Core Insights - The article discusses the trend of individual and institutional investors, like Li Kun, seeking investment opportunities in the second-hand real estate market, particularly in commercial properties, due to stable rental yields and low vacancy rates [1][2][4] Investment Trends - Investors are increasingly focusing on the stability of tenants, rental yields, and the surrounding living environment rather than just the city or region for investment decisions [1][2] - In major cities like Beijing and Shanghai, some investors are engaging in competitive bidding for quality commercial properties, leading to significant price premiums [2][4] Market Dynamics - The article highlights a shift in investment logic due to real estate market adjustments, with many institutions selling quality assets at prices significantly lower than their purchase prices from 2019 [4][5] - The current market is characterized as a buyer's market overall, but high-quality projects remain competitive, creating a seller's market for those assets [5] Rental Yield Analysis - The rental yield for the commercial properties discussed ranges from approximately 2.5% to over 8%, depending on the specific property and market conditions [2][3][4] - Investors are particularly interested in properties with rental yields exceeding 3%, indicating potential bottom-fishing opportunities [5] Investment Criteria - Investors, both individuals and institutions, are establishing systematic investment standards, focusing on core urban areas and the economic conditions of those regions [6][7] - The article emphasizes the importance of assessing rental yields and potential appreciation when evaluating investment properties, with a noted preference for commercial over residential investments due to stability concerns [6][7]