Amid changing times and an evolving world, we remain steadfast in our resolve to move forward. Over the past year, the global political and economic landscape remained complex and volatile, with persistent uncertainty surrounding the interest rate outlook and broader market conditions presenting both challenges and opportunities. Against this backdrop, the real estate industry continued to undergo cyclical adjustment, gradually moving towards a healthier and more sustainable path of development. Transaction volumes in Hong Kong’s residential property market increased in 2025, demonstrating the market’s resilience and vitality. The residential property market in the Chinese Mainland remained broadly stable, with signs of recovery emerging in certain core cities and market sentiment continuing to improve.