Property summary of Greater China in the first quarter of 2021 From Jones Lang LaSalle
The following is the Property summary of Greater China in the first quarter of 2021 From Jones Lang LaSalle recommended by recordtrend.com. And this article belongs to the classification: Chinese economy, research report.
In the first quarter of 2021, China’s GDP grew by 18.3% year on year, the highest since the quarterly GDP statistics were available in 1992. However, it is undeniable that this data was greatly affected by incomparable factors such as the lower base of the previous year. On the other hand, GDP in the first quarter grew by 0.6% on a month on month basis, 10.3% higher than that in the first quarter of 2019, with an average growth of 5.0% in two years, and the economy recovered steadily.
Overall, China’s economy showed a sustained and stable recovery in the first quarter, and market confidence was increasing. But at the same time, we should also see that the global epidemic is still spreading, and the international environment is complex, with strong uncertainty and instability. In 2021, the government may continue to implement a loose fiscal policy, maintain the continuity of monetary policy, steadily expand the two-way opening of the financial market, and further increase the opening in market access, business scope and business environment, so as to keep the economy in a reasonable range and promote high-quality economic development.
In the first quarter of 2021, the market demand of Grade A office buildings across the country ushered in a warm spring, and the rental demand picked up, driving the market back to the development curve before the epidemic. The two-way opening of finance has injected new development momentum into domestic financial enterprises. The continuous expansion of TMT industry drives the rental demand. In this quarter, the national new supply slowed down and moderately eased the market pressure. As the economy continued to recover and the rental demand for office buildings continued to pick up, the rent decline in the first class market nationwide narrowed, and some cities stopped falling and stabilized.
As the high-quality retail property market enters 2021, China’s economy will basically recover, and the consumer market will “return to normal”. The consumption of retail, catering and other sub sectors all achieved positive growth, and some sectors rebounded strongly. The rent of retail property market in major cities stabilized, and the new supply of high-quality retail property market in major first and second tier cities dropped significantly. At the same time, the asset performance of the core business district is relatively stable and excellent, and the ability to carry risks is good. The shopping centers with high-end luxury goods have excellent overall performance.
In the high-end residential market, in the first quarter of 2021, the real estate market in hot cities will be regulated and upgraded from various aspects, and the existing real estate market policies will be tightened or “patched up”. It is expected that the real estate financial supervision will continue to be strengthened. Speculative demand will be curbed, which will benefit the real rigid demand for self occupied housing. Key cities maintained a good sales momentum in the first quarter, and the sales price of new commercial residential buildings in large and medium-sized cities increased steadily month on month.
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