"Neighbourhood and large format centres have continued to perform well and a clear divergence between discretionary and non-discretionary centres has become apparent in both sales and leasing metrics."

"The Beijing Grade A offi ce market will continue to face signifi cant pressurein the medium-to-long term as over 1.3 million sq m of new supply is expected in 2021."

"Guangzhou’s logistics property market off ers higher investment returns relative to other conventional property sectors, attracting many investors in recent years. However, the investment opportunity is becoming smaller as challenges associated with the sector are on the rise, making deal sourcing and conclusion much more diffi cult."

"Investors are piling into the logistics sector despite fierce competition and rapidly falling yields."

"In 2020, the Xi’an government promoted the integration of the cultural and tourism industry in the city, causing many retail projects to integrate cultural aspects to attract customers. These additions in commercial projects help meet demand for higher-level consumer experiences."

"Open borders will unlock office demand, especially from Mainlandfirms who have become a key driver of office take-up in Central. As PRC firms become more diverse in their business lines, we expect demand to shift more to non-core areas."

"According to Savills data, among the 19 office buildings in the two major business zones, almost 20% by GFA is occupied by various departments of the government."