世邦魏理仕：2026年中国投资者意向调查报告

Investment Intentions - The overall sentiment of investors remains cautious for 2026, with 43% planning to invest more actively and 52% intending to sell more actively, indicating a slight increase from the previous year [16][9] - Domestic investors, driven by institutional investors and real estate funds, have shifted their net investment intention from negative to positive (+7%), while foreign investors continue to show a strong net selling intention [16][10] - 39% of respondents plan to increase their real estate asset allocation, with the main drivers being reasonable asset price adjustments and opportunities in distressed assets [18][10] Investment Strategies - Core and core-plus strategies are favored by 58% of investors, reflecting a heightened focus on cash flow stability [34][10] - The top three property types of interest are industrial logistics, rental residential, and retail properties, with high-standard warehouses in East China and Central-West regions expected to see cyclical opportunities [24][10] - There is a significant increase in interest in alternative assets, particularly student apartments and infrastructure, with data centers becoming the most optimistic property type due to AI computing demand [30][10] Financing and Interest Rate Environment - 77% of investors expect further interest rate cuts from the central bank, with most anticipating a reduction of up to 50 basis points [2][10] - The easing of merger loan regulations provides more flexible financing support, although refinancing gaps remain a major concern for investors [2][10] Environmental, Social, and Governance (ESG) - 83% of investors have already incorporated or plan to incorporate ESG factors into their investment decisions, with a focus on green buildings, renewable energy facilities, and green financing [2][10] - 66% of investors recognize the premium associated with ESG assets, although their attitudes are becoming more cautious [2][10] Market Trends - Shanghai remains the most favored investment destination, with 64% of respondents selecting it, followed by Beijing at 22% [36][10] - The focus on second and third-tier cities has increased by 5 percentage points, with retail properties becoming a focal point for investors [36][10] - The main risks identified for the real estate market include economic recession (68%) and geopolitical uncertainties (47%) [21][10]