Posted 1/7/2024, 11:30:23 PM
Beijing Leads China's Retail Property Recovery While Consumers Remain Wary
- China’s retail property markets showed signs of recovery in Q4 2023, with Beijing topping performance
- Vacancy rates dropped and rents rose in Beijing amid expectations of further improvement in 2024
- Shanghai saw increased leasing demand but also more new supply, lifting vacancy rates slightly
- Retail sales grew over 10% in November, though mainly due to low 2022 base when lockdowns hit consumption
- Consumers remain cautious - Q3 consumer confidence in Shanghai dropped 22%; nationwide sentiment still below neutral