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Gorilla Technology Group Signs Strategic Partnership with Toyota Material Handling Solutions (Thailand) to Power Global Smart Warehousing Transformation

Bangkok, Thailand – Newsfile Corp. – April 7, 2025 – Gorilla Technology Group Inc. (NASDAQ: GRRR) (“Gorilla” or the “Company”) today, announced a landmark partnership with Toyota Material Handling Warehouse Solutions (Thailand), to co-develop intelligent warehouse automation technologies for Toyota’s global customers.

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This collaboration brings together Gorilla’s AI Appliances, with Toyota’s unmatched reach and reputation in logistics and material handling. The two companies will work closely to design and roll out next-generation smart warehousing systems that solve real operational challenges – from incorrect part requisitions to warehouse inefficiencies and costly work delays, by making warehouse environments more intelligent, efficient and accurate.

“This is not just a product integration – it is a long-term strategic relationship,” said Jay Chandan, Chairman and CEO of Gorilla Technology Group. “Together with Toyota, we aim to bring transformative technology to warehouses around the world and unlock multi-year SaaS-based revenue opportunities by deploying Gorilla’s AI solutions at scale across Toyota’s customer network.”

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The two companies will initially focus on launching the new system in Thailand with the intention to expand globally, supporting Toyota’s digital transformation ambitions and delivering measurable improvements in operational efficiency and customer satisfaction.

This partnership reinforces Gorilla’s mission to empower industries with intelligent infrastructure and to become a key enabler of digital transformation across logistics, warehousing and beyond.

About Gorilla Technology Group Inc.

Headquartered in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide a wide range of solutions, including Smart City, Network, Video, Security Convergence and IoT, across select verticals of Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare and Education, by using AI and Deep Learning Technologies.

Our expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for residents.

For more information, please visit our website: Gorilla-Technology.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Gorilla’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding our ability to identify and agree to specific project scope, deployment strategies and operational frameworks with the Electricity Authority, along with those other risks described under the heading “Risk Factors” in the Form 20-F Gorilla filed with the Securities and Exchange Commission (the “SEC”) on May 15, 2024 and those that are included in any of Gorilla’s future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Gorilla and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Gorilla undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

Investor Relations Contact:

Dave Gentry
RedChip Companies, Inc.
1-407-644-4256
GRRR@redchip.com

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

ECOVACS ROBOTICS Embraces Matter: Taking Smarter, More Convenient Floor Cleaning to the Next Level

ECOVACS ROBOTICS robotic vacuum cleaners DEEBOT now support Matter for seamless smart home control.

SUZHOU, China, April 7, 2025 /PRNewswire/ — ECOVACS ROBOTICS, a global leader in service robotics, has taken a major step forward in smart home integration by bringing its robotic vacuum cleaners DEEBOT into the Matter ecosystem. As China’s decade-long market leader in robotic vacuum cleaners, ECOVACS is making cross-platform connectivity, control, and automation smoother than ever.

Matter, the universal smart home standard developed by the Connectivity Standards Alliance (CSA), eliminates compatibility barriers by allowing devices from different brands to work together seamlessly. With enhanced interoperability, robust security, and simplified setup, Matter ensures a smarter, more reliable smart home experience—whether controlled locally or via the cloud.

ECOVACS’ global lineup – including DEEBOT X2, X2 Combo, T50, T50 Max, and X8 – will gain Matter 1.4 support, with functionality updates rolling out across these models in phases. This strategic enhancement ensures seamless integration with the growing Matter ecosystem, further simplifying connected home experiences.

Building on ECOVACS’ technological advancement, the brand made waves at CES 2025 with the global debut of its groundbreaking DEEBOT X8 PRO OMNI. This industry-redefining robotic cleaner introduces the revolutionary OZMO ROLLER Instant Self-Washing Mopping Technology—ECOVACS’ first ultra-high pressure, high-speed mopping system with real-time self-cleaning capabilities.

The X8 PRO OMNI’s exceptional innovation earned remarkable industry acclaim, receiving top honors at the world’s prestigious tech events: the ‘Best in Show,’ ‘Best of CES,’ and ‘Editor’s Choice’ awards at CES 2025, along with both the ‘Best of IFA’ distinction and ‘Indoor Cleaning Solutions Gold Award’ at 2024 IFA.” The X8 Family has achieved cumulative sales of 230,000 units in the Chinese market by February 2025.


With 27 years of innovation in service robotics, ECOVACS has empowered over 28 million households across more than 170 markets—driven by its mission of “Robotics for All.” Now supporting Matter, ECOVACS enables effortless cross-platform integration, letting users sync their robots with any Matter-compatible smart home setup, ushering in a new era of intelligent home cleaning.

UGREEN Showcases the New AI-Powered NASync iDX Series at NAB Show 2025, Transforming Data Management for Content Creators

LAS VEGAS, April 7, 2025 /PRNewswire/ — From April 6-9th, UGREEN, a global leader in consumer electronics and charging technology, is showcasing its innovative NASync series at the NAB Show in Las Vegas. The UGREEN NASync iDX6011 and iDX6011 Pro have been the highlights of the display at Booth SL9210 in the Las Vegas Convention Center. These latest UGREEN NASync iDX models revolutionize data management and security for content creators through advanced AI technology, setting a new standard as the world-first AI-powered NAS.

The New AI-Powered UGREEN NASync iDX Series at NAB Show 2025
The New AI-Powered UGREEN NASync iDX Series at NAB Show 2025

UGREEN NASync is a series of network-attached storage devices tailored for personal, home, or business use. In March 2024, UGREEN launched a 44-day crowdfunding campaign on Kickstarter for the NASync DXP series, successfully raising over $6.6 million achieved No.1 in the NAS category. This remarkable support highlights the strong demand for advanced storage solutions.

On April 6th, UGREEN hosted a panel event themed “AI-Powered Storage for Creators” to discuss how the latest iDX series AI NAS can improve content creators’ day to day workflow. Industry experts featuring Intel’s NAS and Thunderbolt Marketing Director Larry Blackburn, Emmy®-Winning Creative, Media and Technology Consultant Anthony Bari, Director, Writer and VFX supervisor Gary Adcock, and UGREEN Business Development Manager Erick Oliveros, explored six groundbreaking AI features in the UGREEN NASync iDX series: AI Photo Album, Smart Tags, AI Chat, LLM Search, and Smart Meeting Summarization. The discussion covered the limitations of traditional storage solutions and how AI-powered NAS is revolutionizing content creation and transforming the industry.

Larry Blackburn, NAS and Thunderbolt Marketing Marketing Director from Intel said “It is fantastic to see UGREEN NASync iDX series with Intel® Core Ultra™ processors showcasing advance AI capabilities that improves the user experiences for data storage solutions.”

As part of the world’s leading AI NAS series, the UGREEN NASync iDX6011 represents the first AI NAS solution featuring a built-in Large Language Model (LLM), redefining intelligent network-attached storage. The combination of high performance, advanced AI, massive storage, enterprise-level security, and a seamless user experience makes it an ideal solution for film and television professionals handling intensive workloads and large-scale data management:

  • Powerful Performance and AI Capabilities: Equipped with a 14-core, 18-thread Intel® Core™ Ultra 5 Processor (up to 4.50 GHz turbo), the NASync iDX 6011 ensures fast data processing, seamless multitasking, and enhanced AI performance. It is optimized for large language model (LLM) processing, AI-driven content generation, and image analysis, enabling efficient and intelligent workflows.
  • Massive Storage and High-Speed Access: Featuring 6 SATA bays and 2 M.2 NVMe slots, this NAS provides up to 160TB of storage, combining high capacity and high-speed access for managing large datasets, high-resolution videos, and extensive media libraries.
  • Enterprise-Grade Security and Data Protection: Certified by TÜV SÜD ETSI EN 303 645 and TRUSTe, the system implements TSL/SSL, RSA, AES, and SHA-512 encryption protocols for secure data transmission and account protection. RAID support ensures data redundancy, minimizing the risk of data loss due to hardware failures.
  • High-Speed Networking and Reliability: Dual 10GbE network ports support link aggregation, achieving up to 20Gbps bandwidth and theoretical speeds of 2500MB/s. This dual network port design enhances stability and redundancy, ensuring uninterrupted access even if one link fails.
  • User-Friendly Interface and Seamless Accessibility: The UGREEN NAS app provides an intuitive, cross-platform experience, accessible via smartphones, tablets, computers, and TVs. The UGOS Pro operating system offers guided setup, annotated tips for complex features, and a streamlined interface for effortless use.
  • AI-Powered Smart Dialogue and Image Recognition: Integrated LLM-powered AI Smart Dialogue enables natural language interaction, providing intelligent responses, strategy generation, and content summarization. AI-driven image recognition and smart search allow users to quickly locate images by entering keywords or training custom models for specialized object detection.

The advancements showcased by UGREEN at the 2025 NAB Show highlight the rapid evolution of technology, adeptly addressing and anticipating the specialized needs of creative industries worldwide. This marks an exciting era in digital content creation, driven by intelligent solutions such as those offered in UGREEN’s pioneering NASync series.

For more information, please visit: https://www.ugreen.com/

©Intel Corporation. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be claimed as the property of others.

About UGREEN

Since 2012, UGREEN has been dedicated to creating innovative electronic devices and accessories that are both technologically advanced and affordable for consumers. Its user-focused approach lies at the core of the brand, which has earned the trust of over 200 million users globally. Lately, the brand has expanded into innovative new fields, including AI-powered NAS solutions, further enhancing its commitment to meet evolving consumer needs.

Contact info: pr@ugreen.com

 

MANTRA Launches $108,888,888 Ecosystem Fund to Propel RWA Innovation

HONG KONG, April 7, 2025 /PRNewswire/ — MANTRA Chain, a layer 1 blockchain purpose-built for tokenized real-world assets (RWAs), today announced the launch of the MANTRA Ecosystem Fund (MEF), a $108,888,888 million investment initiative designed to accelerate the growth and adoption of projects within the MANTRA ecosystem. The announcement of the MEF arrives after MANTRA became the first DeFi platform to successfully obtain a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), to operate as a Virtual Asset Exchange, as well as provide Broker-Dealer and Management and Investment Services. ‍

Supported by a strong network of partners and investors, the MEF will deploy up to $108,888,888 million over the next four years to support high-potential blockchain projects around the world. The MEF will serve as a strategic growth engine, providing capital to startups alongside globally renowned investment firms.

Investment opportunities will be sourced through MANTRA’s vast partner network, including leading incubators and accelerators, and capital partners such as Laser Digital, Shorooq, Brevan Howard Digital, Valor Capital, Three Point Capital, Amber Group, Manifold, UoB Venture, DAMAC, Fuse, LVNA Capital, Forte, and many more. This extensive global reach will ensure that the MEF gains exposure to top-tier projects from around the world.

“In an era where blockchain technology is revolutionizing finance, the MEF will serve as a catalyst for groundbreaking projects that drive real-world adoption through a focus upon the tokenization of real world assets,” said John Patrick Mullin, CEO and founder of MANTRA.

“By aligning with top investors and incubators, we are opening doors for visionary founders and teams to join us in building and creating a thriving ecosystem and bringing more of the world on-chain.”

Gideon Daitz, partner at Three Point Capital, who will lead the MEF said, “Our primary mission with the MEF is to support the development of RWA tokenization globally, empowering teams with capital, network, and advice to put the world’s highest-quality assets on-chain. We are primarily focused on building out the MANTRA ecosystem, but we genuinely believe in playing a non-zero-sum game, where collaboration and a broad open-arms policy will serve our community and industry best.”

Further adding, “We are seeking to make high conviction, resource heavy developments into fewer more focused teams, ultimately fostering stronger and more ingrained ties through our diverse network of resources.”

The MEF aims to attract and support the best teams in the world innovating with RWA tokenization, welcoming projects at any developmental stage, and even those that are chain agnostic. By fostering collaboration between blockchain pioneers and leading investment firms, MEF is set to become a major force in the evolution of DeFi and RWA adoption.

For more information on how to apply, visit MANTRAChain.io.

About MANTRA
MANTRA Chain is a purpose-built Layer 1 blockchain for real-world assets, capable of adherence to real world regulatory requirements. As a permissionless chain, MANTRA Chain empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced technology modules, compliance mechanisms, and cross-chain interoperability.

MANTRA holds a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), to operate as a Virtual Asset Exchange, as well as provide Broker-Dealer and Management and Investment Services. ‍

Hyundai Mobis Opens Integrated R&D Center in India with Aim to Develop Global Software Hub

  • The company has combined two existing R&D centers into one large-scale R&D base in India, aiming to make it a software strategy hub with its own capabilities.
  • It is promoting its three long-term R&D strategies, increasing participation of the new Indian center in new R&D projects, and expanding the number of models the center will develop.
  • Software is becoming more important as the local market for EVs and SUVs expands, with the company aiming to provide integrated solutions for both local and global automakers.

SEOUL, South Korea, April 7, 2025 /PRNewswire/ — Hyundai Mobis (KRX 012330) will expand the operation of its Indian R&D center as a strategic base dedicated to automotive software. As the sales of high-value products equipped with software increases, the role of the company’s Indian R&D center in verifying and analyzing them is also increasing.

Hyundai Mobis announced on 7 that it has opened an R&D base dedicated to software in Hyderabad, Telangana, which is known as the Silicon Valley of India. Following the launching of its first Technical Center of India in 2007, Hyundai Mobis established its second Indian center in 2020, and has since operated those two centers. The new integrated large-scale R&D center aims to accommodate the increasing number of software R&D personnel and combine the company’s dispersed R&D centers to maximize synergy.

Located in the center of Hyderabad, the new integrated R&D base has a total floor area of about 24,000 ㎡ and is located in a commercial area where global technology giants are concentrated, making it easy to secure excellent software talent. The 10-story building houses research spaces, data centers, labs and training rooms, partner workspaces, and break rooms.

Behind the company’s decision to build the R&D base was the rapidly growing Indian automotive market. According to a global research firm, India’s annual new car sales volume is 5.2 million vehicles, the third largest in the world, and is expected to grow to 6.2 million by 2028.

In particular, as the Indian automobile market has shifted from small cars to SUVs and EVs, the application of new level 2 autonomous driving features such as large displays and advanced driver-assistance systems (ADAS) is becoming more active. Accordingly, Hyundai Mobis is putting in a lot of effort to make its Technical Center of India a strategic hub for boosting global sales.

To this end, the company plans to develop it into an R&D hub that drives product cost competitiveness, performance, quality, and technology based on its abundant software R&D personnel. Hyundai Mobis plans to collaborate with vehicle software companies near its R&D center in Hyderabad, creating an external ecosystem and continuing to hire talented people.

The strategy is to develop the Technical Center of India as a global software hub with its own business capabilities and use it as an advanced base to provide integrated solutions to global carmakers.

Hyundai Mobis plans to expand the scope of software R&D at the center by increasing its participation from the early stages of new product development, developing software for local vehicles at the center, and focusing on streamlining productivity through the introduction of artificial intelligence.

“The Technical Center of India has a large pool of developers, so it is a place where many new R&D attempts are made,” said Jong-keun Lee, Head of Hyundai Mobis Technical Center of India. “Based on our nearly 20 years of experience in developing production vehicles, we will promote the advancement of software and contribute to improving product competitiveness.”

Currently, Hyundai Mobis is accelerating the development of a hardware and software integrated platform that reflects the trend around software-defined vehicles (SDVs). This integrated platform is expected to emerge as a one-stop solution that supports the reduction of development costs and the convenience of the R&D environment for global customers with a customized system that can respond to each customer and vehicle segment flexibly.

Meanwhile, Hyundai Mobis not only operates its Korean R&D centers, such as the Technical Center of Korea Mabuk and the Technical Center of Korea Uiwang, but it also operates overseas R&D centers in India, Germany, and China. The company plans to establish a new semiconductor R&D center in Silicon Valley, USA this year, which will focus on developing core technologies for autonomous driving along with its existing Hyundai Mobis Technical Center of North America in Detroit. The company’s R&D center in Frankfurt, Germany, focuses on developing technologies related to autonomous driving sensors, while the one in Shanghai, China is responsible for evaluating and improving the design of locally produced modules, brakes, and steering components.

About Hyundai Mobis
Hyundai Mobis is the global no. 6 automotive supplier, headquartered in Seoul, Korea. Hyundai Mobis has outstanding expertise in sensors, sensor fusion in ECUs and software development for safety control. The company’s products also include various components for electrification, brakes, chassis and suspension, steering, airbags, lighting, and automotive electronics. Hyundai Mobis operates its R&D headquarters in Korea, with four technology centers in the United States, Germany, China, and India. For more information, please visit the website at http://www.mobis.com.

Media Contact 
Choon Kee Hwang: ckhwang@mobis.com
Jihyun Han: jihyun.han@mobis.com

DOSIsoft PLANET® Onco Dose receives CE MDR Mark and new FDA 510(k) clearance

PARIS, April 7, 2025 /PRNewswire/ — DOSIsoft, leading provider of patient-specific imaging and dosimetry software solutions for radiation oncology and nuclear medicine, proudly announces the latest release of PLANET® Onco Dose version 3.2 – multi-radionuclide, personalized, voxel-based dosimetry platform for SIRT and MRT – now approved for market in EU under CE MDR Mark and in the US with FDA 510(k) clearance.

End-to-end, versatile, vendor-neutral, the novel PLANET® release is specially designed to integrate multi-radionuclide, implement multi-workflow and support multi-therapy.

This advanced software version allows clinics to cover a broader range of therapies by supporting voxel-based dose computation for 90Y, ¹⁷⁷Lu ¹⁶⁶Ho and ¹³¹I isotopes with the flexibility to incorporate new beta/gamma emitters.

Clinicians can benefit from optimized multi-time point and newly introduced single-time point dosimetry workflows – reducing workload, enhancing patient comfort, streamlining clinical processes while ensuring accuracy. Validated against thorough Monte-Carlo simulations, it offers clinical-ready GPU-accelerated performances.

“All-in-one dosimetry solution for Patient specific Theranostics,” PLANET® enables highly personalized treatments including 177Lu-PSMA, 177Lu-PRRT, 90Y or 166Ho radioembolization, ¹³¹I therapies, and more.

PLANET® Onco Dose is CE Marked under new EU MDR Regulation 2017/745 since February 17th, 2025. Learn more.

PLANET® Onco Dose is US FDA 510(k) cleared since March 14th, 2025, expanding previous market clearance to version 3.2 rich feature set. As per FDA general rule for Radiopharmaceutical Therapy (RPT), voxel-based dosimetry solutions are intended specifically for absorbed dose calculation and should only be used with approved radioactive products. Learn more.

“It is a milestone achievement and a collective work to provide all answers to the EU notified body and US FDA, Through our reinforced internal Quality System and commitment to the highest standards of safety, performance and compliance, DOSIsoft positions PLANET® Onco Dose, ahead of completion,” highlights Marc Uszynski, CEO at DOSIsoft. “We are looking forward to seeing patients worldwide benefit from this safe and effective device in routine clinical use.”

About DOSIsoft

Founded in 2002, DOSIsoft stands as market leader specialized in dosimetry software in Radiation Oncology and Nuclear Medicine to improve cancer patient safety and treatment quality. DOSIsoft provides the most competitive patient-specific quality assurance and medical imaging solutions in over 600 hospital centers in 60 countries. Spin-off between Gustave Roussy and Curie Institute in France, DOSIsoft constantly innovates in partnership with leading cancer institutes and research centers in the world, like recently through the Thera4Care European project. www.dosisoft.com.

Contact:
Mme Xiaolu Chen
Service Marketing
xiaolu.chen@dosisoft.com 

Manifest Global Strengthens International Education Portfolio with BridgeU Acquisition

  • Singapore-headquartered education investment firm Manifest Global has acquired UK-based BridgeU.
  • BridgeU joins Cialfo as the two portfolio brands under Manifest Global providing digital platforms to support the global student mobility industry.

SINGAPORE and LONDON, April 7, 2025 /PRNewswire/ — Manifest Global today announced the acquisition of 100% of BridgeU from Kaplan. BridgeU will join Manifest’s growing portfolio of international education businesses, which includes global student guidance platform Cialfo.

BridgeU and Cialfo both provide digital platforms to support students, parents, and counsellors through the college and university application process. With a strong focus on international students, both platforms offer tools to explore universities, discover career pathways, and connect with higher education institutions — delivering comprehensive college and career planning support to users worldwide.

The acquisition strengthens Manifest Global’s position as a leader in global student guidance and university recruitment, offering schools and students greater choice while expanding the reach and impact of its services.

Rohan Pasari, CEO of Manifest Global, said the acquisition of BridgeU followed the recent addition of Delhi-based Kaaiser Australian Education Experts to the group, and marked a significant step forward in Manifest’s mission to increase access and opportunity for students around the world.

“By acquiring BridgeU, we’re able to support more schools and assist more students on their journey into higher education. Both BridgeU and Cialfo will continue to operate as separate platforms — ensuring schools have choice based on their specific needs. This is about combining expertise and accelerating our mission to open up more life-changing opportunities for students by connecting them with universities worldwide,” Pasari said.

Patrick Whitfield, CEO of BridgeU, said the acquisition was a timely opportunity to bring together the two companies for the benefit of students, schools, and universities.

“I believe that in Manifest Global, we’ve found a great new home for BridgeU. I’m excited to continue building on our relationships with schools and university partners — and to ensure we keep delivering the high-quality guidance that leads to outstanding outcomes for students,” said Whitfield.

About Manifest Global

Manifest Global is a global education investment firm headquartered in Singapore, specializing in building companies that connect the world towards growth, prosperity, and innovation. With a portfolio of brands including Cialfo, Explore, and Kaaiser, Manifest Global is dedicated to enhancing global student mobility and fostering an interconnected education ecosystem. It’s backed by prominent global funds including Susquehanna Asia Venture Capital, Square Peg, Tiger Global, SEEK Growth, DLF Ventures, Cercano Management, January Capital, and more. For more information, visit manifest.inc.

About BridgeU

Headquartered in London (UK), BridgeU’s mission is to connect global student talent with the best higher education opportunities worldwide and to help K-12 schools and universities alike to harness the advantages of relationships and digital solutions to drive international student mobility. The BridgeU university and careers guidance platform is used by international K-12 schools in over 140 countries to help students make smarter, more informed decisions about their global higher education and career pathways. BridgeU’s partnership services help universities to connect with the largest single community of international K-12 schools in the world and empower admissions teams to design truly student-centric recruitment strategies that align with institutional enrollment priorities. For more information about BridgeU, please visit bridge-u.com.

For media inquiries, please contact:

Ankit Chawla: ankit.chawla@manifest.inc
Jonah Duffin: jonah.duffin@bridge-u.com

Hong Kong Residential Market Post-Budget Sentiment Strengthens as Smaller-Sized Unit Transactions Pick Up

Grade A office rents remained under pressure in Q1, while a tourist inflow recovery is yet to boost retail market confidence

  • Smaller-sized residential units have been more sought-after following the relaxation of the maximum property value chargeable at a HK$100 stamp duty level as announced in the latest government budget speech, supporting first-hand residential sales. The total residential unit transaction number for Q1 climbed 24% y-o-y to reach 12,200 units.
  • The Grade A office market recorded positive net absorption of 143,700 sf in Q1, although the high availability rate saw the overall rental level soften further by 2.5% q-o-q.
  • Growing visitor arrival numbers in Q1 failed to drive up retail sales, with high-street rents across core retail districts adjusting within a +/-2% range q-o-q. However, an expected boost from the mega event economy is expected to be reflected later this year.

HONG KONG SAR – Media OutReach Newswire – 7 April 2025 – Global real estate services firm Cushman & Wakefield today held its Hong Kong Property Markets Q1 2025 Review and Outlook press conference. Following the government’s announcement to raise the residential property maximum value chargeable at a stamp duty level of HK$100 from HK$3 million to HK$4 million in the latest budget speech, first-time home buyers and investors were more active, resulting in a significant uptick of transactions in March from the first two months of the year. However, overall home prices in Q1 continued to trend down as interest rates stayed at a relatively higher level.

In the Hong Kong office market, the Grade A sector recorded positive net absorption in Q1, although the abundant available space continued to weigh on the rental outlook. In the retail market, the structural changes seen in tourists’ and local residents’ consumption patterns continued to curtail retail sales performance, in turn hindering retail market rental grow. However, we expect that the city’s ongoing mega event program activity will support greater visitor arrivals and consequent retail sales in the coming few quarters.

Grade A office leasing market: New demand led by banking & finance sector, although new supply ensures continued high availability and pressure on rental levels

The Grade A office market achieved a sixth consecutive quarter of positive net absorption in Q1 2025, reaching 143,700 sf. Despite the positive leasing momentum, the citywide overall availability rate edged up q-o-q to 19.2%. The expanded availability was primarily due to the completion of THE CENDAS project in Kowloon East, bringing 352,800 sf of new Grade A space to the office market. Relocation and expansion activities from the banking & finance and insurance sectors were the key drivers of new leasing activity in the quarter, with the two sectors accounting for approximately 46% of total new leased area. Notable transactions included American hedge fund Point72’s commitment to a 49,500 sf space at The Henderson.

With incoming new supply and the availability rate remaining at a high level, the citywide overall Grade A office rental level softened further by 2.5% q-o-q to record HK$43.9 per sf per month. Compared with the peak of Q1 2019, the overall Grade A office rental level has now fallen by 42.2%.

Chart 1: Rents of Grade A offices in Hong Kong

John Siu, Managing Director, Hong Kong, Cushman & Wakefield, said, “Looking ahead, the recovery of Hong Kong’s initial public offering (IPO) pipeline and stock market performance, as well as the measures introduced by the Hong Kong Government to attract more global capital, enterprises, and family offices, should help support downstream demand from the finance sector, in turn underpinning the city’s office market sentiment. As current office rents are now discounted by more than 40% against the prior peak level, occupiers pursuing flight-to-quality strategies have greater options. In the coming three quarters of 2025, around 3 million sf of new supply is expected to enter the market. This presages a further intensifying of the competitive leasing environment. We expect the overall average office rental level to remain under pressure, with a decline of 7%–9% throughout 2025.”

Retail leasing market: Retail performance recovery missed expectations, high street rents mixed

The Hong Kong retail market has been unable to demonstrate a significant sales performance improvement despite the continued growth in tourist arrival numbers, predominantly due to the continued structural changes in the consumption preferences of visitors and locals. The city’s overall retail sales for the January to February 2025 period recorded HK$64.8 billion, representing a drop of 7.8% y-o-y.

Generally, inbound visitors from the Chinese mainland no longer focus their time on traditional shopping activities at malls. In turn, high-end categories in the city’s key retail sectors have been the most impacted. Retail sales in the Jewellery & Watches and Fashion & Accessories sectors declined 15.8% and 6.4% y-o-y in the first two months of January and February, respectively. The Supermarkets sector, which had performed steadily in the past few years, also recorded a 4.4% y-o-y drop. Meanwhile, Food, Alcohol & Tobacco; and Medicines & Cosmetics, were the only sectors to post growth, albeit modestly at within 1% y-o-y.

Leasing transactions in the Tsimshatsui retail district were relatively active, with landlords more willing to offer greater flexibility and rental discounts. In turn, this attracted tenants from different sectors along with Chinese mainland brands to expand into core districts, while also encouraging some local retailers to look for opportunities again. Key district vacancy rates in Kowloon remained stable with Tsimshatsui and Mongkok at 9.4% and 8.4%, respectively. Causeway Bay was the only core retail district to record greater vacancy in Q1, jumping to 5.3% from 0% in Q4 2024. The overall vacancy rate in Central dropped slightly q-o-q from 8.6% to 7.1%.

Overall high street retail rents in Tsimshatsui and Causeway Bay fell slightly at 2.3% and 1.0% q-o-q, respectively. In Mongkok, the entry of some aggressively moving tenants prompted a moderate q-o-q increase of 0.5%. The Central district overall rental level was unchanged. In the F&B sector, rental levels remained soft, with Causeway Bay and Mongkok falling in a range of 0.4% to 1.8% q-o-q. Tsimshatsui F&B rents remained unchanged, while the Central F&B sector saw a 0.5% uptick q-o-q, chiefly supported by high-end dining options.

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

John Siu added, “In Q1, leasing activity on Haiphong Road was particularly active. Deals concluded during the quarter involved retailers that already have a presence in the area. Most of these retailers believe that the current rental level has dropped to an attractive level. In spite of the change in tourists’ spending patterns and uncertain sales levels, they are still willing to sign new leases as the costs become more controllable. We expect these uncertainties to stay in the short-term, hence hindering the pace of rental recovery. Looking ahead, we believe Chinese mainland retailers will continue to be the major source of new leasing demand in the market, to cater to the consumption habits and preferences of residents coming to Hong Kong from the mainland in recent years. The government’s efforts to promote tourism and the development of the mega event economy also led us to believe that the local retail market will gain support and receive a boost later this year with the successive hosting of mega events and concerts.”

Residential market: Relaxation of stamp duty policy supports transaction numbers recovery, price decline narrows by end of quarter

With the government’s relaxation of the stamp duty levy on properties priced up to HK$4 million in the February budget speech, coupled with the wealth effect brought by the stock market recovery at the start of the year, overall residential market sentiment improved in Q1. The residential transaction number in March strengthened significantly to close to 5,400 units, driving the total Q1 transaction number up 24% y-o-y to circa 12,200 units. As some buyers regained confidence to enter the market, developers seized the opportunity to launch new projects, leading to a pick-up in the primary residential market, with the proportion of first-hand sales expected to increase in March.

Chart 3: Number of residential sale & purchase agreements

Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield, commented, “Rating and Valuation Department data shows that overall residential prices continued to decline in February by 0.9% m-o-m, bringing a combined drop of 1.6% for the first two months of 2025. According to Cushman & Wakefield’s small- to medium-sized residential price index, home prices exhibited further fluctuations by correcting at around 1.7% in Q1. Among the residential unit sectors, price levels corrected most notably in City One Shatin, representing the small-sized sector, with a drop of 9.1% q-o-q. Prices fell by 2.2% in Taikoo Shing, representing the mid-sized sector, while prices at the luxury sector Residence Bel-Air saw an overall 7.4% decrease in Q1 2025. We expect that upcoming residential transactions will be mostly focused on smaller-sized units.”

Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield, added, “Although our Cushman & Wakefield verbal inquiry index in March rebounded by around 26% from the January low, and transaction numbers have risen to more than 5,300 units, the local property market is still constrained by the uncertainties brought about by recent global trade and economic conditions. Looking ahead, if the economy and stock market can stabilize again, and the U.S. Federal Reserve continues to cut interest rates within the year, it will support the residential transaction level, thereby stabilizing housing prices. Given that the current market conditions are more volatile than expected at the beginning of the year, some investors and potential buyers may adopt a wait-and-see approach again. We expect overall transaction numbers to be similar to last year, and property prices may fluctuate within a range of ±3% during the year.”

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Photo 1: (From left to right) Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield; John Siu, Managing Director, Head of Project and Occupier Services, Hong Kong, Cushman & Wakefield, and Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield.

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About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2024, the firm reported revenue of $9.4 billion across its core services of Valuation, Consulting, Project & Development Services, Capital Markets, Project & Occupier Services, Industrial & Logistics, Retail, and others. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit or follow us on LinkedIn ().