"Growing supply, particularly from subsidised housing, is reshaping the market and forcing operators to compete more on service and efficiency."

"The market is moving away from growth expectations and towards income certainty. In this environment, value is no longer defined by potential, but by an asset’s ability to generate stable and sustainable cash flow over time."

"Several retail districts in Shanghai—Huaihai Road, Wujiaochang and Nextage—continue to attract strong leasing demand. As a result, brands see them as safer locations for new stores even as the wider retail market remains weak but stabilising."

"Leasing demand has remained broadly stable, but the upcoming wave of new supply is expected to place greater pressure on landlords and intensify competition across submarkets."

"Beijing’s retail market has remained broadly stable under policy support. Consumption upgrading continues to drive activity, while the first-store economy and the integration of commerce, tourism, culture and sports are becoming key drivers of market renewal."

"Alongside policy support for traditional occupiers, a new source of demand is emerging from more client-facing uses of office space. While this remains relatively limited in scale, it is helping support leasing activity in selected buildings."

"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."

"Amid tightening supply of traditional shopping malls and stronger cultural and tourism demand, innovative retail formats and cultural tourism venues are set to drive experience-led growth this year."

"As Financial City East continues to take shape, new supply is supporting leasing activity, with occupiers actively pursuing relocation and upgrade opportunities."

"Entering 2026, Guangzhou’s office market conditions remained broadly unchanged from 2025, continuing to favour occupiers. Leasing activity picked up in Q1, with more large occupiers taking advantage of current conditions to restructure leases and optimise their real estate costs."