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

"Hangzhou is harnessingits intangible strengthsto drive tech innovationand economic growth,reinforcing its positionas a leader in bothChina’s and the globalsci-tech innovationlandscape."

"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."

"The market starts 2025with a positive net take-upin the first quarter despitethe seasonality and otherissues. But the expectedannual new supply which isnearly one million sqm willsabotage the stability ofthe leasing market thisyear."

"Despite a slew of policy incentives and stimulus, many potential property buyers hit a pause to their purchasing as tariff war and heightened trade tensions bring growing concerns about economic and employment stabilities, which may affect their subsequent life quality pledged to mortgage repayment capacity."

"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."

"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."

"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."