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Rationalization within the office sector will start to dictate rental negotiations although it is likely to be countered by muted development pipelines in Beijing and Shanghai. Prime rents should continue to show relative resilience due to ongoing premium for core locations.
Tight credit environment will eventually impact small-tomedium scale developers. Market consolidation appears more probable than before, opening up opportunities for good quality risk-adjusted investments/projects. Prime picks are for mass residential and mid-end retail in
selected lower-tiered cities.
Source : UBS AG