Core Insights - Despite significant challenges in the past six months, Hong Kong's office leasing and residential markets are showing signs of slight recovery [1] - The overall commercial prices and rents are expected to decline further in the second half of 2025, while low HIBOR will stimulate residential sales [1][2] - The demand for office leasing may benefit from the upcoming IPO wave, while retail leasing activity is expected to remain active despite increasing new supply [1][2] Office Market - The office market sentiment is improving, with increased leasing transactions and negotiations for prime office spaces in core areas, particularly Central [1] - The overall vacancy rate has risen to 13.6%, but specific areas like Wanchai/Causeway Bay and Tsim Sha Tsui have seen vacancy rates decrease to 9.5% and 7.9%, respectively [1] - A positive net absorption of 130,700 square feet was recorded in the first half of the year, driven by increased transactions in major districts [1][2] Residential Market - The residential market lacks clear direction, with factors such as falling HIBOR, rising stock prices, and stamp duty reductions benefiting the market [2] - However, geopolitical uncertainties and high negative equity levels pose significant challenges, with the second-hand market transaction volume expected to rise to about 20,000 units in the first half of 2025, still 22% lower than the average from 2018 to 2024 [2][3] - The supply of new units in the primary market is approximately 93,000, with a projected absorption period of 56.7 months, necessitating price reductions by developers [3] Retail Market - The vacancy rate for core street shops remains at 10.5%, while the vacancy rate for quality shopping malls has reached a new high of 10.5% due to increased supply [3] - Retail landlords are becoming more flexible in lease terms to attract tenants, including offering longer rent-free periods [3] - The upcoming completion of approximately 600,000 square feet of new retail space in the second half of 2025 is expected to exert upward pressure on vacancy rates, with rents projected to decline by 5% to 10% [4]

Core Insights - The Global Property Expo is the largest international residential property show in Singapore, featuring offerings from over 20 countries and a diverse range of properties [2][7] - The event aims to provide Singaporean buyers with essential tools and insights for navigating overseas residential property ownership [1][7] Event Highlights - DAMAC Properties will showcase a selection of its waterfront developments, including Canal Crown and DAMAC Bay [3] - THIRDHOME will launch its presence in Asia, introducing a new investment model for global property ownership [3] Learning Opportunities - The expo includes daily talks from 11:00 AM to 6:30 PM, with a keynote address by Adam Challis from JLL on market insights [4] - A live-streamed panel titled "Buyers' Toolkit: Your Next Steps to Owning Property Abroad" will provide actionable advice for prospective buyers [5] Expert Engagement - Attendees will have access to various professionals, including developers, legal advisors, and mortgage advisors, to clarify property laws and financing options [6] - Immigration specialists will discuss residency considerations linked to property purchases, providing comprehensive support for attendees [7] Organiser Information - The event is organized by JLL, a leading global commercial real estate and investment management company with annual revenue of $23.4 billion and operations in over 80 countries [8]

从甲级办公楼市场来看，二季度，科技企业租赁表现相对突出，主要体现为互联网大厂在中关村区域的 整合与扩张行为。此外，中小型内资律师事务所持续作为城市东部泛CBD区域稳定的租赁需求来源， 但租赁势头较先前有所放缓。 上半年，北京高端酒店市场表现整体承压，截至5月底，全市高端酒店平均入住率与2024年同期基本持 平，平均房价同比下降逾5%，每间可出租客房收入同比减少超过4%。不过，仍有部分酒店依托差异化 定价策略及多渠道拓展举措，成功实现局部逆势增长，使得每间可出租客房收入不降反升。在市场需求 端，游客消费心态趋于理性，企业差旅预算持续收紧，加大了酒店对于渠道管理和需求预测的复杂度。 从优质零售地产市场来看，垂类赛道、细小切口、单点突破的新锐品牌逆势突围，投资于情绪价值并寻 求消费者真正需求的新品牌正在为零售市场注入新活力。 本报讯 （记者冷翠华）7月10日，仲量联行发布的2025年上半年北京房地产市场回顾报告显示，上半 年，北京全市地区生产总值保持较快增长，宏观政策协同发力推动市场需求潜力逐步释放。"在办公楼 市场，科技企业租赁表现相对突出，整合与扩张等租赁行为带动市场流动性提升。"仲量联行华北区董 事总经理张冀 ...

Group 1 - The core viewpoint of the report indicates that the Beijing office market remained relatively stable in Q2 2025, with technology companies leading in leasing activities, enhancing market liquidity and boosting confidence in the commercial real estate sector [1] - Domestic buyers continue to show strong interest in retail and office assets in Beijing, driven by the value gap effect of quality assets in core business districts and the ongoing release of self-use demand from enterprises, which is expected to optimize the supply-demand structure in the long term [1] - The high-end residential market saw significant growth in both supply and sales volume in the first half of the year, with approximately 3,300 new luxury apartments supplied in Q2, surpassing the total supply for the entire year of 2024, and Q2 sales reached about 2,100 units, marking the highest quarterly sales in the past two years [1] Group 2 - The monetary policy, including interest rate cuts in May, has created a relatively loose credit environment for the residential market, with expectations of a significant increase in new home transaction volumes compared to the previous year due to favorable market conditions and price advantages for buyers [2]

Group 1: Real Estate Market Overview - The macro policies have collaboratively stimulated the market demand potential, leading to improved market liquidity in Beijing's real estate sector [1] - The office market has seen notable leasing activity from technology companies, particularly in the Zhongguancun area, contributing to a decrease in vacancy rates [2] - The overall rental performance in the commercial real estate market faces significant challenges, with effective rents in the second quarter declining by 1.9% quarter-on-quarter and 4.4% year-on-year [1] Group 2: Retail and Commercial Real Estate - Approximately 360,000 square meters of new retail supply entered the market in the second quarter, accounting for 60% of the annual total [1] - Key projects such as the Zhonghai Dajixiang and the two JD Mall projects achieved high occupancy rates, indicating a positive trend in specific segments of the retail market [1] - The core market's premium projects are optimizing tenant structures to enhance competitiveness, while suburban market differentiation is expected to intensify [1] Group 3: Hotel Market Insights - No new high-end hotel openings occurred in the first half of 2025, but three new hotels are expected to open in the second half, adding a total of 667 rooms to the market [2] - The anticipated openings include the Crowne Plaza in Tongzhou and the Four Points by Sheraton in Sanlitun, which will significantly enrich the high-end hotel market landscape [2] - The overall market supply is projected to gradually increase over the next three years, indicating a positive development trend [2] Group 4: Office Market Dynamics - The overall vacancy rate for Grade A office buildings decreased by 0.4 percentage points to 12.0% in the second quarter, driven by significant leasing transactions in the Zhongguancun and Lize areas [2] - The rental forecast for 2025 indicates a continued decline of 14.8%, with lower rental rates expected to attract tenants seeking better-quality office spaces [2] - Increased competition among landlords to attract relocating tenants is anticipated, with more flexible lease terms becoming common [2]

Core Insights - The report by JLL indicates significant growth in both supply and transaction volume in Beijing's high-end residential market during Q2, driven by a favorable credit policy [1] - The luxury apartment market in Beijing saw new supply reach approximately 3,300 units in Q2, surpassing the total supply for the entire year of 2024, leading to a substantial increase in transaction volume [1] - The report highlights a trend of "increased volume and decreased prices" in the luxury apartment market, providing buyers with more options [1] Residential Market Summary - In Q2, approximately 2,100 luxury apartments were sold, marking the highest quarterly sales in the past two years, with new projects accounting for about 75% of the sales in the first half of the year [1] - The average price of comparable new luxury apartments in Beijing decreased by 2.3% quarter-on-quarter, while the secondary market is experiencing a trend of "price for volume" due to the influx of new supply [1] Credit Policy and Market Outlook - The monetary policy of continuous rate cuts and reserve requirement ratio reductions in May has created a very loose credit environment for the residential market [1] - The company anticipates that the overall transaction volume in the new housing market will significantly increase compared to last year, supported by current market supply-demand dynamics and price advantages [1] Commercial Real Estate Summary - The overall vacancy rate for Grade A office buildings in Beijing decreased by 0.4 percentage points to 12.0% in Q2, primarily due to large leasing transactions in Zhongguancun and Lize [1] - The company expects overall rental prices to continue to decline throughout the year, which may attract tenants to relocate to higher-quality office spaces at reasonable costs [1] - Increased competition among landlords for relocating tenants is anticipated due to more flexible lease terms [1]

Core Insights - The report from JLL indicates that the average rent for Grade A office buildings in Beijing has seen a narrowing decline in Q2, with vacancy rates remaining stable [1][2] - The low rental phase is expected to continue throughout the year, potentially attracting tenants to relocate to higher-quality office spaces at reasonable costs [1][2] Rental Trends - The average rent for Grade A office buildings in Beijing decreased by 4.0% quarter-on-quarter and 16.8% year-on-year, continuing the downward trend observed in previous quarters [2] - In the context of declining rents, the Zhongguancun leasing market, supported by technology sector tenants, has seen some high-occupancy projects stabilize their rents [2] - A forecast for 2025 predicts an annual rental decline of 14.8% for Grade A office buildings in Beijing [2] Market Dynamics - The overall leasing activity in Q2 showed a decrease in viewing volume compared to the beginning of the year, with landlords actively trying to retain quality tenants [1] - Landlords are offering more flexible rental discounts and rent-free periods to encourage tenants to renew leases, with some even including free parking in renewal contracts [1] - The demand from internet giants contributed to 70% of the net absorption in Q2, while other market demand remains limited [1] Vacancy Rates - The overall vacancy rate for Grade A office buildings in Beijing decreased by 0.4 percentage points to 12.0% in Q2, primarily due to significant leasing transactions in Zhongguancun and Lize [1] - Most non-renewal transactions in the market stem from relocations between projects, having a minimal impact on the overall reduction of vacant space [1]

Group 1 - JLL will host a conference call and webcast to discuss second quarter 2025 results on August 6, 2025, at 9 a.m. Eastern time [1] - The conference call can be accessed by dialing (888) 660-6392 with a conference ID number of 5398158 [1] - The webcast will be available live on the company's Investor Relations website, with presentation slides provided shortly before the event [2] Group 2 - JLL is a leading global commercial real estate and investment management company with over 200 years of experience [3] - The company has annual revenue of $23.4 billion and operates in over 80 countries, employing more than 112,000 people [3] - JLL aims to shape the future of real estate for a better world, helping clients in various property sectors [3]

Group 1: Residential Market Outlook - The chairman of JLL Hong Kong, Zeng Huanping, predicts a 5% decline in small to medium-sized residential prices this year, driven by an increase in non-local professionals and students [1] - Residential rents are expected to reach historical highs due to the influx of non-local talent and students [1] - The forecast for luxury property prices has been adjusted from a 5% decline to a range of 5% to 10% due to an increase in distressed sales of commercial properties affecting luxury homeowners [1] Group 2: Commercial Property Market Outlook - The office market is showing signs of improvement, with increased leasing activity in prime locations, particularly in Central, despite an overall vacancy rate rising to 13.6% [1] - The net absorption recorded in the first half of the year was 130,700 square feet, driven by transactions in key areas like Central, Wan Chai/Causeway Bay, and Tsim Sha Tsui [1] - JLL anticipates that rental rates for prime office buildings in Central will stabilize by the end of the year, although overall office rents are expected to decline by about 5% for the year [2] Group 3: Retail Market Outlook - The vacancy rate for core area street shops remains at 10.5%, while the vacancy rate for premium shopping malls has reached a new high of 10.5% due to increased new supply and additional vacant space in existing malls [2] - The upcoming completion of approximately 600,000 square feet of new retail space is expected to exert upward pressure on vacancy rates for premium shopping malls [2] - Rental rates for core area street shops and premium malls are projected to decline by 5% to 10% this year [2]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Jones Lang LaSalle (JLL) - JLL currently holds a Momentum Style Score of B, indicating a positive momentum outlook [2] - The company has a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [3] Performance Metrics - Over the past week, JLL shares increased by 7.76%, outperforming the Zacks Real Estate - Operations industry, which rose by 1.16% [5] - In a longer timeframe, JLL's shares have risen by 22.19% over the past quarter and 26.16% over the last year, compared to the S&P 500's increases of 16.66% and 14.76%, respectively [6] Trading Volume - JLL's average 20-day trading volume is 487,314 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, 5 earnings estimates for JLL have been revised upwards, increasing the consensus estimate from $16.28 to $16.77 [9] - For the next fiscal year, 4 estimates have also moved higher, with no downward revisions noted [9] Conclusion - Considering the positive momentum indicators and earnings outlook, JLL is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a strong candidate for near-term investment [11]