When thinking about China’s property market, the image that often springs to mind is that of the endless seas of residential towers one sees when flying into Beijing or Shanghai. And indeed, the demand for investment in residential housing has been a tremendous catalyst for growth in China and around the world. But there is another part of the property story about which less is known. The nonresidential real estate market consists of mainly office buildings and retail property like shopping centers and hotels. Nonresidential makes up approximately 30 percent of China’s real estate market in terms of investment, and total sales of the nonresidential market account for about 20 percent of the total (see chart 1).