Media OutReach
Greater China Retail Supply/Demand Trends 2025 – Shifting consumption patterns reshaping retail real estate
The supply/demand rundown for 17 city core area-level markets in Greater China (Q2 2025)
Source: Cushman & Wakefield Research
Duke Zhen, Managing Director, Head of Retail Services, China, Cushman & Wakefield, said, “With policy stimulus, the consumption environment improved marginally in the first half of 2025, reflected in both the recovery of consumer confidence and the accelerating growth of total retail sales of consumer goods on a quarter-on-quarter basis. Driven by emotional consumption and the increasing importance of quality–price ratio, the Chinese consumer market has become more diverse and dynamic, exhibiting renewed vitality.”
Shaun Brodie, Head of Greater China Research Content, Cushman & Wakefield said, “Since the start of this year, a series of supportive policies have continued to stimulate consumption, driving steady growth in the Chinese consumer market. To meet increasingly diverse and personalized consumer demands, the retail sector has been actively introducing new business models, consumption scenarios, service offerings, and retail formats.”
Retailers and shopping center landlords are responding with a renewed focus on customer experience, introducing new technologies, and experimenting with innovative retail formats. In terms of supply and demand, several key trends stand out in 2025:
- Renovation and upgrading of existing properties;
- Integration of cultural and tourism consumption;
- The rise of pop toys as part of emotional consumption;
- Strong growth in health-related consumption.
While slower economic growth and uncertain disposable incomes are likely to temper household spending, ongoing government measures to stimulate consumption — together with the success of new retail concepts and formats — are expected to support steady momentum. The outlook for Greater China’s retail property market remains positive, with policy support, changing consumer preferences, and innovative supply all converging to drive sustainable long-term growth.
Beijing
By the end of H1 2025, the total stock in Beijing’s retail property market reached 18.7 million sq m, of which 16.9 million sq m was accounted for by shopping centers.
Despite pressures from an economic slowdown and consumption downgrading, the market broadly maintained stability over the past year. Average asking rents stood at RMB2,130 per sq m per month, while the vacancy rate edged down to 10.5%. To adapt to shifting consumer sentiment, malls have actively renewed and upgraded their tenant mixes, aiming to attract footfall, enhance customer loyalty, and align with changing demands. The strategy has helped mitigate operational challenges faced by both projects and retail brands.
Looking ahead, approximately 500,000 sq m of new supply is scheduled to enter the market in H2 2025. This pipeline is concentrated in suburban developments and urban renewal projects across traditional submarkets, which will further diversify Beijing’s retail landscape.
In parallel, Beijing has rolled out a series of supportive policies to stimulate consumption. A new policy issued in June emphasizes upgrading traditional submarkets and malls, fostering innovative consumption scenarios, promoting the introduction of brand first stores, and providing targeted support for China-Chic brands and time-honored domestic brands. Together, these measures are expected to reinforce market confidence and unlock new consumption potential in the capital.
Shanghai
In the past year, 1.61 million sq m of new retail space was added to the Shanghai market, bringing the total stock of mid- to high-end shopping centers to approximately 25.0 million sq m.
The influx of new supply in H2 2024 and H1 2025 placed pressure on market fundamentals. The overall vacancy rate for mid- to high-end retail properties edged up 0.2 percentage points year-on-year to 9.5%, while the average first-floor asking rent fell 4.2% year-on-year to RMB728.7 per sq m per month. The rental decline was primarily driven by competitive pricing at newly launched suburban projects.
This heightened level of supply has intensified intra-market competition. Many aging retail properties are responding by repositioning their projects, upgrading brand mixes, and enhancing facilities to better align with the needs of Shanghai’s increasingly sophisticated consumer base.
Looking ahead, the second half of 2025 will see a further influx of new projects, adding to competitive pressures. Nonetheless, established properties by leading developers are expected to remain attractive to both international and prominent domestic retailers. Conversely, older retail properties located near new developments will face mounting competition and will need to adapt proactively to retain relevance and market share.
Shenzhen
Shenzhen’s retail market maintained positive momentum in the past year, with demand bright spots providing confidence for mall operators. Development activity also picked up, with approximately 878,000 sq m of prime shopping mall space delivered. As a result, Shenzhen’s prime mall stock increased 13.3% year-on-year to reach 7.5 million sq m.
At the same time, consumer behavior is evolving. More residents are frequenting community-based retail premises for convenience, reducing visits to large-scale malls. In response, landlords adjusted strategies by lowering rents to attract new entrants. The average monthly rental level declined 6.2% year-on-year to RMB761.6 per sq m, while the citywide vacancy rate rose 0.7 percentage points year-on-year to 9.1%. Looking ahead, approximately 1.3 million sq m of prime new mall space is scheduled for completion through the end of 2027. This influx of supply will intensify competition and exert further downward pressure on rental levels.
To counterbalance these pressures, Shenzhen has introduced a series of action plans aimed at improving employment rates and raising household incomes, measures designed to strengthen consumer confidence. These initiatives are expected to help mitigate the impact of macroeconomic uncertainty and support more sustainable long-term retail growth.
Guangzhou
Over the past year, Guangzhou added 443,000 sq m of high-quality retail space, lifting citywide stock to more than 6 million sq m. Approximately 87% of this new supply was delivered in non-core commercial districts, accelerating the city’s retail landscape diversification and extending consumer reach beyond traditional hubs.
Despite signs of improving consumer demand, retailers adopted a more cautious expansion approach. As a result, the overall vacancy rate rose 1.9 percentage points year-on-year to 9.2%. Competitive leasing strategies were observed in some prime malls, where landlords lowered rents to attract leading brands. This contributed to a 6.1% year-on-year decline in average prime mall rents, which fell to RMB672.6 per sq m per month.
Still, Guangzhou’s retail sector demonstrated resilience. Supported by the “first store” policy, prime malls introduced nearly 85 first stores in the past year — representing a 70% increase year-on-year — a clear sign of retailers’ long-term confidence in the city’s consumer base.
Looking ahead, approximately 976,000 sq m of new retail space is scheduled for completion between mid-2025 and 2026, with Panyu and Liwan districts accounting for nearly 40% of deliveries. Meanwhile, Guangzhou continues to strengthen its policy environment, issuing a draft implementation plan to stimulate consumer markets and rolling out special measures targeting duty-free retail, elderly services, and the catering industry. These initiatives are expected to further energize market vitality and accelerate the city’s consumption recovery.
Chengdu
The recovery of consumption supported the growth of Chengdu’s retail market over the past year. During H2 2024 and H1 2025, four new shopping centers were completed, adding 452,000 sq m of retail space and bringing the prime retail market stock to approximately 8.5 million sq m.
However, the addition of new projects with relatively high vacancy rates, combined with adjustments in existing retail properties, led to an increase in the overall vacancy rate, which rose 2.9 percentage points year-on-year to 8.93% by the end of Q2 2025. In response to this pressure, the average first-floor asking rent declined 3.4% year-on-year to RMB586.62 per sq m per month.
Despite these challenges, Chengdu has implemented multiple supportive policies in 2025 aimed at enhancing the retail sector. These initiatives are designed to diversify consumption scenarios, improve consumer spending capacity, and revitalize the city’s retail market, providing a solid foundation for sustainable long-term growth.
Hangzhou
Hangzhou continues to promote “domestic demand expansion and consumption growth” through targeted policies and activities, positioning consumption as a key engine for the city’s economic vitality. However, amid growing global uncertainties, demand remains somewhat constrained, highlighting the need for stronger foundations to support recovery.
Over the past 12 months, Hangzhou’s premium retail market welcomed the grand openings of six major commercial projects, adding nearly 380,000 sq m of new retail space. This marks a new phase of qualitative upgrading within the city’s retail sector.
Commercial complexes are increasingly enhancing their offerings to provide richer and more diverse shopping experiences. The market is also seeing a concentrated launch of flagship stores and first-to-market outlets, while emerging formats such as anime-themed venues and pet-centric stores continue to expand, creating new opportunities for premium consumption.
Hong Kong
Over the past year, Hong Kong has seen a continuous uptick in total tourist arrivals. However, visitor spending has become more cautious, with a growing preference for cultural experiences and value-for-money retail offerings. As a result, the increase in visitor numbers has not yet translated into stronger retail sales. From January to June 2025, total retail sales amounted to HK$185.1 billion, reflecting a year-on-year decline of 3.3%. High-end retail segments traditionally favored by tourists were particularly affected.
Some traditional retailers have exited the market after struggling to adapt to evolving consumption patterns among inbound tourists and local residents. Consequently, vacancy pressure has increased, with the average high street vacancy rate rising to 9.7% as at Q2 2025, exerting downward pressure on overall high street and F&B rents.
Despite these challenges, current attractive rental levels have encouraged mass-market retailers and emerging brands to enter high street areas, boosting leasing activity. The market is also undergoing a reshuffling of tenants, resulting in a more diversified and dynamic retail landscape.
Looking ahead, government initiatives promoting mega events and world-class concerts are expected to draw more international visitors and tourism spending. As a result, high street and F&B rents are projected to remain largely stable in H2 2025.
Taipei
In 2024, Taipei’s retail market stabilized as the effects of the pandemic recovery gradually diminished. Major shopping districts returned to regular activity, while brands adopted longer-term expansion strategies. The opening of the Taipei Dome boosted visibility and attracted visitors to the Zhongxiao district, while Zhongshan-Nanjing and Ximen maintained stable performance, supported by everyday consumption and inbound tourism.
During H1 2025, the retail market continued to perform steadily, with both rents and vacancy rates remaining flat. However, the long-term impact of the Taipei Dome on Zhongxiao remains to be seen.
Looking ahead to H2 2025, global economic uncertainty and outbound travel, which is diverting domestic spending overseas, are expected to persist. Meanwhile, new retail supply such as Dream Plaza will intensify competition. Major retail districts are likely to remain stable but may face rising pressure from consumer dispersal. Enhancing the street-level shopping experience and maintaining dynamic brand content will be key to sustaining competitiveness. The growth of micro-stores and flexible leases reflects a broader shift toward spatial efficiency and faster tenant turnover, helping retail districts adapt to evolving market dynamics.
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Hashtag: #Cushman&Wakefield
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About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2024, the firm reported revenue of $9.4 billion across its core services of Valuation, Consulting, Project & Development Services, Capital Markets, Project & Occupier Services, Industrial & Logistics, Retail, and others. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.hk or follow us on LinkedIn (
https://www.linkedin.com/company/cushman-&-wakefield-greater-china).
After decades of quiet, Can Gio is awakening on Vietnam’s southern coast, as fresh investment and grand designs breathe new life into the once-remote district of Saigon.
HO CHI MINH CITY, VIETNAM – Media OutReach Newswire – 27 December 2024 – Six months after the groundbreaking of a 2,870-hectare coastal urban project backed by Vingroup, Vietnam’s largest private conglomerate, Can Gio, once seen as a forgotten corner of Ho Chi Minh City, is now emerging as a new growth engine for Vietnam’s southern metropolis.
Breaking Isolation
For years, Can Gio was often left out of the city’s rapid development. Surrounded by dense forests and accessible mainly by ferry, it remained a world apart. Now, that is beginning to change.
Six months ago, the large-scale land reclamation project officially started construction. Locals call it a “game changer” that awakened a land long left behind. Along the coast that once lay quiet, a vast construction site has emerged, with heavy machinery working day and night. “I was very surprised by the speed,” said Prof. Pham Van Song, president of the Mien Dong University of Technology, noting that hundreds of hectares have already been filled and stabilized within months.
The project, developed by Vingroup through its real estate arm Vinhomes, represents one of the group’s most ambitious coastal developments, part of a long-term vision to extend Ho Chi Minh City’s urban footprint toward the sea. With billions of U.S. dollars in investment, it combines housing, tourism, and modern infrastructure within a single master plan that anchors Can Gio’s transformation.
Complementing this project, a series of major infrastructure works are also reshaping the district. By the end of 2025, the Phu My Hung–Can Gio high-speed railway, designed to reach 350 kilometers per hour, is expected to begin construction, linking the area to the city’s southern urban core. In 2026, the long-awaited Can Gio Bridge will break ground, cutting the journey to the city center to around 45 to 60 minutes.
At the same time, the Rung Sac interchange, with an investment of 3,000 billion VND (about 120 million U.S. dollars), will connect Can Gio directly with the Ben Luc–Long Thanh Expressway. Expected to be completed in 2028, it will link Can Gio with both the Southwest and Southeast regions, including Long Thanh International Airport.
In addition, a sea-crossing expressway between Can Gio and Vung Tau, 50 meters wide and proposed by Vingroup, would stretch across the sea for more than 10 kilometers. The plan envisions a wide eight-lane road that could reduce travel between Can Gio and Vung Tau to under 15 minutes, creating a strategic connection between the two coastal economies.
These efforts fit within a broader regional plan that combines road, rail, water, and sea transport. Another key project is the Can Gio International Transshipment Port, covering 571 hectares with an investment of 50,000 billion VND. The port is designed to become a new symbol of Vietnam’s maritime economy, with its first phase scheduled to begin operations in 2027 and full completion before 2045.
“A Single Project Ignites the South”
According to Prof. Pham Van Song, the rise of Can Gio is a natural development, especially with the involvement of Vingroup through its Vinhomes Green Paradise project. He believes that Can Gio is moving from an ecological area on the fringe of development to a new center of growth. “All modes of transportation will be available in Can Gio,” he said. “The district’s GRDP will grow rapidly in line with ongoing construction and investment. Both the number of residents and visitors will surge. Local people will be the first to directly benefit from these projects, and their lives will become increasingly prosperous.”
The changes are already drawing attention from investors. Dinh Minh Tuan, southern regional director of Batdongsan.com.vn, said the number of searches related to Can Gio has tripled since the beginning of the year. After the Vinhomes Green Paradise project broke ground, property interest in the district doubled again. “Just one single project has heated up the entire southern market,” he said.
Experts say this follows a familiar pattern. In the 1990s, Nguyen Van Linh Boulevard helped turn southern Ho Chi Minh City into a thriving area and drew nearly two million residents. In the 2010s, the completion of the Thu Thiem Tunnel and Bridge attracted more than one million people to the city’s east. “Investors who followed the infrastructure development wave then saw huge gains,” Tuan noted. “Can Gio now stands at a similar starting point, but with a stronger push.”
With a population of about 80,000, Can Gio has long faced a single challenge: lack of connectivity. But, “with the series of large-scale investments now under way, Can Gio is expected to grow faster than many of the city’s earlier new urban areas,” said Tuan.
Hashtag: #Vinhomes
https://vinhomes.vn/enThe issuer is solely responsible for the content of this announcement.
Media OutReach
Z.ai Open-Sources GLM-4.7, a New Generation Large Language Model Built for Real Development Workflows
The new model is designed around practical engineering workflows, with a focus on long-running task execution, stable tool calling, and multi-step reasoning, capabilities that have become increasingly important as developers deploy large language models in complex, agent-based systems.
Compared with its predecessor, GLM-4.6, GLM-4.7 shows notable gains in code generation, complex reasoning, and agent execution. According to Z.ai, the model delivers more consistent and controllable performance over extended tasks, while producing cleaner and more concise language output, addressing a common weakness in many open-source models.
To evaluate performance in realistic settings, Z.ai tested GLM-4.7 on 100 practical programming tasks in production-like environments such as Claude Code, spanning front-end, back-end, and command-execution scenarios. The company said GLM-4.7 achieved higher task completion rates and greater stability than GLM-4.6, and has since been adopted as the default model for its GLM Coding Plan.
Benchmark results also place GLM-4.7 among the strongest open-source models currently available. It scored 67.5 on BrowseComp and 87.4 on τ²-Bench, the latter marking a new high for open-source systems. In coding-focused evaluations, including SWE-bench Verified and LiveCodeBench v6, its overall performance approaches that of Claude Sonnet 4.5. In Code Arena’s large-scale blind evaluation, which aggregates votes from more than one million comparisons, GLM-4.7 ranked first among open-source models.
The model is available through the BigModel.cn API and has been integrated into Z.ai’s full-stack development platform, according to the company. As open-source models take on a more prominent role in the global technology ecosystem, Z.ai’s progress offers a clear indication of how such systems may continue to evolve, and what they might enable next.
Default Model for Coding Plan: https://z.ai/subscribe
Try it now: https://chat.z.ai/
Weights: https://huggingface.co/zai-org/GLM-4.7
Technical blog: https://z.ai/blog/glm-4.7
Hashtag: #ZAI
The issuer is solely responsible for the content of this announcement.
Media OutReach
NIA Joins Forces with TAT to Reignite ‘Amazing Thailand’ Through Innovation Power, Transforming Thai Tourism and Leveraging Creativity and Culture to Drive a New Tourism Economy
Towards the end of this year, Thailand is preparing to reignite global attention with a renewed wave of ‘Amazing Thailand.’ The government and private sector are rolling out a comprehensive set of tourism-stimulus measures that address both economic impact and national image. One of the most talked-about highlights is the appointment of Lalisa ‘Lisa’ Manobal as the new brand ambassador — not only a global-level artist, but also a powerful representation of Thailand’s contemporary image on the world stage.
Another key highlight to watch closely is the launch of the ‘Amazing Thailand Innovation Gadget’ platform, developed through a collaboration between the National Innovation Agency (Public Organisation), or NIA, and the Tourism Authority of Thailand (TAT). This initiative aims to elevate Thailand’s tourism industry into the era of Smart Tourism in a tangible and comprehensive way.
The platform is designed to function as Thailand’s first-ever tourism innovation repository, bringing together tourism-related technologies and solutions in one centralised space. These range from route-planning technologies, accommodation booking systems, and tourist-data management, to experience-creation tools that personalise journeys and enhance engagement. More than a simple innovation directory, the platform represents a turning point — a mechanism that connects entrepreneurs, developers, and creative talents to co-create new ‘Amazing’ experiences, spanning the entire traveller journey from trip planning to the final moment of travel for visitors worldwide.
Learning from Global Leaders Where Tourism Meets Technology
The world has entered an era where tourism is no longer driven solely by beautiful destinations and cultural heritage. Instead, competitiveness increasingly depends on experiences and technology. As a result, many countries are rapidly upgrading their tourism sectors to become smarter, more emotionally engaging, and better aligned with the expectations of modern travellers.
Japan, for example, stands as a model of cultural-innovation integration, leveraging anime, music, cuisine, and fashion as globally recognisable soft power. Recently, the Japanese government has rebooted efforts to fuse cultural roots with advanced technology through initiatives such as Virtual Remix Japan, which enables global audiences to participate in art exhibitions, festivals, and anime worlds in real time via VR and AR. This exemplifies a seamless blend of past and future.
Meanwhile, South Korea has aggressively combined technology and tourism to enhance attractiveness and vibrancy. The country actively promotes start-ups offering cloud-based hotel-management platforms, real-time translation technologies, blockchain services for international tourists, and platforms linking tourism with overseas education. South Korea has also built a tourism ecosystem that integrates smart cities, digital technology, and contemporary culture, using K-pop artists as a major driving force.
In Barcelona, Spain, one of Europe’s leading smart cities, tourism has been elevated through intelligent urban and visitor-experience management. From smart traffic systems and energy-saving public bike services to big-data-driven analysis of tourist behaviour, visitors can plan accommodation, restaurants, and travel routes through a single integrated application. This approach creates a balanced coexistence between tourism and urban life. Together, these examples demonstrate that technology is no longer merely a supporting tool, but the core differentiator in the modern tourism economy.
Amazing Thailand Innovation Gadget: Elevating Thai Tourism Through a Fully Integrated Innovation Ecosystem
NIA and TAT have officially announced a landmark collaboration with the launch of the ‘Amazing Thailand Innovation Gadget’ platform, which serves as Thailand’s first tourism innovation repository. The initiative aims to propel Thai tourism fully into the Smart Tourism era.
The platform aggregates tourism-related technologies and innovative solutions from start-ups and entrepreneurs nationwide, enabling real-world deployment across the entire Thai tourism value chain. Its objective is to build a strong tourism-innovation ecosystem through integrated collaboration across all sectors, while enhancing entrepreneurs’ capacity to apply innovation and technology suited to the specific contexts of different destinations.
This approach is designed to create premium tourism experiences for both domestic and international travellers, delivering sustainable economic and social benefits for Thailand. Importantly, the country will gain a continuously expandable tourism-innovation repository, strengthening long-term competitiveness in the global tourism market.
From Creative Power and Culture to Driving Thailand’s Tourism Economy
Dr. Krithpaka Boonfueng, Executive Director of the National Innovation Agency, stated that the innovations featured on the platform will primarily be Travel Tech-related technologies. The platform is open to start-ups, entrepreneurs, developers, and business partners with the interest and capability to co-create elevated tourism experiences while advancing Thailand’s Smart Tourism ecosystem.
Currently, NIA supports and has incubated more than 80 high-potential tourism-technology start-ups and entrepreneurs, spanning areas such as community-based tourism (Local Alike), hospitality solutions (Ascend Travel), urban mobility (MuvMi), social impact marketplaces (SocialGiver), and backend customer-journey management systems (Appointment Anywhere). These solutions enable entrepreneurs and developers to access tools tailored to their specific contexts.
NIA believes that all stakeholders play a vital role in elevating Thailand’s tourism industry by integrating technology with creativity, culture, and local identity. This integration goes beyond artists, cuisine, or traditional culture, extending into tangible, scalable innovations that create new economic value for local communities.
Thai – Tech – Tourism: A Major Integrated Leap Forward
Dr Krithpaka further noted that tourism is one of the core engines of the global economy, particularly following recovery from the COVID-19 pandemic. According to data from the World Travel & Tourism Council (WTTC), in 2024 the global travel and tourism sector contributed USD 10.9 trillion, or 10% of global GDP, and supported 357 million jobs worldwide.
The United Nations World Tourism Organization (UN Tourism) has emphasised that innovation is a critical driver of economic growth, enabling new business models, attracting investment, and differentiating destinations through unique tourism formats.
Another crucial factor not to be overlooked is the global TravelTech investment ecosystem, which remains robust. In the post-pandemic era, major tourism companies have increased technology investment by an average of 14% in 2024, reflecting strong confidence in technology as a competitive advantage.
Key areas of investment focus include Smarter Retailing and Personalisation, which deliver highly tailored customer experiences; GenAI and Autonomous Agents, next-generation AI capable of analysing, planning, and executing tasks independently — such as automated travel recommendations, trip planning, and booking management; and Sustainability, with growing investment in start-ups that reduce carbon emissions through diverse solutions.
These global trends align closely with the capabilities and diversity of Thai start-ups, positioning Thailand to connect seamlessly with international movements and deliver truly tangible ‘Amazing’ experiences.
NIA stands ready to connect knowledge, technology, and innovation capital across public agencies, private enterprises, and Thai start-ups to drive concrete outcomes in the tourism-innovation ecosystem. This effort extends beyond enhancing tourism businesses; it represents the creation of a future-oriented industry that fuses creativity and culture with technological power.
Through this integrated approach, Thailand aims to elevate economic value, cultural richness, and sustainability — and to advance decisively towards becoming a Global Innovation Tourism Hub in a meaningful and lasting way.
Hashtag: #NIA #NationalInnovationAgency
https://www.nia.or.th/The issuer is solely responsible for the content of this announcement.
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