THE country’s retail property market is and will continue to be a popular investment destination for investors, developers and retailers, said the latest report by Cushman and Wakefield, a global real estate services firm.

The popularity can be attributed to measures from the central and local governments to stimulate consumption, the rise of China’s “new consumption,” and the continuous improvement in consumer shopping experience and energy and natural resource usage sustainability, according to the firm’s report China Retail Supply/Demand 2021.

The total stock of all mid- to high-end shopping centers in 16 major cities in China reached 88.96 million square meters by the second quarter, an increase of 2 percent quarter on quarter, it said.

The average rental for prime retail properties in major cities in China was 755.6 yuan (US$117) per square meter per month by the second quarter, up 0.4 percent quarter to quarter, it said.

The report said about 22.59 million square meters of new supply is planned to enter the market in the second half of 2021 and into 2022, which will exacerbate retail property competition.

“The COVID-19 epidemic has brought many changes to retailing in China. ... The number of people shopping online has further increased,” said Shaun Brodie, head of occupier research at Cushman and Wakefield’s China division.

(Xinhua)