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Media OutReach

LANDMARK Invites the Community to ‘Find Your Chapter’ and Celebrate the Love of Reading This Summer

Rediscover the Joy of Reading This Summer at LANDMARK, Featuring an Engaging Book Stop Pop-Up, Exclusive Promotional Offers, and Curated Literary Experiences for All Ages. HONG KONG SAR – Media OutReach Newswire – 29 July 2025 – Celebrating the timeless allure of storytelling, LANDMARK unveils ‘Find Your Chapter’, a vibrant reading hub in the heart of Central designed to take the community on a literary journey this summer. This reading hub, perfect for book discovery, quiet reflection, and connection, is marked by a curated array of themed experiences, from a serene reading nook to story discovery areas, inviting Central to rediscover the magic of reading in an entirely new light. Catering to the varied preferences of all who visit, work and pass by LANDMARK, this initiative brings the quiet comfort of reading to everyone, making each interaction a special one. From now until September 30th, visitors of all ages are invited to step into this meticulously crafted world of book discovery at 2/F, LANDMARK ATRIUM, which serves as the vibrant epicentre of activity. It hosts ‘The Book Stop Pop-Up’, a dedicated literary haven for both children and adults, that features three distinct houses of exploration, ‘LANDMARK’s Library’ hosting favourites from different genres, a ‘Little Explorer’s Reading Nook’ for children’s book discovery, and a ‘Redeem a Read’ book redemption house. Visitors will be able to enjoy the complimentary ‘Redeem a Read’ book redemption offer at ‘The Book Stop Pop-Up’ or directly from the Bookazine store, upon a minimum spend of $600 at any store in LANDMARK. A series of book readings for children and adults will be scheduled during the duration of the project. To further enrich this literary journey and share in the love of reading, ‘Find Your Chapter’ extends its reach through valuable partnerships. Giving a second life to pre-loved books, Bookazine will be hosting a book exchange and offer a 10% discount on same day book purchases when donating a book. Acknowledging that the perfect read often finds its ideal companion in a comforting beverage, LANDMARK’s esteemed F&B partners – Crew and Fuel Espresso will also be offering a $10 discount on a selection of drinks to visitors who bring a physical book to the counter. With ‘Find Your Chapter’ LANDMARK brings the shared love of reading to the heart of Central. It crafts a space where the community can converge, discover, explore, and collectively appreciate literary excellence, forging genuine connections through the timeless power of the written word. Stay tuned for more information on landmark.com Event Details LANDMARK – Find Your Chapter Date: Until 30th September, 2025 Location: 2/F LANDMARK Atrium Hours: 11:00 AM – 7:00 PM Hashtag: #LANDMARKHK The issuer is solely responsible for the content of this announcement. About LANDMARK LANDMARK represents the epitome of top-tier luxury shopping and lifestyle experiences. Drawing from a rich heritage which began in 1904 – LANDMARK today is the luxury shopping destination of Hongkong Land’s Central portfolio including 4 iconic connected buildings, LANDMARK ATRIUM, LANDMARK ALEXANDRA, LANDMARK CHATER and LANDMARK PRINCE’S. LANDMARK offers approximately 208 of the finest stores and restaurants, all seamlessly linked by pedestrian bridges. From high fashion and accessories to watches and jewellery, from luxury living to beauty and grooming, from international cuisine to authentic gourmet dining, LANDMARK brings the ultimate shopping experience to the discerning customer. About Hongkong Land Hongkong Land is a major listed property investment, management and development group. The Group focuses on developing, owning and managing ultra-premium mixed-use real estate in Asian gateway cities, featuring Grade A office, luxury retail, residential and hospitality products. Its mixed-use real estate footprint spans more than 850,000 sq. m., with flagship projects in Hong Kong, Singapore and Shanghai. Its properties hold industry leading green building certifications and attract the world’s foremost companies and luxury brands. The Group’s Hong Kong Central portfolio represents some 450,000 sq. m. of prime property. The Group has a further 165,000 sq. m. of prestigious office space in Singapore mainly held through joint ventures and five retail centres on the Chinese mainland, including a luxury retail centre at Wangfujing in Beijing. In Shanghai, the Group owns a 43% interest in a 1.1 million sq. m. mixed-use project in West Bund, which is due to be completed in 2028. Hongkong Land Holdings Limited is incorporated in Bermuda and has a primary listing on the London Stock Exchange, with secondary listings in Bermuda and Singapore. Hongkong Land is a member of the Jardine Matheson Group.

Media OutReach

SY Holdings Establishes Singapore International Headquarters to Explore Web3.0 Ecosystem and Innovative Applications of Stablecoins

SHENZHEN, CHINA – EQS Newswire – 29 July 2025 – SY Holdings Group Limited (“SY Holdings” or the “Group,” stock code: 6069.HK), an “AI + industrial supply chains” digital intelligence technology company, announced the official designation of its Singapore subsidiary, SY INTELLECTHUB PTE.LTD., as its international headquarters. SY Holdings will continue to intensify its efforts in expanding international markets. The Singapore International Headquarters will deepen global industrial supply chain connectivity, explore innovative applications of Web3.0 and stablecoins, support small and medium-sized enterprises (SMEs) in going global, and provide them with one-stop international order matching and working capital facilitation services. Against the backdrop of an increasingly complex and volatile international macro-environment, the global supply chain ecosystem is undergoing profound adjustments, with traditional supply chain decoupling points becoming increasingly unbalanced. Cross-border payment processes are lengthy; exchange rate fluctuations are severe; and compliance reviews are cumbersome—these overlapping factors have significantly increased logistics and capital costs, prolonging overall delivery cycles. SY Holdings aims to become an integral part of the supply chain, using its Singapore International Headquarters as a core hub to actively explore cutting-edge technologies such as Web3.0 and stablecoins. This will better assist SMEs in finding orders, securing financing, and fulfilling contracts, thereby building a one-stop international supply chain technology platform to enhance global supply chain resilience and sustainable growth. With the reshaping of global value chains and the upgrading of China’s supply chains, going global has become an essential path for Chinese enterprises and brands to grow stronger. Singapore, as a global financial, trade, and shipping hub, boasts a well-developed financial system, a strategic geographical location, and an extensive business network, making it the preferred destination for Chinese companies looking to expand into Southeast Asia and beyond. As an international enterprise controlled by Singaporean capital, SY Holdings also received strategic investment from Temasek, Singapore’s sovereign wealth fund, in 2018. Through strategic partnerships and investments with leading enterprises in Singapore, the Philippines, Indonesia, and other countries, the Company has actively explored and expanded its international business. Simultaneously, SY Holdings has been deeply involved in commercial cooperation projects between China and Singapore, including the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity. The establishment of its Singapore subsidiary as the international headquarters marks a new phase for SY Holdings in pioneering international innovation, connecting global markets, and supporting SME development, while laying the groundwork for embracing the Web3.0 ecosystem and exploring stablecoin applications in international supply chains and cross-border payments. In 2024, China’s foreign trade exceeded RMB 43 trillion for the first time, maintaining its position as the world’s largest goods trading nation for the eighth consecutive year. The “Chinese Enterprises Going Global Insights and Global Trends Outlook Report” released by Shine Global noted that over 700,000 enterprises are currently attempting or planning to expand overseas. Among them, 55% of surveyed companies have incorporated global expansion into their strategic plans, while 31% consider it a core strategy. The “Chinese Enterprises’ Outbound Investment Status and Intentions Survey Report” by the China Council for the Promotion of International Trade further revealed that over 80% of respondents plan to expand or maintain their foreign investments. However, market access barriers, channel connectivity challenges, capital turnover efficiency, exchange rate volatility risks, and the complexity of cross-border payment settlements remain major bottlenecks hindering the globalization of Chinese enterprises. Since entering the Chinese market, SY Holdings has not only deepened its presence in traditional sectors such as infrastructure, pharmaceutical and healthcare, and commodities but has also actively expanded into strategic emerging industries like e-commerce, robotics, and AI applications. Adhering to a platform-based development strategy, the Company leverages technologies such as AI Agent to connect industrial ecosystems and data elements, having assisted over 19,000 Chinese SMEs in securing more than RMB 270 billion in order matching and capital turnover services. Based on its deep integration with China’s industrial ecosystem, SY Holdings has keenly identified the growing global expansion demands of Chinese SMEs and the vast market potential behind them, swiftly establishing this as a new growth driver for its international business. For example, in e-commerce, SY Holdings has formed strategic partnerships with leading Southeast Asian e-commerce platforms. Leveraging its accumulated international market resources, the Company provides one-stop international supply chain solutions for Chinese SMEs to “sell globally and open stores worldwide.” Through AI and big data analytics, SY Holdings assists Chinese merchants in accurately identifying potential market opportunities in Southeast Asia, offering tailored localization strategies and matching working capital based on transaction orders to help them generate greater revenue in international markets. Chinese SMEs commonly face pain points in cross-border payment settlements during globalization. Under traditional cross-border payment models, transactions must undergo multi-tiered correspondent bank clearing and settlement, with identity verification and compliance reviews required at each step. The process is cumbersome and time-consuming, failing to meet the timeliness demands of trade in the digital era. Additionally, layered fees—including handling charges, exchange fees, and service fees—significantly increase trade costs. According to World Bank statistics, as of Q3 2024, the average global remittance fee was 6.62% of the transaction amount, with settlement times ranging from 1 to 5 business days. In contrast, stablecoins, as emerging payment and settlement tools pegged to fiat currencies, enable peer-to-peer transfers via blockchain technology, achieving instant “payment-as-settlement” clearing while reducing costs to as low as 0.1%. Notably, stablecoins inherently offer exchange rate hedging, effectively mitigating currency volatility risks in cross-border trade. SY Holdings plans to explore innovative applications of stablecoins in international supply chain capital turnover services to enhance efficiency, reduce cross-border payment costs, and hedge against exchange rate risks, thereby delivering a “more, faster, better, and cheaper” customer experience. SY Holdings stated: “Singapore is a critical hub connecting China and the world. Establishing our international headquarters in the Lion City is not only due to its unparalleled geographical advantages but also its mature tech ecosystem and pro-globalization ethos. As a top-tier global financial center, Singapore boasts robust financial infrastructure and a strong regulatory framework. Building on these regulatory advantages, Singapore has become a hotbed for the

Media OutReach

Cyberport Leads Nine Start-ups to Join WAIC 2025

Project from the Artificial Intelligence Subsidy Scheme Shortlisted for Top 30 of the SAIL Award HONG KONG SAR – Media OutReach Newswire – 29 July 2025 – World Artificial Intelligence Conference 2025 and High-level Conference on Global Governance of Artificial Intelligence” (WAIC 2025) held in Shanghai has successfully concluded. This year, Cyberport led nine community members to participate in the event, among which three start-ups: Canpanion, Votee AI and YouToo Robot, were recognised for their exceptional innovation and successfully selected as the “WAIC 2025 Future Tech”. Additionally, one of the approved projects under the Artificial Intelligence Subsidy Scheme (AISS), which is led by the Hong Kong Polytechnic University (PolyU), along with projects from three leading AI enterprises at Cyberport, including iFlytek, and Baidu Apollo, were shortlisted for the Top 30 of the “Super AI Leader Award” (SAIL Award). Notably, the joint innovative project by Biren Technology won the SAIL Award this year. These achievements highlight Hong Kong’s competitiveness in the field of AI and its contributions to promoting high-quality development both locally and nationally. Cyberport led nine community members to participate in WAIC 2025. WAIC 2025 centred around the theme of “Global Solidarity in the AI Era”. The conference brought together global experts, scholars, entrepreneurs, government officials, international organisations, and investors, creating a platform for collaboration and showcasing cutting-edge AI solutions. This year, Cyberport again led start-ups to participate in the “Hong Kong Pavilion” established by the Hong Kong Trade Development Council (HKTDC), showcasing Hong Kong’s AI innovations to global audiences. The exhibits include a wide range of innovative applications, such as AI education platforms, fall risk management systems, smart training systems, smart city applications, and AI content generation platforms, fully demonstrating Hong Kong’s strength in the Innovation and Technology (I&T) sector. (For details of the participating start-ups, please refer to the appendix.) At the opening ceremony, Premier Li Qiang of the State Council presented three suggestions for advancing AI development and global governance: promoting the dissemination and application of outcomes; strengthening cooperation in innovation and open-source initiatives; and building a secure and trustworthy global governance framework. As Hong Kong’s AI accelerator, Cyberport is advancing several key initiatives in related fields. Through the AISS, Cyberport promotes the transformation of local research and development (R&D) and application projects, fostering the realisation of AI outcomes. In promoting open-source cooperation, the “Cyberport Open Source Community” was established in June this year to provide computing power through Cyberport’s Artificial Intelligence Supercomputing Centre (AISC), supporting open-source technology testing and application. Furthermore, in building a governance system, Cyberport has partnered with various sectors, including the international organisation World Digital Technology Academy (WDTA), to establish the “WDTA Asia-Pacific Institute” at Cyberport, promoting regional governance standards and global cooperation, thereby contributing to the creating of a safe, trustworthy, and responsible AI ecosystem and demonstrating Hong Kong’s proactive role in global AI development. Rocky Cheng, CEO of Cyberport, stated “AI is rapidly becoming a key driver of new quality productive forces. As Hong Kong’s digital technology hub and AI accelerator, Cyberport is proud to lead nine outstanding community members to this year’s WAIC, three of whom have been selected for the ‘WAIC 2025 Future Tech’. Additionally, one of the use cases from the ‘Artificial Intelligence Subsidy Scheme’ has been shortlisted for the Top 30 of the prestigious SAIL Award, showcasing innovative application solutions to the world and highlighting Hong Kong’s technological capabilities. Cyberport and our community members will continue to leverage our strengths in line with the development strategies of the HKSAR Government and the nation, focusing on research and development and transformative real-world applications in areas such as AI, green technology and Fintech. We will keep welcoming key enterprises from various tech sectors and promoting digital transformation for both society and businesses, contributing innovative power and economic value to the technological innovation and high-quality development of Hong Kong and beyond.” To foster innovation, this year’s “Future Tech Innovation Incubation Exhibition Special Zone” featured some of the world’s most promising AI start-ups, including three Cyberport start-ups: Canpanion, which develops AI-driven education and psychology ecosystems; Votee AI, focusing on AIGC technology for governments and enterprises; and YouToo Robot, specialising in industrial AI operation and maintenance. They were selected as “WAIC 2025 Future Tech” in recognition of their forward-looking solutions, growth potential, and commercial value; notably, Votee AI and YouToo Robot have been recognised as “Future Tech” for the second consecutive year. Moreover, other start-ups including FireAlert, LAiPIC, Laiye, Lidarvision, RealAI, and HK Simfinity showcased their AI applications at the event, allowing attendees from around the world to experience Hong Kong’s I&T scene. Additionally, one of the approved projects under the AISS, titled “Enhancing Edge-based Foundation Models for Advanced Reasoning”, developed by PolyU, along with projects from strategic enterprises at Cyberport, including iFLYTEK’s “AI Learning Tablet: A Personalised Learning Device Empowered by Spark Large Model”, and Apollo Go‘s “Autonomous Ride-hailing Platform”, were shortlisted for the Top 30 of the SAIL Award. Biren Technology‘s joint project on the “Distributed OCS All-Optical Interconnection Chips and Super-node Application Innovation Solution” won the SAIL Award, the highest honour at WAIC. This award aims to identify globally recognised AI projects that significantly enhance human well-being, thereby encouraging technological breakthroughs, application innovations and governance explorations. During the conference, Cyberport also co-organised a forum entitled “The Bay Area Hub in the Age of AI: Hong Kong’s New Vision for the Smart Economy” with the HKTDC and the Hong Kong Science and Technology Parks (HKSTP) to explore Hong Kong’s strategic positioning in the development of the smart economy. The forum features speakers from leading technology enterprise including Chairman of Suanova Technology Douglas Fang, Prof Guo Yike, Provost of the Hong Kong University of Science and Technology (HKUST) and Director of HKGAI, and Prof Yang Hongxia, Executive Director of the PolyU Academy for Artificial Intelligence, Associate Dean (Global Engagement) of Faculty of Computer and Mathematical Sciences, who shared insights on the application and future development of AI technology. Additionally, a panel discussion, moderated by Dr Crystal Fok, Director of

Media OutReach

Skyborn enters Preferred Supplier Agreement with Fred. Olsen Windcarrier for Gennaker offshore installation vessel

Gennaker’s offshore wind turbine transportation and installation will be performed by Fred. Olsen Windcarrier (Fred Olsen). Installation of 63 offshore wind turbines during 2028 in the German Baltic Sea. Gennaker will add up to 976.5 MW to Germany’s renewables capacity*. HAMBURG, GERMANY – EQS Newswire – 29 July 2025 – Skyborn Renewables (Skyborn) is proud to announce an entry into the Preferred Supply Agreement (PSA) with Fred. Olsen Windcarrier for the offshore transportation and installation of the wind turbines generators for the Gennaker offshore wind farm in the Baltic Sea. The Charter Party Agreement is expected to be signed later in 2025. Fred. Olsen Windcarrier’s installation vessel – Brave Tern ©Fred. Olsen Windcarrier Offshore installation at sea of the 63 turbines is set to begin in 2028 and will be performed by Fred Olsen Windcarrier’s installation vessel – Brave Tern. The selected self-elevating and self-propelled jack-up offshore wind turbine installation vessel is designed and built to align with Skyborn’s commitment to excellence in safety and operations. The vessel can handle all next-generation turbines due to its unique 1,600 tonnes crane. The PSA signed on 24 July 2025 solidifies the longstanding, trusted partnership between Skyborn and Fred. Olsen Windcarrier. “After last weeks’ successful agreements for the wind turbines supply and their long-term service, this newly formed arrangement with Fred. Olsen Windcarrier is another step towards Gennaker becoming a reality. With Fred. Olsen Windcarrier’s long lasting experience in offshore wind, Gennaker will benefit from state-of-the-art offshore installation capacity. Gennaker, our blue-print project, is the showcase of our end-to-end delivery capabilities, with standardized process to bring new offshore wind projects to life every 12 to 18 months.” says Patrick Lammers, Skyborn CEO. “We are extremely proud to enter the Preferred Supply Agreement (PSA) with Skyborn for the offshore transportation and installation of the wind turbines generators for the Gennaker offshore wind farm. This agreement demonstrates our long-term commitment to offshore wind and underlines the strong and trustful relationship between the companies. With our strong experience from the Baltic Sea region, we look forward to the execution of the Gennaker project together with Skyborn and all the local stakeholders and suppliers on the project” says Haakon Magne CEO at Fred. Olsen Windcarrier. With a capacity up to 976.5 MW, Gennaker is to become the largest offshore wind farm in the German Baltic Sea to date. Located approximately 15 kilometers north of the Fischland-Darß-Zingst peninsula, the project area sits within a designated priority zone for offshore wind energy in the Mecklenburg-Western Pomerania coastal sea. Skyborn secured the initial building permit for the Gennaker site in May 2019 and maintains site exclusivity for development. Once commissioned, the project will supply approximately 1 million people with green electricity. Gennaker is planned to be commissioned in 2028. *Capacity as applied for, in the permit application for Gennaker offshore wind farm. This press release and picture are available at: https://www.skybornrenewables.com/articles/newsroom/Gennaker_PSA_offshore_installation_vessel Hashtag: #Skyborn The issuer is solely responsible for the content of this announcement. About Skyborn Renewables Skyborn is an accomplished offshore wind developer and operator with more than 20 years’ experience, headquartered in Germany. The company’s capabilities cover the entire offshore wind value chain, including greenfield development, project engineering and design, procurement, financing, corporate power purchase agreements, construction management and asset management. Skyborn is a portfolio company of New York based Global Infrastructure Partners (GIP), a leading infrastructure investor and part of Blackrock. For more information, visit: www.skybornrenewables.com Follow us on LinkedIn: www.linkedin.com/company/skyborn-renewables/ About Fred. Olsen Windcarrier Fred. Olsen Windcarrier offers innovative and tailored services for the transport, installation, and maintenance of offshore wind farms. The company was established in 2008 to service the growing offshore wind sector and has installed more than 1100 wind turbines offshore – which is more than 20% of all offshore wind turbines worldwide outside China. Fred. Olsen Windcarrier operates the three self-elevating jack-up vessels – Bold Tern, Brave Tern and Blue Tern. For more information, visit: www.windcarrier.com Follow us on LinkedIn: https://www.linkedin.com/company/fred-olsen-windcarrier-as/

Media OutReach

Greater Bay Area Residential Market Largely Stabilized, Although Sentiment in Q2 2025 Marred by Geopolitical Risks

Logistics Portfolio Investment Transactions Gain Attention, Neighborhood Retail Assets Becoming Sought After Greater Bay Area (GBA) cities continued to extend property-related easing policies from last year through the 1H 2025 period, with a focus on alleviating financial pressure on the supply side and supporting overall residential market sentiment However, transaction activity slowed from April 2025, impacted by uncertainties from the trade tariff war, with 1H 2025 GBA primary residential sales numbers growing slightly at 3% y-o-y Total investment volume in the GBA commercial real estate (CRE) market reached RMB24.7 billion in 1H 2025, accounting for more than 31% of the overall Chinese mainland investment market The industrial/logistics sector’s share of total GBA CRE investment expanded notably with several large-sized logistics portfolio deals recorded, while neighbourhood retail malls also captured interest HONG KONG SAR – Media OutReach Newswire – 29 July 2025 – Global real estate services firm Cushman & Wakefield today published its Greater Bay Area Residential and Commercial Real Estate Investment Market 1H 2025 Review and 2H Outlook. Local governments across GBA cities continued the real estate policies introduced last year through the 1H 2025 period to continue to support a stable market recovery, including easing restrictions on the demand side and alleviating financial pressures on the supply side. From January to March, primary residential market transaction numbers and prices demonstrated growth. Regardless, market sentiment has been weakened since April by uncertainties surrounding the trade tariff war, again prompting potential home buyers to adopt a wait-and-see approach, and resulting in a pause in the upward momentum in home prices. GBA primary residential sales numbers through 1H 2025 recorded mild y-o-y growth of 3%. As for the CRE investment market (large-sized deals at >RMB100 million), property owners have adjusted their expectations. The industrial/ logistics sector accounted for more than 50% of the total GBA investment consideration in 1H 2025, with several large-sized logistics portfolio deals recorded. At the same time, the market has seen increasing interest in the neighborhood retail sector, where assets with stable rental yields are gaining investors’ attention. We expect to see more high-quality retail assets transacted in the second half of the year. GBA Residential Market Following the Central Government’s reiteration of the need to halt the real estate market decline and spur a stable recovery in its 2025 work report, both the Central Government and GBA local governments continued to extend market-easing real estate policies from last year through the 1H 2025 period. Measures on the demand side, such as “four cancellations” and “four reductions” were extended. Authorities also focused on alleviating financial pressures on the supply side, aiming to strengthen overall market sentiment and boost buyer confidence. Key initiatives included promoting the launch of special-purpose bonds to reclaim and acquire idle land and unsold residential units. Notably, Guangzhou became the first Tier-1 city in the country to fully abolish the “three restrictions” in housing policy. The GBA primary residential market showed resilience in the Q1 period despite being the traditional off-season. Monthly transaction numbers from January to March expanded on the same period last year. However, starting from April, greater uncertainties surrounding the trade tariff war weighed on overall economic performance and dampened residential market sentiment. In turn, more potential home buyers adopted a wait-and-see approach. New home sales in April fell by 16% from March, while May and June remained largely stable. The GBA primary residential market recorded approximately 137,000 transactions in the 1H 2025 period, up slightly at 3% y-o-y, with Tier-1 cities such as Guangzhou and Shenzhen showing significant growth. However, comparing with the significant recovery following last year’s introduction of aggressive easing policies, the 1H 2025 total transaction number was down 26% from the 2H 2024 level (Chart 1). Chart 1: GBA First-Hand Residential Sales Source: CREIS, Cushman & Wakefield In terms of home prices, primary market prices are more swayed by the quality level of newly launched projects. First-hand residential prices in the nine GBA mainland cities showed mixed performances in 1H 2025. Developers generally adopted more realistic pricing strategies to attract buyers, actively offloading inventory to improve cash flow. For secondary home prices, which better reflect current underlying trends, and using Shenzhen as an example, the Cushman & Wakefield Shenzhen mid-to-high-end secondary home price index strengthened by 4.0% from the Q4 2024 level. However, as market sentiment turned more cautious from April, overall prices experienced downward pressure and recorded a q-o-q decline of 4.4% in Q2, bringing the year-to-date adjustment to a modest -0.5% (Chart 2). Chart 2: Shenzhen Mid-to-High-End Secondary Home Price Index Source: Cushman & Wakefield Alva To, Cushman & Wakefield’s Vice President, Greater China & Head of Consulting, Greater China said, “With central and local governments continuing to relax demand-side policies, and with the central government actively promoting the development of “Good Housing,” we expect pent-up demand from both first-home buyers and upgraders to be further released. Through the past six months, local governments have accelerated the implementation of special-purpose bonds to reclaim and acquire idle land and unsold units, helping to alleviate developers’ financial pressures and promote supply-demand balance in the housing market. These efforts should also support potential homebuyers’ confidence and, in turn, a stable recovery in the GBA residential market. In the 1H 2025 period, new home sales numbers stood out in Guangzhou and Shenzhen, indicating that high-quality residential units, in prime locations in first-tier cities, at reasonable prices continue to be sought after despite market volatility. “However, uncertainties surrounding trade tariff policies contributed to weaker sentiment in the GBA residential market in Q2, and the restoration of market confidence is expected to take time. We believe that, even if China-U.S. trade tensions show sign of easing in 2H 2025, lingering uncertainty may keep buyers cautious through the Q3 period, and residential transaction numbers are not likely to strengthen significantly. Nonetheless, fundamental housing demand from first-time homebuyers and upgraders is likely to provide continuous support to the GBA residential market. We forecast average monthly new home sales to record around 27,000

ESG

Coca-Cola Vietnam Trials Eco-Friendly Pallets Made From Coffee Waste

Coca-Cola Vietnam is piloting the use of eco-friendly pallets made from agricultural waste—part of its push toward sustainable, carbon-negative packaging solutions. Called NetZero Pallets, these alternatives to traditional wooden or plastic pallets are being trialed at Coca-Cola’s automated warehouse in Vietnam. Made from materials like coconut fiber and coffee husks, they offer a greener, non-toxic option for product handling and logistics. The company aims to replace 10.3 million conventional pallets with NetZero versions by 2029. Developed by AirX Carbon, the world’s first manufacturer of carbon-negative materials from coffee waste, each NetZero Pallet can absorb and store up to 34 kilograms of CO₂, contributing to climate change mitigation. AirX Carbon’s CEO, Le Thanh, noted growing global interest in this technology, with companies such as NPC Korea, Hyosung, Olam International, and Pakko Australia exploring its use. International organisations—including UNDP, Switch Asia, GIZ, Action on Poverty, and Helvetas—have also voiced support for the innovation. Scaling up the production of these pallets could prevent tons of agricultural waste from ending up in landfills, while easing rural waste management challenges. Producing 60 million pallets could help: Save 10 million trees Recycle 2 million metric tonnes of agricultural waste Store up to 7 million metric tonnes of CO₂ Beyond environmental benefits, the initiative promises to create income opportunities for more than 600,000 farmers and rural workers, improving livelihoods in Vietnam’s countryside. AirX Carbon’s manufacturing facility in Binh Duong Province, near Ho Chi Minh City, is currently producing up to 1.5 million pallets annually.

ESG

Singapore Management University Raises $111M Through Nation’s First University Sustainability Bond

Singapore Management University (SMU) has raised S$150 million through the successful issuance of its first-ever Sustainability Bond—marking a historic first for a university in Singapore. The bond, which matures in July 2032, carries a coupon rate of 2.022% and was arranged by Oversea-Chinese Banking Corporation Limited (OCBC), the Sole Lead Manager and Bookrunner. Proceeds from the bond will be used to finance and refinance eligible green and social initiatives under SMU’s Sustainable Financing Framework, launched in June 2025. These initiatives include green buildings, energy-efficient infrastructure, sustainable IT systems, water and waste management, as well as social programmes focused on inclusive education, mental health, and public knowledge sharing. “This bond is more than a financial milestone — it reflects SMU’s commitment to shaping a sustainable and inclusive future,” said SMU President, Professor Lily Kong. “Issuing it during our 25th anniversary year underscores our vision to grow with purpose and make a meaningful difference in the communities we serve.” SMU President Professor Lily Kong The bond aligns with SMU’s 2022 Sustainability Blueprint and the national goals outlined in the Singapore Green Plan 2030. SMU’s Sustainable Financing Framework, developed in partnership with OCBC, enables the university to pursue green, social, and sustainability-linked financing with clear governance and transparency. “This issuance is a strategic step in aligning our financial planning with our sustainability ambitions,” said Mr Lim Boon Wee, SMU’s Senior Vice President, Administration. “It allows us to fund infrastructure and initiatives that deliver both environmental benefits and positive social outcomes.” Mr Lim Boon Wee, SMU’s Senior Vice President, Administration The framework received a Second Party Opinion from Moody’s Investors Service, earning a Sustainability Quality Score (SQS2 – Very Good). Moody’s also reaffirmed SMU’s top-tier Aaa credit rating, citing the university’s strong financial health and governance. SMU’s bond stands out in the education sector. While other local universities have issued green or sustainability-linked bonds, SMU’s approach integrates both environmental and social elements. A portion of the funds will directly support students from low-income backgrounds, reinforcing its commitment to accessible and inclusive education. “This milestone builds on OCBC’s long-standing collaboration with SMU,” said Ms Elaine Lam, Head of Global Corporate Banking at OCBC. “We’re proud to support this pioneering bond, which not only reflects SMU’s sustainability leadership, but also sets a powerful example for future generations.” Ms Elaine Lam, Head of Global Corporate Banking at OCBC

ESG

Deloitte And Asia Institute Launch Sustainability Program In Malaysia

KUALA LUMPUR, The Asia Institute for Sustainability (AIS), a Singapore-based body focused on sustainability and ESG leadership, has introduced the Certified Sustainability Officer (CSO) Professional Training Program in Malaysia. The program is developed in collaboration with Deloitte, its official training partner, and organised by Business Media International. The CSO Program is designed for both current and aspiring sustainability professionals. It offers global standards tailored to regional needs and teaches practical skills in ESG strategy, compliance, reporting, and stakeholder engagement—key areas needed to lead sustainability efforts within organisations. Datuk William Ng, AIS Program Chair for Malaysia, highlighted the country’s goal to reach Net Zero by 2050, and the need for 10,000 sustainability professionals by 2030. “To achieve this, we must train at least 2,000 qualified individuals each year. The CSO Program is a key step in this direction,” he said. The course content is aligned with Malaysia’s National Sustainability Reporting Framework and global disclosure standards, helping participants stay ahead of regulatory changes. Graduates will receive the ‘CSO’ title to strengthen their professional credentials in this growing field. The first intake begins on 2 September 2025 in Kuala Lumpur. The program is HRD Corp claimable and eligible for the 2025 ESG tax deduction for Bursa-listed companies investing in sustainability training.

ESG

B.Grimm Power, Digital Edge Plan US$1B Investment In Thailand AI Data Centre

B.Grimm Power Plc and Singapore-based Digital Edge have announced a US$1 billion investment to develop a 100-megawatt data centre in Thailand, set to launch by the fourth quarter of 2026. The facility aims to meet growing demand for AI, cloud, and digital services across Southeast Asia. Harald Link, Group President of B.Grimm Power Located in Chon Buri, approximately 100km from Bangkok, the data centre will be fast-tracked to support global technology companies expanding their AI infrastructure in the region. This project aligns with Thailand’s push to strengthen its digital infrastructure, backed by government incentives and pro-investment policies. Recent major tech investments in Thailand include: ByteDance (TikTok): US$8.8 billion over five years Alphabet (Google): US$1 billion for a planned data centre Microsoft: Construction of its first regional data centre US$3 billion in data and energy projects approved by Thailand’s investment board (BOI) in May The new data centre will prioritise sustainability by using Thailand’s clean energy grid, aligning with the carbon-neutral goals of global tech firms. John Freeman, CEO of Digital Edge B.Grimm Power is also exploring additional investments of up to US$1.6 billion to expand data centre capacity by another 200 megawatts, according to Usa Nuetap, Head of Data Centre Development at B.Grimm Power. This partnership reflects a strategic convergence of digital and energy infrastructure, further positioning Thailand as a rising hub in Asia’s digital economy.

Investment & Market Trends

PGF Capital Starts New Financial Year With 12% Profit Growth, Earning RM7.5 Million In 1QFY26

KUALA LUMPUR, PGF Capital Berhad (“PGF Capital” or “the Group”) (stock code: 8117), a leading insulation manufacturer listed on the Main Market, kicked off its new financial year on a strong note, recording a net profit of RM7.5 million for the first quarter ended 31 May 2025 (1QFY26), up 11.9% from RM6.7 million in the same period last year. Revenue held steady at RM40.6 million compared to RM40.5 million in 1QFY25. The improved profit was mainly due to solid demand for insulation products from the Oceania region and tighter cost controls, though it was partly offset by a RM0.6 million unrealised loss on currency swaps. PGF Capital Berhad – Group CEO Fong Wern Sheng The Insulation segment remained the Group’s main revenue driver, contributing 99.7% of total revenue. PGF Capital noted strong sales momentum in Australia, supported by government policies such as updated building codes and housing targets, along with incentives like the Victorian Energy Upgrades programme. However, a gas pipeline incident in Putra Heights temporarily affected production and exports during the quarter. The Group also shared positive updates on its new mineral wool sandwich panels, which have been certified by SIRIM and are awaiting final approval from Malaysia’s Fire Department. These products are expected to support energy-efficient construction under the Energy Efficiency and Conservation Act 2024. PGF Capital’s new 40,000 metric-tonne plant in Kulim, Kedah, remains on track to begin commercial operations in the first half of 2026. The project has secured a tax incentive package under the Northern Corridor Economic Region (NCER), which includes a 5+5 year corporate tax holiday. The Group reassured stakeholders that ongoing US reciprocal tariffs are unlikely to impact its business, as the majority of its exports go to Oceania and Malaysia, with no direct exports to the US. On the property development front, PGF Capital received conditional planning approval for Phase 1 of its Tanjong Malim project. In partnership with Malvest Properties, the development will deliver 1,808 residential and commercial units, supporting the government’s vision of making Proton City an Automotive High-Tech Valley. Financially, the Group maintained a healthy net gearing ratio of 0.15 times and net assets per share of RM1.39. It also generated RM3.4 million in operating cash flow during the quarter, reflecting solid underlying performance.

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