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Hong Kong home prices rose for the 12th straight month in May, marking the longest growth streak since 2018. The recovery is driven mainly by strong demand from mainland Chinese buyers, though tighter capital controls could pose risks ahead. Hong Kong’s housing recovery is real, but heavily dependent on mainland demand. What’s Happening Prices continue rising +1.4% month-on-month in May +12% year-on-year Longest rally since 2018 12 consecutive months of gains First sustained recovery after years of decline Demand driven by mainland buyers Wealthy, educated migrants entering Hong Kong Attracted by low taxes and visa flexibility Transaction outlook improving Expected up to  80,000 deals in 2026  (highest since 2012) What’s the Risk China tightening scrutiny on cross-border funds Banks increasing checks on mainland buyers Potential impact on ability to fund property purchases Key Takeaway Hong Kong property is recovering but the key driver is external liquidity. Strong rebound su...

Singapore equities opened weaker as  global risk sentiment deteriorated , with rising US rate expectations triggering a  broad tech-led selloff , even as domestic data showed  steady consumer demand . Wall Street Selloff Signals Shift in Sentiment US markets snapped a nine-week rally: S&P 500   -2.6% Nasdaq Composite   -4.2% Dow Jones Industrial Average   -1.4% The decline followed  strong jobs data , which raised concerns that the  Federal Reserve  may maintain a  hawkish stance . Tech stocks led losses: Nvidia   -6.2% Advanced Micro Devices  and  Intel   -7% to -13% range STI Opens Lower Amid Broad Weakness The  FTSE Straits Times Index  fell  1.47% , with  decliners significantly outnumbering gainers . Market sentiment was pressured by: Global tech selloff Rising  interest rate expectations Weak risk appetite across equities Retail Sales Growth Signals Consumer Strength Singapore’s reta...

Market Snapshot STI:  4,904.33 (+0.24%) Volume / Value:  110.57M / S$109.45M Advancers / Decliners:  103 / 55 Wall Street Mixed Ahead of Fed Decision US markets showed a mixed performance as investors stayed cautious before the upcoming Federal Reserve decision. Nasdaq Composite Index :  +0.2% (record high) S&P 500 Index :  +0.1% (record high) Dow Jones Industrial Average :  -0.1% Key point:   Markets are in a wait-and-see mode , focusing on Fed signals and inflation risks from rising oil prices. AI-related stocks continued to lead gains: Intel  +3% SanDisk  +8.1% Micron Technology  +5.6% Taiwan Semiconductor  +0.6% Singapore Manufacturing Beats Expectations Singapore’s factory sector delivered a strong surprise: March output: +10.1% YoY  (vs forecast) MoM growth: +4.7% Q1 growth: 7.9% YoY (above 5% estimate) Excluding biomedical: +13.5% YoY growth Key point:   Manufacturing rebound is driven by strong electronics dema...

Singapore’s office market showed  resilience in Q1 2026 , with rents rising and occupancy tightening in prime CBD areas, despite ongoing geopolitical uncertainties. Prime CBD Rents Edge Higher Office rents in the  Raffles Place / Marina Bay  precinct increased  0.7% QoQ to S$11.57 psf/month , supported by strong demand for premium space. Occupancy surged to 97% , up  1.3 ppt QoQ  and  2.0 ppt YoY Overall CBD occupancy remained healthy at  94.7% This reflects continued preference for  high-quality Grade A office assets . Flight to Quality Drives Demand Leasing activity remains concentrated in  newer and higher-grade buildings , driven by: Renewals and upgrades Corporate  consolidation strategies Demand for  modern, efficient workspaces This “flight to quality” trend is supporting  rental resilience in prime districts . Decentralised Offices Face Pressure In contrast,  fringe and decentralised office locations  are...

Dubai’s rise as a global hub for the ultra-wealthy is now being tested, as  geopolitical tensions in the Middle East threaten to disrupt capital flows, property demand, and investor confidence . Luxury Boom Built on Global Wealth Inflows In recent years, Dubai has seen a surge in  high-net-worth individuals (HNWIs)  relocating to the city, driving: Sharp increases in luxury property prices Growth in  tax revenues and financial activity Expansion into  private credit, tech, and global investments The broader Gulf region has leveraged its  oil wealth  to become a key player in global capital markets, with Dubai acting as a central hub. Iran War Introduces New Risk Layer The ongoing conflict has introduced a  direct geopolitical threat  to the region’s stability. Recent developments include: Drone strikes targeting residential areas in Dubai and Abu Dhabi Attacks on  energy infrastructure across the Gulf These events raise concerns over: Sa...

Singapore’s  private  housing  market  cooled  sharply  in  February,  with  new  home  sales  falling  to  just 246  units ,  reflecting  seasonal  weakness  during  the  Lunar  New  Year  period   and  rising  geopolitical  uncertainty. Data  released  by  the  Urban  Redevelopment  Authority ( URA)   showed  developers  sold  far  fewer  homes  compared  with  1,597  units  in  February  last  year ,  when  major  project  launches  and  earlier  holiday  timing  boosted  transactions. Seasonal  Slowdown  Hits  Property  Transactions February  is  traditionally  a  quieter  month  for  Singapore’s  property  market  as  Lunar...

Quick Summary 4QFY2025 net profit surged 50% to RM192.8m Boosted by  RM169.2m revaluation surplus Revenue fell 25.6% due to slower progress billings Final dividend maintained at  10 sen per share Profit Boosted by Revaluation Gains Property developer  UOA Development Bhd  posted a sharp rise in fourth-quarter earnings, mainly driven by higher fair value gains on its investment properties. For  4QFY2025 : Net profit:  RM192.76 million ( +50.3% YoY ) Revenue:  RM174.72 million ( -25.6% YoY ) The earnings surge was supported by a  RM169.2 million revaluation surplus , significantly higher than RM44.24 million recorded a year ago. Key point:  Profit growth was valuation-driven rather than operational. Operational Performance Revenue contribution came from progressive billings of: Bamboo Hills Residences Bangsar South medical centre Aster Hill Duo Tower Gross margin remained resilient at  35.48%  (vs 37.38% previously), indicating stable...

Chinese property firms are  returning to international bond markets at their fastest pace in nearly four years , signalling a tentative rebound in investor confidence after a prolonged real estate crisis. What Happened In just  two days ,  three Chinese property developers  issued or marketed offshore bonds — marking the  busiest issuance week since mid-2022 , according to Bloomberg data. The deals include: Yuexiu Property Co Ltd China Overseas Grand Oceans Group Ltd Both marketed  offshore yuan-denominated notes , even tapping the market on a  Friday , typically avoided by issuers Dalian Wanda Commercial Management Group Co Sold a  US$360 million bond , its  first international issuance in three years Why Sentiment Is Improving Several developments helped lift market mood: China Vanke Co Ltd  made progress in distancing itself from earlier financial stress New World Development Co Ltd  also took steps to stabilise its balance sheet...

Malaysia’s real estate investment trust (REIT) sector may  avoid a tax shock , with  Kenanga Investment Bank  expecting the  10% withholding tax on REIT dividends to be fully renewed , despite the concession expiring at end-2025. Why Renewal Looks Likely Kenanga believes the government has  little incentive to change the current structure , given the limited fiscal benefit. Annual REIT net earnings:  ~ RM2.8bn Contribution to  2026 estimated tax revenue:   <0.2% Any policy shift would offer  immaterial fiscal upside , but  meaningful downside  to the sector Key point:   The cost to REIT valuations outweighs the tax gain to the government. What’s at Stake for Investors The concessionary  10% withholding tax , in place since 2016 and renewed annually, has been a key pillar supporting REIT yields. Investors already face an  additional 2% dividend tax  on income above  RM100,000 Effective dividend tax for lar...

China Vanke has secured creditor approval to  extend repayment on a yuan-denominated bond , easing near-term default risks for one of the last major Chinese developers still standing amid the sector downturn. According to a filing with the  Shenzhen Stock Exchange ,  92.11% of bondholders  who exercised a put option on Vanke’s  1.1 billion yuan bond  voted in favour of a revised proposal that includes an  upfront cash payment . Under the plan, Vanke will repay  40% of the 1.03 billion yuan owed  by  Jan 30 , with the remaining balance deferred until  Jan 22, 2027 . Why the Vote Matters The approval gives  China Vanke Co  crucial breathing room as it navigates an unprecedented property slump while carrying  nearly US$50 billion in interest-bearing liabilities . It also signals that holders of  two other bonds originally due last month  may be open to similar extensions, with votes scheduled later this month. ...

Singaporeans continued to dominate the luxury property market in the third quarter, with locals accounting for  76% of all luxury home purchases , according to a new report from OrangeTee. Local Buyers Drive the Market Out of  171 luxury transactions  in Q3: 130 were purchased by Singaporeans , up from 70.2% in Q2 , and 72.5% in Q3 2024 The rise reflects: Growing  local affluence Strong interest in  high-end real estate  as long-term investments A focus on  wealth preservation Luxury Sales Value in CCR Jumps Nearly 26% Properties in the  Core Central Region (CCR)  priced above  $5 million  saw a strong surge: Total sales value rose  25.7%  to  $1.73 billion  in Q3 (up from  $1.37 billion  in Q2) Average price per unit increased to  $10.09 million (from  $9.73 million  previously) Transactions Hit New Highs CCR luxury home sales (excluding bulk deals): 171 units  sold in Q3 Up from...