"Leasing market uncertainty continued to increase not only because of the persistent imbalance between supply and demand but also the global tariff-driven economic slowdown and other considerations. Stabilising occupancy of office properties becomes more prevalent for most landlords in 2025 regardless of rental changes."

"Despite the consumption downgrade which has been widely discussed lately, Shenzhen’s retail property market continues to benefit from support of policies, demographic advantages and Hongkongers’ “Go North to Spend” campaign, distinguishing itself from other GBA peers in terms of more diversified brand penetration."

"While new projects are taking longer to lease, improving consumer sentiment and brand innovation are laying the foundations for a stronger recovery."

"While it’s encouraging to see a more proactive government stance, its impact on the market will take time to materialise, and the full extent remains uncertain, meaning any market recovery is likely to be gradual."

"Underpinned by favourable policies, Tianjin housing market is shifting to see more demand. It is also expecting quality projects with reasonable prices, a mainstream in the residential market, and differentiated regional volumes."

"Chengdu’s first-hand residential market experienced supply declines in Q1/2025, down 21.8% in the main urban areas and 19.9% in the suburbs. On the demand side, the first-hand residential market in the main urban area saw an increase in both transaction volume and transaction price."

"Despite a slew of policy incentives and stimulus, many potential property buyers hit a pause to their purchasing as tariff war and heightened trade tensions bring growing concerns about economic and employment stabilities, which may affect their subsequent life quality pledged to mortgage repayment capacity."

"While market conditions remain challenging, Hangzhou’s focus on niche consumer segments continues to drive steady retail growth."

"Hangzhou is harnessingits intangible strengthsto drive tech innovationand economic growth,reinforcing its positionas a leader in bothChina’s and the globalsci-tech innovationlandscape."

"The market starts 2025with a positive net take-upin the first quarter despitethe seasonality and otherissues. But the expectedannual new supply which isnearly one million sqm willsabotage the stability ofthe leasing market thisyear."