Retail properties in Guangzhou, the capital of Guangdong province, will not see a significant recovery in a short term due to increasing e-commerce sales, an industrial report said on Wednesday.
The vacancy rate of retail properties in the city is expected to increase to 7-9 percent by the end of year as some 400,000 square meters of such properties will be newly added in the second half of the year, according to the report by Jones Lang LaSalle Inc, a global real estate services and investment management company.
"The slower economic growth and booming e-commerce will continue to hit the retail property market," said Zeng Li, research director of JLL (South China).
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