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中國是世界第二大經濟體和第二大消費市場（2018年為131.1萬噸），於2005年超越日本，同時也是成長最快的大型市場之一。國際零售商越來越重視中國市場，一些零售商甚至將中國作為其區域總部。同時…

中國是世界第二大經濟體和第二大消費市場（2018年消費規模達131.1萬噸），於2005年超越日本，同時也是成長最快的大型市場之一。國際零售商越來越重視中國市場，一些零售商甚至將中國作為其區域總部。. 

同時，本土品牌信心、經驗和市場份額都在不斷增長，並已開始向國際市場擴張。這些在中國成長的品牌擁有極強的彈性，對中國特有的挑戰和機會有著深刻的理解－從創新速度、通路到行銷通路（社群電商、直播、KOL等）。.

它們極具顛覆性和創新性，規模、數量和影響力也不斷擴大。中國向西方尋求靈感的時代已經一去不復返了。.

隨著新冠肺炎疫情在全球持續蔓延，且看不到盡頭，全球資本市場不出所料地遭受重創，而日本房地產投資信託基金（J-REITs）市場受到的衝擊尤為嚴重。然而，在當前情況下，人們很容易忘記，J-REITs在2月20日之前表現穩健——當時東京證券交易所房地產投資信託基金指數（TSE REIT Index）一度飆升至2250點以上（股息：3.5%，淨值：1.28）。但此後情勢急轉直下，該指數在接下來的一個月內下跌了近一半，到3月19日跌至1145點（股利：6.8%，淨值：0.69）。儘管到 3 月 25 日略有回升至 1,640 點（股息：4.8%，淨資產值：0.97），但自 4 月初以來，該指數一直徘徊在 1,500 點左右（股息：5.2%，淨資產值：0.90），比 COVID-19 疫情前的最高低點。. 

As reported in the semi-annual survey by the Japan Real Estate Institute (JREI) and BAC Urban Projects, rental growth in Tokyo’s prime retail submarkets on the whole was impressive during 2H/2019. Average 1F rents increased by 4.9% half-year-on-half-year (HoH) and 14.9% year-on-year (YoY). As for Non-1F rents, growth in this sector has yet again exceeded its typically more volatile 1F peer, rising 8.8% HoH and 15.9% YoY. As such, for the first time, non-1F rents in all submarkets sit above JPY30,000 per tsubo per month. At the submarket level, 1F rents in Ginza remain streets ahead of rivalling districts, whilst the spread between average non-1F rents remains tight.

The COVID-19 pandemic continues to depress office rents during the month, with rents in Central and Admiralty dropping 18.6% and 22.2% YoY, respectively, extending the decline to 11 consecutive months. With current rents adjusted significantly downwards, cost-conscious occupiers started to seek bargain deals in the down market, triggering more leasing activity than in the previous month. In Island East, however, as office vacancies remained at a low level (Quarry Bay: 0.5%, North Point: 5.1%), rents in the area remained stable.
 

持續的新冠疫情無疑是影響亞太房地產市場第一季的主要因素。疫情對整個地區的市場情緒造成了一定程度的衝擊，但各國政府強有力的刺激計劃和政策正在緩解疫情的影響，並且該地區許多行業都湧現出新的機遇。在香港，經歷了長期的政治和經濟不確定性之後，疫情進一步加劇了市場的下行壓力，導致主要參與者持觀望態度。同樣，在新加坡，不確定性也開始限制住宅和商業房地產市場的活躍度。流入印度房地產市場的私募股權資金已大幅減少，而對緬甸等充滿活力的新興市場的投資也已被擱置。.

From the fall of 2016, moderate expansion of Japan’s economy has continued. However, in 2018, the economy shifted to a stagnant trend and subsequently to continuous moderate slowdown since 2019 with a recession all but certain by the end of the year. Signs indicating a turnaround in the for-sale/transaction market for real estate in Japan, for example the decline in the contract rate of for-sale real estate and the bottoming out of transaction yields, have become conspicuous. It appears that the market has already peaked. The conditions of Japan’s real estate rental market continue to improve. However, a turnaround has become apparent in terms of hotels and retail facilities, suggesting that the market will turn toward recession with some time lag.

The region’s key long-term investment attributes remain in-place:

– Economic Growth & Business Expansion

– Infrastructure Investment

– Increasing Connectivity

– Virtuous Cycle Between Income and Consumption