Core Insights - The Chinese commercial real estate investment market is expected to recover in 2026 despite cautious investor sentiment, with a slight increase in the proportion of respondents planning to invest and sell more actively [1] - Domestic net investment intentions have turned positive due to institutional investors and real estate funds, while foreign investors continue to show a net selling intention [2] Investment Sentiment - 43% of respondents plan to adopt a more aggressive investment strategy in 2026, and 52% are inclined to sell more actively, indicating a potential increase in transaction willingness [1] - 39% of respondents intend to increase their real estate asset allocation, up 3 percentage points from the previous year, with 12% planning significant increases, a rise of 6 percentage points [5] Property Preferences - Industrial logistics, rental residential, and retail properties remain the top three preferred property types among investors [6] - In alternative assets, student apartments have gained significant attention due to a supply-demand gap in higher education dormitory space, followed by infrastructure and life sciences real estate [9] Financing Environment - Nearly 80% of investors expect further interest rate cuts by the People's Bank of China in 2026, and new regulations on merger loans have improved the financing environment for large-scale commercial real estate investments [10] - The rental residential sector is expected to continue its growth trend, supported by policies for urban renewal and the integration of private-public REITs [10] ESG Considerations - Investors are shifting from general concern to a more focused approach regarding Environmental, Social, and Governance (ESG) standards, with 83% already adopting or planning to adopt ESG criteria in real estate investments [11] - Green buildings are recognized for their competitive advantage in attracting and retaining tenants, contributing to improved cash flow performance [11]

当香港的写字楼和商铺租赁业务仍在周期性低谷中挣扎之时，一个曾经边缘的房地产细分市场正吸引全球资本蜂拥而至，例如学生公 寓。 "近几个月来，香港看学生公寓投资的客户增加了很多。以前，(客户)主要是外资基金和本地投资者；现在，中资机构、大型上市公 司、东南亚的基金也在关注香港地区学生公寓。"国际房地产顾问公司世邦魏理仕香港资本市场部执行董事兼主管甄浚岷告诉《每日经 济新闻》记者，"目前，还有客户在咨询香港学生公寓的投资，越来越多的人看好这个投资板块。" 每经媒资库图 当前，香港特区政府正积极推广"留学香港"品牌，拟将香港发展为专上教育枢纽。近日，《每日经济新闻》记者在采访中了解到，资 本押注的正是源源不断涌入香港求学的国际学生和内地学生。 内地资本方面，2025年底，招商局商业房托基金披露以2.06亿港元收购了一个酒店物业，并计划将该酒店物业改造成拥有85个床位的 学生公寓，瞄准香港日益膨胀的国际学生群体。与此同时，华润隆地以9.5亿港元接手青山公路葵涌段的一间酒店。有市场消息称，华 润隆地计划将其改装为学生宿舍，预计可提供逾千个宿位。 2025年8月中旬，中原投资旗下首个香港学生公寓"一步居117"正式启动，项 ...

Core Insights - The year 2026 marks the beginning of China's "14th Five-Year Plan," which outlines the development blueprint until 2030, focusing on the transformation of economic drivers, upgrading development paradigms, and reshaping the global landscape [1] - The real estate sector is at a critical juncture of stabilization and structural transformation, with new characteristics and opportunities emerging in both residential and commercial real estate markets [1][3] Real Estate Market Outlook - The overall real estate market is expected to maintain a stabilization trend in 2026, with significant structural differentiation; first-tier cities and prime locations are likely to see a rebound, while third and fourth-tier cities will continue to face inventory pressures [3][4] - Key indicators for market recovery include the reduction of first-hand housing inventory, the volume of second-hand housing transactions, and the participation of private enterprises in land auctions [6][7] - The core driving force for the real estate market's recovery is the overall macroeconomic improvement, which will stimulate demand and investment [7] Commercial Real Estate Opportunities - The global direct investment in real estate is projected to exceed $1 trillion in 2026, with China’s commercial real estate market poised to attract foreign capital, particularly in stable niche sectors like long-term rentals and quality community commercial projects [8][9] - The investment activity in China's commercial real estate is expected to improve, with core assets in first-tier cities returning to long-term investment value ranges, presenting structural opportunities for investors [11] - Domestic investors are encouraged to focus on high-quality, stable-return assets in prime locations, as these present a favorable window for investment amid the ongoing market adjustments [10][11]

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]

Group 1 - The core viewpoint of the report is that family offices are increasingly favoring real estate investments due to its growth potential and wealth preservation capabilities [1][2] - Real estate constitutes a significant portion of family office investment portfolios, ranking just behind stocks and cash, with office buildings (20%), luxury residences (17%), industrial properties (14%), and hotels (12%) being the most allocated sectors [2][3] - Approximately 70% of real estate investments are domestic, with New Zealand (93%), Australia (90%), and the United States (86%) showing the highest domestic investment focus [2] Group 2 - Family offices view real estate as part of a broader investment strategy, balancing it with listed stocks, venture capital, or other private investments, and some see it as a strategic asset for core business operations [3] - Two-thirds of family offices manage private residential properties, primarily for family use and inheritance (44%), capital preservation (29%), and diversification (20%), with rental income being a lesser priority [5] - The most sought-after real estate sectors by family offices include living spaces (14%), industrial/logistics (13%), and luxury residences (12%) [7] Group 3 - Family offices express interest in expanding their real estate investments, particularly in living spaces, logistics, luxury residences, and hotels, but face challenges such as finding reliable partners (23%), tax regulations (20%), and asset competition (19%) [8] - In commercial real estate, opportunities are identified in gateway city office buildings, which are seen as volatility hedges, especially in light of increasing geopolitical risks [10][11] - Investors are also focusing on sectors with structural tailwinds, such as logistics and living spaces, while retail real estate in developed markets remains a point of interest [12][13] Group 4 - The report highlights a growing interest in ESG assets, with 90% of institutional investors setting social goals, and 73% focusing on workplace well-being [14][16] - The wine industry presents investment opportunities, particularly in vineyards, with prices in certain regions expected to decline significantly, while others remain stable [17][18] - The luxury goods market is experiencing mixed performance, with some sectors showing growth while others, like art and wine, are facing declines [22][24] Group 5 - The issue of inheritance is pressing, with 58% of family offices indicating that the next generation is involved in investment decisions, leading to changes in investment strategies [27][28] - Cultural and moral differences between generations affect investment strategies, with a notable shift towards sustainable investments among millennials compared to baby boomers [29]