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Cushman & Wakefield Interpretation Report Highlights Eight Impact Areas for Real Estate Market

HONG KONG SAR – Media OutReach Newswire – 20 March 2026 – Global real estate services firm Cushman & Wakefield has released its China’s Two Sessions 2026: Interpreting the Government Work Report publication. Against a backdrop of increasingly complex domestic and international conditions, the 2026 government work report outlines more flexible and adaptive targets for national economic development. These policy directions will have a profound influence on the real estate sector. The market’s transition from focusing on incremental expansion to revitalizing and optimizing existing assets — combined with the accelerating integration of artificial intelligence across industries —will reshape market structures, redefine asset values, and reconfigure spatial development patterns in far-reaching ways.

Macroeconomic Stability Strengthens the Foundation for Commercial Real Estate Stabilization

China’s core economic targets for 2026 are clearly defined, with GDP growth set between 4.5%–5%, balancing the dual objectives of stabilizing growth and adjusting structure. This forms a strong macro foundation for the stabilization and gradual recovery of the commercial real estate sector. Between 2024 and 2025, GDP growth remained steady at around 5.0%. For 2026, the fiscal deficit ratio is maintained at a relatively high 4.0%, with RMB4.4 trillion in local special‑purpose bonds. The quota for ultra‑long‑term special treasury bonds is further expanded to RMB1.3 trillion. Coordinated fiscal and monetary policies will continue to support leasing demand recovery and improved business sentiment in the commercial property market.

Accelerated Industry Transformation Sees Quality Enhancement of Existing Assets Become the Core Theme

The report emphasizes a three‑pronged approach of “city‑specific policies to control new supply, reduce inventory, and improve quality”, while encouraging diverse channels to revitalize existing housing stock and advancing the construction of “good homes.” This marks an accelerated shift from incremental expansion to quality enhancement of existing assets. In 2024, China’s real estate value‑added as a proportion of GDP was just 6.3%, far below the 12.56% average of developed economies. This reflects a structural imbalance characterized by heavy investment in development and insufficient focus on services and leasing. The ongoing transition will make asset management, property services, and leasing operations increasingly central to asset valuation.

Consumption‑Driven Momentum Creates a New Growth Window for Retail Properties

Consumption‑boosting policies are injecting new vitality into the retail property market. The government work report allocates RMB250 billion of ultra‑long‑term special treasury bonds to support product upgrades and replacement, complemented by RMB100 billion in coordinated fiscal‑financial funds — creating a RMB350 billion consumption stimulus package. In 2025, China’s total retail sales of consumer goods exceeded RMB50 trillion, with per‑capita GDP reaching USD13,953, signaling a critical inflection point where service‑oriented consumption accelerates. With services currently accounting for just 46.1% of consumption, there remains significant room for growth. Policies promoting “high‑quality service consumption” and “new consumption scenarios,” combined with the promotion of staggered school holidays in spring and autumn, will create opportunities for high‑quality shopping centers focused on experiential and social retail formats.

AI‑Powered Intelligent Economy Drives an Upgrade in Office Market Demand

The rapid evolution of the intelligent economy is reshaping office market demand. The work report calls for expansion of “AI+,” wider deployment of intelligent agents, and accelerated development of large‑scale computing clusters, indicating the transition of AI into commercialized and scaled applications. In 2025, China’s core digital economy industries accounted for more than 10.5% of GDP, with the target set at 12.5% during the 15th Five‑Year Plan. AI‑related companies are expected to become key new leasing drivers in 2026. This will also stimulate a fresh investment cycle for data centers and industrial parks, with core computing hub cities — in the Beijing‑Tianjin‑Hebei region, Yangtze River Delta, and the Guangdong‑Hong Kong‑Macao Greater Bay Area — set to benefit first.

Capital Market Reforms Expand, Enabling a Full “Investment–Financing–Management–Exit” Cycle for Commercial Real Estate

Capital market reforms continue to support expansion in commercial real estate investment. The work report calls for deepened reform of comprehensive investment and financing mechanisms, expanded exit channels for private equity and venture capital, and accelerated growth of the public REITs market. By 2025, China’s public REITs issuance exceeded RMB210 billion, making it the largest REITs market in Asia. In 2026, commercial public REITs enter their first year of development, with pilots extended to hotels and commercial offices. This establishes a “dual‑engine” landscape of “infrastructure + commercial real estate” and enables a more complete investment‑financing‑management‑exit cycle

Further Opening‑Up Boosts Cross‑Border Logistics and Foreign Investment Demand

China’s opening‑up objectives in 2026 feature two core characteristics: expanding services sector openness to attract foreign investment, and promoting standardized, high‑quality development of cross‑border e‑commerce. In 2025, China’s cross‑border e‑commerce imports and exports totaled RMB2.75 trillion, with growth outpacing overall trade for the fourth consecutive year. The sector’s demand for high‑specification warehouses — characterized by high density and rapid turnover —continues to rise. Cushman & Wakefield data shows that the warehouse market is experiencing volume growth alongside price adjustment, with notable regional differences. As cross‑border e‑commerce becomes more regulated, and cold‑chain logistics demand continues to expand, green‑certified, intelligent high‑spec warehouses are expected to gain a competitive advantage.

Advancement of New Urbanization Brings Opportunities for Urban Clusters and Urban Renewal

A notable highlight among 2026 urbanization policies is the first‑ever proposal to build “innovation‑driven industrial communities and business communities.” This concept breaks the traditional boundary between industrial parks and business districts, fostering integrated complexes that combine office, commercial, and residential functions. The report also supports the development of world‑class city clusters in the Beijing‑Tianjin‑Hebei region, the Yangtze River Delta, and the Greater Bay Area, while enhancing the dual‑city Chengdu‑Chongqing Economic Circle and accelerating growth in the middle‑Yangtze city cluster — further intensifying regional differentiation in the commercial property market. Urban renewal and revitalization of existing stock assets are core pillars of the current urbanization strategy. Policies promoting the reuse of existing land and idle buildings align closely with efforts to revitalize existing housing stock. For owners and operators of prime urban assets, regeneration projects offer strategic opportunities for repositioning and value enhancement.

Green Transformation Prompts Sustainability Certifications to Become a Key Competitive Advantage

The work report dedicates a standalone section to the green transition, announcing dual controls on total carbon emissions and intensity, as well as new policy tools such as zero‑carbon parks and a national low‑carbon transition fund. In 2025, China’s national carbon market saw 235 million tons of allowances traded, with transaction value reaching RMB14.63 billion, up approximately 24% year‑on‑year. Carbon costs have become an increasingly important factor in corporate leasing and location decisions. With 97.9% of newly built urban buildings in 2024 meeting green standards, green retrofits of existing buildings are gaining momentum. Commercial properties certified under LEED, WELL, and China’s Green Building Label standard enjoy notable advantages in rental premiums and tenant attraction.

Sabrina Wei, Chief Policy Analyst and Head of Research, North China, Cushman & Wakefield, said, “The 2026 government work report outlines a clear development vision for commercial real estate characterized by macroeconomic stability, targeted policies, and structural transformation. A GDP growth rate of 4.5%-5% will provide market stability, a RMB350 billion consumption stimulus will activate demand for retail properties, “AI+” will reshape the office market; capital market reforms and public REITs will enable a full “Investment–Financing–Management–Exit” cycle, urban renewal will unlock values of existing assets, and green certification will define new competitiveness for the industry. As the real estate industry transitions from a construction‑focused model to one centered on operations and services, institutions with strong capabilities in asset management and high‑quality operational service delivery will be best positioned to capture the emerging opportunities of this transformative new cycle.”

To access the full report please click here.
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About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2025, the firm reported revenue of $10.3 billion across its core services of Valuation, Consulting, Project & Development Services, Capital Markets, Project & Occupier Services, Industrial & Logistics, Retail, and others. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.hk or follow us on LinkedIn (www.linkedin.com/company/cushman-&-wakefield-greater-china).

Speaking at the opening ceremony, the Secretary for Development, Ms Bernadette Linn, said that the Han and Tang dynasties were both golden eras in Chinese history, leaving behind a wealth of important historical legacies for the Chinese nation. Following the success of the “Tang Vogue Beyond the Horizons: A Golden Era of Multicultural Integration and Openness” exhibition jointly organised by the DEVB and the NCHA last year, both parties collaborated again to present a large-scale Han dynasty-themed artefact exhibition this year. She eagerly anticipates that through these precious artefacts, members of the public and tourists will learn more about the glorious history of the Han dynasty and appreciate the remarkable virtues of traditional Chinese culture. They will also discover a fresh perspective through the narratives conveyed by the artefacts from Hong Kong and the Chinese Mainland.

Other officiating guests at the opening ceremony of the exhibition were the Director of Art Exhibitions China, Mr Tan Ping; the Second-level Inspector of the Department of Publicity, Cultural and Sports Affairs of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, Mr Chen Xinyu; the Chairman of the Antiquities Advisory Board, Professor Desmond Hui; and the Chairman of the Advisory Committee on Built Heritage Conservation, Professor Douglas So.

The exhibition is presented in six thematic sections, covering political system, economic development, culture and beliefs, scientific and technological development, social life and external exchanges. It features 252 pieces/sets of invaluable exhibits. Among them, 203 pieces/sets, including 40 grade-one cultural relics, come from 29 museums and cultural institutions in 14 provinces and autonomous regions on the Chinese Mainland, and most of them are being shown in Hong Kong for the first time. The remaining 49 pieces/sets are significant archaeological finds dating to the Han period unearthed in Hong Kong, painstakingly selected by the Antiquities and Monuments Office of the DEVB.

The star exhibits from the Chinese Mainland highlight the Han precious bronze horse-leading figurine and bronze horse; an eaves end tile with Chinese characters Han Bing Tian Xia (Han unifies the realm); a seven-storey painted pottery granary house with linked pavilion; the Yi Li (Etiquette and rites) wooden slips, a bronze fang vessel of Inner Treasury of Zhongshan, a gold linzhi hoof, the silk letter from Yuan to Zifang and arithmetical slips unearthed at the Xuanquan relay station site in Dunhuang; a silk manuscript of Yinyang Wuxing (Yinyang and the Five Elements) Article B; a silk padded robe with Chang Shou (longevity) embroidery on a crimson purple juan (plain weave silk) ground; gloves with lozenge pattern; padded socks; and a lacquered wooden plate with leopard cat motif and Chinese characters Jun Xing Shi (food for the honoured guest) and a silver box with garlic pattern. Other exhibits cover a variety of categories, ranging from Han bamboo slips, coins, bronze vessels, clothes and ornaments to pottery figurines, pottery houses and agricultural tools, which present the daily lives of various social strata in the Han period.

The key exhibits unearthed in Hong Kong include a pottery house unearthed at Lei Cheng Uk Han Tomb, as well as the Han period artefacts excavated at local significant archaeological sites such as Tung Wan Tsai in Ma Wan, So Kwun Wat in Tuen Mun and Kau Sai Chau in Sai Kung, covering Wuzhu bronze coins, a textile fragment, a stone seal, a bronze ear-cup, jade slotted rings and glass beads. These relics reflect that the Han culture had long been rooted in Hong Kong, and showcase the city’s connection with the country, the pluralistic nature of the Chinese culture and Hong Kong’s links with the early Maritime Silk Road trade.

Admission to the exhibition is free. Details are as follows:

Date: March 20 to September 20
Opening hours:
Monday to Wednesday and Friday: 10am to 6pm
Saturday, Sunday and public holidays: 10am to 7pm
Closed on Thursdays (except public holidays)
Venue: Hong Kong Heritage Discovery Centre, Kowloon Park, Haiphong Road, Tsim Sha Tsui
Note: Docent services in Cantonese, Putonghua and English are available on Saturday, Sunday and public holidays. Enrolment on-site is welcome and no advance booking is required.

For more details about the exhibition and docent services, as well as a highlight video of the exhibition, please visit the Antiquities and Monuments Office website (www.amo.gov.hk/en/visitor-centre/exhibitions/heritage-discovery-centre/han-exhibition/index.html).

Download key exhibition information and images HERE
Click here to download high- resolution photo

Captions:

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In 2025, Ho Chi Minh City recorded the highest visitor volume nationwide, welcoming over 53.5 million arrivals, including approximately 8.5 million international tourists. Yet, a persistent paradox remains. Despite its status as the country’s primary entry point, the city largely functions as a transit node rather than a destination where visitors choose to linger. Many travelers stay only briefly before continuing to established coastal destinations such as Vung Tau, Phu Quoc, or Phan Thiet.

Ho Chi Minh City has yet to fully evolve into a tourism ecosystem capable of sustaining extended stays. The limitation is not solely due to the absence of large-scale, destination-defining developments, but also stems from a more fundamental constraint, connectivity infrastructure. For years, the southern region’s interprovincial transport network has developed unevenly, resulting in prolonged travel times and overreliance on a limited number of arterial routes.

That landscape, however, is entering a period of inflection.

A new wave of infrastructure investment – arguably the most extensive in the region’s history – is being deployed, with Can Gio at its epicenter. The convergence of strategic transport corridors is not only reducing travel friction between economic and tourism centers, but also unlocking the long-overlooked potential of Can Gio, gradually reshaping the broader economic and tourism geography of southern Vietnam.

The city’s long-term vision positions Can Gio as a new growth pole, with projected capacity to attract approximately 40 million visitors annually. This ambition contributes to Vietnam’s national target of welcoming 30-35 million international tourists and 160-180 million domestic travelers by 2030.

A 40-Million-Visitor Hub and the Transformation of Southern Tourism

Historically, Can Gio has been recognized as the “green lung” of Ho Chi Minh City, home to a vast mangrove ecosystem and a UNESCO-recognized biosphere reserve spanning approximately 75,000 hectares. Under a new development vision, the district is gradually repositioning itself as “Saigon’s seaside”, a large-scale coastal tourism center located just beyond a metropolitan population of over 10 million.

A series of major infrastructure projects is now converging to redefine Can Gio’s accessibility. For the first time, the area will benefit from a multi-layered transport network, effectively dismantling the geographic isolation that has persisted for decades.

On the aviation axis, Can Gio will connect directly to Long Thanh International Airport, designed to handle up to 100 million passengers annually, via Rung Sac Road and the Ben Luc – Long Thanh Expressway.

On the urban rail axis, the Ben Thanh – Can Gio metro line, expected to commence operations in Q3 2028, will reduce travel time from the city center to the coast to just 13 minutes, shorter than a typical coffee break, effectively integrating Can Gio into the daily living, working, and leisure radius of both residents and visitors.

On the road network, the Can Gio Bridge, scheduled for completion in 2029, will replace the existing Binh Khanh ferry and establish seamless connectivity with regional expressways, embedding Can Gio into both domestic and international logistics networks.

Meanwhile, the Can Gio – Vung Tau sea-crossing route, targeted for completion in early 2029, will open a new coastal tourism corridor, enabling Can Gio to capture a share of the more than 18 million annual visitors currently traveling to Vung Tau.

Complementing this infrastructure backbone, the emergence of Vinhomes Green Paradise is widely viewed as a catalytic force, one capable of activating a new “southern economic and tourism super-map.”

Conceived as an ESG mega-urban development, the project is designed not only to deliver integrated hospitality, entertainment, and lifestyle offerings, but also to function as a central gateway and distribution hub for regional tourist flows.

A True ‘Must-play’ Destination

Commenting on the Vinhomes Green Paradise project in Can Gio, Mike Gorman, Senior Project Architect at RTJ II Golf Course Architects, remarked: “This is going to be completely unique to Vietnam. It will become something people from around the world travel to experience, a true ‘must-play’ destination.”

Its large-scale, experience-driven ecosystem includes: VinWonders Can Gio, envisioned as one of the region’s leading entertainment complexes; two international-standard 18-hole golf courses; a network of 5–6 star hotels and boutique properties totaling nearly 7,000 rooms; the 7-hectare Song Xanh Theater; a five-star Vinmec hospital in collaboration with Cleveland Clinic (USA); and Vin New Horizon, a senior living urban model. This diversified offering enables year-round operations, catering to a wide spectrum of visitor demographics and preferences.

Vinhomes Green Paradise has been conceptualized to align with evolving tourism trends, urban utility integration, and experiential demand, while leveraging Can Gio’s ecological assets to create distinctive, place-based experiences for both visitors and residents. Among hundreds of global participant, Vinhomes Green Paradise has been selected as the first official participant in the “7 Wonders of Future Cities” campaign organized by New7Wonders. Jean-Paul de la Fuente, Director of New7Wonders and President of the campaign, described the project as a compelling model for the concept of a future city, where progress is measured by quality of living across generations.

From an investment perspective, the formation of this “southern economic and tourism super-map” signals not only expanded headroom for the tourism sector, but also the influx of capital and the prospect of sustained real estate value appreciation.

For context, Singapore welcomed approximately 16.5 million international visitors in 2025, generating around SGD 29 billion (equivalent to USD 22.6 billion) in tourism revenue. Against this benchmark, Can Gio’s target of 40 million annual visitors serves as a foundation for long-term asset value growth, as the area evolves into a leading coastal economic and tourism urban center in Vietnam and the wider region.

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Energy consultancy FGE NexantECA indicates that Beijing is nearing a decision to utilise privately held and state-influenced reserves to cushion domestic markets against potential disruptions from escalating conflict in the Middle East. The move reflects growing concern that sustained tensions involving Iran could constrain exports through critical shipping routes, including the Strait of Hormuz, a chokepoint for a significant share of global oil flows.

China has accumulated vast inventories over the past decade, combining strategic petroleum reserves with commercial storage held by state-owned refiners and independent operators. Analysts estimate that total holdings run into hundreds of millions of barrels, giving authorities a substantial buffer to stabilise supply without immediately increasing imports at elevated prices.

The prospect of tapping these reserves comes as benchmark crude prices show heightened volatility, driven by fears of supply interruptions and insurance risks for tankers navigating Gulf waters. Traders have been pricing in the possibility of reduced Iranian exports, either through direct disruption or tighter enforcement of sanctions amid shifting geopolitical alignments.

Officials in Beijing have not publicly confirmed any imminent release, but market signals suggest preparatory steps are under way. Refining margins in Asia have narrowed, while import patterns indicate a degree of caution, with some buyers delaying cargoes or seeking alternative suppliers outside the Middle East. The strategic calculus appears focused on avoiding panic buying that could exacerbate price spikes.

China’s approach differs from coordinated releases led by the International Energy Agency, which typically involve government-controlled reserves. Instead, the country has increasingly relied on a hybrid system where commercial inventories can be mobilised through administrative guidance. This model allows for flexibility while maintaining a degree of opacity, limiting the market impact of official announcements.

Industry experts note that the scale of China’s stockpiles gives it a unique capacity to influence regional demand dynamics. A measured release could dampen immediate import requirements, easing pressure on global benchmarks. At the same time, sustained withdrawals would need to be balanced against the need to rebuild inventories, particularly if geopolitical risks persist.

The Iran factor remains central to the outlook. Despite sanctions, China has continued to import significant volumes of Iranian crude, often through indirect channels. Any escalation that disrupts these flows would force refiners to seek replacements from other producers, including Russia, Saudi Arabia and Iraq, potentially reshaping trade patterns across Asia.

Shipping constraints add another layer of complexity. Insurers have raised premiums for vessels operating in high-risk zones, while some operators are reconsidering routes to minimise exposure. These developments could tighten effective supply even if production levels remain unchanged, reinforcing the rationale for drawing on stored barrels.

Domestic considerations also play a role. China’s economic recovery has been uneven, with industrial activity and transport demand fluctuating. Authorities are keen to prevent energy costs from becoming a drag on growth, particularly as policymakers navigate broader challenges in the property sector and export markets. Using reserves offers a tool to smooth price shocks without resorting to aggressive monetary or fiscal measures.

The move aligns with a broader trend among major economies to reassess energy security strategies in an era of heightened geopolitical risk. Strategic stockpiles, once seen primarily as emergency buffers, are increasingly being deployed as active instruments of market management. China’s large-scale storage capacity positions it at the forefront of this shift.

Market participants are closely watching for signs of implementation. A sustained drawdown could influence price expectations, especially if combined with policy signals discouraging speculative buying. Conversely, a limited or symbolic release may have only a modest effect, serving more as a reassurance to domestic consumers than a decisive intervention.

Producers in the Middle East are also monitoring developments. Any reduction in Chinese import demand could affect export volumes and pricing strategies, particularly for grades competing directly with Iranian crude. At the same time, alternative suppliers may see opportunities to capture market share if disruptions intensify.

The campaign is anchored on the principle that good intentions (niat yang baik), when demonstrated through kind and thoughtful actions (amal budi yang indah) will lead to meaningful outcomes. This theme is brought to life through a self-produced Ramadan Aidilfitri 2026 brand video, available on the Bank’s official YouTube channel.

NIAT TO EMPOWER THE COMMUNITY : SALAM PRIHATIN 4.0

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By Nantoo Banerjee Notwithstanding the assurance given in Parliament last week by Union Petroleum and Natural Gas Minister Hardeep Singh Puri on India’s ‘robust’ energy supplies, fuel and gas prices in the country are expected to shoot up soon in keeping with the global trend. The minister’s statement appears to be substantially political having little […]

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