"Beijing’s retail market performed steadily in 2024, posting moderate growth while newly launched projects improved the consumptionenvironment in non-prime and suburban submarkets."

"Chengdu retail market’s new projects have become more diverse, adding much freshness to the market. Apart from the opening of new shopping malls and renovated projects, nontraditional retail projects have continued innovating retail space, exploring new possibilities for Chengdu retail development."

"The local government has demonstrated a strong determination to stabilise housing market development with a profound policychange after 14 years, incubating a surge in site visits and purchases during the National Day holiday. Nonetheless, a full recovery of purchasing sentiment will still count on an improvement in macroeconomics, employment and spending."

"Despite the challenges facing the manufacturing market, demand for high-grade factories remains strong, driven by a government-led push to lead the way in new economy industries such as NEVs, solar panels, and batteries. China reigns pre-eminently in these fields while it continues to look for new industrial highlands."

"Beijing office market showed signs of recovery and performed better than expected at the beginning of 2024. After the pandemic from previous years, the overall economic has recovering steadily. Leasing demand in the Beijing office market saw a decent rebound in Q1/2024."

"Chengdu’s GDP reached RMB2207.47 billion in 2023, ranking 7th among all Chinese cities. Tertiary industry added value reached RMB1510.90 billion, up 7.5% YoY."

"Over the past 12 months, numerous media outlets have highlighted the high office vacancy rates in China’s Tier 1 cities, prompting discussions on the office overbuild and soft demand."