Group 1 - The Hong Kong retail market faced significant downward pressure in the first four months of the year, with total retail sales estimated at HKD 28.9 billion, a year-on-year decline of 5.6% [1] - Despite the challenges, the retail sector is expected to remain stable for the year, although there will be increased pressure from rental adjustments and price changes [1] - The retail landscape in Hong Kong is shifting from traditional shopping to a more diversified experiential approach, necessitating timely adjustments in business strategies [1] Group 2 - The investment property market recorded a transaction volume of HKD 14 billion in the first five months, remaining flat compared to the same period last year, but the number of transactions decreased by 7% [1] - Office properties accounted for the largest share of market transactions at 52%, driven by strong demand for discounted and bank-owned properties [1] - Hotel and serviced apartment transactions followed, making up 20% of the market with a significant year-on-year increase of 430%, attributed to government policies aimed at attracting non-local university students [2] Group 3 - Retail properties faced challenges due to weak local consumption and high labor costs, comprising only 9% of total transactions, while development land accounted for 4% [2] - Looking ahead to the second half of 2025, the market focus is expected to shift towards student accommodation and education-related assets, driven by government initiatives [2] - The Hong Kong government is committed to supporting local universities in attracting more international students, which is anticipated to further stimulate demand for student accommodation [2]