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Visitor Arrivals Continue to Support Hong Kong Retail Recovery, Grade A Office Net Absorption Still in Negative Territory

Residential Prices and Transaction Numbers Down Amid Interest Rate Uncertainty

  • Hong Kong retail market vacancy rates remained stable in Q3, with high street and F&B rents recording low single-digit growth, and jewellery & watches and cosmetics brands predominantly driving expansion
  • Overall Grade A office space net absorption remained mired in negative territory at -225,900 sq ft in Q3, although new leasing activity was notably more active compared to the prior two quarters
  • Persistent interest rate hikes and a downward stock market trend have slowed residential transactions in both primary and secondary home markets, with prices continuing to decline throughout Q3

HONG KONG SAR – Media OutReach – 10 October 2023 – Global real estate services firm Cushman & Wakefield today published its Hong Kong Property Markets Review and Outlook Q3 2023 report. Supported by increased visitor spending, retail market sentiment continued to pick up in the quarter, with total retail sales achieving HK$270.5 billion for the January to August period, up 19.3% y-o-y. Less positively, Grade A office market net absorption remained in negative territory, with the overall availability rate rising to 17.7% and prompting downward rental adjustments. In the residential market, unfavorable factors such as persistent interest rate hikes and a downward trend in the stock market continued to weigh on transactions, contributing to price declines.

Office Market — Q3 Net Absorption Remained Negative, Exerting Further Pressure on Rents

Amid global economic uncertainties, Hong Kong Grade A office market net absorption continued to soften as some firms further downsized spaces or surrendered leases. All submarkets except Greater Central recorded negative absorption in Q3, pulling overall absorption down by 225,900 sq ft q-o-q and 646,800 sq ft YTD. As a result, the overall office availability rate was pushed up to 17.7%, forcing rents to adjust downwards by 1.7% q-o-q and 5.5% YTD, with more notable declines in non-core submarkets such as Hong Kong East and Kowloon East.

John Siu, Managing Director, Head of Project and Occupier Services, Hong Kong, Cushman & Wakefield said: “There was a notable increase of around 40% in new lettings, by NFA, in Q3 compared to the previous quarter, including several mega-sized transactions in Kowloon East and pre-leased cases that garnered attention in the market. The share of new lettings by industry sector in Q3 was relatively balanced across all sectors. The TMT sector at 21% emerged as the most active, followed by consumer/ manufacturing at 18%, banking and finance at 18%, the public sector at 13%, and the professional services sector at 11%. These double-digit market shares reflect that a range of firms seized opportunities for consolidation and upgrading in the period while rental rates are attractive.

“There has also been a marked increase in new leasing activities from mainland China firms in Greater Central since the border reopening, accounting for a 36% share of new lettings in the submarket in 2023 YTD, a substantial rise compared to the 17% share seen in 2022. We expect that mainland China companies will continue to bring in new demand and contribute to the recovery of the leasing market. We maintain our original rental forecast of a decline in the range of -5 to -7% for the year.”

Retail Market — Jewellery & Watches and Cosmetics Retailers Relatively Active, High Street Rents Rose Steadily, Vacancy Rates Remained Broadly Stable

Hong Kong’s retail market has continued its recovery, supported by spending from inbound visitors. From January to August, total retail sales reached HK$270.5 billion, a notable y-o-y increase of 19.3% compared to last year’s low base. Retail categories popular with tourists experienced the most significant growth,

such as Jewellery & Watches at 63.1%, Fashion & Accessories at 46.7%, and Medicines & Cosmetics at 40.3%. Nevertheless, a gap to pre-pandemic sales levels remains. Retailers in jewellery and cosmetic sectors, including local and mainland China brands, have been actively seeking expansion opportunities in core districts.

The overall high street vacancy rate remained broadly stable at 9% in Q3. Tsimshatsui recorded two significant leasing transactions, lowering the submarket’s vacancy rate by 1.2 percentage points q-o-q to 11.9%. Causeway Bay and Mongkok maintained vacancy rates of 5.3% and 10.9% respectively, while Central’s vacancy moved up by 1.5 percentage points to 8.5%. With the ongoing improvement in the retail market, high street rents have risen steadily, by around 1% to 2% q-o-q across submarkets, while YTD growth was strongest in Central at 9.1%. In the F&B sector, rents in key retail submarkets also recorded slight q-o-q increases, ranging from 0.1% to 0.4%.

Kevin Lam, Executive Director, Head of Retail Services, Agency & Management, Hong Kong, Cushman & Wakefield stated, “According to the latest Hong Kong Immigration Department data, the number of outbound passenger trips by residents has been surpassing the number of inbound tourist arrivals since the border reopening, with an average of over 3 million net outflows per month, indicating that locals are increasingly spending their money in overseas and in mainland China, diverting their consumption power away from Hong Kong. This trend could potentially hinder the recovery progress of the Hong Kong retail market.

“Meanwhile, we have observed that some mainland retailers have seized the opportunity to expand their footprint in Hong Kong, especially for popular F&B chain brands. In addition, the government has recently launched the “Night Vibes Hong Kong” campaign to stimulate the night-time economy. While these initiatives may contribute to stimulating local consumption in the short term, their effectiveness in boosting the retail market will only be deemed successful if they can be sustained over time. To maintain Hong Kong’s attractiveness as a tourist destination, retailers and mall owners must collaborate in innovative ways to bring in more diverse tenant mixes and experiential retail elements. We would also like to see the government boost efforts to bring in international events, such as concerts and sporting competitions, to the city.”

Residential Market — High Interest Rates and a Weak Stock Market Continue to Dampen Residential Prices and Transaction Numbers, Full-Year 2023 Forecast Now Downgraded to 0% to -5%

Hong Kong’s residential market remained weak in Q3, primarily due to the impact of rising interest rates and the recent downward trend in the stock market, prompting potential buyers to adopt a cautious approach and to stay on the sidelines. The total number of residential property transactions in the quarter was less than 9,200, down 25% q-o-q and 21% y-o-y. As purchasing power has been subdued, developers have offered discounted prices for primary home sales to attract buyers, shifting some purchasing power away from the secondary residential market. In addition, there has been no significant change in the proportion of primary and secondary transactions from January to September, indicating a decline in transactions for both primary and secondary home markets in Q3.

Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield commented, “Based on the latest government data as of August 2023, overall residential prices have recorded a decline of 4.2% for the four months from May to August, with the YTD increase then narrowed to 1.3%, effectively offsetting the majority of the earlier gains following the border reopening. According to Cushman & Wakefield’s latest data, overall residential prices in September had fallen by 0.5% YTD.

“The decline in property prices has further accelerated as developers offered new flats at attractive prices, while secondary sellers were forced to reduce their asking prices to match market expectations. The price level in City One Shatin, representing the mass market, was down by 14.1% q-o-q in Q3. Taikoo Shing, representing the middle market, was down 8.8% q-o-q, while Residence Bel-Air, representing the luxury market bracket, dropped 4.8% q-o-q. Both Taikoo Shing and Bel-Air have fallen below the lowest price point observed last December, with the price correction being particularly noticeable in September.”

Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield, concluded: “In July of this year, major banks in Hong Kong raised interest rates in alignment with the United States. The high interest rate environment has resulted in weak buyer sentiment, leading to sluggish primary sales. Consequently, some developers have resorted to offering primary sales at a discounted rate to attract buyers, in turn exerting pressure on secondary residential prices. In contrast, the residential rental market has outperformed the sales market, driven by leasing demand stemming from Hong Kong’s favorable inbound talent policies. As per the latest government data, the Private Domestic Rental Index, as of August 2023, has risen for seven consecutive months since January, with a YTD increase of 5.6%.

“Looking ahead, the market generally believes that the interest rate cycle has yet to reach its peak. Even if the government reviews and relaxes certain stamp duty measures in the future, although this may bring stability and restore some confidence among potential buyers during the downward cycle, we believe that property prices will continue to fluctuate for a while. We forecast residential prices to fall in a range of 0% to 5% y-o-y for the full year of 2023, while residential transaction numbers will fall at a similar rate to record around 43,000–45,000 units for the year.”

Please click here to download photos.

Photo caption:

(From left to right) Kevin Lam, Executive Director, Head of Retail Services, Agency & Management, Hong Kong, Cushman & Wakefield; John Siu, Managing Director, Head of Project and Occupier Services, Hong Kong, Cushman & Wakefield; Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield and Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield.

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 approximately 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2022, the firm reported global revenue of US$10.1 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), Environmental, Social and Governance (ESG) and more. For additional information, visit or follow us on LinkedIn ().

Lao Residents Continue Crossing to Thailand Amidst High Inflation

Lao Residents Continue Crossing to Thailand Amidst High Inflation
Images from the entry of the Thai side at the Lao-Thai Friendship Bridge on 1 October. (Photo: Message)

Residents in Laos are still seen actively traveling to neighboring Thailand despite high inflation and fluctuating foreign currency prices.

Luzerne Collaborates With NAFA To Present “Journey through Origins and Beyond”

SINGAPORE – Media OutReach – 10 October 2023 – Luzerne, an established luxury tableware brand in Singapore, has recently announced its joint collaboration with the Nanyang Academy of Fine Arts (NAFA), a cornerstone member of the University of The Arts Singapore (UAS), in presenting the awe-inspiring art installation, “Journey through Origins and Beyond.” This visionary collaboration delves deep into heritage and evolution, inviting visitors to immerse themselves in the rich legacy of Luzerne.

The installation, exhibited within Luzerne’s central lobby along Bendemeer Road, showcases a magnificent wall adorned with Luzerne plates, serving as a testament to the brand’s enduring journey. The intricate design, characterized by bold lines and fluid motions, symbolizes Luzerne’s evolution over its remarkable 76-year history. Central to this artistic endeavor are mini “Workmen,” representing craftsmanship and teamwork, values integral to Luzerne’s identity. This extraordinary installation goes beyond aesthetics. It incorporates waves into its design, embodying continuous growth and adaptability, mirroring Luzerne’s transformation in the ever-changing market. Crafted by talented NAFA students—Lee Shu Ting, Lee Xin Yi, Nasrin Poon Binte Hashim, and Sharon Bebygael Tandipayung—this installation is a testament to their creativity and dedication.

Luzerne’s “Journey through Origins and Beyond” showcases Luzerne’s enduring legacy, unwavering commitment to excellence, and deep appreciation for the diverse communities it serves. Through this collaboration, Luzerne reinforces its commitment to helping every individual experience their Everyday Best by enhancing the everyday experiences of people all over the world and turning them into extraordinary memories.

Luzerne, a trailblazer in bespoke tableware in Singapore, has been serving renowned restaurants, hotels, and chefs worldwide since 2004. From enamel plates and bowls to a diverse range of premium tableware, Luzerne’s commitment to quality is unmatched. With over 75 years of expertise from its parent company, Hiap Huat Holdings Pte Ltd, Luzerne has pioneered fine china production without animal bone ash. The brand’s commitment to excellence has earned global recognition, making it the preferred choice for esteemed hospitality chains.

For more information, please visit www.luzerne.com.

Hashtag: #Luzerne

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

Freight Train Between Vientiane, Shanghai Officially Launched

Freight Train Between Vientiane, Shanghai Officially Launched
This photo taken on October 8, shows a view of the launch ceremony of the 1st freight train of Shanghai-Kunming Lancang-Mekong Express at Wangjiaying West Station in Kunming, southwest China's Yunnan Province. (Photo: Xinhua/ Hu Chao)

A freight train service linking Vientiane Capital, Laos, and Shanghai, China, was officially launched on 8 October.

EdgeProp announces winners of EdgeProp Excellence Awards 2023; City Developments, GuocoLand and UOL Group are Top Developers.

  • City Developments, GuocoLand, and UOL Group emerged as major winners with more than 7 awards each
  • AMO Residence and Lentor Modern clinched all 7 Excellence awards in the Uncompleted Residential category
  • Sustainable Spaces was the key theme this year
  • Guest-of-Honour Mr Desmond Lee, Minister for National Development & Minister-in-charge of Social Services Integration, presented the Sustainability Excellence Awards

SINGAPORE – Media OutReach – 10 October 2023 – EdgeProp Singapore has announced the winners of its annual EdgeProp Excellence Awards (EPEA) at a gala luncheon and dinner on October 6, held at the newly-opened Pan Pacific Orchard this year.

LEI_EPEA2023_GALA_DINNER_122_AC.jpg

The celebrations were held in 2 parts, with a luncheon celebrating the top transacting real estate salespersons, and a dinner celebrating the outstanding property developers with their developments.

The prestigious dinner event recognises and celebrates outstanding property developers and their developments that set a benchmark of excellence in Singapore’s real estate industry.

“This is our 7th annual EdgeProp Excellence Awards here in Singapore, and our most meaningful edition yet. The theme of this year’s awards is ‘Sustainable Spaces’. The term ‘sustainable’ in this context is two-fold. On one hand, it represents our collective effort towards meeting Singapore’s net-zero emissions target by 2050. But ‘sustainable’ also speaks to another critical aspect of our journey. It refers to ensuring affordable and sufficient housing, which meets not only the basic needs but also the aspirations of Singaporeans. It’s about making sure every Singapore resident has a place to call home, a space to grow, dream, and thrive.” says Bernard Tong, CEO of EdgeProp Singapore.

Photo: Minister Desmond Lee giving an opening address
Photo: Minister Desmond Lee giving an opening address

The gala night was the first EdgeProp Excellence Awards graced by Minister for National Development, Desmond Lee and saw 220 guests in attendance, including key VIPs in the real estate industry. The event is sponsored by Geberit Southeast Asia, V-Zug Singapore and Mitsubishi Electric Asia Pacific, Official Knowledge Partners KPMG Singapore and CPG Corporation, and Supporting Partners Cosentino and Surface iD Studio.

“Today, we celebrate the success of many outstanding projects, and the collective effort by all to bring our real estate industry to greater heights. These projects are not just developments or assets, but they are the places that many of us proudly call home,” says Minister Desmond Lee. “In this vein, I am delighted that the theme of this year’s awards is “Sustainable Spaces”. Climate change is one of the most pressing, if not the most pressing challenge of our time, and the need for sustainable development has never been more urgent. That is why we launched the Singapore Green Plan 2030 two years ago, in the midst of the pandemic. This Singapore Green Plan is a whole-of-nation movement to galvanise climate action,” he adds.

The esteemed judges of EPEA 2022 were Angela Lim, Co-founder of SuMisura; Desmond Sim, CEO of Edmund Tie & Company; Sky Seah, Academic Director at National University of Singapore; Tang Kok Thye, Associate Partner of ADDP Architects LLP; Yvonne Tan, Director of DP Green; and Bernard Tong, CEO of EdgeProp Singapore. The sustainability scoring methodology was developed by CPG Corporation, which borrows components from Building and Construction Authority’s (BCA) Green Mark Certification Scheme. After judging the nominees based on six categories: Landscape, Design, Innovation, Sustainability, Showflat, and Marketing, the aggregated scores were carefully reviewed by KPMG Singapore.

“Lastly, to all the winners of this year’s awards, congratulations. You have crafted not just structures from an empty field, but spaces that people are proud to call home. Spaces that welcome friends and family with open arms, spaces that provide comfort and solace after a long day’s toil. As we look towards the future, we do so with anticipation for the new heights you will reach and the new boundaries you will break next year.” Tong adds.

The gala luncheon in the earlier part of the day was the first dedicated EdgeProp Real Estate Salesperson Excellence Awards to be held, hosting 100 guests in the Real Estate Salesperson industry. It recognises exceptional real estate agents who are the top transactors in their respective categories.

“Elevated inflation and soaring interest rates, compounded by cooling measures and buyers’ fatigue, the second half of 2022 and 2023 have proven to be challenging and competitive to most in the industry. Looking ahead, we’re in the midst of a big shake-up across various sectors, including real estate, all thanks to the constant progress in technology. Adaptability, embracement of innovation and technology is the compass guiding firms to excel in this modern era.” Tong says.

Please refer to the complete list of awards and winners below:

Top Developer City Developments Limited
GuocoLand
UOL Group Limited
Top Sustainable Developer

by CPG Corporation

Hoi Hup Realty and Sunway Developments
Personality of the Year Raymond Chia
Group CEO, Chip Eng Seng Corp and SingHaiyi Group
Top Luxury Development One Draycott
Top Mega Development Jadescape
Top Boutique Development One Draycott (Completed category)

Cairnhill 16 (Uncompleted category)

Top Landed Development Belgravia Green (Completed category)

Mount Rosie Signature Collection (Uncompleted category)

Top Executive Condominium Piermont Grand (Completed category)

Copen Grand (Uncompleted category)

People’s Choice MeyerHouse (Residential Completed category)

Tembusu Grand (Residential Uncompleted category)

PARKROYAL COLLECTION Marina Bay (Hotel)

Completed Category

(TOP obtained between Jan ’21 – May ’23)

Uncompleted Category

(Building Under Construction)

(1st caveat between Jan ’20 – May ’23)

Residential Residential Mixed-use
Top Development One Draycott AMO Residence Lentor Modern
The Tre Ver Blossoms By The Park
Whistler Grand The Continuum
Residential (Central) Residential (Non-central) Mixed-use Residential (Central) Residential (Non-central) Mixed-use
Design Excellence One Draycott Whistler Grand Parksuites Blossoms By The Park AMO Residence Lentor Modern
Landscape Excellence The Hyde Whistler Grand Jui Residences The Continuum AMO Residence Lentor Modern
Sustainability Excellence One Draycott Whistler Grand Terra Hill AMO Residence Lentor Modern
Innovation Excellence The Hyde Whistler Grand Rivière Blossoms By The Park AMO Residence Lentor Modern
Marketing Excellence The Continuum AMO Residence Lentor Modern
Showflat Excellence The Continuum AMO Residence Lentor Modern
Co-living Excellence lyf one-north Singapore
Hotel Development Excellence Pan Pacific Orchard
Best Sustainable Hotel Development Garden Pod @ Gardens by the Bay
Best Rated Hotel Development The Barracks Hotel Sentosa

Real Estate Salesperson Excellence Award
TOP 10 TRANSACTOR – HDB (RENTAL)
Business Name CEA License No. Business Name CEA License No.
KAN CHEE HWA R017605F SURYANA R056776D
TEO KOK CHENG, BENJAMIN R026590C WAH FOONG PENG R008740A
NIO GEOK BEE R028328F LEE HUP POON P028781H
TAN HONG LAY R023123E LIM JUN YANG, RAYNARD R051797Z
WEE CHYE HENG R031814D SNG WEE SENG R058062J
CHUA HUI CHUANG R008712F
TOP 8 TRANSACTOR – CONDO (RENTAL)
Business Name CEA License No. Business Name CEA License No.
KHOO YI LIANG R020260Z DEWI AMELIA SOENARYO R052795I
YEO LEE KIOW R009549H SENG SHIRLEY R024448E
SATO NOZOMI R002774C TEO AH KUAN R041465H
CYRIL ARMAND TUZEMEN R057300D TEO BENG TECK, STEVEN R002719J
CHIA WAI KUEN R003871J
TOP 10 TRANSACTOR – HDB (SALE)
Business Name CEA License No. Business Name CEA License No.
ADRIAN LIM LING CHONG R009649D MUHAMMAD NAZRI BIN AWATH BAOBED R055613D
KUAH KAI PIN, KAVIN R043039D NG GUAN WEE RONY R008754A
CHEE KOK LEONG R003489H CHOI YONG SUK R040965D
MUHAMAD SOFIAN BIN ROSLAN R057585F HENG YI MING, JONAH R061025B
NG SER LEONG R015104E NOOR HAIDI BIN ABDUL MALEK R024302J
TOP 5 TRANSACTOR – EXECUTIVE CONDOMINIUM (SALE)
Business Name CEA License No. Business Name CEA License No.
TAN CHWOON WEE R004046D CHONG CHEE HOE R030166G
LIM LAY LIN R056864G SEAH ZHANG FENG R009795D
LIM KWOK WEI R044091H GOH JUNRONG, FREDDIE R024526J
GOH SI HUI, SHERRY R063753C LI YEWEN, ADRIEL R045057C
ZHAO XIAOLEI R051311G KHOO CHUN HON R056279G
LEE GEK KENG R045658Z GOH NGEE KHENG R056785C
KOH PING FANG R062486E TAN YU LIN, LORRAINE R057344F
JOSEPH TAN YONG HEE R010501I TOH CHEE WEE R057673I
CHUA KHOR JOO R009646Z ANDY LIM JIAJUN R058641F
HENG SOCK LING R012398Z GOH YIXUAN R066044D
TOP 6 TRANSACTOR – LANDED
Business Name CEA License No. Business Name CEA License No.
CHIA KAR FEI R013142G ANG GEOK TIN R028353G
LYE IR-WIN, BRUCE R005439B LIM AI LIAN R011680J
ADRIAN LIM LING CHONG R009649D LAM WEI JIE, IVAN R051132G
LIM CHEE AIK VINCENT R026632B NG WEI CHEAH R009772E
AARON YEO YI R057749B WONG LIN LING R045133B
TOP 10 TRANSACTOR – CONDO (NEW)
Business Name CEA License No. Business Name CEA License No.
LIM HWEE KIAN, EILEEN R006329D PHAY HONG YONG R042473D
WONG SWEE WAN R045358J SOON CHEE HENG R024244Z
NG JIAQI R053443B NG SUK ENG R000769F
LIEW YEOW CHIANG R060699I PAY CHER HIANG R020420C
TEOH SOO SHENG, ERIC R026627F JEE YI SZE R024065Z
KOH QIN ZHONG ELAINE R053727Z JEREMY LEE CHEE WEE R027172E
ONG QUNFENG R027588G KUAH KAI PIN, KAVIN R043039D
JAVEN SOH RUI XIANG R059514H TENG YIN FERN R057040D
CHONG KWONG YUEN R027671I SAM EDWARD CHU R060725A
NG HWEE CHING R026868F ONG JUN YI R060904A
NEO HUEY WEN R027227F
TOP 10 TRANSACTOR – CONDO (RESALE)
Business Name CEA License No. Business Name CEA License No.
ADRIAN LIM LING CHONG R009649D YEO LEE KIOW R009549H
FRANSISKA TANUDIDJAJA R041991I TAN YU LIN, LORRAINE R057344F
HOW HEE HSIANG, RANDALL R053956F TAN CHOO CHAU R018026F
FLORENCE HO MEI FOONG R040261G ER SAY LING R024060I
KUAH KAI PIN, KAVIN R043039D TAN AIK HONG, MATTHEW R042783J
LIEW JIA XIAN R024647Z
TOP 8 TRANSACTOR – CONDO (LUXURY)
Business Name CEA License No. Business Name CEA License No.
LIM HWEE KIAN, EILEEN R006329D KUAH KAI PIN, KAVIN R043039D
ADRIAN LIM LING CHONG R009649D NG HWEE CHING R026868F
WONG SWEE WAN R045358J GAO TINGYU R006356A
NG JIAQI R053443B YEO LEE KIOW R009549H
FRANSISKA TANUDIDJAJA R041991I HO KEAT YEW BOB R026512A
CHEN TAILONG JAY R002551A TAY SZE YONG R010436E
ER SAY LING R024060I LIM BENG HWEE R020253G
JAVEN SOH RUI XIANG R059514H HUANG ZECHENG R054063G

In no particular order and the list is longer than 10 because there are a few persons with the same number of transactions.

Hashtag: #EdgeProp

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

About EdgeProp Singapore

EdgeProp Singapore offers real estate news and analytics to homebuyers and investors. EdgeProp Singapore is also the property section of The Edge Singapore, a business and investment weekly publication established in Nov 2001.

AXA Study: Younger women in Hong Kong have poorer mind health

64% aged 40 and below are experiencing moderate to extreme stress over last year

HONG KONG SAR – Media OutReach – 10 October 2023 – AXA Hong Kong and Macau (“AXA”) today released the third phase of its annual AXA Study of Mind Health and Wellbeing 2023 (“the Study”), which assessed the state of mind health[1] across the globe. According to the Study, only 19% of female respondents in Hong Kong are flourishing, lower than the 23% of men surveyed.

Notably, younger female respondents aged 40 and below have an even lower percentage, as 12% believe they are flourishing compared to 24% of those aged above 40. These findings suggest that mental stress is more prevalent among younger women, with 64% of younger respondents experiencing moderate to extreme stress over the last year, compared to 46% of overall female respondents.

Nearly two-thirds of women agreed all genders are treated equally at workplace but gender equality gap still exists in the workplace

The Study sheds light on the mind health and all-round wellbeing of women in Hong Kong, uncovering important insights into the challenges they face both professionally and personally. According to the Study, nearly two-thirds (61%) of female respondents in Hong Kong agreed that all genders are treated equally in their workplace.

Despite that, the Study revealed a gap in gender equality in the workplace, nearly half of female respondents in Hong Kong reported that their abilities have been doubted or undervalued because of their gender, while 25% said they have experienced unwanted gender-related comments.

Female executives suffer from significant financial stress despite higher income

Concerns about financial security and wellbeing are also highlighted in the Study. 36% of female respondents in Hong Kong reported that their current financial situation causes them significant stress. Despite higher income levels, 42% of female senior executives conveyed significant stress caused by their financial situation, the highest percentage among all the surveyed occupations. This could be attributed to the added pressure that comes with maintaining higher living standards and coping with societal expectations of success.

Zooming in on their financial future, only one-third (32%) of female respondents in Hong Kong said they feel secure, significantly lower than the 42% male respondents.

Juggling responsibilities limits regular physical activity

When asked about their one “big wish”, 34% expressed their desire for improving physical health which is a key contributor to mental wellbeing.

However, only 24% of women said they regularly get more than 150 minutes of moderate intensity exercise each week, compared to 32% of male respondents. While underlining the city’s need to promote an active lifestyle, the findings also suggest that time constraints due to multiple roles and responsibilities, including work and caregiving, may limit opportunities for women to engage in regular physical activity.

Andrea Wong, Chief Marketing and Customer Officer, AXA Hong Kong and Macau, remarked, “Women tend to face a unique set of challenges having to balance multiple roles and responsibilities stemming from the workplace and at home. At AXA, we believe that being a woman shouldn’t be a risk and are determined to support them with innovative products and services that better protect women’s health and wellness. We also believe that it is essential to create avenues for women to prioritise their physical health to achieve better mind health. We do so through organising our annual signature events such as AXA Better Me Weekend and Green Power Hike to create a brighter and healthier future not only for just women but the general public as a whole.”

AXA remains steadfast in offering comprehensive wellness solutions that help women in Hong Kong thrive and succeed. From physical health, personal finance, to career development, AXA will continue to provide resources and support that address the specific challenges women face in every aspect of their lives, with the goal of fostering better mind health and overall wellbeing for women in Hong Kong.


[1] The report uses the term mind health rather than mental health to emphasise the positive objective of the study which is to help break down the stigma still associated with mental illness

Hashtag: #AXA

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

About AXA Study of Mind Health and Wellbeing (AXA Mind Health Study)

AXA Mind Health Study is an annual study of mind health and wellbeing to assess the current state of mind health across the globe, and to provide individuals and businesses with the insights and advice needed to foster positive mind health.

AXA Mind Health Study 2023 was conducted in collaboration with IPSOS between September and October 2022 by means of online survey and online interviews among a total of 30,000 respondents aged between 18 to 74 years old across 16 European, American and Asian regions, namely France, the UK, Germany, Spain, Italy, Ireland, Belgium, Switzerland, Turkey, US, Mexico, mainland China and Hong Kong, Japan, Thailand and Philippines.

In Hong Kong, a total of 2,336 respondents aged between 18 and 74 were surveyed.

About AXA Hong Kong and Macau

AXA Hong Kong and Macau is a member of the AXA Group, a leading global insurer with presence in 51 markets and serving 93 million customers worldwide. Our purpose is to act for human progress by protecting what matters.

As one of the most diversified insurers in Hong Kong, we offer integrated solutions across Life, Health and General Insurance. We are the largest General Insurance provider and a major Health and Employee Benefits provider. Our aim is to not only be the insurer to provide comprehensive protection to our customers, but also a holistic partner to the individuals, businesses and community we serve. At the core of our service commitment is continuous product & service innovation and customer experience enrichment, which is achieved through actively listening to our customers’ needs and leveraging and investing in technology and digital transformation.

We embrace our responsibility to be a driving force against climate change and a force for good to create shared value for our community. We are proud to be the first to address the importance of mental health through different products and services and thought leading iconic research. Our overall Sustainability Strategy, with emphasis on climate strategy and biodiversity commitment, is developed based on TCFD recommendations. We are committed to integrating environmental, social and governance factors across our business and strive to contribute to a sustainable future through 3 distinct roles – as an investor, insurer and an exemplary company.

THIS PRESS RELEASE IS AVAILABLE ON AXA’S WEBSITE: AXA.COM.HK

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Trend Micro Recognized as a 2023 Gartner® Peer Insights™ Customers’ Choice for Endpoint Protection

Results are based on feedback and ratings from end-user professionals

HONG KONG SAR – Media OutReach – 10 October 2023 – Trend Micro (TYO: 4704; TSE: 4704), a global cybersecurity leader, today announced that it has been recognized as Customers’ Choice in the 2023 Gartner Voice of the Customer for Endpoint Protection Platforms by customers on Gartner Peer Insights™.

To read more about the Gartner® report, Voice of the Customer for Endpoint Protection Platforms, please visit: https://www.trendmicro.com/explore/gartner-voc-endpoint

“The Trend Vision One platform takes modern endpoint protection to a new level by enabling customers to manage policies and bridge the gap between threat protection and cyber risk management across endpoints, servers and cloud workloads all from a single location,” said Shannon Murphy, Global Security and Risk Strategist at Trend. “We’re delighted this approach is resonating with the market. There’s no more important validation for us than from the cybersecurity community through the voices of our customers.”

The Gartner® Peer Insights™ report for Endpoint Protection Platforms (EPPs) is based on 4,210 published reviews over an 18-month period ending 30 June 2023. To be recognized as a Customers’ Choice, vendors must meet or exceed both the average Overall Experience and the average User Interest and Adoption.

Of 275 customer reviews for Trend Micro, the vast majority (62%) were five-star, with over a third more (35%) four-star reviews. Trend received an overall rating of 4.6 from its customers and a 93% willingness to recommend for its EPP offering as of June 2023.

Trend Vision One™ – Endpoint Security goes beyond typical EPP by offering protection, detection and response across hybrid environments: physical servers, virtual machines, cloud and containers.

It integrates EDR/XDR across endpoints, datacenters and cloud workloads to drive enhanced detection and response. And it features comprehensive multi-layered capabilities including anti-malware and ransomware protection, device control, host-based intrusion prevention, application control, file integrity monitoring, log inspection, machine learning/AI and more.

In addition to this recognition, Trend Micro has been named a Leader in the Gartner Magic Quadrant™ for Endpoint Protection Platform (EPP) report 17 times since the report was published for the first time in 2002. Trend has also been ranked #1 for Cloud Workload Security Market Share (IDC) for five years in a row.

Gartner, Magic Quadrant for Endpoint Protection Platforms, Peter Firstbrook, Chris Silva, 31 December 2022

The report Magic Quadrant for Endpoint Protection Platforms was published as Magic Quadrant for Enterprise Antivirus in 2005-06, as Magic Quadrant for Enterprise Antivirus, 1H03 in 2003 and as Enterprise Antivirus 2Q02 MQ: Room for Improvement in 2002.

Gartner is a registered trademark and service mark, Peer Insights and Magic Quadrant are registered trademarks, of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved. Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences with the vendors listed on the platform, should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose.

Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose

Hashtag: #trendmicro #trendvisionone #visionone #gartner #peerinsight


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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 7,500+ employees across 70 countries, Trend Micro enables organizations to simplify and secure their connected world.

TRON Founder Justin Sun Adds His Top-Tier Collection to Giacometti’s Le Nez Exhibition in Paris

SINGAPORE – Media OutReach – 10 October 2023 – On October 7, the exhibition of Giacometti’s Le Nez (The Nose), co-sponsored by TRON and APENFT Foundation, was unveiled in Paris. Justin Sun, founder of TRON and member of the HTX Global Advisory Board, graced the occasion with his edition of the masterpiece, capturing the attention of the industry.

Justin Sun's collection unveiled in the exhibition
Justin Sun’s collection unveiled in the exhibition

This exhibition brings together, for the very first time, all editions of Le Nez by Alberto Giacometti, a Swiss surrealistic artist of immense national significance. In addition to Sun’s collection, the exhibition also encompasses three plaster editions and a virtual representation of the bronze sculpture edition, accompanied by all its drawings and archives from the Giacometti Foundation and the Center Pompidou.

Industry professionals in attendance affirmed that this exhibition showcases the profound influence of Le Nez on contemporary art in all dimensions. They also praised the timeless vigor of Giacometti, a pivotal sculptor of the 20th century. And the presence of Justin Sun, a leading light in the Web3 realm, undoubtedly made this event even more special. Meanwhile, the partnership between the Giacometti Foundation, TRON, and APENFT is a groundbreaking cooperation in the art industry that signifies the accelerated fusion between digital art and traditional art.

Offline debut of Justin Sun’s Le Nez collection puts digital art on a fast track to fame

In the exhibition, the 1964 version of Le Nez from Justin Sun’s personal collection, also one of the highlights of the event, made its debut offline for the first time. This artwork was acquired by Sun at the 2021 Sotheby’s New York Fall Auction for $78.4 million and was then donated to APENFT Foundation. Some industry insiders believe that although the artwork was previously displayed through metaverse art galleries and other similar platforms, its physical presence in this exhibition still offers a rare chance for art enthusiasts. It brings top-tier artworks closer to the general public, allowing them to closely observe this exceptional piece, appreciate its distinctive artistic allure, and find inspiration from it.

Regarding the debut of this top-tier collection, Sun expressed his immense honor in a tweet, and he eagerly anticipates the future possibilities that blockchain technology could bring to art. In a collaborative video with Douyin influencer Cai Luoli, Sun showcased this collection while giving her a tour of his “private art gallery”.

As a dedicated proponent and innovator in the realm of art, particularly digital art, Sun has attended many prominent digital art summits. He has also made substantial investments in acquiring artwork pieces from globally celebrated artists as well as esteemed digital artists. Covering works by the likes of Pablo Picasso, Andy Warhol, Alberto Giacometti, Beeple, and Pak, his collection has topped 1 billion yuan in value. Sun also donated several famous pieces in his collection, including Femme nue couchée au collier and OCEAN FRONT, to APENFT Foundation to support the growth of digital art.

The Giacometti Foundation extolled Sun’s efforts, which it believes are a testimony to the determination of this blockchain, digital, and VR pioneer to protect physical artworks and reconcile the conflicts between the virtual and physical worlds in the course of nurturing modern artistic masterpieces and contemporary digital artworks.

TRON and APENFT co-organize the exhibition to fuel the fusion of Web3 and traditional art

TRON and APENFT, partners of this exhibition, have always been at the forefront of pushing the boundaries of digital art. With a sponsorship of $1 million, TRON will continue its partnership with the Giacometti Foundation, along with APENFT, to fund artwork research and grow relevant projects, according to official sources.

Sun once predicted that 50% of the world’s top 100 artists and artworks would be recorded as NFTs in the following decade, during which blockchain technology would build a bridge to merge traditional art and emerging technologies.

It was for this cause that APENFT came into being. Leveraging TRON’s underlying technology, APENFT is committed to catalyzing the creator economy and bridging the virtual and real worlds. It sponsored an assortment of art summits held by Christie’s New York and the likes, making itself the first-ever art foundation that collects artworks across different industries and offers a gateway for traditional art maestros to enter the NFT world.

TRON also strives to boost the uptake of blockchain technologies in the art scene. The TRC-721 standard for on-chain NFTs charges smaller amounts of transaction fees whilst processing transactions at a higher speed. Its standardized specifications and endpoints for NFT creation, issuance, and transaction also make it an ideal choice for developers and users alike. This exhibition is another landmark in TRON’s cooperation with top-notch art institutions, which marks a new model for the integration between Web3 and artworks. It unlocks a myriad of opportunities for artists and art collectors while offering more transparent options with a broader reach and enhanced security to trade and spread the art.

The opening of the Le Nez exhibition celebrates the advent of a new epoch in art, in which the marriage between digital art and traditional art heralds extraordinary art experiences unseen before. The display of Justin Sun’s collection adds more color to the event, and TRON and APENFT’s ongoing cooperation with the Giacometti Foundation will continue to energize the art sector with new possibilities.
Hashtag: #TRON

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