Hong Kong bidders lead APAC real estate M&A by value in H1

One of the standout deals was the acquisition of upper floors and retail space at One Exchange Square.

Hong Kong-based bidders led the Asia-Pacific region in real estate mergers and acquisitions (M&A) by value in the first half of 2025, despite a year-on-year decline in deal totals.

According to Datasite’s report, announced deals involving Hong Kong acquirers totalled $71.2b (US$9.1b), down 11.8% from the same period last year.

Japan ranked second with $51.3b (US$6.6b) in real estate M&A, followed by Mainland China at $45.7b (US$5.9b). Whilst China placed third by value, it led the region in deal volume, recording 73 transactions during the period.

The largest real estate transaction in the region was Dalian Wanda Group’s sale of a 60% stake in Zhuhai Wanda Commercial Management for approximately $54.6b (US$7b).

In Hong Kong, one of the standout deals saw Hong Kong Exchanges & Clearing acquire upper floors and retail space at One Exchange Square for $6.33b (US$812m) on 24 April.

Across the Asia-Pacific real estate market overall, M&A activity slowed in both value and volume. Total deal value fell 9.9% YoY to $280.8b (US$36b), whilst the number of deals declined 10.5% to 214.

Outside of real estate, the broader APAC M&A landscape saw 5,020 deals in the first half of 2025, down 6.3% YoY. However, total value surged 89.5% to $4.77t (US$612b), driven by several blockbuster corporate transactions.

In sector-specific highlights, Hong Kong ranked fourth in pharmaceutical, medical, and biotech M&A by bidder value, with $16.24b (US$2.08b) in announced deals. The sector as a whole saw no megadeals during the period.

Industrials and chemicals led all sectors in M&A value with $1.01t (US$129b), whilst technology, media, and telecom deals doubled in value to $865.8b (US$111b) despite a decline in deal volume.