1、JLL ResearchFebruary 2024China RetailMarket Annual ReportJLL China Retail Market 20232 2023Contents01Economy0302Prime Retail Property Market2003Retail Trends3304Investment Market3605Future Outlook41JLL China Retail Market 2023EconomyJLL China Retail Market 2023Domestic airline passenger traffic and

2、y-o-y growth rateInter-city Passenger Flow:Tourism returns to normalcy,air and rail travel reboundsSources:Official Websites of Urban Rail Transit in Various Cities,JLL Research,February 2024Domestic railway passenger traffic and y-o-ygrowth rate1,150.0 1,265.0 1,352.0 857.0 907.0 520.0 1,259.6 12.9

3、%10.2%6.9%-36.6%5.9%-42.7%142.2%-100%-50%0%50%100%150%02004006008001,0001,2001,4001,6002017201820192020202120222023Million PeopleDomestic Civilian Passenger Traffic(LHS)Growth Rate(Y-o-Y,RHS)3,083.8 3,375.0 3,660.0 2,203.5 2,611.7 1,673.0 3,564.6 9.6%9.4%8.4%-39.8%18.5%-35.9%126.5%-50%0%50%100%150%0

4、1,0002,0003,0004,0002017201820192020202120222023.1-11Million PeopleDomestic Civilian Passenger Traffic(LHS)Growth Rate(Y-o-Y,RHS)3|2024Jones Lang LaSalle IP,Inc.All rights reserved.JLL China Retail Market 2023Inter-city Passenger Flow:Subwayridership seesstrong recoveryin major citiesAnnual average

5、daily passenger traffic of the subway by city typesSources:MOT,CAAC,JLL Research,February 202401234567891020192020202120222023Million TripsType A CityType B CityType C CityNote:Type A cities include Beijing,Shanghai,Guangzhou,Shenzhen;Type B cities include Chengdu,Wuhan,Suzhou,Chongqing,Hangzhou,Nan

6、jing;Type C cities include:Changsha,Zhengzhou,Tianjin,Xian,Shenyang,Qingdao,Ningbo,Wuxi,Xiamen,Dalian,Kunming.4|2024Jones Lang LaSalle IP,Inc.All rights reserved.024681012DalianXiamenWuxiNingboQingdaoShenyangSuzhouTianjinZhengzhouChangshaNanjingXianChongqingWuhanHangzhouChengduShenzhenGuangzhouBeiji