Group 1 - The average occupancy rate of the office portfolio for China Merchants Commercial REIT was 77% in Q4, with an overall property occupancy rate of 80.8% [1] - The Shenzhen office leasing market remains under pressure due to high supply and rental declines, with structural differentiation in demand and ongoing de-leveraging pressure [1] - The Grade A office building, New Era Plaza, saw a 9.2 percentage point increase in occupancy to 66.1%, with rental rates rising from RMB 139.2 per square meter to RMB 141.9 per square meter [1] Group 2 - The occupancy rate of the Technology Tower decreased by 6.6 percentage points to 72.8% due to the expiration of leases from major tenants, who may continue to adjust their leasing strategies [2] - The occupancy rates for the second phase of the Technology Tower and Digital Tower also declined by 10.3 percentage points and 6.4 percentage points, respectively, prompting the REIT manager to develop de-leveraging plans [2] - The Garden City Shopping Center maintained a high occupancy rate, benefiting from increased foot traffic and sales during the year-end peak season, with positive outlooks for future performance driven by the upcoming Spring Festival and continued passenger flow from Metro Line 12 [2]

Group 1 - The core viewpoint of the report indicates that the technology sector is the main driver of leasing transactions in Beijing's Grade A office market, accounting for 34% of the total transaction area in the first half of the year [1][2] - The vacancy rate of Grade A office buildings in Beijing decreased by 0.2 percentage points quarter-on-quarter by the end of Q2, indicating a slight recovery in market demand [1] - The report highlights that the supply of Grade A office buildings in Beijing is limited, with a significant project delayed until the end of 2026, which may impact future market dynamics [1] Group 2 - The report notes that the Zhongguancun area experienced the largest decline in vacancy rates, dropping by 3.2 percentage points, reflecting strong demand from the technology sector [2] - It is projected that 2026 will be a peak year for office supply in Beijing, with an expected addition of 757,000 square meters, including four projects in the CBD area providing a total of 409,000 square meters [2] - Major companies like ByteDance have contributed significantly to leasing activity, with new leases in various locations supporting market activity in the Zhongguancun and Asia-Olympic regions [1]