"As pricing adjusts and ownership transitions from financial investors to long-term owners, new investment opportunities are emerging through repositioning, urban regeneration and active asset management."

"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."

"We are moving from a volume-driven market to one defined by selectivity, execution and cash-flow resilience."

"Investor caution and divergent pricing expectations continue to define Shanghai’s commercial property market in Q2/2025. While private capital remains active in small to mid-sized assets, institutional and foreign players are largely on the sidelines. The market reflects a broader recalibration, where liquidity is available but only selectively deployed, favouring resilient sectors and opportunistic strategies."

"The commercial real estatemarket is adapting to a newenvironment, with increasedpolicy support providing afoundation for stability. Whilechallenges remain, there areemerging opportunities forlong-term growth, particularlyfor investors seekingdiversification in uncertaintimes."

"Despite ongoing challenges, the government has increased policy support, signalling a more unified approach to economic issues. This shift is expected to bring stability to the market, create new opportunities, and act as a catalyst for recovery, even amid uncertainty."

"While market conditions remain challenging, authorities have intensified policy support, indicating a more considerable and coordinated approach to addressing key issues facing the economy and markets."

"Shanghai's investment market remains more active than many other parts of the country with strong end-user demand and confident private domestic investors driving the majority of deal flow."