Beijing’s retail market takes the lead in recovery

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Office	4Q23
Vacancy	11.8%
New Supply	140,000 sqm
Rental Growth	-4.2% q-o-q

Retail	4Q23
Vacancy	5.9%
New Supply	0 sqm
Rental Growth	0.6% q-o-q

Industrial	4Q23
Vacancy	10.4%
New Supply	166,000 sqm
Rental Growth	-0.6% q-o-q

Hotel*	YTD NOV 2023
Occupancy	66.7%
ADR*	CNY 1,116
RevPAR*	CNY 745

Luxury Apartments	4Q23
New Supply	913 units
Capital Values Growth	-1.3% q-o-q
Rental Growth	-1.0% q-o-q