In today’s briefing:
- Ohayo Japan | 10Y Back Above 4%; Weak China GDP
- China Property – Today’s NBS Macro-Property Data for December 2023
- Only 27 New Malls Now Due in 2024
- Tech Talk: Smart Cities Delivering on the Promise
Ohayo Japan | 10Y Back Above 4%; Weak China GDP
- US Stocks lower as Treasury yields continued to climb, with 10Y back above 4%, on back of strong retail spending. Odds of March cut fall 61%→50%
- Nikkei Futures point to flat open; A weak print for China GDP likely to weigh on Japan exporters; MHI to trial carbon capture pilot at KEPCOs plant.
- Japan recorded 25m tourists in 2023, reaching 80% of pre-pandemic peak; Yen remains weak at 148/$ – good rate for visitors
China Property – Today’s NBS Macro-Property Data for December 2023
- Today’s NBS data for December points to further weakness in the housing market year-to-date year-on-year while turning less negative on most indicators on a 12M rolling basis
- But the main caveat persists – the 2022 data (March-December) continued to be revised down (officially) for some key metrics like new home sales
- Land sales /acquisitions figures, however, show a clear improvement on multiple (non-NBS) metrics, especially for major 13 developers
Only 27 New Malls Now Due in 2024
- Shopping mall development improved a little in 2023 but looks set to dip again as developers hold back investment in new builds in favour of refurbishment.
- Sales continue to climb and are now at parity with 2019.
- A smaller, but more efficient, mall sector will emerge in the next few years.
Tech Talk: Smart Cities Delivering on the Promise
- The global Smart Cities market size was valued at $1.5 trillion in 2020 and is projected to grow to $11 trillion by 2030, a CAGR of more than 20%.
- While North America is currently the largest market, Asia-Pacific is projected to overtake it in a few years.
- Smart Cities are urban areas that utilize digital infrastructure and interconnected systems, most likely using artificial intelligence (AI).
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