# Hong Kong investors turn hotels into student housing - **Source:** Real Estate Asia - **Published:** 2026-09-03T22:00:00.000Z - **Author:** Gwyneth Bejer - **Original:** https://realestateasia.com/exclusive/hong-kong-investors-turn-hotels-student-housing - **Topics:** Commercial & Industrial, Government & Policy, Transactions & Deals ## Featured rationale The widening shortage signals strong accommodation demand and may support more adaptive-reuse transactions for strategically located nonresidential assets, particularly as lower values improve acquisition opportunities. ## AI summary Hong Kong’s student-bed shortage is projected to nearly double from 76,300 in 2025-2926 to 147,200 by 2029-2030, prompting hotel and office conversions. ## Original article Office deals also rise as companies seek larger spaces for their own use. Hong Kong property investors are targeting hotels and office buildings for conversion into student housing as the city’s accommodation shortage is set to nearly double within four years. The shortage is projected to reach 147,200 beds by the 2029-2030 academic year from 76,300 in 2025-2926, according to a June report by Jones Lang LaSalle Ltd. (JLL). About 16,300 beds were in the pipeline as of end-April. Tom Ko, executive director and head of capital markets for Hong Kong at Cushman & Wakefield (HK) Ltd (C&W), said buyers are focusing on quality and strategic value, whilst end-users favour premium, well-located assets. “The accommodation sector is a key growth area,” he said in an emailed reply to questions, citing government “academic town” initiatives and demand for living space. China Resources Longdation Company Ltd. bought Hotel COZi Oasis in Kwai Chung for $953m in March to convert the 583-room property into student housing with about 900 beds. Large nonresidential property transactions worth more than $100m reached $23.2b in the first half, up 84% from a year earlier, C&W data showed. The increase reflected more companies buying premises for their own use and investors seeking properties they can repurpose. Office transactions are also expected to remain active as companies buy premises for their own use, said Antonio Wu, head of capital markets for Greater China at Knight Frank Hong Kong Ltd. Lower property values are allowing owner-occupiers, mainland companies, and institutions to secure bigger, higher-quality spaces, Wu said. Office transactions rose to 297 in the second quarter from 271 in the first, although their total value fell to $4.16b from $4.86b, according to Rating and Valuation Department data cited by Knight Frank. The University of Hong Kong bought an entire office building on Connaught Road West for $4b, whilst DBS Bank (Hong Kong) Ltd. acquired six full floors at The Center in Central for $2.62b. “The wider implication is a selective recovery of well-located assets with scale, strong specifications or strategic relevance,” Wu said. The recovery remains concentrated in Central and other established business districts, supported by demand from initial public offerings, wealth management, and financial services. Occupiers in nonfinancial industries are expected to remain cautious, he added. Residential buyers are also placing greater weight on efficient layouts, building management, and long-term liveability, said Letizia Casalino, executive director at Okay Property Agency Ltd. “It's shifted from ‘How much will this appreciate?’ to ‘How well does this actually serve my life today?’” she said in an emailed reply to questions. “At the top end, privacy and exclusivity remain paramount.” She expects the mass- to mid-market homes to drive residential activity, helped by the higher threshold for the $100 flat stamp duty, which was raised to properties worth as much as $4m from $3m in February 2025. The higher stamp duty on properties worth more than $100m is unlikely to deter luxury buyers, said Koh Keng-Shing, CEO and founder of Landscope Realty Ltd. “What matters more is whether the property is the right product for them,” Koh told Hong Kong Business via Zoom. Chinese buyers make up most of the luxury segment, whilst more than 60% of buyers he encounters work in financial services, he said. Interest rates remain the biggest risk for luxury property transactions, Koh said, whilst the segment also depends on whether Hong Kong’s economic growth broadens beyond financial services. ## Chinese translation > Translation model: grok_cli ### 香港投资者将酒店改建为学生宿舍 香港房地产投资者正瞄准酒店和写字楼，计划将其改建为学生宿舍。 写字楼交易也在增加，因企业寻求更大空间供自用。 香港房地产投资者正瞄准酒店和写字楼，计划将其改建为学生宿舍，因该市住宿短缺预计将在四年内几乎翻倍。 根据仲量联行有限公司（JLL）6月发布的一份报告，住宿短缺预计将从2025-2926年的76,300个床位增至2029-2030学年的147,200个床位。截至4月底，约有16,300个床位处于规划建设中。 戴德梁行（香港）有限公司（C&W）执行董事兼香港资本市场主管Tom Ko表示，买家正聚焦于品质与战略价值，而自用买家则偏好优质、地段优越的资产。 “住宿板块是一个关键增长领域，”他在回复询问的电子邮件中表示，并提到政府的“学术城”举措以及对居住空间的需求。 华润隆地有限公司（China Resources Longdation Company Ltd.）于3月以9.53亿港元购入葵涌的Hotel COZi Oasis，计划将这座拥有583间客房的物业改建为约900个床位的学生宿舍。 戴德梁行数据显示，价值超过1亿港元的大型非住宅物业交易在上半年达到232亿港元，较上年同期增长84%。这一增长反映出更多企业购入物业供自用，以及投资者寻求可改变用途的物业。 莱坊香港有限公司大中华区资本市场主管Antonio Wu表示，随着企业购入物业供自用，写字楼交易预计仍将保持活跃。 Wu表示，较低的物业价值使自用业主、内地企业和机构能够拿下更大、品质更高的空间。 根据莱坊援引差饷物业估价署的数据，写字楼交易宗数从第一季度的271宗升至第二季度的297宗，但总成交额从48.6亿港元降至41.6亿港元。 香港大学以40亿港元购入干诺道西整栋写字楼，星展银行（香港）有限公司则以26.2亿港元购入中环中环中心（The Center）六个整层。 “更广泛的意义在于，具备规模、高规格或战略相关性、且地段优越的资产正在出现选择性复苏，”Wu表示。 复苏仍集中在中环及其他成熟商务区，受到首次公开募股、财富管理和金融服务需求的支撑。他补充说，非金融行业租户预计仍将保持谨慎。 Okay Property Agency Ltd.执行董事Letizia Casalino表示，住宅买家也更加重视高效户型、楼宇管理以及长期宜居性。 “已经从‘这套房子会升值多少？’转向‘它现在对我的生活到底有多好用？’”她在回复询问的电子邮件中表示。“在高端市场，私密性和专属性仍然至关重要。” 她预计，大众至中端住宅将推动住宅市场成交，这得益于100港元定额印花税门槛上调——该门槛已于2025年2月从价值300万港元的物业提高至最高400万港元的物业。 Landscope Realty Ltd.首席执行官兼创始人Koh Keng-Shing表示，对价值超过1亿港元物业征收的较高印花税不太可能吓退豪华物业买家。 “更重要的是这套物业是否适合他们，”Koh通过Zoom对Hong Kong Business表示。 他表示，中国买家构成豪华物业板块的主体，而他所接触的买家中超过60%从事金融服务。 Koh表示，利率仍是豪华物业交易的最大风险，同时该板块也取决于香港经济增长能否扩展到金融服务以外的领域。