China Retail S-REITs - DBS Research 2023-09-28: Capturing The Shift In China’s Consumption Patterns

• Bidding farewell to COVID was a reset for China’s economy but not a miracle cure for growth. Cautious sentiment prevails amid a hesitant economic recovery while high unemployment (>20%) amongst Chinese youths remains a key drag. A recent survey by McKinsey indicates that the proportion of Chinese consumers with plans to increase consumption by 5% or more back in 2022 has reduced by half since 2019.
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Online retail, outlet malls necessity goods remain a magnet for the retail dollar.

• Retail verticals offering value-for-money goods and services are well-placed to attract the consumer dollar as consumers turn budget conscious. Outlet stores led other retail formats with a growth of ~8.0% in 2022 and this trend is likely to continue.
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Time to reposition into China-focused S-REITs trading at 1 to 2 standard deviations below average P/B

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

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