2.2. BEIJING Existing and Potential Supply As of 2023, Beijing’s total retail stock stood at 12.1 million square metres (sq m), up 7.5% yoy. The total net new supply in 2023 was estimated to be near 0.8 million sq m. Completions included Wukesong Wanda Plaza and Beiyuan Paradise Walk of about 300,000 sq m and 100,000 sq m respectively. Approximately 1.1 million sq m of retail space is anticipated to be delivered across Beijing in 2024. Total retail stock is expected to reach near 13.2 million sq m in 2024. BEIJING MAJOR RETAIL POTENTIAL SUPPLY IN 2024 Project Supply (sq m) Beijing Xibeiwang Mixc One 66,718 Beijing Tongzhou Mixc One 90,008 Pinggu Wanda Plaza 149,300 Haidian Joy City 188,000 Source: Colliers International Consultancy & Valuation (Singapore) Pte Ltd Demand and Occupancy Over the past five years, the average gross absorption of retail space in Beijing stood near 369,000 sq m per year. As of 2023, the average gross absorption recorded was near 1.2 million sq m and the retail occupancy rate increased by 3.2% to 95.3%. Beijing’s retail market recovered strongly on the back of robust consumption and retail traffic as new retail spaces and experiences continue to enliven its retail scene. New retail completions also observed high leasing commitment and occupancy, which strengthened the overall retail occupancy rate. Source: Colliers International Consultancy & Valuation (Singapore) Pte Ltd 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4 100 80 60 40 20 0 -20 -40 BEIJING RETAIL SUPPLY, DEMAND, AND OCCUPANCY RATE (2018 TO 2023) 2018 2019 2020 2021 2022 2023 Gross Absorption (LHS) Net New Supply (LHS) Occupancy Rate (RHS) sq m (million) % 0.5 93.5% 92.9% 92.1% 92.3% 94.0% 95.3% 0.5 (0.2)(0.3) 0.3 0.5 1.2 0.8 0.1 0.2 0.5 0.4 ANNUAL REPORT 2023 65 Financials Framework Portfolio Performance Leadership Overview
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