Property Market Overview - Hong Kong's private residential prices increased by 1.1% year-on-year in October and 1.8% year-to-date, indicating a moderate recovery in residential prices and transaction volume [1] - The new project Spring Garden in Wan Chai achieved a sales rate of 97%, attracting both mainland Chinese and overseas investors [1] Rental Market Insights - Demand for 1 to 2-bedroom units remains strong, particularly from mainland Chinese professionals, with rental activities concentrated on units priced below HKD 60,000, while rentals between HKD 200,000 and HKD 400,000 have also seen an increase [1] - The leasing demand from expatriates in the financial sector and corporations is also recovering [1] Office Space Trends - Grade A office buildings on Hong Kong Island show strong resilience, recovering faster than traditional office spaces, which are under pressure due to oversupply and tenant preferences for quality over quantity [1] - Demand for small office spaces and co-working spaces has increased, driven by the IPO needs of mainland Chinese companies and startups [1] Kowloon District Activity - In November, transaction volume in Kowloon increased, primarily driven by small and medium-sized enterprises relocating to units under 3,000 square feet, with most transactions below HKD 20 per square foot [1] - Owners of subdivided properties are considering evicting tenants to seize investment opportunities as the market shows signs of bottoming out [1] Retail Market Performance - From January to September, Hong Kong's total retail sales reached HKD 276.5 billion, with a narrowed decline of 1% [2] - Retail sales have been recovering since April, ending a 14-month streak of negative growth, with luxury goods sales increasing by 6.2% from May to September [2] - Core retail areas are experiencing active leasing, with new retailers entering the market [2]