The China Q2 2023 leasing demand has strengthened, but investment has cooled down. The economic recovery is gradual, and the supply of office space is increasing. The retail sector has also seen growth, with new stores opening. Logistics companies have recovered, and the logistics sector is expected to grow. The manufacturing sector has also seen growth, with a rise in exports. The real estate sector has slowed down, with a decrease in new property sales. The report suggests that the recovery is expected to continue, but at a slower pace.
CBRE
FIGURES1CHINA1Q22023
Leasingdemandstrengthensbutinvestmentcools
amidslower-than-expectedeconomicrecovery
+5.5%
SLHH122HV0V
+8.2%
Rralali
(,^'CIH)
+3.8%
U:UI459X=
J.EIH
ExecutiveSummary
IGJRC1:uickSlslietics
office 9-0-9 p-M A-o-f
Ran: 1.18 248
IRAEA +2.5us 0.0=ps +1.9=us
FRetall 90-9 P-4 A-α-M
Ren. -C2% -0.48 -1.0
al:ou+ +C.3=ps +1pr:
Loglstice -0-9 r-t-d M-0-1
Man: 1.5%
13.5p/^ 128p(s 15:Dps
Investment 9-0-9 A-o-+'fip-- M-o-1
T.ale:lule -39.2%, -17.43: -40.08
Ive':"x..cP'cl.cek:d*L?,-ilv1r.lc'.clal*w,r*dls,Ivkes'cct'e**I*s2cler?
‒
OfFice:hgcorcatrstecrelessecrbeveralde'errespraiectsGoatedrexrstonuzicec'tc9imgrketsuppy
.G1.72illisrst.m.in022323,re21esent'ngire'tsesr*32sg-c-qard*26r-u-r,reseclielr.TIregradualrecoveryc*eandcntine*tht1eIcateeltectnstra1e:lcnljeoticenatascrptor
grzw7v11$q+5enc18sxy0yvglstor7gJua:t,7dor/bauxsqnNaticne:deofisevacen5ymse:7y
‒
G.i-psta>3.7%i:fjuitcnd.ldmgonfi.ttrrf/q-:dr:lireinwger:nt:.
Retail:he2ericdthes3esthe2dei.icnot1.76riionsa.m.otnew3pcly.mgrkinaanircessec107
2n9o%inseqten.iglsidr-0-yle1m3,respect'vey.headitis'o'9Igrgevoun'eolnev:.Glv>eekensuredva>ancyIrceasedt21's,erlseet2.6-pps(o1.
&:2323心DR=,C.
-GU7CS1AIG2202"
I:coomy
GDPcxpandsby6.3%ductolow-basccffcct
『IGJRC2ChinaGCFGowth%.Y-o-Y)
Chine'sGDPgrewby6.3y-2-yin22023.v.iththeszableincreaseof1.8-ppsprirr=rilydue
20%,
*8.2%
'5.8
10%
6.5:
6488.22%i11%
2.3%.
!%4
4.3%
4.1%
4.0% 398
1%
3.24
0%
-5%;
tctheov-be3eeffect.Hovever,quarterlygrowthslovedsignificalitly,fsllingfrcn2.2c-o-c
tcjus:0.8%q-cqcwingtcslcwercomasticdemandmonentum.
Lcmescicciisumpticn9ndtheservlcesectcrwe'themajorcrlversofeconomlcexpalislon
thiscusrter.KetalEalesrcseby1J./%y-o-y,wit~contact-basedsenviceconsur1pticn,
representedbycatering.surgingby3Uy9-y.1heserviesectorvilregcl1=cb2.inJun2,
rem=iningin2xpansionaryte"ritory.
estateinvestmen=andnassrasidentalsalesturningnegatvecn=e-y-o-ybasisin~une.Cn
tl1eexpcrtfront.expgits(llUsD)-o-growtlturilednegatveli1Nayandparec:backfurther
X:
1111
heavergeunemplcymentratestoodsta.2%duringtheq-arter,markingsG.3-ppsdecline
inJuneduetosubsdingpenz-updemanc.addticnaoverseasnterestratehicesgndche
high-asffect.
G:
fremc12)2:3andindicatinganIm>rovmentintnovergllemploymntenulrcnmel1t
Howver,cheyouth_nemploymentrste(ag=betweal116-24)lir1bedtcarecordhiglof21.3%
InJune.
ELII( 2020
-10%
2021C1La 2021
6
.07707.
(crc 2322
A..(eli,i.s3,↓X22
SomeposrtiveeconomicclstewesreleasedinJ.ne.wthnanu'acturingvalueadcscly-o-y
in'vestmentslsoginingmomentum,1heIwople'sBankofChina(*BoC)cciitinuectoIssue
supporchvepoliclasduringtheAprl-Junecuarter,includinggeneral:utstothe1-ygarLPRand
b-yeerLPlalongwrththeextensioncfpoliclesprcvidingfinanclals.pporttothereelestgte
market.
2
-UC≤1A1G=202"
Authoritioscontiriuxtossucguidelirksc