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2022-2023 Mainland China Investor Intentions And Cap Rate Survey

Catherine Chen • 22/12/2022

As China continues to optimize its COVID-19 control policies in an effort to re-energize economic growth, commercial real estate (CRE) investors are reacting quickly to the changing environment. In response, as a joint undertaking of our Valuation & Advisory, Capital Markets, and Research teams, in late 2022 we conducted an investor intentions and cap rate expectations survey, collecting valuable responses from mainland China’s largest CRE investors, both domestic and international.

The survey results revealed strong investor interest in China’s Tier 1 cities — especially in office assets in Beijing and Shanghai, as well as growing interest in alternative assets such as business parks, life sciences and multifamily. In contrast, at the time of the survey, investor interest in retail and hotel assets had declined significantly compared to two years ago, as a result of increasing pressures in the retail and tourism markets. However, with the most recent relaxation of COVID-19 control measures, we do expect investor interest in retail and hotel properties to pick up in 2023. Perhaps unsurprisingly, the majority of survey respondents also demonstrated interest in logistics, cold storage and data centers in Tier 1 and surrounding satellite cities. In addition, Hangzhou — China’s rising tech city and provincial capital city of Zhejiang — remained as the top choice, followed by Suzhou and Chengdu.

To find out more about Cushman & Wakefield’s capital markets research and services in Asia Pacific, please visit our visit our Real Estate Investment Hub.


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