Group 1: Office Market - The demand and leasing momentum for Grade A office space in Hong Kong are expected to strengthen in the first three quarters of 2025, driven by the recovery of the financial sector and active IPOs [1] - Despite a better-than-expected rental atmosphere, the overall rental decline forecast for Hong Kong's office market in 2025 has been adjusted to a drop of 4-6% due to uncertainties [1] - The net absorption and new leasing transactions for Grade A offices remained active in Q3, with Central district offices performing the best and rental declines narrowing further [1] Group 2: Retail Market - The decline in retail sales in Hong Kong has gradually narrowed since the beginning of 2025, with a slight decrease in the average vacancy rate of prime street shops in Q3 [1] - Rental declines for prime street shops are expected to moderate, with an estimated annual drop of about 1-2% [1] Group 3: Residential Market - The residential property market in Hong Kong is showing a trend of stabilization in prices, with rents continuing to rise in Q3 2025 [1] - The expected transaction volume for the year is projected to reach between 58,000 to 60,000 units, with prices anticipated to bottom out and recover within a 2% range [1] - Buyer interest is currently focused on smaller properties priced below 6 million, which is expected to drive overall residential market recovery [2]

Core Viewpoint - The Vice Chairman and Co-President of XPeng Motors, Gu Hongdi, and his wife purchased a luxury property in Hong Kong's Jardine's Lookout for HKD 171 million (approximately USD 22 million) [1] Group 1: Company Overview - Gu Hongdi has expanded his property portfolio in Hong Kong, having previously acquired a residential property in the Southern District for HKD 60 million in 2016 [1] - XPeng Motors has not commented on the transaction, and Gu Hongdi did not respond to media inquiries regarding the purchase [1] Group 2: Market Context - Jardine's Lookout is a well-known luxury residential area in Hong Kong, attracting celebrities and wealthy individuals, including real estate tycoon Liu Luanxiong [1] - According to Centaline Property's Leading Index, the Hong Kong residential real estate market remains at levels similar to those seen in September 2016 [1] Group 3: Executive Background - Gu Hongdi has over a decade of experience at JPMorgan and joined XPeng Motors in 2018 [1] - He holds a PhD in Biochemistry from the University of Washington and an MBA from Yale University, and he has three children with his wife [1]

Group 1 - The Hong Kong government has seen an influx of mainland buyers in the property market since the removal of restrictions in February last year, with over 63,000 private residential transactions recorded from March 2024 to May 2025 [1] - Among these transactions, 15,500 were registered under Mandarin pinyin, accounting for approximately 25% of total buyers, indicating a significant presence of mainland buyers [1] - In May 2025, there were 1,042 transactions by Mandarin pinyin buyers, a decrease of about 13.7% from April, involving approximately HKD 10.4 billion, which also saw a nearly 9% decline [1] Group 2 - The average price for properties purchased by Mandarin pinyin buyers was HKD 10.63 million, highlighting their substantial purchasing power [1] - The majority of transactions involved smaller units, with the most popular being B-class units (431 to 752 square feet), totaling 6,488 transactions at an average price of HKD 8.28 million [2] - The top properties favored by Mandarin-speaking buyers included South Horizons, with 610 transactions, followed by Sun Hung Kai's SIERRA SEA, which recorded 135 transactions [2]