approach combines predictive and preventive medicine with meticulously tailored treatments to meet the unique health and beauty goals of those under their care.

At the new location, Zest Clinic will not only boast state-of-the-art technology for skincare and Aesthetic medicine but also feature a VO2 Max Metabolic Analyser and FAR-infrared thermal therapy to stimulate cellular metabolism, potentially enhancing the body’s regenerative abilities. In addition, Zest Clinic offers complete well-being solutions for a host of health concerns, including longevity, weight management, men and women’s health and pain management.

Zest Clinic invites everyone to begin their journey to better health and well-being at their new location in Parkway Parade. Zest Clinic is located at 80 Marine Parade Road #05-04/05 Parkway Parade Medical Centre, Singapore 449269. For any enquiries please, call or whatsapp +65 9176 9378, or visit zest.clinic.Hashtag: #zestclinic #longevity #Clinic #Parkwayparade #aesthetics #menshealth #womenshealth #skincare




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

Perfecting Work-Life Harmony: JustCo Launches Its Newest Destination in Melbourne’s CBD at Emporium Melbourne


MELBOURNE, AUSTRALIA – Media OutReach Newswire – 3 July 2024 – JustCo, Asia’s leading flexible workspace provider, announced today the launch of JustCo Emporium Melbourne — its seventh centre in Australia. Addressing the growing emphasis on wellness across all facets of life, this work-life destination marks JustCo’s sixth location housed within a shopping mall or mixed-use development in the Asia Pacific region. This milestone underscores JustCo’s dedication to offering professionals sustainable and adaptable workspace solutions that promote a harmonious blend of work and life, alongside its commitment to expanding its current network of over 40 centres in the region.

Located within Emporium Melbourne, JustCo’s newest centre in Australia strives to seamlessly integrate wellness into the workday, offering professionals a productive environment along with convenient access to shopping, dining, and leisure amenities. (Photo Credit: JustCo)
Located within Emporium Melbourne, JustCo’s newest centre in Australia strives to seamlessly integrate wellness into the workday, offering professionals a productive environment along with convenient access to shopping, dining, and leisure amenities. (Photo Credit: JustCo)

The launch of JustCo Emporium Melbourne was officiated by JustCo’s Co-founder and Chief Commercial Officer, Kong Wan Long, and Vicinity Centres’ Chief Executive Officer and Managing Director (Emporium Melbourne), Peter Huddle. Spanning 30,925 square feet, this new multifunctional space on the 4th floor of Emporium Melbourne features private office suites, hot desk zones, meeting rooms with video conferencing capabilities, and purpose-built micro-spaces for focused work and collaborations. The facility has also integrated nature-inspired designs and hotel-like amenities, enhancing the well-being of its members.

As working professionals increasingly prioritise achieving work-life harmony amidst the ongoing return-to-office trend, the flexible working model is emerging as a pivotal solution across the Asia Pacific, including in Australia. Businesses now seek spaces that transcend mere buildings or offices—environments that foster anticipation about returning to the workplace in the hybrid era. This presents established coworking leaders like JustCo with a compelling opportunity to redefine workspaces and take wellness at work one step further by introducing the concept of a work-life destination at Emporium Melbourne.

JustCo Emporium Melbourne is an embodiment of how wellness seamlessly integrates into the workday, cultivating an ideal work environment and culture where wellness, productivity, networking, and lifestyle options converge under one roof. Introducing premium coworking facilities within a mall offers working professionals immediate access to shopping, dining, and leisure amenities. Achieving work-life harmony requires productive work alongside meeting daily needs, moving beyond flexible work models to embrace the meaningful balance in everyday life.

Including JustCo Emporium Melbourne, there are now a total of six JustCo centres housed within shopping malls or mixed developments. These work-life destinations include JustCo Marina Square, JustCo The Centrepoint and JustCo Changi Airport Terminal 3 in Singapore, as well as JustCo Gaysorn Amarin and JustCo Samyan Mitrtown in Bangkok. In the coming months, businesses and entrepreneurs can also look forward to more JustCo work-life destination launches within malls or mixed developments in Seoul and Bangkok.

“Through ventures like JustCo Emporium Melbourne and our other mall and mixed-use development locations, we will continue to innovate and reimagine the way we work, creating inspiring work-life destinations. Beyond flexible workspace usage and leases, our aim is for everyone to see JustCo as a place of potential, personal growth, passion, and fun,” said Kong.

“Delivering property excellence is a key part of our strategy, with a strong focus on retail partnerships and enhancing the consumer experience. The introduction of JustCo to Emporium Melbourne demonstrates execution of our strategy, with the strategically located co-working space providing CBD office workers with unrivalled amenity as they enjoy state-of-the-art office space with direct access to a long list of premium retail brands and leading dining,” said Gordon White, Centre Manager, Emporium Melbourne.

The coworking industry continues to hold immense potential for further growth, driven by strong demand for flexible workspace solutions that support resource optimisation, flexible work models, and enhance work-life balance. JustCo will continue to explore markets with significant potential and demand while expanding its presence across the Asia Pacific.Hashtag: #coworkingspace #officespace #newlaunch





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