"A considerable amount of purchasing demand for residential properties in Guangzhou was injected into the market during Q4/2024 primarily owing to the lift of the Home Purchase Restrictions (HPRs) and seasonality issues since September 2024. The total sales volume has exceeded two million sqm for the first time since Q1/2022."

"Policies to boost consumption have increased short-term demand and gave retailers confidence in government support, though it’s still unclear if this will lead to a lasting recovery in sentiment."

"Beijing’s Grade-A office market recovered steadily in 2024. Limited new supply in the year provided landlords with a good opportunity for destocking. Meanwhile, the prevailing ‘price-for-volume’ strategy aligns with corporate tenants’ rigid demand for cost reduction and efficiency improvement. As favourable real estate policies gradually take effect, they are expected to drive overall industry stabilization and improvement, creating critical development opportunities for the office market."

"Despite challenges, Hangzhou’s focus on cross-border live streaming, e-commerce, and platform companies, along with the development of a global payment centre and exploration of MICE industry opportunities, plays to its strengths and is expected to drive demand both directly and indirectly through related industries."

"As tenant expectations continue to evolve, serviced apartments with outdated facilities are increasingly struggling to remain competitive. Upgrading both physical amenities and technological services is now crucial for operators to meet market demands, preserve asset value, and stay ahead of the competition."

"The overall market landscape is expected to remain largely unchanged in 2025 given the current global political and economic contexts, occupiers’ stringent cost control, as well as a nine-year supply peak. The importance of domestic demand speaks for itself."

"In Q4/2024, Tianjin introduced financial policies and real estate incentives aiming at market stabilization and recovery. Demands picked up in the period from both out-of-town buyers and local buyers seeking home upgrade, which boosted market transactions and confidence."

"In Q4/2024, Tianjin retail market accelerated its brand mix adjustment. Projects introduced cross-sector interaction makes new business formats that elevate the market performance."

"In 2024, annual new supply reached 35,000 sqm, with an over 70% YoY decrease, but net absorption declined YoY as well. By year end, the average vacancy rate was down to 38.2% and the rent decline accelerated throughout the year."

"Amid macroeconomic pressures, consumers are spending more cautiously, prioritising value for money. Cross-category integration is a key focus, requiring new projects to align with market demand and testing the leasing capabilities of operational teams."