"Shenzhen has enjoyed abundant policy incentives offered by the central government and strong GDP growth at a CAGR of 8.7% from 2014 to 2023."

"Beijing retail market experienced a positive recovery trend and consumption boom in 2023, boosted by sufficient supply and demand after the three-year pandemic."

"The expanding supply in the Chongqing retail property market in recent years has further intensified market competition. In addition to continuing to optimize the brand and format mix, future business projects need to pay more attention to how to innovate the operation model and enhance competitiveness with higher quality services."

"The effect of the first store economy continues to ferment, attracting more new brands to open in Shenzhen, which is second to none in South China."

"Beijing office market kicked off with a slow start in 2023. The removal of COVID restrictions guaranteed business activities back to normal while enterprises resumed their leasing plans. Grade A office leasing inspections in Beijing rebounded swiftly, but it is still expected to take time for this to translate into new leases or for self-sustaining momentum to gain sufficient steam."

"Since the entry of Oakwood Gold Arch Residence Guangzhou on Ersha Island to the market in 2000, the Guangzhou serviced apartment market has developed for more than two decades."

"China’s logistics value experienced robust growth of 3.4% in 2022, reaching RMB347.6 trillion, while the total revenue of the logistics industry amounted to RMB12.7 trillion, exhibiting a year-on-year (YoY) increase of 4.7%. Notably, sectors such as railway transport, the cold chain sector, and express delivery maintained strong growth rates, showcasing their resilience and importance."

"Chengdu’s GDP reached RMB2,082 billion in 2022, an 2.8% increase YoY, and the total economic output exceeded 2 trillion for the first time. The tertiary industry growth value reached RMB1,382 billion, up 1.5% YoY."

"Chongqing’s GDP reached RMB2,083 billion in the first three quarters of 2022, a 3.1% increase YoY. The growth value of the tertiary industry reached RMB1,109 billion, up 2.5 ppts YoY. The investment market remained stable from 2021 to 2022, with seven bulk transactions recorded."

"A surge in COVID cases and subsequent lockdown in March had an outsized effect on the retail market, with Shanghai’s retail sales falling 10.7% YoY in the first three quarters of 2022, with wholesale and retail sales down 9.4% YoY, and accommodation and F&B sales down 24.8% YoY After the lockdown was eased in June, consumption began to recover with consumer spending skewed towards food, though there was also a pickup in some discretionary expenditure in Q3/2022, such as NEVs (New Energy Vehicles), smartphones, jewellery and cosmetics growing by 39.8%, 6.6%, 4.9% and 1.3%, respectively."