“In the current environment, institutional investors remain cautious. Even so, 2025 en-bloc deals showed clearer preferences, with buyers placing greater emphasis on cash flow and long-term stability.” –– Vincent Li, Savills Research.

Capital Moves with Caution

• First-hand strata-title office transactions totalled 166,089 sqm in Q4/2025, up 15.5% QoQ, with total consideration of RMB3.72 billion (+3.6% QoQ).

• First-hand strata-title retail transactions recorded 89,158 sqm, down 38.4% QoQ, while total consideration fell to RMB1.91 billion (-42.4% QoQ).

• Beijing’s en-bloc investment market remained broadly stable in Q4/2025, with quarterly consideration of RMB3.84 billion.

• Full-year 2025 en-bloc transaction volume reached RMB23.88 billion, down 30.3% YoY.

• Grade A office capital values averaged RMB55,023 psm in Q4/2025, with the gross reversionary yield holding at 5.0%.

• A total of 32 land plots were transacted for RMB40.09 billion, including 11 residential, 6 commercial/office, and 15 industrial plots.