32 C
Vientiane
Monday, May 12, 2025
spot_img
Home Blog Page 953

Taking a Leaf Out of Xanh SM’s Book: Jakarta’s Path to Green Taxis


HANOI, VIETNAM – Media OutReach Newswire – 9 December 2024 – By electrifying its taxi fleet, Jakarta could significantly reduce emissions and improve air quality, as shown by the success of electric taxis in cities around the world. One standout example is Xanh SM in Vietnam, which has also reshaped public attitudes toward electric vehicles (EVs).

Xanh SM fleet in Vietnam. Photo: GSM
Xanh SM fleet in Vietnam. Photo: GSM

Jakarta is no stranger to air pollution, frequently ranking among the world’s most polluted cities. In fact, it topped IQAir’s global rankings as the world’s most polluted city just this June[1].

This pollution is more than a nuisance—it is a menace to public health. Agus Dwi Susanto, chairman of the Indonesian Society of Respirology, describes it as a “silent killer.”[2] Research from the Society shows that outdoor workers in Jakarta face heightened risks of respiratory illness due to the city’s poor air quality. The main culprit? Transportation, which accounts for a staggering 44% of Jakarta’s air pollution[3].

With vehicle emissions dominating the city’s pollution profile, the urgency for cleaner transport solutions has never been clearer. Amid this crisis, electric taxis offer a dual opportunity: they reduce emissions and reframe public perception of sustainable mobility.

Jakarta’s Struggle with Vehicle Emissions

The engine of Jakarta’s economy is also its greatest environmental burden. Roughly 24 million vehicles traverse the city’s roads daily[4], spewing harmful particulate matter and nitrogen oxides into the air.

To combat this, Jakarta has implemented aggressive measures. Two low-emission zones (LEZs) now restrict high-emission vehicles, encouraging the use of cleaner alternatives like electric cars. The odd-even license plate rule further incentivizes EVs by exempting them from traffic restrictions. Additionally, emissions testing for certain vehicles adds another layer of accountability. Still, while these initiatives are essential, they are not enough to solve the problem. The most promising path forward lies in electrifying transportation.

Electric taxis’ role in bringing about cleaner air is clear. In Guangzhou, China, a 2021 study published in Environmental Science & Technology found that electric taxis reduced particulate matter by 34% and nitrogen oxides by 51%[5]. A 2024 analysis further that replacing gasoline cars with EVs reduced emissions by 8.72 kilograms of CO₂ per vehicle each month[6]. Meanwhile, in Cambridge, UK, electrifying 10% of the Hackney Carriage fleet lowered NOx emissions in city centers by 11%[7].

Beyond reducing pollution, electric taxis are catalysts for public awareness. Each one becomes a moving billboard for sustainability, normalizing EVs and encouraging individual adoption. In that sense, taxi fleets have a unique ability to accelerate the transition to sustainable transportation.

Lessons from Xanh SM: A Blueprint for Jakarta

Electric taxis are more than a local solution; they’re part of a worldwide movement, with major cities in North America and Europe leading the charge.

Closer to home, Jakarta can draw inspiration from Vietnam’s success in green transportation, led by Xanh SM, the country’s largest pure-electric taxi operator. Since launching in Hanoi in 2023, Xanh SM has expanded to 56 of Vietnam’s 63 provinces and cities. Its fleet of 80,000 vehicles—including electric cars, e-bikes, and partner-operated units—serves millions of passengers daily[8]. Collectively, these efforts have cut 100,000 tons of CO₂ emissions annually, equivalent to the carbon absorption of 4.7 million trees[9].

As the world’s first multi-platform green transportation company, Xanh SM has also committed to making electric vehicles accessible to the masses. By embedding sustainability into daily life, it raises public awareness about the convenience, intelligence, and environmental benefits of green mobility.

“Xanh SM is regarded as the top provider in terms of service quality, coverage, fleet size, and customer satisfaction, outperforming both traditional and tech-based taxi services,” noted Mordor Intelligence[10]. This success underscores the viability of large-scale electrification—a model Jakarta could replicate.

Positioning Jakarta as a Green Leader

Jakarta’s electrification efforts are already underway, with initiatives like electric buses and charging infrastructure paving the way. But the city’s immense market potential and government backing make it well-positioned to achieve even more. Electric taxis, when scaled properly, hold the potential to not only alleviate Jakarta’s pollution crisis but also position Indonesia as a regional leader in sustainable transportation.

This transformation will take time, but the momentum is building. Through government policies, private sector innovation, and public engagement, Jakarta could emerge as a global success story for clean mobility.

Indonesia, with Jakarta at the forefront, is demonstrating strong leadership in fostering sustainable growth. This approach not only underscores Indonesia’s dedication to protecting the environment but also serves as an inspiring call for businesses and communities to unite towards a greener future.


Hashtag: #XanhSM

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

Gorilla Technology Launches Self-Branded AI GPUs in Groundbreaking Partnership with Edgecore Networks


London, United Kingdom – Newsfile Corp. – December 9, 2024 – Gorilla Technology Group Inc. (NASDAQ: GRRR) (“Gorilla” or the “Company”), is thrilled to announce a groundbreaking partnership with Edgecore Networks, a leader in open networking and AI infrastructure solutions. This collaboration propels Gorilla into a new frontier with the introduction of its Self-Branded Exclusive AI GPUs, powered by Intel’s Gaudi architecture through Edgecore’s advanced hardware platforms.

Leveraging Edgecore’s premier products, including advanced AI data center technologies, its 800G super spine switches and AI Networking platforms, Gorilla will introduce white-labelled AI GPUs and Networking solutions built on Intel’s Gaudi architecture, delivering cutting-edge compute power to regions struggling to meet their AI and machine learning requirements. These GPUs are at the heart of Gorilla’s mission to enable smart cities and enterprises to thrive in an AI-driven world.

“With the launch of our self-branded AI GPUs, Gorilla is not merely participating in the AI compute market; we believe we are redefining it by boldly addressing underserved regions and shaping the future of intelligent urban infrastructure,” said Jay Chandan, Chairman and CEO of Gorilla. “Our partnership with Edgecore Networks will enable us to deliver high-performance, cost-effective solutions that meet the surging demands of AI-powered smart cities and enterprises worldwide. This partnership underscores our commitment to democratizing intelligent urban infrastructure, transforming city operations and enhancing the quality of life for citizens worldwide.”

Andy Wu, Chairman and President of Edgecore Networks commented, “We are thrilled to see Gorilla Technology leveraging our innovative total AI solutions, including 800G AI switch and Gaudi GPU server, to drive the next wave of AI services. Together, we are shaping the future, transforming industries, and unlocking new possibilities. We remain committed to providing the technology and support that enable our partners to excel and bring groundbreaking AI-driven value to customers.”

A Disruptive Force in AI Compute

This partnership will enable Gorilla to offer cost-effective, high-performance AI solutions that leverage cutting-edge GPU technology and Edgecore’s networking expertise. By combining these elements with Gorilla’s AI capabilities, we believe cities and enterprises can gain access to scalable, efficient smart infrastructure solutions that address their specific needs and budgets.

Key highlights include:

  • Next-Generation AI Data Centers: With AI GPUs, built on Intel’s Gaudi processors, Gorilla will be offering high-performance 800G Ethernet switching solutions optimized for AI/ML workloads, which will enable cities to harness the power of artificial intelligence for improved services and decision-making.
  • Scalable Cloud Infrastructure: Delivering SDN fabric-based solutions that allow easy setup, provisioning, and scaling to meet the evolving needs of growing urban centers.
  • Comprehensive Networking Portfolio: Supplying a full range of networking solutions from edge to core, facilitating seamless connectivity across all urban systems and services.
  • Cost-Conscious Innovation: Offering a favorable price-to-performance ratio unmatched in the industry, Gorilla’s solutions democratise access to AI infrastructure.
  • Sustainability at Scale: Gorilla and Edgecore’s combined expertise enables energy-efficient AI deployments to support global carbon-neutral goals.

Pioneering Smart City Growth Globally

Gorilla’s AI solutions, powered by advanced GPU technology, are engineered to meet the escalating compute demands of cities undergoing rapid digital transformation. According to various third-party market reports, the smart cities global market is projected to grow from USD 1.36 trillion in 2024 to USD 3.84 trillion by 2029, at a CAGR of 23.21%. This partnership with Edgecore strategically targets key regions where smart city initiatives are driving the need for scalable and affordable AI infrastructure, including the Asia-Pacific, Middle East and North Africa (MENA), Latin America and United States markets. We believe Gorilla is well positioned to benefit from the vast opportunities for its AI GPUs to empower smart city growth across these dynamic regions.

Transforming the AI Landscape

Dr. Rajesh Natarajan, CTO of Gorilla Technology Group, stated, “This partnership marks a quantum leap in our smart city capabilities. By integrating Edgecore’s robust networking solutions with our cutting-edge AI technologies, we’re not just connecting cities – we’re breathing intelligence into their very infrastructure. We believe this synergy will catalyze a new era of urban innovation, where data flows seamlessly from edge to core, empowering cities to anticipate needs, optimize resources and enhance quality of life. Moreover, our focus on cost-effective innovation ensures that these transformative technologies are accessible to cities of all sizes and budgets, truly democratizing smart city development.”

A Glimpse into the Future

Gorilla’s strategic roadmap includes targeting potential deployments of its AI GPUs to over 50 planned or proposed AI datacentres by 2032, with plans to expand further into underserved markets by 2035. The Company is positioning itself as the go-to provider for cost-effective, scalable AI solutions that empower cities, businesses and governments to harness the full potential of artificial intelligence.

The integrated solutions will be available under Gorilla’s brand, providing cities with a trusted, single-source provider for their smart infrastructure needs. This approach will simplify procurement, facilitate compatibility and offers unique support for urban planners and city officials.

This partnership is a bold step forward in Gorilla’s journey to become the backbone of an AI infrastructure revolution.

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 beliefs about the capabilities of our GPU offering, our ability to deliver products at competitive prices, our ability to service our customers, the growth of the Smart City market, the capabilities of our third party vendors, our ability to attract the attention of customers and win additional projects, 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.

VinFuture: Seeking Tangible Innovations for Mankind

To truly make a difference, scientific innovation must translate into tangible benefits for society. VinFuture’s award criteria reflect this commitment to recognizing research with real-world applications.


HANOI, VIETNAM – Media OutReach Newswire – 9 December 2024 – Prof. Richard Friend, Professor of Physics at the University of Cambridge (UK), Chair of the VinFuture Prize Council, expressed his enthusiasm for this year’s groundbreaking awards. He noted that the annual VinFuture Prize continues to surprise with its innovative selections.

Professor Richard Henry Friend emphasized that the VinFuture Prize continues to affirm its rightful mission and vision: honoring works that improve the lives of billions of people. Photo: VinFuture.
Professor Richard Henry Friend emphasized that the VinFuture Prize continues to affirm its rightful mission and vision: honoring works that improve the lives of billions of people. Photo: VinFuture.

This year, he was particularly impressed by the Main Prize, which recognized a “power trio” in the field of Artificial Intelligence: Yoshua Bengio, Geoffrey Hinton, and Yann LeCun for their foundational mathematical and algorithmic work; Fei-Fei Li for her pioneering dataset; and Jensen Huang for his hardware breakthroughs. “All of those three components brought together have made possible this astonishing AI revolution,” he said.

On December 6, 2024, the VinFuture Foundation recognized four groundbreaking scientific achievements. The US$3 million Grand Prize was awarded for transformative contributions to deep learning. Additionally, three Special Prizes honored innovations in oral cholera vaccination, polymeric biomaterials, and CAR T-cell therapy.

Selected from nearly 1,500 nominations across 80+ countries, the four winning works represent the pinnacle of scientific innovation. These breakthroughs exemplify the “resilient rebound” spirit, demonstrating the potential to revolutionize various fields and shape a brighter future.

VinFuture: Celebrating Diversity and Innovation

Prof. Friend was deeply inspired by the groundbreaking achievements recognized by the Special Prizes. The revolutionary CAR-T therapy offers a beacon of hope for countless cancer patients. Dr. Firdausi Qadri’s lifesaving cholera vaccine for Rohingya refugees exemplifies the power of science to address real-world challenges. And Prof. Kristi Anseth’s pioneering research in biomaterials bridges the gap between laboratory innovation and clinical application.

Prof. Friend highlighted that these remarkable works share a common purpose: enhancing the human condition. This aligns perfectly with VinFuture’s mission to recognize and reward scientific breakthroughs that benefit humanity.

Mr. Friend also highlighted the importance of diverse perspectives in scientific research. He noted that the unique experiences and approaches of scientists have led to remarkable breakthroughs. VinFuture’s commitment to recognizing diverse talent reflects its belief in the power of different viewpoints to drive innovation.

“They have seen something that others have not, or they have had the perseverance to know that it is worth sticking with the journey. It is the collection of stories that is what we should celebrate. I believe it is the diversity in approaches and thinking among scientists that has led to the extraordinary breakthroughs we are witnessing,” he shared.

This year’s VinFuture Prize celebrates a diverse range of innovators, from academic researchers to industry leaders like the CEO of NVIDIA. This recognition underscores the interconnectedness of fundamental research and technological application. The AI revolution, a testament to this synergy, has been propelled by advancements in mathematics, algorithms, datasets, and hardware. VinFuture’s mission is to honor the full spectrum of contributions that drive scientific and technological progress.

When academic research and industrial development converge, the potential for groundbreaking innovation is limitless. As Prof. Friend observed, ” Only when scientists and businesses collaborate can we create truly meaningful breakthroughs for humanity.”

Honoring Science That Solves Real-World Problems

This year’s honored research is making significant strides in addressing humanity’s most pressing challenges. In the healthcare sector, a paradigm shift is underway, moving from treatment to prevention. Preventive interventions offer a cost-effective and sustainable approach to improving public health. Prof. Friend emphasized the transformative potential of CAR-T cell therapy, a groundbreaking treatment that has revolutionized cancer care.

“In cancer treatment, we’re seeing a historic turning point. Despite decades of understanding cancer, we haven’t found truly effective treatments until now. CAR-T cell therapy has changed that, ushering in a new era of cancer treatment with promising results,” said Prof. Friend.

According to Prof. Friend, after decades of promise, AI has finally made significant breakthroughs. Discussions at the scientific conference revealed that while the achievements are impressive, they are only the beginning. Pioneering scientists in this field modestly acknowledge that there is much more to explore and develop.

“This year, I’m particularly proud to share that the VinFuture Prize has once again demonstrated its ability to recognize groundbreaking research with global impact. Before the Nobel Prizes were announced, we honored Professor Geoffrey Hinton, who subsequently won the Nobel Prize in Physics for his contributions to AI,” said Professor Friend.

In fact, VinFuture has a proven track record of identifying future Nobel Prize winners. Two years ago, VinFuture honored Demis Hassabis and John Jumper from Google DeepMind for their revolutionary work in protein structure modeling. Their recent Nobel Prize in Chemistry validates its commitment to recognizing groundbreaking research.

Hashtag: #VinFuture

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

2024 Kinmen Target Design Award Gathers Design Leaders Worldwide in Its Grand Exhibition


TAIPEI, TAIWAN – Media OutReach Newswire – 9 December 2024 – On November 30, the Cultural Affairs Bureau of Kinmen County hosted the Taipei Exhibition of the 2024 Kinmen Target Design Award at Art Space A in Songshan Cultural and Creative Park. The event was officially launched by Lu Kun-Ho, Director General of the Bureau, who personally attended the opening ceremony. This year, the exhibition brought together 12 renowned design associations from around the world, jury panelists from all stages of the selection process, and participating teams of students and educators. This vibrant exchange of culture and creativity marked a significant milestone in Kinmen’s efforts to promote the internationalization of its creative industry.

Picture of winners and guests
Picture of winners and guests

The Kinmen Target Design Award is honored to welcome representatives from prestigious design associations worldwide, showcasing the depth and diversity of global design excellence. Among them are The One Club for Creativity (ADC), with an illustrious history of 104 years, and the Bureau of European Design Associations (BEDA), representing 26 EU countries. Other participants include Thailand’s Creative Economy Agency (CEA), India’s Confederation of Indian Industry (CII) with 125 years of design development, and the Colorado International Invitational Poster Exhibition (CIIPE), recognized as one of the world’s five major poster exhibitions. Joining them are Good Design Australia (GDA), which has celebrated design innovation for 60 years; Indonesia’s Indonesia Design Development Center (IDDC), focused on fostering innovative organizations; and the International Poster Biennial in Mexico (IPBM), one of the top three biennials globally. Also participating are the Japan Institute of Design Promotion (JDP), known for organizing the globally renowned Good Design Award for six decades; the Macau Designers Association (MDA), committed to promoting the design industry in Macau; and the Pan-Afrikan Design Institute (PADI), uniting 24 African nations in design collaboration. Further enriching the lineup are The Design Alliance Asia (tDA Asia), connecting 13 Asian countries and regions, and the World Design Organization (WDO), representing over 160 member organizations across 50 countries and emphasizing design’s transformative impact on the global economy and society. This extraordinary assembly underscores Kinmen’s commitment to fostering international collaboration and its ambition to establish itself as a global hub for creative excellence.

At the opening ceremony, Director General Lu Kun-Ho remarked, “It is a great honor to invite esteemed international design masters, whose invaluable insights help broaden designers’ horizons and enrich the diversity of their creations. Design is not merely an aesthetic expression but also a powerful catalyst for cultural transmission and innovation. Through the Kinmen Target Design Award, which serves as a vital platform for showcasing Kinmen’s cultural vitality, designers have the opportunity to engage with global design leaders. This exchange fosters creativity and opens doors to more international collaborations, further enhancing Kinmen’s presence on the world stage.”

The Kinmen Target Design Award encourages students to draw inspiration from the unique people, culture, history, geography, and industries of the Kinmen islands. By integrating these elements with design thinking and strategic planning, participants reinterpret the essence of Kinmen’s cultural heritage through hands-on design practice. This year, the competition attracted enthusiastic participation from 28 universities across Taiwan, receiving a record-breaking 208 submissions during the proposal stage. After rigorous evaluation by the jury, 32 outstanding proposals were selected in the first stage, the “Planning Proposal.” In the second stage, the “Design Competition,” 16 exceptional works were chosen to represent the Cultural Affairs Bureau. These designs will compete in 85 design contests both domestically and internationally, striving for the highest honors in the global design arena.

The success of the opening ceremony not only highlights the creative potential of the new generation of designers but also underscores the profound cultural heritage of Kinmen. Looking ahead, the Cultural Affairs Bureau of Kinmen County is committed to deepening the development of the cultural and creative industries while fostering international connections for local design talents. Through continued global exchanges and collaborations, Kinmen is poised to become a vibrant creative hub that garners attention from the international design community, pushing its cultural and design industries to new heights.

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

Over 2,000 Enterprises Worldwide Join China (Hainan) International Trade Fair for Tropical Agricultural Products


HAIKOU, CHINA – Media OutReach Newswire – 9 December 2024 – The 27th China (Hainan) International Trade Fair for Tropical Agricultural Products took place at the Hainan Free Trade Port on Dec. 5-8. Participants from 2,200 enterprises representing over 10 countries and regions attended the event, sharing the latest agricultural advancements and innovative technologies.

The 27th China (Hainan) International Trade Fair for Tropical Agricultural Products
The 27th China (Hainan) International Trade Fair for Tropical Agricultural Products

During the fair, delegations, exhibitors, and buyers from countries and regions such as Vietnam, Kenya, Uganda, Ethiopia, Malaysia, Mongolia, Cambodia, Russia, South Korea, Thailand, Tanzania, and Singapore visited the major halls, seeking opportunities for agricultural collaboration. According to official statistics, the Fair attracted over 60,000 attendees, generating on-site transactions exceeding USD 60 million (RMB 442 million) and project signings amounting to nearly USD 120 million (RMB 860 million).

With a total area of approximately 80,000 square meters, the Fair presented tens of thousands of agricultural exhibits across various categories, including fruits and vegetables, grains and oils, tea, coffee, livestock, aquatic products, agricultural materials, machinery, technology, cross-border e-commerce, and leisure agriculture. Hainan, as the host, brought many standout products, including finger lime, black sapote, South American white shrimp, Hainan snapper, Wenchang chicken, natural selenium-rich eggs, coffee, and tea, attracting widespread attention.

Hainan Grand Agriculture Co., Ltd., with its long-time commitment to growing tropical novelty fruits, introduced new varieties at the Fair every year. Over the past decade, the company has introduced more than 680 unique tropical fruit varieties globally, and has successfully cultivated 380 varieties, including yellow dragon fruit and white sapote.

The “2024 Hainan Agricultural Brand Development Report” was released during the event, highlighting Hainan’s remarkable achievements and promising future in agricultural branding in the past year, with “Hainan Fresh Produce” as the centerpiece.

In terms of technology empowering agriculture, a number of tech companies, including SZ DJI Technology Co., Ltd., have showcased new products, providing more smart agriculture services to a wide range of agricultural planting enterprises. Statistical data shows that DJI’s agricultural drones have performed operations over 2.5 billion mu/time this year, equivalent to covering 38% of China’s arable land. (1 mu = 667 ㎡)

Since its inception in 1998, the Fair has been successfully held for 26 years, becoming a hallmark event for China’s high-efficiency tropical agriculture. Serving as a vital platform for global agricultural exchanges and cooperation, the Fair highlights the global agricultural products and high-efficiency tropical agriculture of Hainan, facilitates economic and trade negotiations, and promotes investment opportunities among various countries.
Hashtag: #ChinaHainanInternationalTradeFair

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

Golden Triangle Magnate Awarded Medal for Contributions to Laos Security

Golden Triangle Magnate Awarded Medal for Contributions to Laos Security
Zhao Wei (on the left) receiving the award from Luang Namtha governor, Viengsavath Siphandone (photo credit: Golden Triangle Special Economic Zone)

Zhao Wei, a Chinese businessman and founder of the Hong Kong-registered Kings Romans Group, was awarded a Third-Class Development Medal on 6 December by Viengsavath Siphandone, the Governor of Luang Namtha. 

Hong Kong Residential Prices and Volume to Pick Up in 2025, Student Accommodation Takes the Spotlight in City’s Capital Market

New supply to weigh on office sector rental levels, while core retail high street rents continue to recover

  • Grade A office year-to-date (YTD) net absorption as at mid-November recorded 1 million sq ft, with overall rents down by 5.9% in the same period. Rents are forecast to experience further downwards pressure in the 7%–9% range in 2025.
  • Prime retail high street store leasing momentum slightly picked up in 2024, with core high street rents rising by 3%–7%. The retail rental level is expected to further increase by 3%–5% in 2025.
  • Driven by the rate cut and relaxation of loan-to-value (LTV) ratio, residential market sentiment has improved, and transaction volume is forecast reach 53,800 cases in 2024. If rate cuts continue in 2025, housing prices and transaction volume are expected to rise by 5% and 3%–5%, respectively.
  • Capital market sentiment remains cautious with YTD transaction volume of non-residential big-ticket deals recording just HK$28.5 billion as at December 6. The student housing sector is expected to remain as investors’ key focus in 2025.

HONG KONG SAR – Media OutReach Newswire – 9 December 2024 – Global real estate services firm Cushman & Wakefield today held its Hong Kong Property Markets 2024 Review and 2025 Outlook press conference. With the U.S. Federal Reserve initiating an interest rate easing cycle, coupled with the relaxation of the LTV ratio for residential properties, as stated in the Hong Kong government’s Policy Address, residential market sentiment has improved. Demand for rental housing assets has also increased, and with the government expanding the non-local student ratio, student accommodation has become a key focus in the city’s capital market. In the Grade A office sector, despite positive net absorption for five consecutive quarters, the high availability rate has kept overall rents in a downward cycle. As for the retail market, active new lettings in prime streets have reduced vacancy rates across core districts. Amid the revival of the “multiple entry” Individual Visit Schemes (IVS), we expect core high street rents to continue to recover in 2025.

Grade A office leasing market: YTD net absorption reached more than 1 million sq ft, the highest since 2019

In Q4 2024, as at mid-November, Grade A office net absorption slowed to 46,000 sq ft, but still representing the fifth consecutive quarter of positive net absorption, bringing YTD net absorption to more than 1 million sq ft, the highest level since 2019. As no major new office projects completed during the quarter, the overall availability rate edged down to 19.2%, marking the second consecutive quarter of decline. New lettings in Q4 were mainly driven by the Banking & Finance sector, accounting for about 33% of total leased area. However, demand from the education sector rose notably to 12% of total leased area, with examples such as the Hong Kong University of Science and Technology and the University of Hong Kong committing to more than 10,000 sq ft of office space in Manulife Financial Centre and Kingston International Centre in Kowloon East, respectively.

Grade A office rents continued to fall in Q4 2024 up to the end of November, by 2.1% q-o-q and 5.9% YTD (Chart 1), to record HK$45.1 per sq ft per month. However, supported by demand from insurance companies, rents in Tsim Sha Tsui fell by just 2.3% YTD, outperforming the overall market average.

Chart 1: Rents of Grade A offices in Hong Kong
Source: Cushman & Wakefield Research

John Siu, Managing Director, Hong Kong, Cushman & Wakefield, said, “The Hong Kong Grade A office market recorded net absorption of 1 million sq ft as at mid-November 2024, while the availability rate has declined for two consecutive quarters, suggesting market sentiment is somewhat improving. Looking ahead in the short-to-medium term, leasing market sentiment in the Grade A office sector will still depend on the overall economic recovery and the performance of the local IPO and stock markets, which could support leasing demand from related and downstream industries. However, as total Grade A office supply is expected to reach 3.5 million sq ft next year, the availability rate is expected to stand at above 20%, and overall Grade A office rents will continue to decline by 7%–9% in 2025.”

Retail leasing market: New leasing activities underpinned the recovery of high street rents, while Causeway Bay witnessed zero vacancy
The change in consumption patterns of tourists and local residents continued to affect the Hong Kong retail market. For the January to October 2024 period, total retail sales in the city recorded HK$312.3 billion, a y-o-y drop of 7.1%. Among the major retail categories, only Medicines and Cosmetics witnessed an increase in sales at 5.7% y-o-y, while sales in the Jewellery & Watches and Fashion & Accessories sectors, formerly very popular with tourists, fell by 15.5% and 10.6% y-o-y, respectively. This indicates a structural change in the consumption habits of tourists and local residents following city’s post-pandemic border reopening.

In Q4 2024, the overall retail high street vacancy rate among core districts fell to 7.6%, as the market continued to see leasing activity from both local and Chinese mainland brands. Across the key submarkets, Causeway Bay recorded a vacancy rate of 0%, for the first time since 2019, suggesting brands are willing to return to the traditional tourist-oriented districts amid the significant rental correction. Vacancy levels in Central, Tsimshatsui and Mongkok remained stable q-o-q, staying at 8.6%, 9.4% and 8.4%, respectively.

With the accelerating leasing momentum, high street retail rents across districts continued to rise steadily in Q4, recording a q-o-q increase ranging from 0.6% to 1.3% (Chart 2), bringing the y-o-y increase to 3% to 7%, with Central and Tsimshatsui both registering a more notable y-o-y increase of 6.7%. Meanwhile, F&B rents dropped in a range of 0.7% to 2.0% q-o-q across districts, due to the increasing operating costs and the northbound travel of Hong Kong consumers.

Chart 2: High street retail rents in prime districts in Hong Kong
Source: Cushman & Wakefield Research

John Siu added, “Throughout 2024, although the number of visitor arrivals continued to recover, the overall retail sentiment in the city has not been able to sustain the growth momentum from last year. In the face of the change in tourists’ and local residents’ consumption patterns, retailers are generally undergoing an adjustment period. While high street leasing activity in core districts has become more active, retailers have remained cautious with their expansion strategies, given the uncertainty surrounding the changing spending habits of consumers. We believe leasing demand in the coming year will mainly be driven by Chinese mainland brands who view Hong Kong as a key stepping stone to promote their brands on the international stage, gradually absorbing vacant space on high streets. Looking ahead to 2025, we believe the series of economic and consumption stimulus measures launched by the Central government will continue to benefit the Hong Kong retail market, including the recent resumption of “multiple-entry” Individual Visit Schemes (IVS) for Shenzhen residents. Coupled with the gradual easing of the strong Hong Kong dollar, we expect total retail sales in Q1 2025 to increase by 3% to 5% y-o-y, with high street retail rents across core districts recording single-digit growth of 3%–5% throughout 2025.”

Residential market: Q4 transactions improved amid rate cut, 2025 home prices to see 5% upside

Hong Kong residential market sentiment improved in Q4, with more investors and potential buyers entering the housing market again, supported by the U.S. interest rate cut in November as well as the relaxation of the LTV ratio announced by the Hong Kong government in the 2024 Policy Address. We forecast that residential transactions in Q4 2024 will reach approximately 15,800 units, up 54% q-o-q and 108% y-o-y from the previous low base, bringing the full-year 2024 annual transaction volume to 53,800 units, climbing 25% from last year’s low (Chart 3). Following the U.S. Federal Reserve’s commencement of the interest rate easing cycle, developers have been actively launching new projects, in turn competing with purchasing power in the secondary market. From January to October, primary market transactions accounted for about 32% of total residential transactions.

Chart 3: Number of residential sale & purchase agreements
Source: Land Registry, Cushman & Wakefield Research

Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield, commented, “Rating and Valuation Department data shows that the housing price index stemmed the prior five months’ drop in October, with the index edging up by 0.6% m-o-m, narrowing the cumulative drop in the first ten months of the year to 6.8%. Meanwhile, our C

Cushman & Wakefield mid-and-small size units price index strengthened slightly by 1% in Q4, as at December 6. Home prices in popular estates across segment also rose. Prices at City One Shatin, representing the small-sized market, rebounded by 13.5% q-o-q. Prices at Taikoo Shing, representing the middle-sized market, increased by 0.7% q-o-q, while Residence Bel-Air in the luxury market moved up by 0.5% q-o-q.”

Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield, added, “The U.S. Federal Reserve has cut interest rates twice since September this year, with major banks in Hong Kong following suit. This has prompted some potential buyers to reassess and compare the performance of banks’ deposit rates versus residential rental yields. In fact, our inquiry volume index in November has risen by around 18% from August’s low following the rate cuts, suggesting that the market generally believes that interest rates have peaked, thereby supporting the return of certain capital allocations to the residential market. Looking ahead to 2025, if interest rates continue to stay on a downward trend, and the stock market remains stable, we expect residential transaction volume will increase by 5%–8% to a level of 56,000–58,000 units, supporting an overall price rebound in the range of 5%.”

Non-residential investment market (deals exceeding HK$100 million): Capital market muted by high interest rates in 2024, rental housing emerging as the market highlight

Amid the high interest rate environment, bank have tightened approvals on commercial mortgage loans. Coupled with a lack of high-yield assets in the market, this shackled overall investment activity which remained sluggish through 2024. For the year to date, the non-residential investment market for deals exceeding HK$100 million has recorded 65 transactions as at December 6, with total transaction volume recording HK$28.5 billion, a drop of 41% y-o-y (Chart 4). In face of the liquidity challenges and heavy interest expenses amid the high interest rate environment, landlords are more willing to offer price discounts on property disposals, thus leading to further correction of property prices and the average deal size. At the same time, this situation has provided windows for cash-rich investors and end-users to bottom-fish. In 2H 2024, local capital accounted for nearly half of total transaction volume by consideration, while Chinese and foreign capital accounted for 34% and 17%, respectively.

Chart 4: Annual non-residential investment transactions (2015-2024*)
Source: Cushman & Wakefield Research

Tom Ko, Executive Director and Head of Capital Markets, Hong Kong, Cushman & Wakefield,

concluded, “In 2024, the office sector accounted for 43% of the total transaction number, the highest across all sectors. This was chiefly due to the significant reduction in asking prices for the asset class, thus attracting end-users acquiring assets for saving future rental expenses. Some investors are also eyeing the capital appreciation potential of new Grade A offices. Meanwhile, the retail sector accounted for around one-third of the total transaction number, with a few transactions of neighborhood malls with relatively stable rental income and shops at prime locations recorded. It is worth noting that in 2024, there were a total of nine hotel and rental housing-related transactions, at around 14% of the total number of deals this year, up from 5% in 2023. Following the renewed influx of expat talent and non-local students, demand for co-living properties, multifamily assets, and student accommodation has continued to rise. Furthermore, the latest Hong Kong Policy Address encourages the private sector to convert hotels and commercial buildings into student housing, and we believe this sector will continue to be sought-after in the coming year, particularly for those assets in prime locations with conversion potential. Looking ahead, despite the rate cut in September 2024, commercial mortgage rates are still higher than the property yields for most commercial sectors. We expect total investment volume to pick up by around 10% to HK$ 30billion in 2025.”

Please click here to download photos and presentation deck.

(From left to right) Tom Ko, Executive Director and Head of Capital Markets, Hong Kong, Cushman & Wakefield; John Siu, Managing Director, Head of Project and Occupier Services, Hong Kong, Cushman & Wakefield; Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield and Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield.
Hashtag: #cushman&wakefield

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

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in 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 ().

Laos to Enhance Truck Weighing Stations to Prevent Road Damage

Laos to Enhance Truck Weighing Stations to Prevent Road Damage
A bad road in Sikhottabong district, Vientiane Capital (photo credit: Lao Phatthana News)

On 26 November, Ngampasong Muangmani, Minister of Public Works and Transport, addressed concerns about road damage caused by overloaded trucks while highlighting efforts to manage vehicle weight and protect the country’s infrastructure.