2023 GREATER CHINA RETAIL PROPERTY SUPPLY AND DEMAND TRENDS

ln the first half of 2023, China's total retail sales of consumer goods increased by 8.2%year-on-year (y-o-y). Along with the upturn, we expect the retail market in Greater Chinato remain buoyant for the rest of the year.

By Q2 2023, the total prime retail property stock in the core markets in the 16 majorcities in Greater China we track totalled 106.0 million sg m. ln China, many internationaand domestic brands either opened their first store or accelerated their expansion,demonstrating an increasing demand for retail space in the market. The total premiumcore city retail property net absorption across the Greater China market for the half yearwas 2.66 million sq m. With most mid- to high-end shopping centres remaining attractiveto many retailers, the overall vacancy rate in the 16 major cities in Greater Chinadecreased to 11.01%in Q2 2023.

China's retail property market is and will continue to be a popular investment destinationfor investors, developers and retailers, given the measures from the central and localgovernments to stimulate consumption, Chinese consumers' continual pursuit in upgradingthe goods that they buy, the launch of retail property C-RElTs, and the general sustainabledevelopment within the overall retail industry.









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