American League: In November, the total number of registered businesses in Hong Kong “skyrocketed”, and the number of registrations reached a four-month high

The Zhitong Finance App learned that according to data from the Comprehensive Land Registry of the United States Industrial and Commercial Store Data Research Department, there was a “sharp rise in volume” of overall commercial store registrations in November 2025. The number of registrations during the month was 373, which not only rebounded by 6.9% month-on-month, but also hit a four-month high since July this year. Over the same period, registration amounts rose for two consecutive months to HK$4.65 billion, an increase of about 22.3% month-on-month.

Summarizing the first 11 months of this year, the overall business registration amount has completely surpassed that of last year. A total of 4125 registrations were recorded, 19% higher than last year, a 3-year high, and strongly challenging the level of 4,475 cases in 2022. The registration amount recorded so far this year was about HK$49.1 billion, which also surpassed nearly 5% of last year's full year, setting a 3-year high.

Ma Taiyang, CEO of Associated Press Group (Housing) and CEO of Midland Industrial and Commercial Stores, pointed out that in November and the first 11 months of this year, the overall number of commercial and commercial registrations “soared”, reflecting the continued tendency of users and investors to “take advantage of the low absorption” trend. As the education industry continues to flourish, and the financial industry and tourism industry are recovering well, it has formed a “three-headed horse-drawn carriage” that drives the market. Many companies and institutions from these three major industries have taken the opportunity to expand. There are also investors who are optimistic about the future market and buy “bamboo shoots” as long-term investments, driving overall transactions back up from a low level and gradually getting back on track.

Commercial building registrations rose 37.5% month-on-month in November to a four-year high after July 2021

The three major commercial and commercial sectors continued to develop individually in November. Among them, commercial buildings performed “outstanding”. The number of commercial building registrations reached 121 in November, a month-on-month increase of 37.5%, a record high of more than 4 years after July 2021; the registration amount recorded HK$2.13 billion, an increase of 33% month-on-month. Cumulatively, in the first 11 months of this year, the number of commercial building registrations reached 1,062, surpassing 46% of last year; the amount recorded was about HK$21.1 billion, which also surpassed 38% of last year.

Retail transactions rebounded steadily. The number of registrations in November increased by 22.2% month-on-month to 88, and the amount increased by 24% month-on-month to HK$1.05 billion. The total number of registrations recorded in the first 11 months of this year was 970, surpassing about 4% of last year; the amount recorded was HK$14.22 billion, or about 83% of the full year. The annual registration amount is still expected to surpass last year.

The performance of industrial buildings was relatively stable in November, with 164 registrations, down 13.2% month-on-month, but the registration amount rebounded to HK$1.47 billion, up 8.5% month-on-month. In the first 11 months, the total number of industrial building registrations was 2,093, surpassing 16.6% of last year; the amount reached HK$13.85 billion, reaching about 94% of the full year of last year. There is also a great chance that the annual registration amount will surpass last year.

Ma Taiyang said that regardless of registration volume and amount, it shows that the commercial store market has bottomed out and rebounded. As for the strength of the rebound, it needs to be based on a number of factors, including interest rate trends and the global economy, especially the economic development of the Mainland and Hong Kong. It is worth noting that the financial industry continues to be the locomotive driving the market. Commercial buildings have shown outstanding trading performance this year, partly because the financial industry is booming. In particular, Hong Kong's IPO capital has returned to number one in the world, driving demand for top commercial buildings. This trend has even begun to spread to the retail market. Recently, banks and securities banks have been expanding their rental space one after another, bringing new impetus to stores in the core area.

Ma Taiyang believes that with the support of the “tricycle” of finance, tourism, and education, commercial transactions will remain at a high level for some time to come. However, the price may continue to “bottom out” and adjust until support levels are found before stabilizing.