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Arla Foods Ingredients invests for growth in Latin America

Upgrade to Argentina site allows doubling of whey permeate powder capacity and production of infant formula-grade proteins

COPENHAGEN, DENMARK – Media OutReach – 11 October 2023 – Arla Foods Ingredients has enhanced its Porteña facility in Argentina to cater to the growing demand for quality whey ingredients globally, especially in Latin America. A notable upgrade is a new drying tower, which increases whey permeate powder capacity and paves the way for infant-formula-grade protein production.

This expansion aligns with the surging demand from Asia and Latin America. The tower’s introduction will convert permeate solids to dry ingredients, effectively doubling capacity.

Upon finalizing financial agreements, RELCO will lead the tower’s construction, aiming for a 2026 finish.

Henrik Andersen, CEO, stated, “We’ve operated in Argentina since 2000 and are pleased with Arla Foods Ingredients S.A.’s achievements, which enable further growth. This upgrade aligns with our strategy to meet the growing demand for quality whey products in Latin America and worldwide.”

Producing infant-grade proteins requires adherence to strict global standards.* Arla’s Danmark Protein has historically served this sector. Post upgrades, the Porteña facility meets these standards, with improved sanitation and operational processes. Collaborations with local dairies, which include training, further ensure material quality.

Andersen added, “Our success in producing infant-grade products in Latin America is due to unwavering dedication and partnerships with local dairies.”

Following June’s upgrades, Arla foresees a surge in infant-grade production.

Arla Foods Ingredients endorses the WHO’s recommendation for exclusive breastfeeding for an infant’s first six months, followed by continued breastfeeding with suitable foods until age two or beyond.

*Codex Alimentarius Standard for Infant Formula and Formulas for Special Medical Purposes Intended for Infants
Hashtag: #Arla

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

About Arla Foods Ingredients

Arla Foods Ingredients is a global leader in improving premium nutrition. Together with our customers, research partners, suppliers, NGOs and others, we discover and deliver documented ingredients and products that can advance lifelong nutrition for the benefit of consumers around the world.

We serve leading global brands in early life nutrition, medical nutrition, sports nutrition, health foods, and other foods and beverages.

Headquartered in Denmark, Arla Foods Ingredients is a 100% owned subsidiary of Arla Foods.

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Laos Featured in Korean-American Animated TV Episode

Jett, the main protagonist of Super Wings, helping Naphavanh performing the Vien Tian

An episode of the popular Korean-American 3D animated television series “Super Wings” recently showcased Laos’ most iconic historical landmark, providing its viewers with a captivating virtual journey to the country.

StartmeupHK Festival 2023 offers opportunity for diving into Hong Kong’s influential startup community over a week-long extravaganza of innovation

A fantastic opportunity to meet global business leaders and explore Hong Kong’s booming startup scene across the city

HONG KONG SAR – Media OutReach – 10 October 2023 – The annual StartmeupHK Festival returns to Hong Kong on 8-17 November following the monumental success in the past years. Curated by Invest Hong Kong (InvestHK) and guided by the theme A Future Unlimited, the StartmeupHK Festival 2023 will explore the latest topics around web3, healthtech, proptech, greentech, GameFi, and much more. As the leading startup event in Asia, the festival is expected to host more than 20,000 startups, investors and tech enthusiasts representing over 100 countries and regions this year.

InvestHK and event partners come together for the StartmeupHK Festival 2023 preview.
InvestHK and event partners come together for the StartmeupHK Festival 2023 preview.

Featuring eight main events and an array of community events, what sets this year’s Festival apart is its inclusion of captivating activities in multiple locations across Hong Kong, with speakers ranging from global business leaders to some of the world’s most innovative entrepreneurs. The Festival will also host a lineup of interactive activities like pitching competitions, startup-investor matching, tech demos, job fair and networking events. What’s more, the Festival will feature a satellite event in Bangkok on 15 – 16 November, bringing together global senior executives and innovation experts to discuss corporate strategies for fostering innovation and growth.

Dr Jimmy Chiang, Acting Director-General of Investment Promotion of InvestHK said, “I am thrilled to witness the triumphant return of this remarkable event as it reaffirms Hong Kong’s leading position as a thriving hub for innovation and startup success. As one of the most vibrant cities in Asia’, Hong Kong is always an ideal place to conduct business. And it comes as no surprise that Hong Kong is a thriving hub for startups in Asia, having groomed more than 10 unicorns over the years, and home to a rapidly growing number of startups in areas as diverse as fintech, retail tech, healthtech, Internet of Things (IoT), proptech and more.”

He added, “While the local startup ecosystem is supported by a strong network of incubators and accelerators, a pool of experienced angels and venture capitalists, and a welcoming community of startups knit together by a multitude of networking events, the Hong Kong Special Administrative Region Government remains committed to supporting the growth and success of startups with increased fundings for investments in innovation and technology, to enhance research and development efforts and help more tech startups with potential. Our goal is to make Hong Kong an ideal launchpad to get startups off the ground.”

Jayne Chan, Head of StartmeupHK said, “The StartmeupHK Festival 2023 marks a significant milestone as it embraces the long-awaited opportunity for in-person interactions, and we expect this year’s Festival to be bigger and more exciting than ever. With multiple exciting events scattered across various locations in Hong Kong, including at the iconic Ocean Park and Tsim Sha Tsui waterfront, this year’s Festival is set to create a dynamic and immersive experience for all participants.”

She continued, “In addition to a wide array of the most cutting-edge topics, the Festival also offers community events to promote collaboration within the startup community. We have also curated networking events to foster deeper connections. I am excited about what this year’s Festival has in store for everyone.”

Main events

Day 1 (8 Nov) – As the opening event of the StartmeupHK Festival 2023, Explore the Innovation Ocean by Jumpstart will be held in Ocean Park Hong Kong featuring three concurrent tracks. Key sessions include engaging speakers and panels on Web3, artificial intelligence (AI), and metaverses, “Shark Tank”-style pitch competition for startups and students, and a relationship track focused on networking opportunities and booths. One of the highlights of the event will be investor matching on the Ferris Wheel.

Day 2 (9 Nov) – Hosted by Brinc, the Asia Health Innovation Summit 2023 will be held in The ParkLane – A Pullman Hotel and bring together Asia’s health ecosystem of startups, professionals, and investors to exchange knowledge, inspire one another, and help drive innovation. Key sessions will cover topics such as AI’s impact on healthcare, transforming the healthcare workforce, achieving successful healthcare innovation, and more.

Day 3 (10 Nov) – Pegasus Tech Ventures will be gathering the CEOs of the world’s leading companies, venture capitalists, large corporations, and world-renowned companies at the Startup World Cup (SWC) Asia Finale 2023 hosted at Hong Kong Science and Technology Park. The winner will not only receive a prize but also earn the opportunity to travel to San Francisco, the United States, to compete for the global championship at SWC Grand Finale, where an even larger prize awaits.

Day 4 (13 Nov) – Organised by Eureka Nova, 1.5°C Summit – The Defining Decade for Impact with Tech to be held in K11 ATELIER King’s Road is a one-of-a-kind tech summit on climate change focused on the actions needed to be taken to drastically reduce emissions before the next decade. Leading experts, entrepreneurs and stakeholders will attend the event with the goal of reducing the impact of climate change. Together, they will share their insights on how technology can transform and create a more sustainable future.

Day 5 (14 Nov) – All worlds collide at Real Estate Beyond 2023, a one-day event held in New World Millennium Hong Kong Hotel presented by Asia PropTech. The programme is designed for business and technology leaders and will emphasise knowledge sharing through insightful keynotes, panels, and small group discussions. The exhibition will showcase real estate use cases in AI, environmental, social and governance, nanotech, construction, customer relationship management, data analytics, operational efficiency, and capital markets.

Day 6 (15 Nov) – For a second year in a row, Game On! 2023, hosted by MaGESpire, will celebrate the essence of gaming, art, music, and entertainment (GAME) industries. This two-day event will gather passionate gamers, artists, developers, investors, and fans at Cyberport in a true-to-spirit gamified environment. Also kicking off on Day 6 is St. Gallen Symposium Hong Kong-Greater Bay Area Forum 2023. Under the theme Confronting Scarcity”, this event will bring together over 150 businesses, tech startups and investment and family office leaders from Hong Kong, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and Europe. The thought-provoking discussions will take place at the Credit Suisse Auditorium.

Day 7 – 8 (16 – 17 Nov) – Check out JUMPSTARTER 2023 Tech by The Harbour, the grand finale of the global pitching competition organised by Alibaba Entrepreneurs Fund (AEF), to take place at Tsim Sha Tsui Harbourfront. Besides the Final Pitch where innovative startups present their groundbreaking ideas and solutions, another notable highlight of the event is StartMeetUp, an exclusive business matching aimed at connecting startups with potential partners and investors.

Community events

StartmeupHK Festival 2023 will host a series of community events around Hong Kong that attendees can join to explore new ideas and meet new people.

LOUDER Connect, organised by LOUDER Global to be held on 9 Nov at Runnovation in Wanchai, will focus on identifying the reasons behind funding disparities faced by women-led businesses, exploring whether these are due to inherent business challenges, gender-biased investment culture, or other factors.

Join Undivided Ventures in an “Undivided Building Impact” x StartmeupHK event. The event, to be held on 14 Nov at the Executive Centre, will showcase four early-stage businesses, along with a panel discussion with leading experts in the industry to demonstrate that sustainable businesses and innovations in the built environment can not only have a positive environment impact for real estate owners and operators, but also be accretive to the value of their assets and their bottom line.

Last but not least, the Future of Work Unconference will be hosted by CoCoon in CoCoon Hong Kong, Causeway Bay. As technologies such as AI become more and more prominent in our day to day lives, the conference will take a deep look into what the future of work holds for everyone.

Hashtag: #smuhkfest2023 #startmeuphk #investhk

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

About Invest Hong Kong

Invest Hong Kong (InvestHK) is the department of the Government of the Hong Kong Special Administrative Region (HKSAR) responsible for attracting foreign direct investment and supporting overseas and mainland businesses to set up and expand in Hong Kong. It offers free advice and services to support companies from the planning stage right through to the launch and expansion of their business. For more information, please visit .

About StartmeupHK

StartmeupHK is an initiative by InvestHK aimed at helping founders of innovative and scalable startups from overseas to set up or expand in Hong Kong. Our services include providing information about the startup ecosystem here in Hong Kong, connecting people to the startup community, hosting startup events and helping to foster a positive environment for startups to thrive. Find out more at , our one-stop portal to Hong Kong’s startup ecosystem. For enquiries, please contact us at .

Report: Southeast Asia consumer confidence on track for rebound as value-seekers embrace new “needs”

SINGAPORE – Media OutReach – 10 October 2023 – Meta, Bain & Company, DSG Consumer Partners, launched its annual SYNC Southeast Asia report ‘Bold Moves: Leading Southeast Asia’s next wave of consumer growth’ today. The report revealed insights into the evolving landscape of Southeast Asian consumers and how this diversity presents significant opportunities for businesses in the region both in the near and long term.

A new hierarchy of needs vs wants emerges

39% of consumers we surveyed in Southeast Asia indicated a reduction in average spend in the past year, citing top concerns around economic stability (63%) and cost of living (58%). The largest drop in spend was observed in alcohol and electronics, while food, personal care and wellness categories remained resilient.

However, the report observed that despite reduced spending, consumers are reprioritising what they perceive to be needs vs wants. Previously cited luxuries like eating out every week, branded apparel, and latest gadgets have moved into what consumers perceive as new “needs”. Across income levels, social media was cited as the top essential category, and streaming emerged as a rising essential category.

Caption

Gen Zs and solo economy are important cohorts to engage

According to the report, Southeast Asia’s working population is set to increase by 24 million people by 2030. With rising incomes as well as the growing middle and upper middle class, the region is moving closer to a consumption inflection point which will accelerate the trajectory of consumption growth. Two consumer segments in particular drive this growth – Gen Zs and single households.

Gen Zs currently make up 23% of the total Southeast Asia population, while the solo economy, comprising single households, is growing and driven by three key demographic groups – older singles, young professionals and young urban migrants. Shifts in household sizes are expected to be most pronounced in Philippines, Singapore and Thailand, which are expected to see a 20% increase in single households by 2030.

“Southeast Asia as a region has demonstrated resilience amidst the global slowdown and consumer sentiment is rebounding in most markets. This is a great opportunity for businesses to address the needs of approximately 700 million consumers in a USD $4T economy that is forecasted to grow at 4.6% to 2030 (vs 2.7% globally). SEA has repeatedly shown its importance as part of investors’ portfolios with significant global valuation and profit and loss impact. To take the region to full potential, bold moves are required: relooking at your SEA ambition by prioritizing, sequencing and most importantly funding them. Companies should also form an obsession with local consumers and evolve operating models to be locally responsive – balancing the incumbent scale advantage and the disruptive insurgent mindset,” said Praneeth Yendamuri, Partner at Bain & Company.

According to the report, Gen Zs value individuality, authenticity, and identity more than other generations. Gen Zs are also not just digital-centric, but highly engaged in the digital community, messaging businesses an average of eight times a month, and 82% of those surveyed saying they are part of an online community.

AI is powering personalization across generations

While Gen Zs are at the forefront of digital-first behavior in Southeast Asia, older generations are quickly catching up and are not far behind in experimenting with new technology. The fact that all generations in the region are spending more time online and experimenting with new technologies such as AI, VR and healthtech will affect how Southeast Asian businesses can successfully engage with consumers.

This report identified how businesses in Southeast Asia are beginning to use AI for marketing purposes and to address region-specific issues, such as diverse languages, cultures, and preferences. “AI is powering better experiences for people and it’s powering better outcomes for businesses. At Meta, we’re combining our AI-powered discovery engine with the social connection that has always been the core of our platforms to deliver more relevant, entertaining, and locally attuned experiences. With new tools capable of big impact, it’s no surprise that marketers across Southeast Asia are already starting to lean into AI to drive more impactful engagement and performance,” said Benjamin Joe, Vice President, Southeast Asia and Emerging Markets at Meta.

On what’s to come, the report found that 73% of business leaders surveyed recognized the opportunities from AI but also admitted that they were not prepared to seize them. The report suggested that the focus on personalized marketing and the investment in AI-powered and AI-enabled tools to facilitate personalization on a large scale, will enable businesses to effectively reach Southeast Asian consumers and drive strong ROI. “Embracing AI is now more crucial than ever for businesses aiming to thrive in the ever-evolving digital landscape of Southeast Asia,” Mr. Joe said.

The dawn of the insurgent disruptor

Defined as brands that are new to the market and are growing five times quicker in revenue vs their category growth rate, insurgent disruptors are now responsible for US$52B revenue in Southeast Asia alone and accounted for 23% market share in 2022. Top categories where insurgent disruptors have successfully gained market share include beauty and personal care and packaged food.

“Insurgent disruptors are new brands less than 10 years old that have demonstrated strong market share growth. With ‘wants’ transitioning into ‘needs’ and dissatisfaction with what the incumbent brands provide, it is no surprise that Southeast Asian consumers are choosing insurgent disruptors to satisfy their unmet needs and evolving expectations​,” said Mr. Sameer Mehta, Head of Southeast Asia at DSG Consumer Partners.

For more information, read the full report online here: https://www.facebook.com/business/m/sync-southeast-asia

Hashtag: #Meta #Bain&Company #DSGConsumerPartners

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

About Meta

Meta builds technologies that help people connect, find communities, and grow businesses. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.

About Bain & Company

Bain & Company is a global consultancy that helps the world’s most ambitious change makers define the future. Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling today’s urgent challenges in education, racial equity, social justice, economic development, and the environment. We earned a gold rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, putting us in the top 2% of all companies. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry.

DSG Consumer Partners

Since its inception in 2012, DSG Consumer Partners has been one of a few venture capital firms to focus exclusively on the Asian consumer segment, investing along emerging consumer themes and behaviors. Consumer investing requires a differentiated approach to business building, one that is sharply focused on business and brand fundamentals to drive sustainable growth. DSGCP’s approach is rooted in first principles, capital efficient scaling, and prioritizing long-term profitability over short-term growth. In the last decade, DSG Consumer Partners has partnered with >80 companies and over 100 exceptional founders across India & Southeast Asia, building the next generation of insurgent consumer brands like Oyo, Veeba, Epigamia, Sula, Saladstop!, RedMart, Saturdays and many more.

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.