The office and retail market continue to face downward pressure in 4Q22; the easing of Covid restrictions at the end-2022 is expected to further energize market entities

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Office	4Q22
Vacancy	10.0%
New Supply	0 sqm
Rental Growth	-1.1% q-o-q

Office	4Q22
Vacancy	7.9%
New Supply	0 sqm
Rental Growth	-2.6% q-o-q

Industrial	4Q22
Vacancy	5.8%
New Supply	244,434sqm
Rental Growth	1.1% q-o-q

Hotel*	YTD November 2022
Occupancy	33.7%
ADR*	996 RMB
RevPAR*	336 RMB

Luxury Apartments	4Q22
New Supply	2,178 units
Capital Values Growth	-0.3% q-o-q
Rental Growth	-0.2% q-o-q