"The Beijing en-bloc investment market witnessed a stable start in 2025, with several significant acquisitions completed during the quarter. Office assets continued to be the preference for investors. Educational organizations, listed companies and joint ventures acquired assets that aligned with their specific demand."

"Beijing Grade A office marketkicked off the year 2025 withsteady performance. No newprojects were launched in thequarter, while leasing demandhas continued to pick up,receiving positive absorptionsfor seven consecutive quarters.In the short term, landlords willcontinue the ‘price-for-volume’strategy, and more importantlyrental adjustments will drive upthe market trends."

"Beijing’s retail marketcontinued to prioritizeproject upgrades andrenovations, propelling themarket into a new phase.Enhanced quality of newlylaunched projects, coupledwith the Spring Festivalholidays and consumptionboosting activities, sustainedstrong retail enthusiasm inearly 2025."

"While relatively low consumerconfidence and cautious retailersentiment are already seen on themarket, more headwinds areexpected in the Guangzhou retailproperty market. For example,some retailers who used tosplurge on occupying prime retailspaces at shopping centres tobuild/increase their brandawareness and marketpenetration have graduallystarted to review their storerelocation plans as analternative."

"In general, the Tianjin Grade A office market continued to pick up in Q1/2025. As most tenants focused on cost saving, landlords offered rental incentives and improved services to boost leasing demand. In the next two years, new supply will intensify competition and bring greater pressure for landlords."

"Shanghai’s residentialmarket shows promisingearly signs in 2025, withrising transaction volumesacross first-hand, secondhand,and land sales. Thismomentum is expected tocontinue, driving marketdevelopment and paving theway for policy adjustmentsin the coming months."

"Despite the challenges of the current market, demand for high-quality, well-located serviced apartments remains strong. The future of the rental housing sector will depend on operators’ ability to innovate and adapt quickly to shifting market dynamics."

"In Q1/2025, the market supply has grown significantly while the demand picked up. The citywide average rents continued to decline. With over 200,000 sqm expected in the pipeline in Q2/2025, the vacancy rate remain under pressure, making it difficult to reverse the rents’ declining trend in the near term."

"With a diminishing number of new projects, ongoing adjustments and renovations of existing developments have consistently introduced fresh dynamics to the market. Although Chengdu’s total retail sales experienced slow growth, more robust incentive policies have driven increased consumption of electronic products and appliances, contributing to a stable average vacancy rate across citywide shopping malls."

"The investment market isbeginning to show signs ofre-engagement—notthrough broad-basedrecovery, but throughselective activity focusedon high-quality assets,underpinned by policyeasing and clearer pricingsignals."