China’s real estate market is in the midst of a profound transition. After three decades of rapid urbanization and growth, the sector is now in a clear downturn with weakening demand, surplus supply, and tighter policy constraints. The slowdown in commercial office and retail development has accelerated a pivot toward repositioning existing assets, investing in healthcare, science, and education facilities, and exporting construction expertise abroad. While oversupply and demographic shifts pose headwinds, strong opportunities remain. Today, success in China means taking a more strategic approach to development by aligning with government priorities, such as healthcare, education, and science, while finding creative ways to add value to existing assets. It’s less about chasing scale and more about building smarter, more sustainable, and more experience-driven places that respond to how people actually want to live and work.

中国房地产市场正处于结构性调整期。经过三十年的快速城市化和高增长后，行业正面临需求下行、供应过剩以及政策收紧等多重压力。商业办公和零售开发增速放缓，推动市场加速向现有资产盘活、医疗、科技、教育等民生与战略性领域投资，以及海外工程服务输出转型。尽管供应过剩和人口结构变化带来一定挑战，但行业仍存在结构性机遇。当前，中国房地产开发成功的关键在于更加注重战略导向，紧密契合政府在医疗、教育、科技等重点领域的发展规划，同时通过创新方式提升现有资产价值。整体来看，行业正在从单纯追求规模增长转向打造更高质量、更可持续、体验导向的空间，以更好满足居民生活和工作方式的多样化需求。