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Weak demand affects retail property in Beijing

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2009-04-17 18:32

The decline in demand for expansion space by retailers has had a noticeable effect on newly developed retail properties in Beijing, according to a report from the global real estate advisor DTZ.

Related readings:  China's property investment up 4.1% in Q1  Property prices decline in March  Housing prices may 'fall sharply'  China's property market sees growing sales

Leasing activity for new retail properties, especially those focused on attracting international luxury retailers, has become stagnant, as many such retailers have postponed their plans for market entry or expansion, according to the report.

However, in the current economic environment, investment interest in retail properties relative to that of office and residential properties has increased.

Transportation access, construction quality, structural design and, most importantly, stability of rental income for retail properties in the Beijing market have improved noticeably from previous years; as a result, foreign and domestic investors have begun to regard retail properties as a favorable investment option.

In the first quarter, the Parkson Group announced its acquisition of Shuangquan Plaza for 1.128 billion yuan ($165 million) in the biggest property deal so far this year.