"Despite macroeconomic challenges, numerous brands are showing resilience by expanding and adapting to market changes. Key growth opportunities are emerging in niche subcategories, highlighting the resilience and potential within the sector."

"Despite the challenging economic environment, there are signs of increased activity in the investment market. This improvement is driven by the availability of more high-quality assets, continued monetary easing, and asset repricing."

"Industrial real estate, pivotal to manufacturing's growth, is integral to China's economic ascent. Amid global supply chain shifts, the Chinese manufacturing sector is compelled to upscale and assert greater autonomy."

"Increased government support for the economy will take time to impact businesses. However, this support is expected to gradually lead to higher activity levels and increased office demand."

"Landlords remained proactive in attracting tenants and pursuing market digestions in the face of persistently challenging market conditions."

"The local government has displayed its determination and commitment of stabilising a steady market development in the biggest policy change in 14 years. So far, this has already incubated a surge in site visits to project sales offices and reportedly, purchases during the National Day holiday in Guangzhou."

"To attract more footfalls, more landlords replaced their  low-sales-per-square-foot brands with new brands already gaining popularity or with more affordable average order values. This works quite well at some malls on the back of the current economic environment and changing consumer behaviour."

"In Q3/2024, the first new project of the year, Lanrun Ruichen Centre, brought nearly 30,000 sq m of new supply to the market. Leasing demand remained weak, but total surrender space declined significantly. In Q4/2024, approximately 100,000 sq m of new supply is expected in Tianfu New District, intensifying competition in the area."

"Continuous upgrade of the consumption scene is of great significance for improving the project’s space and service quality, and an effective way to ultimately enhance the project’s comprehensive competitiveness."

"Foreign tourists in Chengdu have increased considerably in 2024. The first buy-and-refund spot in Sichuan province was set up at Chengdu IFS in September, facilitating the tax refund process for foreign consumers. More renowned brands have opened stores at Chengdu airports. All above are favorable to promote the consumption of foreign tourists."