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SHANGHAI TANG Unveils Its S/S24 Collection

Spring and Summer Extravaganza Blending Nature and Tradition


HONG KONG SAR – Media OutReach Newswire – 11 April 2024 – As the Year of the Dragon unfolds, SHANGHAI TANG proudly presents its highly anticipated 2024 Spring/Summer Collection. Embarking on a sartorial odyssey inspired by the eternal allure of nature’s splendour and the opulent imaginations of Eastern legacy, this season’s opus epitomizes a harmonious symphony of tradition and innovation. Each garment within this collection is a masterful testament to the brand’s unwavering dedication to intricate artistry and timeless elegance, weaving together a mesmerizing tale through its resplendent print motifs and impeccable attention to detail.

SHANGHAI TANG SS24 WOMEN'S COLLECTION

In commemoration of its 30th anniversary since inception in 1994, SHANGHAI TANG embarked on a transcendent journey, intertwining the realms of artistic prowess and Chinese cultural heritage with unprecedented finesse. Collaborative projects with multi-media artist Jacky Tsai and contemporary artist Long Di breathe new life into fashion and home products, elevating everyday experiences with a touch of artistic sophistication.

Under the overarching theme of embracing nature’s allure, the 2024 Spring/Summer Collection unveils a captivating array of apparel and home décor. From the graceful flow of wandering dragons to the delicate hollyhock blossoms, each design intricately weaves together tradition and innovation, offering a sensory journey through the changing seasons.

Cruising with the breeze, the women’s apparel resonates with the essence of spring, exuding grace and femininity. Classic design elements like the Chinese standing collar and the velvet five-button Tang suit are reimagined with three-dimensional embroidery and vibrant prints, evoking a sense of poetic beauty. Dragon-inspired motifs and calligraphic designs by artist Chen Shemin add a dynamic touch, celebrating the spirit of the dragon with unparalleled sophistication.

For men, the collection presents a fusion of fluid contours and luxurious fabrics, accentuating a refined and dignified demeanour. Dragon-inspired details weave effortlessly into traditional silhouettes, crafting a narrative of opulence that is distinctly emblematic of this era. Each garment reflects the craftsmanship and attention to detail synonymous with SHANGHAI TANG, inviting wearers to embrace a sense of cultural pride and elegance.

With the 2024 Spring/Summer Collection, SHANGHAI TANG continues to redefine the boundaries of fashion, art, and culture. By marrying heritage with contemporary Asian flair, the brand invites enthusiasts to embark on a journey of exploration, where tradition meets innovation, and artistry intertwines with everyday life.

Hashtag: #ShanghaiTang #ShanghaiTangHK #MakeLifeAParty



Wechat: 上海滩ShanghaiTang

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

ABOUT SHANGHAI TANG

SHANGHAI TANG is Asian flair, evocative contrasts, timeless elegance, and joy de vivre.​

SHANGHAI TANG was born of the joy de vivre that our founder, David Tang KBE, celebrated with artists, celebrities, and royals to make life a party. Over three decades since, we have infused luxury fashion and lifestyle with Asian flair through a rebirth of cultural influences that have spanned millennia, the rediscovery of exquisite craftsmanship that has been honed for generations, and the celebration of contemporary art. ​

SHANGHAI TANG’s exquisite work has been defined through the years by the radiant elegance of Maggie Cheung, the celebrity sparkle of Nicole Kidman, the supermodel glamour of Liu Wen, the youthful handsomeness of Sean Xiao, the delicate dignity of Gong Li, and the love of many other devoted fans. ​

Generali Hong Kong Triumphs with Six Wins at the “10Life 5-Star Insurance Awards 2024”


HONG KONG SAR – Media OutReach Newswire – 11 April 2024 – Generali Hong Kong has secured six prestigious accolades at the “10Life 5-Star Insurance Awards 2024”. The awards, which serve as a benchmark of quality within the insurance industry, saw Generali Hong Kong receiving the highest honor in the following categories:

  • 5-Star QDAP Savings
  • 5-Star QDAP Retirement
  • 5-Star Whole Life Critical Illness Insurance
  • 5-Star Term Critical Illness Insurance
  • 5-Star Savings Insurance Legacy
  • 5-Star Savings Insurance Retirement

Generali Hong Kong has won six accolades at the 10Life 5-Star Insurance Award 2024.

Organized by 10Life, the largest insurance comparison platform in Hong Kong, the “10Life 5-Star Insurance Award 2024” is one of the most representative awards in the industry. Their actuaries rate insurance products based on factors that matter the most to the consumers. 10Life compares over 1,500 insurance products from over 50 insurers in the market with the top-rated products under each category awarded a 5-Star rating.

Generali Hong Kong has won six accolades at the 10Life 5-Star Insurance Award 2024.
Generali Hong Kong has won six accolades at the 10Life 5-Star Insurance Award 2024.




Hashtag: #GeneraliHongKong

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

Grand Opening of Apple Storage Creative Hub: Unleashing Creativity in Hong Kong


HONG KONG SAR – Media OutReach Newswire – 11 April 2024 – Apple Storage Group, one of the leading providers of self-storage services in Hong Kong, has been dedicated to delivering high-quality storage solutions to local residents. As a socially responsible company, Apple Storage Group firmly believes in the principle of “taking from society, giving back to society.” With a commitment to supporting the diverse creative development in Hong Kong, Apple Storage Group collaborates with various stakeholders to create value, foster local talents, and share achievements with the community.

In March 2024, Apple Storage Group proudly announces the opening of its first Apple Storage Creative Centre (ASCC). Operating as a non-profit entity, ASCC is generously funded by Apple Storage Group. As a versatile and open venue, ASCC aims to support Hong Kong’s vibrant creative scene by providing affordable and comfortable spaces for young entrepreneurs, professionals, and charitable organizations to unleash their creativity and showcase their talents.

A Multi-Purpose Event Space
ASCC, supported by Apple Storage Group, utilizes all its revenue for the development and maintenance of the venue. Situated in the Kwun Tong district, the creative centre features a sleek and spacious design, covering over 2,000 square feet of usable space. Equipped with state-of-the-art facilities and amenities such as sound systems, televisions, display panels, painting hooks, folding tables, and chairs, ASCC is ideal for hosting exhibitions, grand openings, conferences, lectures, workshops, live broadcasts, group gatherings, corporate events, seminars, and more.

ASCC is conveniently located at Unit C, 6/F, Kow Ming Factory Building, 99 How Ming Street, Kwun Tong. It operates from Monday to Sunday, 10:00 AM to 10:00 PM.

Hashtag: #AppleStorage

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

About Apple Storage Group

Established in 2005, Apple Storage Group has continuously evolved to provide professional, high-quality, and customer-centric self-storage services for both individuals and businesses. The group’s brands include Apple Storage, U SPACE, Apple Movers, and Apple Wine Storage, positioning Apple Storage Group as a leading local storage service provider in Hong Kong. With over 100 branches across Hong Kong, Kowloon, and the New Territories, the group is well-equipped to meet the diverse needs of customers.

For more information about Apple Storage, please visit:
Apple Storage:
U SPACE:

Bay of Lights Partners Ascott, Setting New Standards for Luxury and Hospitality in Sihanoukville, Cambodia


SIHANOUKVILLE, CAMBODIA – Media OutReach Newswire – 11 April 2024 – Steering the groundbreaking Bay of Lights coastal development, Canopy Sands Development (CSD) proudly unveils a landmark partnership with The Ascott Limited (Ascott), the acclaimed hospitality arm of CapitaLand Investment.

Representatives from CSD and Ascott seal a landmark hospitality partnership at Bay of Lights Business Center, Sihanoukville.
Representatives from CSD and Ascott seal a landmark hospitality partnership at Bay of Lights Business Center, Sihanoukville.

This collaboration heralds the management of Summer Bay Beach Club & Cabins under the Preference brand and Oakwood Bay of Lights Sihanoukville within the Bay of Lights – a 934-hectare coastal development poised to transform the financial services and tourism landscape of Sihanoukville.

The official signing ceremony took place at the newly-built Bay of Lights Business Center in Sihanoukville, with executives from both CSD and Ascott in attendance, marking a new chapter in both entities’ growth and dedication to enhancing Cambodia’s tourism industry.

Through this alliance, CSD and Ascott plan to introduce the pinnacle of international hotel branding to Bay of Lights, supporting both the nurturing of an international community and the setting of new industry standards in hospitality within the Summer Bay Beach Club by Preference. The strategic move is set to develop the highest density of international hotels per square meter in the area, offering a diverse selection of property types that cater to various customer needs.

Mr. David Richard, Managing Director of Bay of Lights Entertainment for Summer Bay, expressed his optimism at the ceremony, stating, “The partnership with Ascott aligns with our vision to elevate the hospitality and tourism landscape in Sihanoukville. We believe that by offering diverse and world-class experiences, we can attract a wider range of visitors and enhance the reputation of the Bay of Lights and Cambodia as a premier destination.”

Key to their objectives is the mutually beneficial knowledge and technology transfer. Ascott’s proven global systems and dedication to enriching the local skill set will align with the overarching goal to further promote the Bay of Lights, Sihanoukville, and Cambodia as a hotspot destination, leveraging Ascott’s expansive membership program to reach out to millions.

“We’re thrilled to be a part of the ambitious vision of Bay of Lights. By marrying our deep expertise in lodging with CSD’s robust developmental strategies, we are crafting an unparalleled experience that will set new benchmarks in Cambodian hospitality,” says Mr. David Cumming, Regional General Manager of Vietnam, Cambodia & Myanmar, The Ascott Limited.

In solidifying this long-term commitment, the agreement outlines plans that span service residences, hotels, villas, resorts, and the potent potential of developing a branded residence portfolio designed for the ultra-high-net-worth individuals, significantly enhancing the region’s luxury accommodation offerings.

Beyond expanding Ascott’s geographical footprint, this partnership signals the joint belief in the Cambodian market and the Bay of Lights’ aspiration to become a premier international tourism hub.

Hashtag: #BayofLights #TheAscottLimited #BayOfLightsHospitality #SihanoukvilleDevelopment #CambodiaTourismRise

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

Bay of Lights

Bay of Lights is a pioneering development reshaping the skyline of Sihanoukville, Cambodia. With an investment of USD 16 billion, this sprawling 934-hectare beachfront project has been meticulously master-planned to feature nine distinctive districts, each supporting the initiative’s six core pillars: Financial Services, Tourism, Education, Entertainment & Lifestyle, Health & Wellness, as well as Art & Culture. Driven by a vision to create a world-class financial and tourism hub. Bay of Lights strategic design encourages a sense of connectivity between diverse sectors, stimulating economic growth and fostering an inclusive, vibrant culture.

TDCX the first Southeast Asian and Singapore-headquartered service provider to be recognized among world’s top outsourcing companies

TDCX ranked 18th in OA500 Index which recognizes top BPO firms globally


SINGAPORE – Media OutReach Newswire – 11 April 2024 – TDCX, an award-winning digital customer experience (CX) solutions provider for technology and blue-chip companies, has emerged as the only Southeast Asian business process outsourcing (BPO) company in the top 20 global Outsource Accelerator (OA) 500 2024 Index. The index evaluates more than 3,500 companies worldwide on the strength of their global network and commitment to excellence. Factors such as domain authority, website traffic, employee reviews, LinkedIn engagement, and third-party analysis from Crunchbase and ZoomInfo are evaluated as part of the process.

TDCX ranked 18th in OA500 Index which recognizes top BPO firms globally
TDCX ranked 18th in OA500 Index which recognizes top BPO firms globally

Mr Derek Gallimore, Founder and CEO of Outsource Accelerator, said, “Nowadays, businesses have an array of choices for their outsourcing needs. TDCX has differentiated itself from competitors by continuously investing in talent, maintaining a robust online presence, and being up-to-date with AI technologies. It is through these initiatives that TDCX has grown into a great company. I congratulate TDCX on this great milestone.”

Ms Angie Tay, Group Chief Operating Officer, TDCX, said, “At TDCX, we have always been driven by our ethos to #BeMore. This means we constantly strive to bring more value to our clients in everything we do, enabling us to grow alongside them as we ventured into regions beyond Southeast Asia over the years. We are proud to be recognized among industry leaders and this achievement is the result of the hard work and dedication of our more than 17,800 talented colleagues across our 30 campuses worldwide.

“Looking ahead, we will be dedicating more resources to talent development and helping our clients harness technology such as artificial intelligence (AI) through our dedicated consulting arm, TDCX AI. These initiatives will be geared towards helping both clients and employees leverage AI to analyze data, extract insights, and identify opportunities at a faster pace and with greater reliability, while exercising caution in the use of AI as it develops. We believe that through such efforts, we will be able to empower our stakeholders to envision the future and strengthen their capabilities.”

A solution that TDCX has recently rolled out is TDCX FastTrack. The AI-enabled productivity platform is designed to help customer service (CS) representatives automate multiple processes while equipping them with information in real-time. TDCX FastTrack’s ability to proactively recommend solutions in real-time helps representatives to deliver positive customer outcomes more efficiently. Based on initial testing, CS representatives were able to reduce customer holding time for incoming call inquiries by 40 per cent.

Hashtag: #CX #Outsourcing #BPO




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

TDCX

Singapore-headquartered TDCX provides transformative digital CX solutions, enabling world-leading and disruptive brands to acquire new customers, to build customer loyalty and to protect their online communities.

TDCX helps clients achieve their customer experience aspirations by harnessing technology, human intelligence, and its global footprint. It serves clients in fintech, gaming, technology, travel and hospitality, digital advertising, and social media, streaming and e-commerce. TDCX’s expertise and strong footprint in Asia has made it a trusted partner for clients, particularly high-growth, new economy companies, looking to tap the region’s growth potential.

TDCX’s commitment to delivering positive outcomes for our clients extends to its role as a responsible corporate citizen. Its Corporate Social Responsibility program focuses on positively transforming the lives of its people, its communities, and the environment.

TDCX employs more than 17,800 employees across 30 campuses globally, specifically in Brazil, Colombia, Hong Kong, India, Indonesia, Japan, Malaysia, Mainland China, Philippines, Romania, Singapore, South Korea, Spain, Thailand, Türkiye, and Vietnam. For more information, please visit .

Super election year increases risks of political violence, warns Allianz


SINGAPORE – Media OutReach Newswire – 11 April 2024 – With an unprecedented ‘super-cycle’ of elections in 2024, almost half the world’s populations will go to the polls before the year is out. According to a new report from Allianz Commercial, security is a concern in many territories, not only from the threat of localized unrest but because of the wider-reaching consequences of electoral outcomes on foreign policy, trade relations, and supply chains.

The headline election will be in the US in November, when a narrow result could inflame existing tensions. The European Parliament elections in June could also deepen divisions, if radical-right parties gain votes and seats. As unrest can now spread more quickly and widely, thanks in part to social media, financial costs from such events for companies and insurers are mounting. Economic and insured losses from just seven civil unrest incidents in recent years cost approximately US$13bn. With the threat of terrorism also on the rise, and the prospect of greater disruption from environmental activists occurring, businesses will face even more challenges in the next few years and will need to anticipate as well as mitigate evolving risks with robust business continuity planning.

“So many elections in one year raise concerns about the fueling of polarization, with tensions potentially playing out in heightened civil unrest. Polarization and unrest within societies are fueled by fear. They undermine trust in institutions and challenge people’s sense of a common purpose built on shared values,” says Srdjan Todorovic, Head of Political Violence and Hostile Environment Solutions at Allianz Commercial. “We also expect to see increased unrest around environmental issues in future, not only from activists, but from those who are pushing back against government climate mitigation policies.”

All eyes on elections in the US and the EU

The US presidential election in November is likely to be a close call, with the outcome depending on results in a handful of states. A recent poll shows that more than one third of Americans believe President Biden’s election in 2020 was not legitimate. Widespread disaffection among voters could be exploited by misinformation created by artificial intelligence and spread via social media. Deepfakes, disinformation and repurposed imagery, as well as customized messaging, could galvanize unrest or influence small but potentially decisive parts of electorates.

Many commentators have predicted that European Union elections in June could see a number of states politically shift to the right, with the potential for populist or far-right parties to gain votes and seats, building on a trend seen in 2023. Any success for these parties across Europe could result in growing opposition to EU environmental, immigration and human rights policies.

“The impacts of a political shift to the right and subsequent policy changes endure long after a political party’s term in office,” Todorovic adds. “They fundamentally change societies and public attitudes and make the next electoral shift to the center or left seem drastic, creating the potential for schisms and potentially violent responses from those who feel underrepresented by a regime change.”

Environmental activism and terrorism threat expected to rise

Between 2022 and 2023, environmental activism incidents increased by around 120%. An impactful example was the arson attack on an electricity pylon in Germany by a left-wing extremist group. This suspended production at a local Tesla plant in March 2024, leading to economic losses estimated in the hundreds of millions of euros, according to reports. In addition to high-profile protests, a trend towards using more targeted tactics, such as focusing on individuals or politicians, is evident. There is a chance that more environmental protests could escalate from acts of nuisance into larger criminal acts.

The number of deaths from terrorism increased by 22% in 2023, and is now at its highest level since 2017, although the number of incidents fell. The major terror attack in Moscow in March is a timely reminder that the risk of politically or religiously motivated terrorism is back on the global agenda, and that the losses can be catastrophic. The primary driver of Islamist terrorism is the radicalization of home-grown perpetrators, which is currently being fueled by the Israel-Hamas war leading to an increased risk in the US and Europe. However, government foreign policy is also a big driver of risk, as the Moscow attack proves.

Multinational companies show increasing demand for political violence insurance

Political violence activity can impact businesses in many ways. Those in the immediate vicinity of unrest can suffer material damage to property or assets and business interruption losses, while indirect damage can be inflicted on companies in the form of loss of attraction or denial of access to their premises.

“Businesses need to protect their people and property with forward planning, such as ensuring safe and robust business continuity planning is in place in the event of an incident, increasing security, and reducing and relocating inventory if likely to be impacted by an event,” explains Todorovic. “Using scenario planning and tracking risks in areas key to their operations can raise businesses’ awareness of where political violence and civil unrest risks may be intensifying. Companies should also review whether their insurance policy covers the impact of risks such as strikes, riots, and civil commotion.”

The report notes that the recent history of losses from protests and civil unrest in countries such as Chile, South Africa, France, and the US means that interest for political violence insurance coverage continues to increase. The greatest demand is from businesses with multi-country exposures rather than companies with smaller and simpler production and supply chains, although these can also be adversely impacted by such events.

Hashtag: #AllianzCommercial



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

About Allianz Commercial

Allianz Commercial is the center of expertise and global line of Allianz Group for insuring mid-sized businesses, large enterprises and specialist risks. Among our customers are the world’s largest consumer brands, financial institutions and industry players, the global aviation and shipping industry as well as family-owned and medium enterprises which are the backbone of the economy. We also cover unique risks such as offshore wind parks, infrastructure projects or Hollywood film productions. Powered by the employees, , and network of the world’s #1 insurance brand, , we work together to help our customers prepare for what’s ahead: They trust us to provide a wide range of traditional and risk transfer solutions, outstanding and services, as well as seamless handling. The trade name Allianz Commercial brings together the large corporate insurance business of Allianz Global Corporate & Specialty (AGCS) and the commercial insurance business of national Allianz Property & Casualty entities serving mid-sized companies. We are present in over 200 countries and territories either through our own teams or the Allianz Group network and partners. In 2023, the integrated business of Allianz Commercial generated more than €18 billion gross premium globally.

Vietjet Air celebrates 10th anniversary of operation to China

*Announce the Xi’an – Ho Chi Minh City route


SHANGHAI, CHINA – Media OutReach Newswire – 10 April 2024 – Vietjet today celebrates its 10th anniversary of operation to China (2014 – 2024) and annouce the direct route linking Ho Chi Minh City with Xi’an. The ceremony took place during the China-Vietnam Trade and Investment Cooperation Promotion Forum.

Vietnam National Assembly Chairman Vuong Dinh Hue, Vietnam Deputy Prime Minister Tran Luu Quang and other high-ranking Chinese and Vietnamese dignitaries congratulated Vietjet on the significant milestone and welcomed the airline’s new service during the official visit to China.

Caption
Caption

Figure 1.2: Vietjet’s ceremony to announcement of Ho Chi Minh City – Xi’an new direct route

Speaking at the ceremony, Deputy Prime Minister Tran Luu Quang congratulated Vietjet on its 10-year journey of connecting and expanding the flight network between Vietnam and China and Vietnam, including the new route from Ho Chi Minh City to Xi’an. Deputy Prime Minister Quang expressesd the confidence in Vietjet’s ongoing commitment to opening new routes that promote trade, and enhance the mutual understanding between China and Vietnam. Vietjet’s endeavors also bring positive impact to the comprehensive strategic partnership between Vietnam and China.

Caption

Figure 3: Vietjet CEO gives appreciative present to Vietnam Deputy Prime Minister Tran Luu Quang

Since its inaugural flight to mainland China in 2014, Vietjet has transported over 12 million passengers on numerous routes, connecting Vietnam’s political, economic, cultural, and tourist centers with nearly 50 popular destinations across China.

During the event, Vietjet also announced the new direct service between Xi’an and Ho Chi Minh City, which is set to operate from this summer. Four round-trip flights are available weekly, with a flight time of just over four hours per leg, catering to the rising demand for seamless travel and cultural exchanges between these two cities. The newly established air link will also boost trade flows between Ho Chi Minh City and China’s Northwest region, signifying Vietjet’s unwavering commitment to continuous growth in Chinese market, offering more affordable, cost saving travel options for Chinese customers. Vietjet launched direct routes from Shanghai to Ho Chi Minh City and Chengdu to Ho Chi Minh City in just recent months, with daily return flights to facilitate both leisure and business demand of the cities.

Xi’an, located in Shaanxi Province, holds a prestigious position as one of China’s four ancient capitals. Renowned for its rich cultural heritage, the city boasts world-class historical sites. Furthermore, Xi’an stands out as a prime destination for foreign direct investment in Western China, attracting significant economic activity. In the meantime, Ho Chi Minh City, with its population of nearly 10 million, serves as a prominent economic, cultural, and tourist hub within Vietnam. The city possesses a unique blend of cultural characteristics, offering visitors a captivating experience. Notably, Ho Chi Minh City enjoys convenient connectivity to various destinations within Vietnam and internationally.

Caption

Figure 4: Vietjet aircraft

Passengers can enjoy flying with Vietjet on modern aircraft, served by professional and friendly cabin crews. The inflight menu offers authentic Vietnamese cuisine such as Banh Mi, pho Thin, as well as a variety of hot, nutritious, and delicious global dishes.

The new Xi’an – Ho Chi Minh City route connects directly the two localities and also expands further as part of Vietjet’s growing flight network covering Vietnam, Australia, India, and other destinations in Southeast Asia, Northeast Asia. This integration opens up more opportunities for cultural exchange, education, bilateral trade, and tourism, contributing to the development and prosperity between the nations.

Please download the high-res photos HERE

Hashtag: #VietjetAir

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

About Vietjet

The new-age carrier Vietjet has not only revolutionized the aviation industry in Vietnam but also been a pioneering airline across the region and around the world. With a focus on cost management ability, effective operations, and performance, applying the latest technology to all activities and leading the trend, Vietjet offers flying opportunities with cost-saving and flexible fares as well as diversified services to meet customers’ demands.

Vietjet is a fully-fledged member of International Air Transport Association (IATA) with the IATA Operational Safety Audit (IOSA) certificate. As Vietnam’s largest private carrier, the airline has been awarded the highest ranking for safety with 7 stars by the world’s only safety and product rating website airlineratings.com and listed as one of the world’s 50 best airlines for healthy financing and operations by Airfinance Journal in many consecutive years. The airline has also been named as Best Low-Cost Carrier by renowned organizations such as Skytrax, CAPA, Airline Ratings, and many others.

Further information at

Hong Kong Government’s Removal of All Property Cooling Measures Supported Residential Sales Rebound and Price Recovery in March

Office leasing sentiment improved, high street vacancies stabilized


HONG KONG SAR – Media OutReach Newswire – 10 April 2024 – Global real estate services firm Cushman & Wakefield today held its Hong Kong Property Markets Q1 2024 Review and Outlook press conference. Following the Government’s announcement in the latest Budget that it would lift all demand-side management measures for residential properties, the market responded positively, with primary and secondary residential transactions strengthening notably and home prices picking up from March onwards. In the office sector, overall net absorption in Q1 remained positive, with the quarter also witnessing a y-o-y rise for new lettings, despite the high availability rate keeping rents under pressure. For retail, visitor spending continued to support a steady recovery in the market, with the overall high street vacancy rate remaining broadly stable.

Grade A office leasing market: Net absorption stayed positive in Q1 2024, companies seeking upgrading and relocation opportunities

Overall net absorption of Grade A office space in Q1 remained positive at 264,200 sq ft, mainly driven by large-scale leasing transactions at new projects in Kowloon East, with the submarket recording net absorption of 289,700 sq ft. Four new office buildings completed in the quarter, located in Greater Central, Wan Chai/Causeway Bay, Hong Kong South, and Kowloon West. The expansion of leasable office space brought the availability rate up to 19.6%. Rental levels remained under pressure in the quarter, but the pace of decline was slower, edging down 0.6% q-o-q in Q1, and 6.7% y-o-y (Chart 1).

Chart 1: Rents of Grade A offices in Hong Kong

https://drive.google.com/file/d/1SyiYOG7hz48uZfHojgCYM3MjJjKNqsna/view?usp=drivesdk

Source: Cushman & Wakefield Research

In terms of new letting activities, a total of 889,000 sq ft of leased space was recorded in Q1, an increase of more than 40% y-o-y. Kowloon East was the most sought-after submarket, accounting for more than 40% of the newly leased space, with the district benefitting from attractive rents with a greater offering of new prime quality buildings and ESG-certified office space. By business sector, the public sector (23%) accounted for the highest share of newly leased space, while the banking and finance (21%), professional services (15%) and insurance (13%) sectors also recorded double-digit shares.

John Siu, Managing Director, Head of Project and Occupier Services, Hong Kong, Cushman & Wakefield, said, “We have observed several large-scale office leasing transactions over the quarter, while the total new lettings in the past three quarters were higher than the five-year quarterly average of 640,000 sq ft, indicating a relative improvement in leasing sentiment. Currently, many multinational companies are making ESG a key requirement when choosing local offices. With more new office buildings scheduled for completion this year, there will be a greater spectrum of quality offices with international ESG building certifications available in the market, which will encourage more upgrading and relocation activities to take place while rents are still attractive.”

Retail leasing market: Overall high street vacancy rate stabilized, rents across districts rose steadily

Against the backdrop of changing consumption patterns from both tourists and residents, total Hong Kong retail sales for the January to February 2024 period combined recorded HK$70.3 billion, growing at a modest 1.4% y-o-y, a somewhat slower pace compared to last year. Among retail categories, sales of Medicines & Cosmetics recorded y-o-y growth of 21.7%, followed by Jewellery & Watches and Fashion & Accessories at 8.8% and 7.4%, respectively. Supported by tourist spending, the overall high street vacancy rate largely stabilized. Retail leasing activities were relatively more concentrated on Hong Kong Island in Q1, with the vacancy rate in Central dropping by 1.5 percentage points q-o-q to record 7.0%, while vacancy in Causeway Bay remained stable at 2.6%. However, with some festive period pop-up stores now departing high streets, vacancy rates in Mongkok and Tsimshatsui rose to 11.1% and 11.8%, respectively.

Despite the city’s inbound tourism recovery, the structural shift of Hong Kong residents more frequently traveling northbound to spend in the Greater Bay Area mainland cities has hindered local consumption in town, in turn dampening recovery in retail rent growth. As a result, high street rents across retail districts recorded mild growth in Q1, ranging from 0% to 1% q-o-q. In the F&B sector, local operators generally remained cautious, leading to softer growth for F&B rents. Causeway Bay and Central F&B rents edged up 1% q-o-q, while Tsimshatsui and Mongkok recorded a drop of 2% q-o-q.

Chart 2: High street retail rents in prime districts in Hong Kong

https://drive.google.com/file/d/15xK6ZQQd7oYy6bbG6THJLDvbniwxiLaw/view?usp=drivesdk

Source: Cushman & Wakefield Research

Kevin Lam, Executive Director, Head of Retail Services, Agency & Management, Hong Kong, Cushman & Wakefield, commented, “Retail leasing and expansion activities in the past quarter were concentrated on Hong Kong Island. While rents are still at an attractive level, retailers are looking for consolidation and relocation opportunities in prime locations. Although the trend of Hong Kong residents traveling more frequently northbound to spend in mainland cities has hindered local consumption and hence rental recovery, we believe that the government initiatives to promote the city’s tourism and develop a mega event economy could help generate footfall on high streets, as well as giving a further boost to tourist retail spending.

“At the same time, the Individual Visit Scheme has been further expanded to more mainland cities, and it is expected to benefit trades such as the F&B and medicines & cosmetics sectors. What’s more, Hong

Kong Immigration Department data shows that the number of new applications approved under various talent and admission schemes in 2023 was four times higher than that in 2022. The arrivals of talent and their families will in turn become a new source of spending power in the local market. We have also seen mainland retailers becoming more active in entering the Hong Kong retail market. Apart from some popular mainland F&B chains, experiential retail, lifestyle and athleisure brand names are also actively exploring expansion opportunities in Hong Kong, offering a diversity of brand-new consumer experiences to the city’s retail ecosystem. We expect retail rents to maintain modest and low single-digit growth in 1H 2024.”


Residential market: Housing market bottomed out in February following budget announcement, home prices now expected to rebound 0% to 3% in 1H 2024

The residential market finally witnessed a rebound in Q1 2024. Although overall residential transactions remained subdued in January and February before the Hong Kong Government Budget announcement, market sentiment improved notably following the government’s decision on February 28 to completely withdraw all demand-side management cooling measures in the housing market (known as “spicy measures”). Developers took advantage of the situation and actively launched new projects, while potential buyers, investors, and non-local buyers all became active again in seeking residential properties. This supported transactions in both primary and secondary markets. Total residential transaction numbers climbed 29% q-o-q to reach around 9,820 units in Q1 2024, although this still represented a drop of 30% y-o-y. In the month of March, residential transactions rebounded to more than 3,970, marking a significant monthly increase of 67% (Figure 3).

Chart 3: Number of residential sale & purchase agreements

https://drive.google.com/file/d/1FlbjQCHQmUherZEdnSdDIjQsDIZXzoMR/view?usp=drivesdk

Source: Land Registry, Cushman & Wakefield Research

Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield, mentioned, “The Rating and Valuation Department data shows that overall residential prices in January and February continued to decline, which combined a 2.9% drop from end-2023, and resulted in a 14.6% decline over the past ten months. However, according to Cushman & Wakefield’s small to medium-sized residential price index, home prices bottomed out in February and started to rebound after the withdrawal of all the cooling measures, with a monthly increase of around 1.5% in March. Home prices in all our market segments have turned from a decline to a rise since March. Among the segments, the price level rose most notably in City One Shatin, representing the small-sized market, with a monthly increase of 14.2% in March and a quarterly increase of 10.7%. Taikoo Shing, representing the middle-sized market, recorded a 1.4% monthly increase in March, but still a slight correction of 1.4% over the quarter. As for the luxury segment, Residence Bel-Air saw a 0.8% increase in March, with an overall 2.1% decrease in Q1 2024.”

Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield, added, “Looking ahead, with the complete withdrawal of cooling measures by the government, market confidence is gradually stabilizing and improving. While developers actively promote their new projects, the supply of second-hand properties has also increased, leading to a notable rebound of transaction volume in both primary and secondary markets. This also indicates that pent-up demand is being gradually released from first-time buyers, upgraders, non-local buyers, and even investors after the withdrawal of cooling measures. We forecast a 30% to 40% rebound in residential transaction volume for the full year of 2024, reaching a level of 55,000 to 60,000 units. As for home prices, we believe that the pricing level has now bottomed and will stabilize, although a significant rebound is not likely. The housing market is still facing economic uncertainties amid a high interest rate environment. This is combined with abundant supply in the primary market, where developers are keeping asking prices aligned to the market, in turn limiting homeowners’ ability to raise prices in the secondary market. For 1H 2024, we expect the overall residential price to mildly recover in the range of 0% to +3%. If the US Federal Reserve confirms interest rate cuts in 2H 2024, we anticipate a potential full-year price rebound to reach +5% to +7%.”

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(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.

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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 ().