"China’s logistics value experienced robust growth of 3.4% in 2022, reaching RMB347.6 trillion, while the total revenue of the logistics industry amounted to RMB12.7 trillion, exhibiting a year-on-year (YoY) increase of 4.7%. Notably, sectors such as railway transport, the cold chain sector, and express delivery maintained strong growth rates, showcasing their resilience and importance."

"Chengdu’s GDP reached RMB2,082 billion in 2022, an 2.8% increase YoY, and the total economic output exceeded 2 trillion for the first time. The tertiary industry growth value reached RMB1,382 billion, up 1.5% YoY."

"After a period of exceptionally strong growth coming out of pandemic restrictions, consumer spending is slowing as the impact of higher interest rates and inflation begin to bite. Nominal retail sales rose by 0.4% in March, with annual growth slowing to 5.4%, down from a peak of nearly 20% in mid-2022, and the slowest growth rate in 18 months."

"Beijing office market kicked off with a slow start in 2023. The removal of COVID restrictions guaranteed business activities back to normal while enterprises resumed their leasing plans. Grade A office leasing inspections in Beijing rebounded swiftly, but it is still expected to take time for this to translate into new leases or for self-sustaining momentum to gain sufficient steam."

"It was four full months since border reopened, and Hong Kong has welcomed 7.3 million visitors (5.7 million from Mainland) over the period, representing around 30% of pre-COVID levels."

"Ha Noi’s GDP growth improved by 5.8% YoY in Q1/2023, higher than the national average of 3.3% YoY. Industry and construction expanded by 2.4% YoY, and services saw robust growth of 7.4% YoY. Administration and services recorded the greatest increase at 35.1% YoY, followed by finance, banking, and insurance at 9.7% YoY, real estate at 9.4% YoY while warehousing and transportation increased by 6.9% YoY."

"The recovery of the tourism sector in the first quarter of 2023 has aligned with expectations, providing support for a positive outlook. In the fourth quarter of 2022, real GDP grew by 1.4% year-onyear. Bangkok, as the capital city, holds significant importance for the national economy, contributing to 34% of Thailand’s GDP. "

"Since the entry of Oakwood Gold Arch Residence Guangzhou on Ersha Island to the market in 2000, the Guangzhou serviced apartment market has developed for more than two decades."

"There has been a change in the economic structure of most Southeast Asian countries, including Indonesia with the manufacturing sector gradually taking over from agriculture. In the first quarter of 2023, the contribution of agriculture to Indonesia’s gross domestic product was around 12.5%, while manufacturing contributed approximately 23.5%."

"The World Bank has affirmed that GDP is projected to grow by 6.3% in 2023-24, while the average inflation rate is estimated to be 5.2% over the same period. The primary factors contributing to the downward trend in inflation include the easing of global commodity prices, a slower pace of currency depreciation, and a moderation in domestic demand."