“Together with the announcement of Guangzhou SKP in the eastern fringe of Zhujiang New Town, alongside other prominent developments by established developer-operators, Guangzhou’s retail market is set to upgrade over the foreseeable term.” —— Carlby Xie, RESEARCH



Market stabilises in Q1/2026

•Guangzhou’s GDP grew 4.0% YoY to RMB3.2 trillion in 2025, while urban residents’ disposable income increased 3.2% YoY to RMB86,069.

•Retail sales rose 5.5% YoY to RMB1.1 trillion in 2025.

•No new supply was recorded in Q1/2026, leaving total stock unchanged at 7.82 million sqm at quarter-end.

•Citywide vacancy rates rose 0.1 ppts to 12.5%, narrowing by 0.4 ppts YoY.

•Leasing demand remained broadly unchanged QoQ, with F&B, fashion, accessories and cosmetics continuing to account for the largest share of new store openings.

•Shopping mall first floor rents fell 0.2% in Q1/2026 to an average of RMB605.3 psm pmth, down 0.1% YoY.

•Upcoming projects, including MixC Guangzhou (2026) and Taikoo Li Guangzhou (Ph1 in 2025; Ph2 in 2027), alongside the planned Guangzhou SKP scheme, are expected to support a gradual upgrade in overall market positioning.