Chinese retail real-estate construction — for years the world’s largest — has peaked and is expected to decline over the next few years as developers struggle with overcapacity and the rise of ecommerce.
Retail supply in 17 large Chinese cities tracked by CBRE, the property consultancy, saw nearly 10m sq m of new shopping space finished last year — about the size of 14,000 football pitches. That will fall by 16 per cent to 7.9m sq m this year.
Mall developers such as Wanda and Vanke, who have faced vacancy rates above 20 per cent in some cities, may welcome the news as they are able to push up rents.
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