"While new supply brings fresh energy to the market, it also intensifies leasing pressure, making tenant curation and experiential upgrades more critical than ever."

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

"Policies to boost consumption have increased short-term demand and gave retailers confidence in government support, though it’s still unclear if this will lead to a lasting recovery in sentiment."

"Amid challenging economic conditions, most projects concentrated on maintaining occupancy, while the overall vacancy rate was affected by new supply."

"With robust inbound tourism policies and new retail developments, Hangzhou’s retail market is poised for continued growth, though rental income prospects remain modest in the short term."