2025年不动产资本化率调研：投资偏好分化 抗风险资产成焦点

Core Insights - The report by CBRE highlights the evolving landscape of China's real estate investment market, focusing on capitalization rates and investor preferences for 2025 [1] Group 1: City Investment Preferences - First-tier cities like Beijing and Shanghai remain the top investment choices, reflecting strong investor confidence [2] - Non-first-tier cities such as Hangzhou, Chengdu, Suzhou, the Greater Bay Area (excluding Guangzhou and Shenzhen), and Nanjing are emerging as new focal points for investment due to economic growth and higher investment returns [2] Group 2: Asset Type Preferences - Long-term rental apartments and serviced apartments are gaining traction, with investment interest in Beijing and Shanghai at 61% and 64% respectively, significantly higher than in Guangzhou and Shenzhen [3] - Retail properties are seeing a resurgence in interest, particularly shopping centers, outlets, and community commercial spaces, driven by standardized operations and strong liquidity [3] - Industrial assets show a clear structural differentiation, with data centers and industrial plants gaining popularity, while warehouse logistics are experiencing a decline in interest [4] Group 3: Investment Strategies and Capitalization Rates - Different types of institutions exhibit varied strategy preferences, with private equity funds favoring high-risk, high-reward strategies, while insurance funds prefer stable investments [5] - Capitalization rates for most asset types are on the rise, indicating changing market risk expectations, with prime office capitalization rates in Beijing and Shanghai at 5.0%-6.0% [5] - Investors are cautious about future capitalization rate trends, anticipating an upward trajectory, but recognize the resilience of retail properties and long-term rental apartments [5] Group 4: Public REITs Market - As of December 2025, there are 78 publicly offered REITs in mainland China, totaling 210 billion yuan, making it the largest in Asia and second globally [6] - Investors prioritize operational management capabilities, policy direction, and secondary market liquidity when evaluating REITs [6] - The dynamic changes in capitalization rates are seen as a core pricing indicator for the real estate market, reflecting industry confidence and investment logic [6][7]