Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Beijing retail market is experiencing significant changes with the opening of new shopping centers, contributing to a total retail space of 1.545 million square meters as of Q3 2024, marking a year-on-year increase of 10.8% in stock [2][3] - The average rent for prime retail properties in core business districts is ¥2,180 per square meter per month, reflecting ongoing demand despite economic pressures [2][10] - The market is witnessing a shift towards high-end fashion and sports brands, with notable new store openings in key areas such as the Central Business District and Sanlitun [4][11] Market Overview - In Q3 2024, the Beijing retail market welcomed the opening of three major shopping centers, adding 236,000 square meters of quality retail space [3] - The total retail space in Beijing is projected to exceed 1.2 million square meters for the year, the highest in nearly a decade, driven by the development of international consumption centers [5] - Upgrading and renovation of older commercial projects are underway, with several key locations initiating transformation plans to enhance consumer experience [3][5] Market Key Indicators - The GDP growth rate for 2024 is forecasted at 5.4%, while the year-on-year change in social consumption is projected to decline by 0.5% [2] - The average vacancy rate across the Beijing retail market stands at 10.8%, with specific districts showing varying rates, such as 5.32% in the Central Business District [10] Rental and Vacancy Rates - Average rental prices in key districts range from ¥500 to ¥2,500 per square meter per month, with the highest rents observed in the Central Business District and Sanlitun [10][11] - The vacancy rate in the overall market is 10.8%, with specific areas like the Central Business District showing a low rate of 5.32% [10] Major Brand Openings - Notable new store openings include Titleist's first store in North China at Guomao Mall and Montane's new locations in SKP-S and Beijing Kerry Center [11] - The report highlights a trend of high-end brands entering the market, with luxury brands like PRADA and Dior increasing their presence in Wangfujing [4][11] Future Supply - The report indicates that at least three additional large-scale retail projects are expected to open in Q4 2024, potentially increasing the total supply for the year to over 1.2 million square meters [5] - Future supply projections include significant developments in non-core areas, contributing to the overall growth of the retail market [10]

70 60 50 40 30 2C MARKETBEAT 北京 市场关键指标 巨比 型化 ta => 18.16% 空蓄率 1 35.0 存量(万平方米) 大266.11 相金（人民市/半方米/月 数据来源:戴德梁行研究部 北京经济数据 2024年 2024年 二季度 一季度 ta fir 5.4% 6.0% GDP增速 5.8% 5.4% 第三产业增速 0.1% 0.2% CPI增速 -1.7% 2.0% 房地产开发投资增速 数据来源:北京统计局、穆迪分析、戴德梁行研究部 三季度北京写字楼市场租金仍下行，市场空置则表现平稳 2024年三季度，在"降本增效"和"以价换量"的共识下,业主继续为企业租 户提供更为积极的租赁策略,包括提供更具吸引力的租金,更长的免租期和装修 期。至此,北京写字楼市场租金继续下探。全市租金环比下降4.7%，同比下降 13.5%至每月每平方米人民币266.1元，五大核心商圈环比下降5.1%，同比下降 12.4%至每月每平方米人民币312.8元。在市场租金普降的大背景下，一些企业租 户开始借机寻求性价比更高的楼宇，实现其对办公空间环境和品质的升级。企业 租户的换租策略致使本季度北京写字楼 ...

6,643 6,074 8,686 12,674 12,399 2024 1,484 3,246 3,638 3,946 4,532 7.5 9.2 13.1 13.6 10.4 5.1% 4.2% 3.3% 5.4% 4.5% 42,269 41,769 40,967 46,078 51,337 -20.6% -12.3% 9.3% 1.2% -12.2% 2024Q3 2 | 2024/11/29 | 40,004.4 | 3,800.42 | ≥1.5 ≤2.0 | 475 | 379-329-370213-011-002- GB00144-W00000000 | | --- | --- | --- | --- | --- | --- | | 2024/12/3 | 10,863.1 | 8,734 | 1.01 | 7,940 | 318-311-370203-018-001- | | | | | | | GB00075W00000000 | | 2024/12/3 | 49,853.1 | 34,099.52 | ≤1.8 | 3,800 | G-2024-006 | | 2024/12/10 | ...

HONG KONG OFFICE, RETAIL & RESIDENTIAL MARKETS Q 3 2 0 2 4 Better never settles OFFICE MARKET Felected a OFFICE RENT DROPPED 2.4% Q-O-Q Bringing to a 4.3% year-to-date rental correction | Submarkets | Jan 19 (Peak) | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q-0-Q △ | YTD Δ | 2024 Forecast | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Prime Central | $166.1 | $101.6 | $99.2 | $98.9 | $96.7 | 93.5 | -3.2% | -5.7% | -6 ~ -8% | | Greater Central | $139.0 | $87.3 | $85.3 | $85.0 | $83.8 | 81.0 ...

Good day, and welcome to Cushman & Wakefield's 3rd Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. If you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touchtone phone. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn th ...

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Investment Rating - The report indicates a positive investment outlook for the Northern Metropolis area, emphasizing its potential as a new economic engine for Hong Kong through industrial development and infrastructure enhancement [12][46]. Core Insights - The Northern Metropolis is positioned as a key area for high-value industries, with government strategies focusing on infrastructure and industrial planning to drive economic growth [4][12]. - The report highlights the integration of Hong Kong into the Greater Bay Area, leveraging advantages in innovation and technology to attract talent and investment [13][21]. - The development of the Northern Metropolis is expected to create significant housing and employment opportunities, with projections of over 150,000 jobs and substantial population growth [7][10]. Summary by Sections 1. Northern Metropolis Development Progress - The government has outlined a strategy for the Northern Metropolis, focusing on industrial development and infrastructure to stimulate economic growth [4][5]. - Key areas include the establishment of high-end professional services and logistics hubs, as well as innovation technology zones [7][12]. 2. How to Enter the Northern Metropolis - The report discusses land policies and considerations for entering the Northern Metropolis, emphasizing the importance of flexible land use to attract businesses [38][41]. - The government has expanded land use policies to include industrial and social welfare facilities, facilitating development [42][43]. 3. Case Studies - The report includes various case studies demonstrating successful projects and investments in the Northern Metropolis, showcasing the area's potential for growth [54][57]. 4. Summary and Recommendations - The report concludes with recommendations for developers and investors to capitalize on the opportunities presented by the Northern Metropolis, particularly in high-value sectors such as technology and logistics [59].

Investment Rating - The report indicates a positive outlook for the retail property market in China, driven by the expansion of the consumer market and the implementation of policies to stimulate consumption [21][23]. Core Insights - The Chinese consumer market is expected to continue expanding in 2024, supported by a stable employment situation, overall price stability, and various policies aimed at boosting domestic demand and consumption [21][27]. - New consumption growth points such as cultural tourism, digital consumption, green consumption, and health consumption are rapidly emerging, indicating a shift in consumer preferences [21][27]. - The report highlights the importance of innovative consumption scenarios and retail formats to capture new consumer demands, including "non-standard commercial" spaces, high-tech experiences, creative markets, and "micro-vacation" spaces [21][27][74]. Summary by Sections Consumer Demand Evolution - The consumption structure in China has shifted from survival-oriented to development and enjoyment-oriented, with the Engel coefficient for food, tobacco, and alcohol at 29.8% in 2023, indicating a positive change in spending habits [30][34]. - Consumers are increasingly focusing on emotional satisfaction and personal fulfillment, leading to significant growth in service consumption sectors such as entertainment, tourism, and dining, which saw over 20% growth in 2023 [34][36]. - Approximately 68.9% of surveyed consumers plan to increase their spending in 2024, with a focus on services and upgraded products [36][40]. New Consumption Scenarios - The rise of social e-commerce and instant retail has transformed consumers into active participants in the shopping process, moving from passive recipients of brand information to proactive seekers and sharers of information [40][44]. - The "dopamine economy" is emerging, where consumers seek products that provide emotional value, reflecting a desire for richer experiences beyond mere material satisfaction [54][55]. - The outdoor leisure sports market is expanding, with 80.5% of respondents planning to increase spending on suburban and rural tourism, indicating a growing interest in health and quality of life [64][66]. County-Level Consumption Growth - The rapid development of county economies is unlocking significant consumer potential, with retail sales in these areas growing by 5.3% year-on-year in early 2024, accounting for 40.1% of total retail sales in China [69][72]. - International brands are increasingly targeting lower-tier cities, adapting their strategies to meet the unique demands of these markets, which are becoming vital for future growth [72][73]. - The report emphasizes the importance of "one-stop shopping" centers in county-level markets, which are becoming mainstream as consumer demand for diverse and high-quality service experiences rises [72][73].