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A prominent Hong Kong property developer has reported a second consecutive year of substantial financial losses, reflecting ongoing pressures in the real estate sector. New World Development Company announced a significant deficit for the fiscal year ending June 30, driven largely by impairment charges and a challenging market environment. The company’s financial performance has continued to deteriorate amid persistent weakness in both residential and commercial property markets.

The developer recorded a loss of HK$16.3 billion from continuing operations, representing an increase from the previous year’s HK$11.8 billion shortfall. These results highlight the continued difficulties facing the company as it navigates a prolonged property downturn. Management has been actively working to address liquidity concerns through various financial arrangements and strategic discussions.

To strengthen its financial position, New World recently secured a HK$3.95 billion loan facility, though this amount fell considerably short of initial targets. The company had previously arranged an US$11 billion refinancing package and is currently in negotiations with potential investors, including global investment firm Blackstone Inc, regarding additional capital infusion. These efforts come amid ongoing challenges in the company’s core markets.

Property values in Hong Kong remain approximately 30% below their 2021 peak, while mainland China’s housing sector continues to struggle after more than four years of decline. Commercial real estate has experienced even steeper drops, with office and retail space values declining 48% and 41% respectively from their 2018 highs. These market conditions have complicated the company’s efforts to generate cash through asset sales.

The company’s difficulties have been compounded by internal changes, including management transitions following the departure of key executives. As one of Hong Kong’s major property developers, New World faces the dual challenge of managing substantial debt obligations while operating in an unfavorable market climate. The company’s recent financial results underscore the broader pressures affecting the regional property industry.

The global halal market represents a significant economic opportunity, with Malaysia emerging as a key player in this rapidly expanding sector. Through strategic development and institutional support, the nation has established itself as a trusted hub for halal-certified goods and services. This position allows Malaysian companies to access international markets and build consumer confidence worldwide.

Central to this success is a robust certification system managed by the Department of Islamic Development Malaysia, known as JAKIM. This framework ensures that products meet strict standards, providing assurance to both Muslim and non-Muslim consumers. Major corporations like Nestlé have leveraged this system to expand their halal product lines, exporting items such as Milo and Maggi to over fifty countries. The credibility of the certification has become a competitive advantage for businesses operating in Malaysia.

Malaysia’s approach extends beyond food to include sectors like finance, logistics, and cosmetics, creating a comprehensive halal ecosystem. The Halal Development Corporation has been instrumental in integrating these diverse industries, offering support through specialized industrial parks and financial services. Companies such as Brahim’s Holdings have utilized this infrastructure to grow from airline catering into a global supplier of halal-ready meals, demonstrating the scalability of the model.

Educational initiatives have also played a critical role, with universities offering specialized degrees in halal science and supply chain management. This focus on human capital ensures a steady stream of professionals who can bridge religious requirements with modern industry practices. A new generation of entrepreneurs is now entering the market, developing innovative products in areas like halal nutraceuticals and personal care, further diversifying the sector.

Looking ahead, Malaysia continues to promote halal as a mark of quality and safety rather than a set of restrictions. Brands like Secret Recipe attract a broad customer base by emphasizing cleanliness and ethical standards, appealing to consumers regardless of religious background. While competition from other nations like Indonesia presents challenges, Malaysia’s established ecosystem and international partnerships position it well for future growth. The country’s experience offers valuable insights into how trust and standardization can drive economic development in the global halal industry.

Effective leadership hinges on the ability to articulate a clear and compelling purpose that resonates with employees. When leaders communicate the underlying reasons for their vision and actions, they foster an environment of trust and shared commitment. This foundational clarity helps align the workforce around common objectives, driving sustained organizational success and ensuring that employees feel connected to a mission beyond their daily tasks.

Understanding the “why” transforms routine work into meaningful contributions. Employees increasingly seek roles that offer a sense of purpose and connection to broader goals. By explaining the rationale behind decisions, leaders cultivate emotional engagement, motivating their teams to invest creativity and effort fully. Leadership expert Simon Sinek popularized this concept, emphasizing that successful organizations start with their core belief or mission. Without a clearly expressed purpose, employees may view their jobs merely as a source of income, lacking the motivation to fully support company objectives.

Transparency in communicating purpose builds trust and encourages open dialogue. When leaders share their motivations authentically, employees are more likely to feel psychologically safe, voicing ideas and concerns without hesitation. This environment of honesty enhances problem-solving and innovation, as team members move beyond silent compliance to active participation. Trust reassures employees that their leaders are genuine and thoughtful about the organization’s direction, strengthening their willingness to support new initiatives.

A well-communicated “why” also serves as a powerful motivator, aligning individual efforts with significant outcomes. Employees who understand how their work contributes to a larger purpose tend to adopt the leader’s vision as their own, fostering intrinsic motivation that surpasses external rewards. This sense of shared purpose coordinates efforts across departments, reducing confusion and improving efficiency. For instance, if an organization prioritizes sustainability, employees from various functions will naturally focus on eco-friendly solutions, reinforcing collective goals.

Ultimately, leaders who consistently demonstrate their purpose through authentic communication and action unlock their team’s full potential. Regular reinforcement of the “why” through stories, values, and dialogue keeps the mission top of mind, boosting engagement and loyalty. While articulating purpose can be challenging, reflection and feedback help leaders refine their message. In today’s evolving business landscape, emphasizing purpose is essential for transforming compliance into passionate commitment and achieving long-term, sustainable success.

Malaysia is strengthening its position in the global halal market through targeted support for small and medium enterprises. The Halal Development Corporation Bhd (HDC) has introduced the Halal Sourcing Partnership Program (HSPP), a multi-faceted initiative designed to elevate local companies to international standards. Since its launch in 2020, the program has expanded its services to address evolving market demands and help businesses compete more effectively abroad.

The program offers four key areas of assistance to participating SMEs. One focus is on securing international certifications, such as HACCP and ISO 22000, through a six-month process that improves internal systems and builds client trust. Another component is digital branding, where companies receive six months of coaching to enhance online visibility and sales. Product development support, particularly in packaging, helps businesses create appealing designs that meet buyer specifications for both domestic and export markets.

A recent addition to HSPP is training in environmental, social, and governance (ESG) practices. As global markets increasingly value sustainability, this training helps SMEs align with international standards and access new customer segments. HDC’s Chief Executive Officer, Hairol Ariffein Sahari, noted that the program has continually evolved, with recent improvements including consultancy services alongside certification audits to provide more comprehensive support.

The program’s impact is reflected in its growing success. To date, nearly 200 companies have participated in HSPP, with many achieving significant milestones such as increased sales, new business proposals, and successful export shipments. By enhancing product quality and market readiness, the initiative helps SMEs attract partnerships with larger corporations and global retailers. This progress not only boosts individual businesses but also strengthens Malaysia’s overall halal supply chain ecosystem.

Eligibility for HSPP requires companies to be registered in Malaysia, hold valid halal certification, have annual sales between RM300,000 and RM50 million, and have operated for at least three years. Interested businesses can register online, joining a network of enterprises poised to become future halal industry champions.

Johor is positioning itself as a key investment destination in Southeast Asia, following a series of high-level meetings with Japanese corporate leaders at the recent Johor Week event in Osaka. The state delegation, led by Johor Trade and Investment Committee Chairman Lee Ting Han, engaged with four prominent Japanese firms to discuss expansion opportunities, particularly within the Johor–Singapore Special Economic Zone. These discussions signal growing international confidence in Johor’s economic strategy and infrastructure.

The companies involved—IL Holdings, Morishita Jintan, Nissei, and Fuji Oil—operate across diverse, high-value sectors including healthcare, pharmaceuticals, precision manufacturing, and food and chemical production. Each has shown strong interest in establishing or expanding operations in Johor, drawn by the state’s political stability, advanced infrastructure, and supportive regulatory environment. An investment forum co-hosted with Sumitomo Mitsui Banking Corporation further attracted 60 Japanese firms, underscoring Johor’s appeal as a strategic entry point into ASEAN markets.

These engagements are expected to yield significant economic benefits, including high-value job creation, technology transfer, and strengthened industrial supply chains. The Malaysian Investment Development Authority’s Osaka office will confirm the final investment values following the conclusion of Expo Osaka 2025. The secured projects align with Johor’s long-term Maju Johor 2030 development agenda, which aims to foster sustainable growth, innovation, and improved quality of life for residents.

Johor’s investment landscape has already demonstrated robust performance, with more than RM56 billion in investments secured by mid-2025, generating over 8,000 jobs. Recent initiatives such as the Forest City Special Financial Zone and the Johor–Singapore Special Economic Zone further enhance the state’s role as a financial and trade gateway. With deepening cooperation in semiconductors, cybersecurity, and renewable energy, Johor continues to build on its decades-long partnership with Japan, reinforcing its status as a premier hub for regional investment.

The property sector in Johor experienced a significant expansion during the initial six months of 2025, driven by large-scale infrastructure developments and enhanced economic cooperation with Singapore. This growth reflects increased investor confidence and a notable rise in property transactions and values across various segments of the market. Key initiatives such as the Johor-Singapore Special Economic Zone and new transit systems have been central to this upward trend.

Approved investments in Johor reached RM56 billion in the first half of the year, accounting for nearly 30 percent of Malaysia’s total approved investments of RM190.3 billion. Samuel Tan, Chief Executive Officer of Olive Tree Property Consultants Sdn Bhd, highlighted that foreign and domestic investors contributed almost equally, signaling strong belief in the state’s economic future. He identified the Rapid Transit System Link and the Electric Train Service as transformative projects that are strengthening Johor’s appeal as a residential and commercial destination.

The tangible effects of these developments are already being observed in the market. Since 2023, more than 3,000 overhang units have been sold, and properties located near transportation hubs have seen values increase by at least 20 percent. Service apartment prices have risen from RM800 to RM1,200 per square foot, while commercial land values jumped from RM700 to RM1,200 per square foot. Johor’s advantages include ample land, competitive pricing, and strategic connectivity to ports, airports, and logistics centers.

Despite these positive indicators, experts advise caution regarding potential market imbalances. Samuel Tan pointed out that affordability is under pressure due to rising construction and compliance costs, and supply-demand mismatches could re-emerge if not carefully managed. Although the number of unsold service apartments decreased to 11,810 units by the end of 2024, and residential overhangs fell by 33 percent year-on-year, structural issues such as inexperienced developers and speculative activity remain concerns.

Lee Nai Jia, Head of Real Estate Intelligence at PropertyGuru, noted that Singaporean buyers, including retirees and families with children in international schools, continue to be important participants in Johor’s property market. However, he warned that this demand can be sensitive to factors like currency exchange rates and geopolitical developments. Both experts agree that maintaining market stability will require transparent regulation, data-informed planning, and a focus on affordable housing to ensure that current growth leads to sustainable long-term benefits.

A fundamental shift is underway in how nations evaluate their success, moving beyond traditional economic metrics to encompass environmental and social well-being. The Department of Statistics Malaysia, along with its global counterparts, plays a central role in this transition by providing the data that informs national policy. For generations, Gross Domestic Product (GDP) has served as the primary barometer of a country’s economic health, offering a single figure that summarizes market-based production. However, this narrow focus is increasingly seen as insufficient for capturing the full picture of national progress in a world confronting climate change and inequality.

The limitations of GDP are becoming more apparent as global challenges intensify. While it effectively measures the monetary value of goods and services, it fails to account for environmental degradation, resource depletion, and the vast amount of unpaid labor that sustains societies. A nation can report strong GDP growth driven by activities like deforestation or post-disaster reconstruction, even as its natural assets diminish and social divisions widen. This creates a misleading narrative of prosperity, ignoring the erosion of the very foundations necessary for long-term, sustainable well-being.

In response, alternative measurement frameworks are gaining traction to provide a more comprehensive assessment. The United Nations’ Sustainable Development Goals offer a multidimensional approach that integrates economic, social, and environmental indicators. Other tools, such as the Inclusive Wealth Index and the Genuine Progress Indicator, adjust economic data to include the value of natural and human capital, as well as the costs of pollution and social inequity. For a resource-rich nation like Malaysia, which has experienced environmental costs from rapid development, integrating these metrics is crucial for balanced policymaking.

Adopting a broader set of national indicators would fundamentally change how progress is reported and understood. Imagine regular statistical releases that include data on carbon emissions, changes in forest cover, air and water quality, and poverty levels alongside traditional economic figures. This would offer policymakers and the public a more transparent and honest account of national welfare. Such a shift requires significant political will and a societal commitment to valuing long-term sustainability over short-term economic gains.

Ultimately, the act of measurement is a declaration of what a society deems important. While GDP will remain a useful economic tool, it must be supplemented with metrics that reflect ecological health and social equity. National statistical agencies are not merely record-keepers; they are the narrators of a country’s developmental story. To navigate the complex challenges of the 21st century, that story must be told in its entirety, ensuring that what gets measured truly reflects what we need to manage for a sustainable and equitable future.

The Malaysian ringgit is anticipated to move in a limited band against the US dollar in the coming week, influenced by domestic demand and upcoming economic indicators from the United States. Key data releases, including US employment figures, are expected to guide market sentiment and currency movements. This outlook follows a week where the ringgit closed slightly lower versus the dollar but showed broad strength against other global and regional currencies.

Market participants will be closely monitoring US labour market reports, such as job openings, ADP employment change, and nonfarm payrolls. According to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid, recent weekly jobless claims suggest continued resilience in the US labour market. Additionally, the upcoming tabling of Malaysia’s Budget 2026 on October 10 is expected to draw significant attention for its potential impact on fiscal policy and economic direction.

The local currency ended the recent week marginally weaker against the US dollar, settling at 4.2200/2250 compared to 4.2040/2115 the previous week. Despite this dip, the ringgit demonstrated notable appreciation against several major currencies, including the Japanese yen, the euro, and the British pound. This mixed performance highlights the currency’s sensitivity to both domestic factors and international economic developments.

Looking ahead, the government’s expansionary fiscal stance, coupled with efforts to reduce fiscal deficits, is projected to support the ringgit over the medium to longer term. Such policy measures, alongside sustained demand for the local currency, are likely to provide a stable foundation. Investors and analysts will continue to assess both local budgetary announcements and global economic trends for further directional cues.