"In Q2/2024, Beijing’s retail market remains robust. Three new projects were launched in the quarter and enriched consumers’ shopping options. Major shopping malls continued to adjust and upgrade their brand portfolios, while the Beijing government introduced multiple policies to stimulate consumption and enhance market vitality. Overall, 2024 saw steady growth in Beijing’s retail market, supported by economic recovery and the upgrades in new and existing retail projects."

"En-bloc investments are considered the barometer of the commercial real estate market, directly reflecting investment trends and expectations. In H1/2024, Beijing’s en-bloc investment market continued to post steady performance and the half-year transaction volume outnumbered last year. Looking ahead, commercial real estate’s continued recovery will further boost market confidence and en-bloc investments in the future."

"In the first half of 2024, Beijing’s Grade A office market recovered steadily. With no new supply projects and a gradual recovery in demand, market activity showed signs of improvement. In the remainder of 2024, Beijing’s office market is expected to see several new projects, further stimulating competitions and potentially causing new fluctuations in vacancy rates."

"Chengdu is expected to see 200,000 sqm of Grade A office supply in H2/2024, adding to the over 4 million sqm of total stock at the time. The market will continue to face greater destocking pressure, as it may be difficult for rental demand to grow significantly in the short term."

"Chengdu retail market’s new projects have become more diverse, adding much freshness to the market. Apart from the opening of new shopping malls and relaunch of renovated projects, non-traditional retail projects have kept on innovating retail space and contents, exploring possibilities for Chengdu retail development."

"As Chongqing’s main urban area continues to see limited new supply, the renovation of existing projects and community commerce may provide consumers with enriched shopping experience."

"Chengdu’s first-hand residential market saw a decline in supply and sales in 1H/2024, but the average transaction price remained stable. Chengdu’s land market turnover declined sharply, while the average land price in the main urban areas increased in contrast to those with significant decline in the suburbs."

"A challenging market environment persists, yet strategic government initiatives and adaptive landlord strategies signal a cautiously optimistic outlook for the Shanghai office property market."

"Retailer sentiment was impacted by the marginal growth in the city’s retailsales and many retailers had to think twice before making a commitment ofupholding their new store opening plans."

"In general, market confidence remained a conundrum in the Shenzhenresidential sales market as it pledged more to the macroeconomic anddemographic contexts. But demand for projects with premium quality was high as exemplified by the sales of several key projects."