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The shop market will face further blows as agency firms cut branches
2025-5-3
In early May, the first-hand property market remains stagnant. The practice of selling small quantities of new properties at low prices has been effective in some remote locations. However, as these are rural properties, they have not stimulated the overall property market. Large agency firms relying on high transaction volumes for their extensive branch networks have been affected.
Last year, large agency firms maintained operations with active new property transactions. This year, buying power for new  properties is decreasing, and second-hand property transactions have not improved, putting pressure on big agency firms with hundreds of branches.
Some large developers are on the verge of bankruptcy, while others have cash flow issues due to poor sales of new projects. This is a serious warning for agency firms relying on commissions from these sales.
The retail and catering industries are experiencing challenges as local residents' consumption patterns shift to mainland China. Many chain store branches and individual retail stores are closing down. This trend is evident in various shopping districts, and big agency firms with hundreds of branches in ground floor shops are expected to shut down as leases expire later this year. This poses serious concerns for the already struggling shop market.
The two major agency firms currently own over one thousand ground floor shops. Should they require to close half of their branches, landlords depending on these firms will lose significant rental revenues, severely impacting the shop market.
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