Home Prices Expected to Rise by 5% in Q2

• Residential market remained most active with total transactions rising by 69% y-o-y for January and February combined, and expected to jump by 73% y-o-y in Q1
• Investment into non-residential properties continues pickup commencing in Q4 2020, with retail and industrial properties remaining most favoured

HONG KONG SAR – Media OutReach – 11 March 2021 – Strengthened market sentiment helped boost Hong Kong real estate market growth in Q1, unleashing pent-up demand and transactions in both residential and investment markets. The wealth effect was amplified by the stabilizing COVID-19 situation locally and the eagerly awaited roll-out of a vaccination program, both considered prerequisites for sustained economic recovery.

Residential Market

The Q1 period displayed a major rebound in the residential market, driven mainly by the cash-rich condition of local buyers. Total Sales and Purchase Agreements (S&Ps) rose 66% y-o-y to 14,200 cases in the first two months of Q1 2021, while residential transactions leapt 69% y-o-y to 10,687 cases in the same January — February period. For March 2021, we expect the total S&Ps would go up to 9,000 cases, bringing the quarterly figure to 23,200 cases. This represents a remarkable growth of 74% y-o-y, or 7% increase q-o-q.

Amidst the fourth wave of COVID-19, home prices dropped in the face of surging confirmed cases between December 2020 and January 2021. Taking Taikoo Shing as an example, the average price declined by 8.3% during the period. In February, with early arrival of vaccines, strong pent-up demand from predominantly Hong Kong buyers, a booming stock market and other positive factors, transaction volume and home prices quickly bottomed out and began to rebound (Chart 1).

The market is adapting to the post-pandemic new normal. From a macro perspective, the market is currently imbued with healthier fundamentals compared with previous periods of market turmoil as a result of the SARS outbreak, the global financial crisis, and other disruptors (Chart 2).

Mr Alva To, Cushman & Wakefield’s Vice President, Greater China & Head of Consulting, Greater China, commented, “The wealth effect is being driven especially by gains from the stock market, quantitative easing measures, and a high 90% loan-to-value ratio, and the rebound in property sales is now in a growth momentum. The residential market is rebounding faster than expected, and we expect home price to rise by 5% in Q2 2021. However, we would advise buyers to remain cautious on the economic fundamentals throughout 2021. With the unemployment rate at 7% by January 2021, and is still increasing with high speed, this will seriously impact on the purchasing power and intention to purchase. Moreover, an anticipated overall economic recovery in the second half of 2021 may also be impacted by the still rocky U.S.-China relationship and local and geopolitical uncertainties.”

Investment Market

Investment sentiment has been on a recovery track since Q4 2020, following the rescinding of the Double Stamp Duty (DSD) requirement on non-residential properties (Chart 3). The recovery momentum sustained the performance of the investment market in Q1 2021, with retail and industrial properties remaining the most sought-after asset classes over the near term. Investments into the hotel sector remained muted with the continuation of border closures between Hong Kong and mainland China and the rest of the world. Yet, with the number of confirmed COVID-19 cases subsiding and stabilizing, anticipation for a full opening of regional and international travel may encourage tourism and retail recovery in the short-run.

Mr Tom Ko, Cushman & Wakefield’s Executive Director, Capital Markets, Hong Kong, concluded, “Major investment transactions (transactions over HK$ 100 million) are expected to remain at a similar level of Q4 2020. Luxury residential transactions still contributed to 61% of total investment volume, as a result of the favourable loan-to-value (LTV) ratio for property investment. The abolition of DSD on non-residential property investments, on the other hand, has facilitated investment into retail spaces and industrial assets in Q1. With these favourable factors, together with the recent pilot scheme to standardize land premium and the influx of deep-pocketed global real estates’ funds in Hong Kong, we expect an even more positive market trend to prevail in the upcoming quarter.”

Click HERE to download high-resolution photos of the Cushman & Wakefield press conference.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. Across Greater China, 22 offices are servicing the local market. The company won four of the top awards in the Euromoney Survey 2017, 2018 and 2020 in the categories of Overall, Agency Letting/Sales, Valuation and Research in China. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com.hk or follow us on LinkedIn (https://www.linkedin.com/company/cushman-&-wakefield-greater-china).

With the aspiration to create a world-class university and be among the top 50 young universities in the next 30 years, VinUniversity has announced its goal to attract excellent students from all countries to Viet Nam. This is a breakthrough in the quality of education and marks its initial effort to compete with international universities.

HANOI, VIETNAM – Media OutReach – 11 March 2021 – On March 11, VinUniversity announced the opening of a ‘Special Admission Round’ for international students and talented Vietnamese students with international recognition. Accordingly, candidates for this round include (1) Excellent students from all countries in the world; (2) Vietnamese or international students who have won medals at national or international science Olympiads; (3) Vietnamese or international students who have been recognised and admitted by prestigious universities all over the world.

It is an important and consistent action to affirm the desire of VinUniversity to make a breakthrough in the quality of education and to create direct competition with international universities.

This Special Admission Round is opened to better accommodate international and talented candidates. Specifically, the initial application process is exempted and candidates can directly move on to the interview round with the Admissions Council of VinUniversity. There is a commitment that applicants will be assessed quickly and comprehensively according to the Special Admissions Process called 5-5-5:

With the intention of attracting excellent international students to Vietnam, in the 2021-2022 academic year, VinUniversity has implemented an International Fellowship programme exclusively for international candidates, with financial aid from 50-80 per cent of tuition costs, depending on the needs of each candidate.

In addition, with the strong and long-term commitment of Vingroup, VinUniversity continues the policy of supporting students with 35 per cent of tuition costs, equivalent to about US$12,000 — 14,000 per year for the entire duration of their studies at the university. International and Vietnamese students who demonstrate outstanding talent will be awarded merit-based scholarships valued at up to 90 per cent and 100 per cent of tuition costs. Exceptional talents will be granted full scholarships that cover 100 per cent of tuition costs and living expenses. In addition to the generous scholarship policy, VinUniversity also continues the Financial Aid programme covering from 50 to 80 per cent of tuition fees.

Recently, VinUniversity has taken many strategic moves toward the goal of becoming a world-class university. The most important move is the strategic partnership from the beginning of university construction with Cornell University and the University of Pennsylvania, two of the top 20 universities in the world. In the first year of operations, VinUniversity received a 5-star rating from the prestigious university ranking organisation Quacquarelli Symonds (QS – UK) in three areas: Facilities, Academic Development, and Inclusiveness. VinUniversity has also reached bilateral co-operation agreements on academic, faculty and student exchange with well-known universities, namely the University of Technology Sydney (Australia), Yonsei University (South Korea) and The University of Western Ontario (Canada). In particular, the Provost, Vice Provost, Dean of the College of Health Sciences were honoured to be in the top 2 per cent of the world’s most cited scholars according to the latest publication of the Journal of PLOS Biology (USA) 2020. Simultaneously, 100 per cent of professors and faculties of VinUniversity graduated from and/or have teaching experience at leading universities in the world.

In terms of enrollment, 230 students of the first intake in 2020-2021 are excellent individuals with grade point average at the end of high school, equivalent to the top 2.5 per cent of the country, average IELTS bands at 7.15 and average SAT score at 1.411 which is in the top 5 per cent of the world. Nearly 20 per cent of the students have won prizes in national and international Olympiads and other prestigious competitions and 100 per cent of students actively participate in extracurricular activities as well as community projects. VinUniversity has also received a great number of applications from international students. A selective number of excellent students from Japan, South Korea and Philippines have been admitted by the university.

About VinUniversity

VinUniversity is the private, not-for-profit university directly under Vingroup, established with the mission of becoming a University of Excellence, in order to make a breakthrough in the quality of Vietnamese higher education towards world-class standards. In the first year of operation, VinUniversity has just been awarded a QS 5-star rating by the prestigious university ranking organisation Quacquarelli Symonds (QS – UK) in 3 areas: Facilities, Academic Development and Inclusiveness.

In the academic year 2021-2022, VinUniversity will enroll students for three disciplines: Business and Management, Health Sciences, Engineering and Computer Science; and continue to recruit graduate medical residents in Internal medicine, Pediatrics and General surgery. VinUniversity has multidimensional admission and comprehensive evaluation based on application and created our own unique admission model based on AACC criteria (outstanding Ability, Aspiration, Creativity, Commitment).

Diversity Is Key To Address Challenges Facing Semiconductor Industry

SINGAPORE – Media OutReach – 11 March 2021 – The Inaugural Semiconductor Women’s Forum in Singapore was launched at Conrad Centennial Singapore today in a hybrid format. Organised by the Singapore Semiconductor Industry Association (SSIA) and supported by e2i, Workforce Singapore and Global Semiconductor Alliance, the event aimed to attract more female talents to join the semiconductor sector, and inspire the current female workforce to stay and thrive in the industry. The event attracted over 700 participants (both on-site and online) from more than 100 corporates and organisations worldwide. Ms Sun Xueling, Minister of State for Education and Social and Family Development, attended the event as the Guest of Honour.

Ms Sun Xueling, Minister of State for Education and Social and Family Development, graced the first Singapore Semiconductor Women’s Forum.

The semiconductor industry in Singapore remains a male-dominant industry even though female leadership contributes tremendously in corporate sectors worldwide, as recognised by global studies. A survey ‘GSA: Women in the Semiconductor Industry’ conducted by GSA and Accenture in 2019 and 2020 showed a significant under-representation of females with the highest in leadership and technical roles in the industry.

Supporting female employees during pandemic

The recent growth and consequent shortages in semiconductors have highlighted how critical the semiconductor industry is in providing the building blocks of the products and services that impact the way we live, how we work, and the way we enjoy our leisure.

SSIA Chairman Andrew Chong said diversity is key to address these urgent needs in a responsible manner. “The industry strongly needs more talents to deliver the vibrancy, agility and sustainability necessary for success in this field during the pandemic. The significant investments in building a more flexible and empathetic workplace will greatly help retain and attract employees, and nurture a culture in which women have equal opportunity to achieve their potential in a meaningful career,” said Andrew in his welcome speech. He said companies have increased their efforts in creating diversified and inclusive working environments. Some of them have also established Women Network Chapters within their organizations to encourage and support their employees.

Insights from women leaders in the industry

Five reputable female leaders who have excelled in the semiconductor industry shared their inspirational career journeys at the Semiconductor Women’s Forum, including Jennifer Zhao, Executive Vice President and General Manager, Advanced Optical Sensors Division, ams AG, Siah Soh Yun, Technology Development Vice President, GLOBALFOUNDRIES (GF), Sim Cher Whee, Vice President, Global Talent Acquisition and Talent Mobility, Micron, Jaya Jagadish, Corporate Vice President- Silicon Design Engineering & Country Head — India, AMD, and Olivia Koentjoro, Director of Intellectual Property Analytics Center of Excellence, Global Law Department, Applied Materials.

“In 2013, GF established the GLOBALWOMEN (GW) network with a mission to create a sustainable framework for the professional development of women at GF. GW is a vital part of our inclusive culture and has now evolved into an alliance that includes women and men who actively work as allies for women employees. There is a strong need for corporates to place ‘balance for better’ as a priority by institutionalizing support groups on mentoring and professional development of women engineers,” said Soh Yun from GF.

“Applied Materials sponsors Women Professional Development Network (WPDN), which fosters diversity and inclusion and aims to build a progressive, fair and equitable working environment within Applied. WPDN is active in promoting engagement and retention of female talents and acting as a development platform for future Applied female leaders,” said Olivia from Applied Materials.

“Micron is utilising new tools to promote diversity in talent acquisition and reinforce Micron’s inclusive culture, such as modifying job descriptions to weed out unconscious gender bias, using AI to reduce bias in candidate applications, and ensuring interviewing teams are also diverse. The post COVID era of leadership and innovation calls for a strong sense of purpose and empathy, and we are defining our new normal,” said Cher Whee from Micron.

In the coming months, SSIA will roll out more events and activities to create a vibrant environment for its workforce. For more details of coming talent development initiatives for the electronics and semiconductor industry, please visit https://ssia.org.sg/jobs

About Singapore Semiconductor Industry Association (SSIA)

Singapore Semiconductor Industry Association (SSIA) has more than 180 members today including companies and organisations throughout all parts of the complex and comprehensive value chain – IC design companies, Manufacturers, Fabless companies, Equipment suppliers, Photovoltaic companies, EDA and material suppliers, Training and service providers, IP companies, research institutes and Academia, as well as individual members. Since 2013, SME membership has grown exponentially and SMEs now account for close to half of SSIA’s membership. For more information about SSIA, please visit: https://ssia.org.sg/

HONG KONG SAR – Media OutReach – 11 March 2021 – SoePay, a FinTech subsidiary of Spectra Technologies Holdings Co. Ltd., today announced the launch of the SoftPOS solution for accepting contactless Visa and Mastercard card payments on any NFC-enabled Android smartphones that will revolutionize the customer experience of small and micro-merchants in Hong Kong.

SoePay SoftPOS is a mobile payment solution that eliminates POS and payment terminal rental and provides an affordable and secure way for small and micro-merchants to accept contactless card payments on their mobile devices. This is a significant step in mobile payment acceptance for Hong Kong. By transforming mobile devices into payment terminals, SoePay SoftPOS enables merchants to securely accept card payment in many situations such as events, markets, and food delivery. SoePay SoftPOS solution is globally certified by Payment Card Industry (PCI) CPoC to accept contactless payments from cards and smart devices without requiring additional hardware.

Established in 2019, SoePay is a payment solution provider and payment facilitator in Hong Kong. Our mission is to provide customers with innovative, secure, reliable, affordable, and hassle-free payment solutions. For more information about our product, visit https://soepay.com/en/softpos

Damien Chow, Director of Digital Payment, SoePay: “SoftPOS is a key strategic initiative of SoePay to make payment acceptance affordable, frictionless and hassle-free to our customers. We look forward to enhancing our SoftPOS solution and accelerating the contactless adoption and digital payment development in Hong Kong.”

Helena Chen, Managing Director, Hong Kong and Macau, Mastercard: “Mastercard is thrilled to join forces with Spectra to further expand the Mastercard Tap on Phone acceptance network with the launch of the new SoePay solution, which provides safe, fast and secure contactless payments that meet consumers‘ everyday needs. The Mastercard Sonic feature is also applied to SoePay, which accompanies payments with a sound that indicates cardholders‘ successfully made payment. The new partnership is in line with Mastercard‘s ongoing commitment to promote contactless payment across the city and to support local SMEs‘ future development through digitalization.”

Maaike Steinebach, General Manager, Visa Hong Kong and Macau: “Visa is excited to partner with SoePay to enable off-the-shelf ‘Tap to Phone‘ mobile devices to accept contactless payments without additional hardware in Hong Kong. More than seven in ten of all face-to-face Visa transactions are contactless. This new low-cost and simple solution will help micro, small and medium-sized businesses stay competitive on their digital transformation journeys.”