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World’s Largest Modular Student Residence Opens in Hong Kong CIMC Sets Benchmark for Construction Efficiency and Sustainability

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News Lead: The opening of the world’s largest modular student residence has attracted widespread attention from public. The project was completed two years ahead of schedule, showcasing groundbreaking efficiency and advanced construction technology in educational infrastructure.

SHENZHEN, China, Dec. 26, 2024 /PRNewswire/ — A Benchmark in Global Educational Infrastructure

Recently, the City University of Hong Kong (CityU) held an opening and naming ceremony for the Lee Shau Kee Student Residence Village (hereinafter referred to as “the Residence Village”).

Recognized as the world’s largest modular student residence (calculated by the number of bed spaces), the Residential Village was built in partnership with main contractor Gammon Construction Limited and module supplier CIMC Modular Building Systems (CIMC MBS), a subsidiary of CIMC Group.

The Residential Village was opened in the third quarter of 2024 after commencing the construction work in 2022. Utilizing CIMC volumetric modular construction technology, completion was achieved two years ahead of the original schedule, setting a new benchmark for efficient construction speed and advanced technology in the field of global educational infrastructure.

The Residence Village covers a total construction area of approximately 48,000 square meters, consisting of six buildings ranging from 13 to 18 stories. The overall building complex involves over 1,300 modules and provides more than 2,000 bed-spaces for CityU’s undergraduate and graduate students.

In addition to hostel rooms, there are communal rooms, corridors, rest rooms and plant rooms constructed using the CIMC modular construction technology.

During the construction process, innovative MiMEP (Multi-trade Integrated Mechanical, Electrical and Plumbing) technology was adopted. The pre-assembled MEP cassettes were integrated and installed in the CIMC factory within the modules before being transported to the site for installation. This approach reduced overall installation time by 50%.

Up to 90% of the aluminum cladding system was also prefabricated and installed in the factory, including the projecting horizontal and vertical fins. The aluminum feature fins were designed to conceal all the external pipe works providing an attractive appearance whilst also providing access for future maintenance.

In addition, CIMC Modular utilizes its self-developed digital systems, such as project management cockpit and quality digital monitoring systems, to provide a “smart brain” for project construction. Through these systems, multiple production processes are monitored, achieving full digital management and process traceability for module production, transportation, and installation, thereby providing strong support for quality project delivery.

Modular Construction Technology Is Addressing Hong Kong’s Urban Development Challenges

For a long time, Hong Kong has faced multiple challenges, including restricted land resources, diversified construction demands, and an urgent desire for efficient and environmentally friendly building methods. Traditional construction methods have gradually revealed issues such as long construction periods, significant noise pollution, and excessive construction waste, making it difficult to meet Hong Kong’s rapidly evolving needs. The emergence of volumetric modular construction technology has brought new hope to address these challenges.

Off-site volumetric modular construction technology adopts the concept of ” factory assembly followed by on-site installation,” transfers 90% of on-site construction processes to a controlled factory environment. In this method, free-standing integrated modules (completed with finishes, fixtures, and fittings) are manufactured and assembled in a factory, buildings can be substantially completed off-site.

This significantly reduces construction time and minimizes the impact of weather conditions and site constraints, while also providing a great degree of production quality control, and can improve construction productivity, cost-effectiveness, safety, and sustainability.

In the construction of the Residence Village, this on-site installation method resulted in a 75% reduction in construction noise and a 68% decrease in construction waste. By using low-carbon concrete and rebar as building materials and replacing diesel generators on-site with grid-powered facilities, the project also significantly reduced the carbon footprint generated during its construction period. These figures clearly reflect the substantial environmental benefits of this technology, effectively minimizing its impact on the surrounding environment and residents’ lives and providing a successful example of green construction for global building projects.

It is worth noting that the successful implementation of the Residence Village project is an important milestone in promoting the development of volumetric modular construction technology in Hong Kong, offering valuable experiences for construction projects in Hong Kong and the worldwide, guiding the industry toward a more efficient, environmentally friendly, and intelligent future.

View original content:https://www.prnewswire.com/news-releases/worlds-largest-modular-student-residence-opens-in-hong-kong–cimc-sets-benchmark-for-construction-efficiency-and-sustainability-302339243.html

SOURCE CIMC

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Howard Hughes Holdings Set to Join S&P SmallCap 600

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NEW YORK, Oct. 23, 2026 /PRNewswire/ — Howard Hughes Holdings Inc. (NYSE: HHH) will replace Arcosa Inc. (NYSE: ACA) in the S&P SmallCap 600 effective prior to the opening of trading on Wednesday, October 28. S&P 500 constituent CRH plc (NYSE: CRH) has acquired Arcosa in a deal that closed today, October 23.

Following is a summary of the changes that will take place prior to the open of trading on the effective date:

Effective Date

Index Name  

Action

Company Name

Ticker

GICS Sector

October 28, 2026

S&P SmallCap 600

Addition

Howard Hughes Holdings

HHH

Real Estate

October 28, 2026

S&P SmallCap 600

Deletion

Arcosa

ACA

Industrials

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/. 

FOR MORE INFORMATION:

S&P Dow Jones Indices
index_services@spglobal.com

Media Inquiries
spdji.comms@spglobal.com

View original content:https://www.prnewswire.com/news-releases/howard-hughes-holdings-set-to-join-sp-smallcap-600-302918511.html

SOURCE S&P Dow Jones Indices

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Chelsea FC announces multi-year sleeve partnership with Sokin, the business payments and FX platform

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Chelsea FC name fast-growing fintech platform as Principal Partner

LONDON, Oct. 23, 2026 /PRNewswire/ — Chelsea Football Club has today announced a multi-year partnership with Sokin, the embedded finance and payments company used by businesses worldwide. Sokin will be named a Principal Partner and Official Business Payments and FX Partner of Chelsea FC and Chelsea FC Women.

As a Principal Partner, Sokin will be represented on the sleeves of the Chelsea FC men’s, women’s and academy home, away, and third kits from the 2026/27 season.

The partnership brings together two ambitious London-headquartered organisations with worldwide reach – a club with millions of fans across the world and a fintech platform through which businesses move more than $11 billion a year. A club of Chelsea’s scale works in many currencies every day, with partners, competitions and supporters around the world, and needs a financial partner built to handle that.

Sokin gives finance teams business payments, multi-currency accounts, foreign exchange, checkout and treasury in one place, so they spend less time juggling banks and providers and keep more of what they move.

As Official Business Payments and FX Partner, Sokin will simplify how Chelsea FC sends, receives and manages money in the currencies the club operates in.

The Sokin logo will feature on the sleeve of the Chelsea shirt for the first time [when the men’s team host Tottenham Hotspur at Stamford Bridge on Saturday 24th October.]

Jason Gannon, President at Chelsea FC said:

“At Chelsea, we seek to partner with organisations that share our ambition and innovative mindset. Sokin’s expertise in business payments, and their focus on making both simpler for the businesses they serve, makes them a natural fit for the Club. We are pleased to welcome Sokin to the Chelsea family and look forward to working together in the years ahead.”

Vroon Modgill, CEO and founder at Sokin said:

“Chelsea plays on the biggest stage in world football, and its business runs in dozens of currencies. Sokin was built for that with regulated, multi-currency payments and foreign exchange for organisations that operate internationally. We’re proud to be the platform behind the business payments and FX of one of the most iconic teams in football. Sokin’s platform serves businesses in more than 170 countries. We’re thrilled to be partners for the season ahead. An organisation as sophisticated as Chelsea doesn’t leave its finances to chance.”

About Sokin

Sokin is the financial layer global business runs on. Businesses can transact, convert and hold money in 70+ currencies across 170+ countries. Some businesses use Sokin to manage global finance in-house. Others build it into their products to power financial experiences for their customers. Businesses move more than $9 billion a year on licenses Sokin holds in 36+ countries and infrastructure Sokin owns. Founded in 2019, Sokin has raised over $100 million from investors including Morgan Stanley Expansion Capital and Prysm Capital.

About Chelsea Football Club

Chelsea Football Club is one of the biggest, most successful football clubs globally and our men’s team are reigning world champions, having won the four-yearly FIFA Club World Cup in 2025. Our women’s team, Chelsea Women, are also multiple trophy winners.

Founded in 1905, Chelsea is London’s most central football club, based at the iconic 40,000-capacity Stamford Bridge stadium. Nicknamed the Blues, the club lifted the Champions League for the first time in 2012 and domestically has won the Premier League five times, the FA Cup eight times, the Football League Cup five times and the Football League Championship once, in 1955.

The Chelsea Women’s team have enjoyed a huge amount of success and in 2025 won the FA Women’s Super League for a sixth consecutive year and the eighth time overall. The Women’s FA Cup has been won on six occasions. We have also captured the FA Women’s League Cup four times as well as reaching the UEFA Women’s Champions League final in 2021. In two seasons, 2020/21 and 2024/25, a domestic treble of trophies was secured.

The Chelsea Foundation boasts one of the most extensive community initiatives in sport, helping to improve the lives of children and young people all over the world.

Media Contacts:

Taina Biggs
taina.biggs@sokin.com 

Nerissa Chesterfield
nerissa.chesterfield@chelseafc.com 

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/chelsea-fc-announces-multi-year-sleeve-partnership-with-sokin-the-business-payments-and-fx-platform-302918466.html

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Amy Johnson Appointed President of GDIT

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RESTON, Va., Oct. 23, 2026 /PRNewswire/ — General Dynamics (NYSE:GD) announced today that Amy Johnson has been appointed as president of GDIT, effective November 3.

Johnson is a 27-year veteran of General Dynamics Mission Systems, where she held increasingly senior roles in engineering, engineering management and business leadership across cybersecurity, defense electronics, space and intelligence systems, most recently as vice president and general manager for Space, Cyber and Intelligence. She earned bachelor’s and master’s degrees in computer science and computer systems engineering. 

“Amy has a proven track record of leading teams to solve complex and highly technical challenges for our customers,” said Phebe Novakovic, CEO of General Dynamics. “I am confident that her dynamic leadership, operational rigor and deep commitment to our values and culture will deliver value to our customers, employees and shareholders.”

GDIT delivers digital modernization, cloud computing, artificial intelligence, cybersecurity and software development solutions to the U.S. federal government, defense, intelligence agencies and other customers. It is a business unit of General Dynamics, a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 120,000 people worldwide and generated $52.6 billion in revenue in 2025. More information is available at gd.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/amy-johnson-appointed-president-of-gdit-302918411.html

SOURCE General Dynamics

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