> **来源：[研报客](https://pc.yanbaoke.cn)** # China's Global Reach: # Green Real Estate Leads Manufacturing Overseas Surge Knight Frank This white paper systematically analyses the development status, paths, challenges and new globalisation opportunities for Chinese enterprises going overseas, focusing on the core logic and practical path of enterprises' overseas real estate strategies. January 15 2026 # - Contents 01 Foreword 03 02 The Current Situation 04-08 03 Destination Countries 09-11 04 Key Sectors 12-14 05 Overseas Models and Strategies 15-23 06 Government Support Policies and Service Systems 24-25 07 Case Studies 26-28 08 Challenges 29-32 09 Outlook and Recommendations 33-38 # Foreword In 2025, the global economic landscape has undergone profound adjustment, the Sino-US strategic rivalry will enter a new stage of complexity, and the global industrial and supply chain will accelerate the shift toward regionalisation, nearshoring, and diversification. In this context, going overseas for Chinese enterprises has shifted from an optional "multiple-choice question" to a "compulsory course" that is critical to their viability and long-term development, and has become a core pathway of "China's power sweeping the world". According to the data, as of 2024, the overseas revenue of Chinese listed companies exceeded the RMB10 trillion mark for the first time, accounting for $13.8\%$ of total revenue, while domestic revenue experienced its first negative growth in 10 years. The overseas expansion of Chinese enterprises is the result of the combined action of internal and external drivers and regional opportunities, and it is also an inevitable choice for green transformation and industrial synergy. In 2024, steel, photovoltaic, real estate and other industries witnessed significant adjustments, with the net profit of the photovoltaic equipment industry falling by $126.34\%$ and the profit of the steel industry falling by $54.6\%$ . At the same time, under the requirements of high-quality economic development, enterprises need to obtain advanced technology and international brands through internationalisation, empower industrial upgrading with green technology, and accelerate the transformation from "Made in China" to "Made Globally" with the early deployment of overseas industrial and logistics real estate providing a solid platform for this transformation. On the external front, the protracted nature of China-US trade frictions is forcing strategic adjustments. Although the two sides entered a tariff "truce" in November 2025, the rivalry has extended to the technological blockade and restructuring of rules, making "nearshoring footprint" and green real estate in Southeast Asia, Mexico and other places a pragmatic choice to avoid barriers. As the core of the regional economy, ASEAN attracted a record-high US$34.36 billion in Chinese investment in 2024, becoming a key destination for green manufacturing and real estate to go overseas in collaboration. Meanwhile, the land-sea connectivity network spanning "Asia-Europe-Africa + Emerging Markets" under the "and Road" Initiative is providing stable policy support for the implementation of green projects and real estate development. In this process, Chinese enterprises' overseas expansion exhibits diverse characteristics: traditional manufacturing firms rely on overseas industrial real estate to achieve gradual capacity relocation and green transformation, leading enterprises drive the coordinated overseas expansion of industry chains and work with property developers to build industrial clusters in key regions, while small and medium-sized enterprises leverage digital platforms to accurately lay out market segments and supporting properties. At the same time, enterprises focus on overseas green real estate and industrial real estate footprint, focusing on logistics and warehousing, industrial parks and other tracks, in line with the needs of the "Belt and Road" co-founding countries and RCEP member countries. However, opportunities and challenges coexist - enterprises must not only manage external risks such as geopolitical tensions and compliance barriers, but also address internal shortcomings such as green technology implementation, the localisation of real estate operation, and brand building. Based on this white paper, under the overarching theme of "Green Empowerment with Real Estate Leading the Way, Driving a New Wave of Manufacturing Global Expansion" systematically review the development of Chinese enterprises going overseas, it analyses the logic behind destination country selection and industry distribution patterns, summarizes typical overseas models and supporting strategies such as industrial chain collaboration, green transformation, and real estate support. It introduces the support service system of central and local governments, with a focus on enterprises' overseas layout and practical pathways in green real estate and industrial real estate, and refines practical experience through case studies of overseas projects. At the same time, drawing on the latest changes in the global economic and trade landscape in 2025, the white paper looks ahead to the trends and strategies of enterprises' overseas expansion in 2026, offering a data-backed and practice-oriented reference framework for Chinese enterprises to seize new opportunities in globalisation, enhance international competitiveness, and continue to unleash China's strength in green development. # Analysis of the Current Situation of Chinese Enterprises Going Overseas Investment flow, stock and global share have steadily increased Investment Flow Grew Steadily, and Non-Financial Sectors Accounted for a Prominent Proportion From January to September 2025, China's outbound FDI flows reached US $128.93 billion (equivalent to RMB923.68 billion), a YoY increase of \(3.6\%$ . Among them, non-financial FDI was US\)110.74 billion, accounting for more than $85\%$ , making a $4\%$ YoY increase and highlighting the leading role of the tangible industries in overseas expansion. Large Share in the Global Foreign Direct Investment By the end of 2024, China's outbound FDI stock exceeded US $3.1 trillion, ranking among the top three in the world for eight consecutive years, accounting for \(7.2\%$ of the global share. By the end of June 2025, the stock had reached US\)3,349.1 billion with domestic investors establishing 52,000 overseas enterprises in 190 countries and regions, of which $70\%$ were profitable or at least breaking even. # The Global Share Continues to Increase with a Leading Position In 2024, China's outbound FDI accounted for \(11.9\%\) of the global share, ranking among the top three in the world for 13 consecutive years. Global FDI is expected to exceed US\\(2.5 trillion in 2025, and China's share is expected to remain at about \(12\%\) at the current growth rate, ranking first among global investment sources. \$3,349.1 billion As of the end of June 2025, China's outbound FDI stock Figure 1: China's outbound FDI Figure 2: China's annual outbound FDI flows as a global share Source: 2024 Statistical Bulletin of China's Outbound Foreign Direct Investment / Knight Frank Research Figure 3: Global ranking of China's outbound FDI flows # Analysis of the Current Situation of Chinese Enterprises Going Overseas Amid the new wave of overseas investment, foreign investment has grown steadily, with emerging sectors expanding at a rapid pace # 2015-2017: Slowdown After Explosive Growth, Due To Regulatory Tightening From 2015 to 2016, China's outbound investment grew explosively, especially the investment and M&A of private enterprises were extremely hot. In 2016, outbound direct investment flows reached an all-time high of US$196.15 billion. In 2017, the state strengthened supervision of overseas investment, clarifying three types of overseas investment activities that are encouraged, restricted and prohibited, and restrained overseas investment in real estate, hotels,cinemas, entertainment industry, sports clubs and other sectors. As a result, outbound direct investment began to decline in 2017. # From 2023: Steady Growth in Outbound Investment amid a New Wave of Overseas Expansion A new "wave of overseas expansion" emerged. The amount of foreign direct investment, the number of overseas enterprises and its employees all recorded significant and steady growth. Moreover, the "amount of outbound FDI" far exceeds the amount of FDI utilised domestically. Figure 4: Comparison of China's outbound investment and the amount of utilised FDI Source: 2024 Statistical Bulletin of China's Outbound Foreign Direct Investment / Knight Frank Research # Analysis of the Current Situation of Chinese Enterprises Going Overseas Amid the new wave of overseas expansion, outbound investment has grown steadily, with emerging sectors expanding at a rapid pace # Traditional Areas with Competitive Advantages Account for More Than $80\%$ , Supporting the Broader Investment Market In 2024, five traditional sectors - wholesale and retail, leasing and business services, manufacturing, finance and mining – together accounted for \(83.8\%\) of China's outbound direct investment. Among them, manufacturing investment was US\(37.54 billion, with a YoY increase of \(37.3\%\); Leasing and business services accounted for \(32\%\), wholesale and retail accounted for \(19\%\), and traditional fields continued to play a pillar role, ensuring that the investment scale ranked among the top three in the world. # Emerging Sectors Growing Rapidly and High-Tech Deployment Accelerating Emerging industries became investment highlights, with investment in information transmission/software and information technology services surging by \(205.5\%\) YoY to US\\(6.97 billion, and investment in green and low-carbon sectors such as electricity and heat increasing by \(23.4\%\). The high growth rate reflects the extension of Chinese enterprises toward the high end of the global value chain helps the optimisation of the foreign investment structure to a higher quality. Figure 5: Composition of China's outbound FDI flow industry in 2024 Source: 2024 Statistical Bulletin of China's Outbound Foreign Direct Investment / Knight Frank Research # Analysis of the Current Situation of Chinese Enterprises Going Overseas Outbound Investment and M&A continues to recover, both remains historically low in scale # Overall Transaction Size In the first three quarters of 2025, China's outbound FDI M&A value amounted to US $29.8 billion, a YoY increase of \(70\%$ . Among them, the number of large transactions exceeding US\)500 million rose to 16. # Industry Distribution Characteristics TMT (technology, media and communications) and consumer goods have become the most sought-after sectors, with Asia as the primary destination, accounting for more than $40\%$ of M&A amounts, up $151\%$ YoY. # Regional Market Differentiation Asia remains the top destination, with a YoY increase of $151\%$ in transaction value, accounting for more than $40\%$ of total deals. Within Asia, Southeast Asia has become a core region driven by the demand for strategic production capacity allocation, with countries such as Indonesia and Thailand seeing particularly active in M&A. Europe and Southeast Asia together account for $73\%$ of total M&A value; in Europe, deals are largely driven by technology acquisition, focusing on high-end industries such as auto parts and semiconductors, and third-quarter M&A volumes have reversed the decline seen in the first half of the year. # 70% The YoY growth rate of China's outbound FDI M&A value in the first three quarters of 2025 Figure 6: China's outbound FDI M&A activity from 2015 to 2025 Source: 2024 Statistical Bulletin of China's Outbound Foreign Direct Investment / Public Website Information / Knight Frank Research # Analysis of the Current Situation of Chinese Enterprises Going Overseas # Regional synergies are significant, and investment related to Belt and Road and RCEP countries shows outstanding performance # An Important Role of the "Belt and Road" In the first three quarters of 2025, Chinese enterprises' M&A activity in "Belt and Road" partner countries displayed a high-quality development pattern of "stable volumes and rising values". The amount of M&A reached US$12.4 billion, a YoY increase of 84%, accounting for 42% of the total overseas M&A of Chinese enterprises in the same period. During the same period, the non-financial direct investment of Chinese enterprises in co-building countries so reached US$30 billion, a YoY increase of 23.7%, accounting for 27% of the total non-financial FDI. The M&A field is highly concentrated, with advanced manufacturing and transportation, mining and metals, and TMT industries accounting for more than 70% of the total amount. # Rising Trend in Chinese Enterprises' Investment and M&A across RCEP Countries In recent years, Chinese enterprises' investment and M&A in RCEP countries have shown a trend of scale expansion and structural optimisation. As the core initiator and key component of RCEP, the 10 ASEAN countries received US$34.36 billion in investment from China in 2024, a record high increase of 36.8%, accounting for 22.4% of China's investment in Asia. In the first three quarters of 2025, Chinese enterprises' M&A activity in Belt and Road partner countries displayed a high-quality development pattern of "stable volumes and rising values. 1 Figure 7: Statistics on China's M&A in the Belt and Road countries Source: 2024 China Outbound Direct Investment Statistics Bulletin / Public website information / Compiled by Knight Frank Research # Distribution Characteristics of Destination Countries and Regions # North America # 22.6% The United States and Canada, with their well-developed business ecosystems and strong consumer markets, attract high-tech companies in sectors such as new energy vehicles, artificial intelligence and biopharmaceuticals. These firms focus on technological research and development collaboration and global brand building, but must also navigate challenges including trade barriers and intellectual property compliance. # Latin America Figure 8: Year-on-year change in China's outbound direct investment flows (2024) # 15.4% Leveraging on higher proportion of young population and rich natural resources, this region has become a "potential growth area" of Chinese enterprises going overseas. Brazil, Mexico, Argentina and other countries have become a key destination for e-commerce, new energy, construction machinery and other industries due to rising demand for infrastructure upgrade and expanding consumer markets. As Chinese enterprises reduce costs through localised production, they must manage risks such as exchange-rate volatility and policy changes. # Europe # 25.3% Germany, France, the United Kingdom and other EU core countries focus on sectors such as new energy, high-end advanced manufacturing and the digital economy. Chinese companies are integrating into local supply chains through technical cooperation (as compliance operations refers to a separate department that enforce compliance instead of the idea of business activities that comply with rules), but must adapt to stringent regulatory requirements, including environmental standards and data security rules. # Africa # 14.9% This region attracts Chinese enterprises with its young population profile and abundant natural resources. Relevant companies scaled up significantly in mobile communications and infrastructure, but still face challenges including weak public infrastructure and political instability. # Asia # 8.5% Accounting for $57\%$ of the total, the region has become the "primary growth pole" for Chinese enterprises going overseas. Countries such as Vietnam, Indonesia, and Thailand have attracted particular attention with the shift in manufacturing relocation and growth of consumer markets. This leads to concentrated deployment in sectors such as e-commerce, gaming and new energy. # Oceania # 113.7% Australia and New Zealand have forged notable cooperation highlights with Chinese enterprises in mineral resources, agricultural technology, cultural tourism, and wellness sectors. E-commerce and green energy industries are accelerating their market penetration, though challenges persist from limited market scale and geopolitical influences. Figure 9: Composition of China's outbound FDI Stock areas at the end of 2024 Source: 2024 China Outbound Direct Investment Statistics Bulletin / Public website information / Compiled by Knight Frank Research # Key Countries with Significant Declines in Investment Flows These countries have mostly benefited from regional trade agreements, industrial chain synergies and policy advantages, driving significant investment growth rates <table><tr><td>Country</td><td>Region</td><td>Investment Flow Increase</td><td>Core Reasons and Investment Characteristics</td></tr><tr><td>Indonesia</td><td>Asia (Southeast Asia)</td><td>Steady growth</td><td>It is not only an important destination for overseas M&A of Chinese enterprises in 2024, but also a key investor in the joint construction of the "Belt and Road". Investment is concentrated in energy, infrastructure and manufacturing to meet the needs of local industrial chain upgrades, while deepening production capacity cooperation with the help of its resource advantages.</td></tr><tr><td>Vietnam</td><td>Asia (Southeast Asia)</td><td>With the overall increase in ASEAN</td><td>In 2024, China's investment in ASEAN surged by 36.8%, with Vietnam - as a core ASEAN economy - benefiting from deeper regional industrial chain integration. Chinese firms have advanced significantly in smartphone, home appliance, and electronic component manufacturing in Vietnam, leveraging local low-cost advantages to serve global markets.</td></tr><tr><td>Thailand</td><td>Asia (Southeast Asia)</td><td>With the overall increase in ASEAN</td><td>Included in ASEAN's 36.8% investment growth market, Chinese enterprises are targeting the automotive sector, infrastructure construction, and retail. Chinese auto brands in particular are establishing production bases here to deepen integration across the regional automotive industry chain.</td></tr><tr><td>Korea</td><td>Asia (Northeast Asia)</td><td>Steady growth</td><td>In the first quarter of 2025, the amount of overseas M&A transactions of Chinese enterprises increased significantly, and investment is likely to be concentrated in complementary sectors such as electronics and auto parts, deepening the coordination of China-South Korea manufacturing industries.</td></tr><tr><td>UAE</td><td>Asia (Middle East)</td><td>Steady growth</td><td>As the Middle East's largest economy, from 2024 to 2025, Chinese enterprises have focused on logistics hubs, new energy (photovoltaic/hydrogen energy) and digital economy, relying on their regional business advantages to expand the Middle East and North Africa market.</td></tr><tr><td>Saudi Arabia</td><td>Asia (Middle East)</td><td>Steady growth</td><td>As the largest economy in the Middle East, Chinese investment is concentrated in petrochemical, new energy (green hydrogen) and infrastructure projects. These align closely with Saudi Arabia's "Vision 2030" industrial upgrading needs and has become the core driving force for regional investment growth.</td></tr><tr><td>Peru</td><td>South America</td><td>Steady growth</td><td>Peru ranks as one of the top destinations for Chinese enterprises' overseas M&A in 2024, with nearly 60% of such funds directed toward "Belt and Road" partner countries. Leveraging its mineral and other resource advantages, Peru has emerged as a prime choice for Chinese investment in resource development.</td></tr><tr><td>Brazil</td><td>South America</td><td>Steady growth</td><td>Brazil stands as a primary destination for Chinese investment in Latin America, with M&A transaction values increasing significantly in Q1 2025. Investment is concentrated in agriculture, energy and mineral resource development, while clean energy projects such as solar and wind energy emerge as new growth highlights.</td></tr><tr><td>Sweden</td><td>Europe</td><td>Steady growth</td><td>It ranks among countries seeing a sharp rise in Chinese overseas M&A transaction values in Q1 2025. Investments are presumed to target high-end manufacturing and information technology, leveraging local technological strengths for collaborative ventures.</td></tr><tr><td>Hungary</td><td>Europe</td><td>Steady growth</td><td>It has become China's largest investment destination in Europe for three consecutive years, attracting 3.1 billion euros of Chinese investment in 2024, accounting for 31% of China's direct investment in the EU and the UK. BYD, CATL and other companies have laid out electric vehicle and battery projects here, which has become the core driving force for investment growth.</td></tr></table> # Key Countries with Significant Declines in Investment Flows These countries have largely reduced the inflow of Chinese capital due to policy restrictions and deteriorating investment conditions <table><tr><td>Country</td><td>Region</td><td>Investment Flow increase</td><td>Core Reasons and Investment Characteristics</td></tr><tr><td>India</td><td>Asia (South Asia)</td><td>Extremely sharp decline investment fell to just $3 million in 2024 from $1.27 billion in 2019</td><td>From 2020, India introduced strict investment policies requiring government approval for investments from China and other neighbouring countries, with 2025 adding extra scrutiny for indirect investments. Opaque policies and cumbersome approvals have deterred Chinese capital, limiting its share of total investment in India to just 0.42% in 2024.</td></tr><tr><td>United States</td><td>North America</td><td>The number and amount of Chinese investment in the United States fell to their lowest level in a decade. Direct investment in the United States in 2024 will be US$663 million, a decrease of 4.1%.</td><td>Affected by the obvious tightening of the geopolitical situation, the scale of China's direct investment in the United States has shown a significant contraction trend. Chinese companies are more cautious in their investment activities in the United States, and are gradually developing towards the direction of structural optimisation.</td></tr><tr><td>Germany</td><td>Europe</td><td>The share of Chinese enterprises' investment in Europe fell sharply</td><td>It was once a core investment country for Chinese companies in Europe, but in 2024, its share of Chinese investment in Europe with France and the United Kingdom dropped from a peak of 52% to 20%. High costs, strict regulations and the shift of Chinese investment to Central and Eastern Europe have led to a significant decline in its share of investment.</td></tr><tr><td>United Kingdom</td><td>Europe (Western Europe)</td><td>The share of Chinese enterprises' investment in Europe fell sharply</td><td>Affected by high costs and tightening regulations, the investment attractiveness of Chinese enterprises has gradually shifted to Central and Eastern Europe, making its weight in Chinese investment in Europe continue to decrease.</td></tr><tr><td>France</td><td>Europe (Western Europe)</td><td>The share of Chinese enterprises' investment in Europe fell sharply</td><td>Like Germany and the United Kingdom, due to the shift of Chinese enterprises' investment strategies to low-cost regions in Central and Eastern Europe, their core position in Chinese enterprises' investment in Europe has weakened, and the proportion of investment has dropped significantly.</td></tr></table> These countries have largely reduced the inflow of Chinese capital due to policy restrictions and deteriorating investment conditions. # Geographical Distribution of Overseas Industries In 2025, Chinese firms pursued a dual-track strategy focusing equally on developed countries and emerging markets # Asia-Pacific: Deep Cultivation of Infrastructure and Consumer Brands Driven by RCEP, infrastructure M&A in Southeast Asia are heating up, and the ASEAN market share will reach $28\%$ in 2026; In the field of consumer brands in Japan and South Korea, the M&A of cosmetics and FMCG brands are expected to exceed US$5 billion in 2025, and Chinese companies will quickly acquire brands and channels through M&A to expand the Asia-Pacific consumer market. # Latin America: Assurance Of Resource Supply Through Acquisitions In Lithium And Other Metal Mining Assets Brazil's iron ore and copper projects account for $73\%$ of the total number of Chinese M&A, consolidating resource security; Chile's lithium mines will account for $35\%$ of the world's M&A in 2026, helping Chinese enterprises in securing the upstream new energy industry chain and boosting their global influence in new energy resources. # Europe: Fintech and Automotive Industry Chain Breakthroughs The number of fintech M&A in the UK has increased by $23\%$ YoY in 2025, with Chinese firms leveraging London's financial hub to build out fintech ecosystems; Germany's new energy vehicle technology M&A accounted for more than $60\%$ , and will exceed 8 billion euros in 2026, helping Chinese enterprises upgrade their automotive industry chain technology and improve their global competitiveness. # North America: Dual-Track Investments in Tech & Energy The United States focuses on M&A in high-tech sectors such as semiconductors and AI, and is still actively expanding despite CFIUS review risks; The transaction volume of M&A of Canadian oil and gas and lithium resources is expected to increase by $12\%$ in 2025, enabling Chinese firms to secure resource supplies while positioning upstream in the new energy industry chain. # Overseas Industry The proportion of traditional sectors has declined, and emerging and consumer sectors have risen # Traditional Industries' Share Declines The proportion of finance, mining, and construction industries going overseas has decreased significantly. $53\%$ of the investment in the financial industry is in the banking industry, and at the end of 2024, state-owned commercial banks had 103 branches, 70 subsidiaries in 51 countries (regions), and 52,000 employees; The mining industry accounted for a high proportion in the early days, and the proportion of the construction industry also declined slowly. # Manufacturing, Wholesale and Retail Growth Was Significant The manufacturing industry has fluctuated upward since 2018, and the number of manufacturing enterprises going overseas to Southeast Asia has increased in recent years; The proportion of wholesale and retail industry has increased since 2019, and in 2023, due to the prosperity of cross-border e-commerce, the two have been at the forefront of the overseas industry. # Information and Transportation Sectors Diverge The stock of information transmission, software and information technology services industry increased to $12.7\%$ in 2024, and the investment has fluctuated greatly in the past decade; The proportion of investment in transportation, warehousing and postal services has been relatively stable in the past decade, covering infrastructure, public services and cross-border e-commerce logistics and warehousing. Figure 10: Distribution of China's outbound FDI stock by major industries # Overseas Industry # Real estate and supporting sectors # Investment Characteristics Although the proportion of related investment in 2024 has fallen from the peak, the demand for industrial collaborative real estate has increased significantly. The strategy focuses on establishing a presence in core cities of "Belt and Road" and RCEP member states, with particular emphasis on three key segments: logistics and warehousing, industrial parks, and commercial complexes. # Core Logic First, the supporting industrial chain goes overseas to provide industrial plants, warehousing and logistics facilities for overseas production bases of manufacturing and new energy enterprises, such as supporting real estate projects in Southeast Asia New Energy Industrial Park; second leverage consumer market expansion by developing commercial complexes and retail properties in densely populated, fast-growing cities to meet the demands of local consumption upgrading; Third, cater to cross-border business needs by developing high-end office buildings and serviced apartments in major financial centers to support the operations of corporate regional headquarters. # Regional Distribution Southeast Asia (Ho Chi Minh City, Vietnam, Jakarta, Indonesia) is dominated by industrial real estate, to support manufacturing relocation needs; Europe (Düsseldorf, Germany, Paris, France) focuses on high-end commercial and office properties, serving technology collaboration and brand operation functions; Latin America (Sao Paulo, Brazil, Mexico City) focuses on logistics, warehousing, and commercial facilities to accommodate regional market expansion. # The Core Overseas Patterns of Various Industries <table><tr><td colspan="2">High-Tech Companies</td><td>Energy Minerals</td><td>Automotive Industry</td></tr><tr><td>The Core Pattern</td><td>Full-Chain Production Capacity Layout Build a multi-regional manufacturing network, set up factories in Southeast Asia, Mexico and other places to reduce transportation costs and trade barriers, staying close to target markets. Technology and R&D Synergy Leverage the coordination among global R&D centres to advance vertical integration across the "components-modules-end products" value chain, while enhancing core technological capabilities through cross-border M&A. Intellectual Property Export In the sectors of medical technology and semiconductors, high value-added intellectual achievements can be achieved overseas through technology licensing and patent cooperation to increase profit margins.</td><td>Cross-Border M&A and Resources Expansion Frequently obtain overseas mineral and energy mining rights through cross-border M&A, and quickly control core resource reserves. Industrial Chain Clusters Go Overseas Leading enterprises take the lead in investing in the construction of whole industry chain projects in resource-rich areas, attracting upstream and downstream supporting enterprises to follow suit and form industrial synergies. Focus on Green Energy Footprint New energy companies such as photovoltaic and lithium batteries have invested and built factories in the Middle East, Southeast Asia and other places to adapt to the local green energy transformation needs and bind long-term cooperation orders.</td><td>Localised Production Radiation Invest in new energy vehicle bases in Latin America, Southeast Asia and other markets to serve surrounding regional markets while reducing tariffs and logistics costs. Industrial Chain Synergy Goes Overseas Leading vehicle manufacturers drive upstream and downstream parts enterprises to expand overseas together, jointly building overseas supply chain systems and enhancing full-chain competitiveness. The Product Is Adapted to Regional Needs Optimise models for different markets — for instance, emphasizing high-end new energy models in Europe and affordable and practical commuter models in Southeast Asia.</td></tr><tr><td>Typical Case</td><td>1 An international leading manufacturing enterprise has built a four-pole manufacturing network of "China+Southeast Asia+North America+ Europe", acquiring Germany's Leoni to strengthen its supply chain while extending into automotive and communications sectors. 2 A domestic leading medical device company adapts to localised medical needs through overseas R&D and promotes the global export of medical equipment and technology.</td><td>1 A leading domestic mining enterprise has carried out multiple acquisitions of overseas mineral resources, rapidly expanding its global resource footprint. 2 A leading domestic power battery manufacturer has invested nearly 6 billion US dollars in a battery industry chain project in Indonesia, driving supporting enterprises to expand overseas as a whole.</td><td>1 A leading domestic new energy vehicle (NEV) enterprise rolled out the first vehicle from its Brazil plant, consolidating its market position in South America. 2 A major domestic automotive enterprise put its Rayong plant in Thailand into operation, which serves as its first overseas NEV complete vehicle manufacturing base to radiate the ASEAN market.</td></tr></table> # The Core Overseas Patterns of Various Industries <table><tr><td></td><td>Fintech</td><td>Infrastructure</td><td>Consumer Brands</td></tr><tr><td>The Core Pattern</td><td>Compliant Licence Layout Obtain a local financial licence through application or cooperation to deliver compliant financial services. Ecological Service Extension Expand from a single payment tool to comprehensive services such as digital credit, insurance, and wealth management to build a local financial ecosystem. Cooperative Scene Penetration Cooperate with local telecom operators and merchant alliances to promote mobile payment and other services, and quickly integrate into local consumption scenarios.</td><td>Integration of Investment, Construction and Transportation Move beyond simple project contracting by deeply participating in project investment, construction, and sustained operations to enhance long-term returns and influence. Focus on Emerging Market Needs Expand the strategic footprint across Belt and Road Initiative (BRI) and ASEAN countries, focus on infrastructure gap sectors such as transportation and energy, and align with local development plans. Localised Resource Integration Hire substantial numbers of local employees, integrate into local supply chains, and drive development of related industries such as building materials and labor services.</td><td>Localization Adaptation and Innovation Optimise products for the consumption habits of target markets, such as Transion mobile phones in the African market to adapt to the needs of localized photography and battery life. Branding is Deeply Cultivated and Operated Transition from OEM manufacturing to independent brands expanding overseas, enhancing brand influence through premium channel partnerships and localized marketing. Culture-Empowered Overseas Expansion Combine Chinese culture with products through trendy IP, specialty dining, and other formats to link product exports with cultural output.</td></tr><tr><td>Typical Case</td><td>1 A leading domestic fintech enterprise has covered merchants in 66 countries and regions with its cross-border payment solutions, building a global cross-border payment ecosystem network. 2 A top domestic internet finance enterprise has obtained non-bank financial licences in multiple Southeast Asian countries, gradually growing into a core internet financial service platform in local markets.</td><td>1 A leading domestic construction enterprise has participated in high-speed railway and port projects across Southeast Asia, achieving full-cycle engagement from construction to operation. 2 A flagship domestic construction machinery enterprise has deepened its footprint in Africa, with local business revenue surging by 44.02% in 2024.</td><td>1 A leading domestic home appliance enterprise is boosting its overseas independent brands to capture a larger share of the global high-end home appliance market. 2 A domestic trendy toy enterprise is expanding overseas with its distinctive IPs, spreading Chinese trendy culture worldwide. 3 A domestic smartphone enterprise has adapted to regional demands through localized innovation, establishing an absolute edge in Africa's smartphone market.</td></tr></table> # The Core Overseas Patterns of Various Industries <table><tr><td colspan="2">Commercial Real Estate</td><td>Logistics Real Estate</td><td>Industrial Real Estate</td></tr><tr><td>The Core Pattern</td><td>Asset-Light Operation Participate in overseas commercial projects through brand output and management partnerships, exporting commercial operations expertise and digital management systems to mitigate asset-heavy investment risks.</td><td>Hub Network Footprint Relying on cross-border logistics hubs (such as ports and airports) to build a modern logistics park, meeting the collaborative needs of cross-border e-commerce and supply chain.</td><td>Supporting Development of the Industrial Chain Leading manufacturing enterprises take the lead in cooperating with real estate developers to build standard factories, warehousing and logistics centres in overseas industrial parks to achieve an integrated development of "production + support".</td></tr><tr><td>Typical Case</td><td>1 An overseas real estate affiliate established by a leading domestic property developer has entered into a partnership with local developers in Indonesia to be responsible for the investment promotion and operation management of a complex in Jakarta.</td><td>1 A leading domestic logistics service provider has deployed warehouse-supporting real estate in key port cities across Southeast Asia, building an integrated network that combines logistics hubs and warehousing real estate.</td><td>1 A leading domestic photovoltaic (PV) technology enterprise has built supporting production plants and logistics warehouses in Thailand's Rayong Industrial Park, driving the clustered settlement of upstream and downstream enterprises in the industrial chain.</td></tr></table> # Key Overseas Strategy — Industry-Wide <table><tr><td colspan="2">Compliance First Strategy</td><td>Ecological Co-Construction Strategy</td><td>Supply Chain Resilience Strategy</td></tr><tr><td>Strategy</td><td>The compliance-first strategy requires Chinese enterprises to establish a multi-dimensional compliance system covering data security (such as EU GDPR), foreign investment review (such as US CFIUS), and trade barriers in the process of "going global". Enterprises should conduct in-depth research on the laws and regulations of the target country at the beginning of the project, proactively identify potential policy risks and compliance obstacles, and formulate response plans in advance. By setting up a dedicated compliance management team, enterprises continuously track changes in international policies, adjust business strategies in a timely manner, and reduce legal and financial risks caused by compliance mistakes. In addition, enterprises should strengthen communication and cooperation with local governments, industry associations and professional institutions to obtain authoritative compliance guidance to ensure stable operations in a complex and volatile international environment. Compliance is not only the bottom line of risk prevention and control, but also the cornerstone of the international and sustainable development of enterprises.</td><td>The ecological co-construction strategy emphasizes that Chinese enterprises should unite with global partners, host country enterprises, local communities and users to build a mutually beneficial and win-win industrial ecosystem in the process of overseas development. Through resource sharing and risk co-management, enterprises can improve localisation recognition and market adaptability. For example, enterprises can establish strategic alliances with local leading enterprises, scientific research institutions, and government departments to promote in-depth collaboration in technology, talents, markets and other aspects. Simultaneously, engage in community development and corporate social responsibility to strengthen local brand reputation and influence. Ecological co-construction not only helps enterprises quickly integrate into the target market, but also improves their ability to resist risks and achieve long-term stable development.</td><td>The supply chain resilience strategy requires enterprises to adopt a "nearshore+offshore" supply chain footprint, decentralize production and logistics nodes, and reduce risks in a single market or region. By setting up production bases and logistics centres in different countries and regions, companies can respond more flexibly to global supply chain fluctuations and ensure a stable supply of core raw materials (such as lithium for electric vehicles). In addition, enterprises should also strengthen collaboration with upstream and downstream partners to promote the digital transformation of the supply chain and achieve efficient integration of information flow, logistics and capital flow. The construction of a multi-regional supply chain network will help enterprises improve their global resource allocation capabilities and market response speed, and enhance their international competitiveness.</td></tr><tr><td>Core Action</td><td>Establish a full-dimensional compliance system</td><td>Build a four-in-one mutually beneficial ecosystem</td><td>Multi-regional supply chain network construction</td></tr></table> # Key Overseas Strategy — Industry-Wide <table><tr><td colspan="2">Brand Upgrade Strategy</td><td>Digital Empowerment Strategy</td><td>Global Talent and Organisational Adaptation Strategy</td></tr><tr><td>Strategy</td><td>The brand upgrade strategy emphasises that enterprises should transform from "cost-effective labels" to "technology-driven brands with cultural resonance". Enterprises should establish a professional and reliable brand image through continuous technological innovation and high-quality product output. At the same time, it combines localized marketing and ESG (environmental, social and governance) practices to enhance the brand's global premium capabilities. Enterprises can also use overseas exhibitions (such as CIE) and cross-cultural communication To forge emotional connections with target consumers, achieving a dual improvement on both value output and brand image. Brand upgrades not only help enterprises stand out in the international market, but also drive high value-added growth of products and services.</td><td>Digital empowerment strategies require enterprises to make full use of cutting-edge technologies such as industrial Internet and artificial intelligence to optimise overseas operational efficiency. By building a cross-border digital management platform to achieve global collaboration in R&D, production, sales, service and other links, enterprises can improve operational transparency and decision-making efficiency. Digitalization can also help enterprises better grasp market dynamics, quickly respond to customer needs, and reduce operating costs. Enterprises should actively promote digital transformation, cultivate talents, create a data-driven management system, and provide solid technical support for international development.</td><td>The global talent and organisational adaptation strategy emphasises that enterprises should form a mixed team of "expatriate core staff+local elite", dynamically adjust the overseas organisational structure, and achieve regional empowerment and cross-cultural flexible management. Enterprises should enhance the team's international vision and collaboration ability through cross-cultural training and job rotations. At the same time, establish a diversified incentive mechanism to attract and retain local high-end talents and enhance the competitiveness of enterprises in the target market. Flexible organisational models and efficient talent allocation are the keys for enterprises to respond to different market operation needs and consolidate the foundation of international execution.</td></tr><tr><td>Core Action</td><td>Value output and brand image reshaping</td><td>Full-chain digital management is implemented</td><td>Talent allocation and organisational model adaptation</td></tr></table> # Key Overseas Strategy — Corporate Real Estate Factors influencing real estate strategy # Key Overseas Strategy — Corporate Real Estate # Core considerations for site selection Economic Development Potential Assess the economic growth trends, industrial planning and future development plans of the region to ensure that the location of the office building aligns with the direction of economic development and attracts potential tenants. Industrial Clustering Effect Considering the regional leading industries and industrial chain support, choosing areas with high industrial concentration and comprehensive supporting facilities is conducive to reducing operating costs and enhancing competitiveness. Market Supply and Demand Analyze current and future market supply and demand to evaluate the growth potential of office market demand and avoiding oversupply and rising vacancy rates due to overdevelopment. Policy Support Pay attention to local government support policies for specific industries or regions, such as tax incentives, financial support, etc., and make full use of policy benefits when selecting sites. Figure 11: Market Considerations - Asia Pacific Office Market Overview (Q3 2025). # Key Overseas Strategy — Corporate Real Estate # Rental costs and lease terms 1 Rental Analysis Comprehensively consider the market rent and the affordability of potential tenants, reasonably estimate the rent level of office buildings can ensure the balance between market competitiveness and income. 2 Negotiation of Lease Terms Flexible lease terms, such as rent payment methods, deposit settings, lease terms, etc., to meet the needs of different tenants and enhance market attractiveness. 3 Maintenance Cost Evaluate and control the cost of daily maintenance and future renovation and upgrading of office buildings to ensure that the building value increases simultaneously with tenant needs, and achieve asset preservation and appreciation. Market Volatility Response Develop strategies to respond to rent fluctuations and changes in the leasing market to ensure stable and sustainable office operations and provide tenants with a long-term reliable office environment. Figure 12: Market Considerations - Asia-Pacific Office Market # Key Overseas Strategy - Corporate Real Estate ESG is a critical consideration in corporate real estate strategies for overseas expansion STEP 01 STEP 02 STEP 03 STEP 04 STEP 05 # Set ESG Goals Assess key ESG goals and priorities that are critical to stakeholders, provide guidance for relocation and renovation decision-making. # Research the Market Evaluate buildings for ESG compliance, focusing on features that match own environmental and social goals. # Discuss ESG with Landlords Working with the landlord, identify and monitor ESG metrics to track and improve building performance, reduce risk, and ensure compliance. # Design Sustainable Workspaces Use eco-friendly materials, energy-efficient systems, water-saving solutions, and natural light to create healthier, productive office environments. # Track Performance Monitor ESG metrics, such as energy use, emissions, or green certifications, to ensure accountability and support ESG reporting. Regular audits identify opportunities for cost savings and areas for improvement. # Government Support and Service System State level policies, public services and digital empowerment # Core Policy Support # Special Action Initiatives The Ministry of Industry and Information Technology's "SME Going-Global Service Initiative" encourages enterprises to go abroad through group expansion and partnership models, reducing the costs of going overseas alone. # Fiscal, Tax, and Financial Convenience Simplify cross-border financing processes and innovate asset-light financing products; Pilot free trade zones and "Belt and Road" cooperation zones provide targeted tax exemptions. # 3 Breaking Market-Entry Barriers Strengthened research on overseas standards and provision of international testing and certification services help enterprises meet regulatory requirements in target markets. # Real Estate Policy Benefits Some countries have introduced tax incentives for industrial real estate, such as Vietnam granting 5-10 years of corporate income tax exemption for industrial park real estate projects; China's "Belt and Road" production capacity cooperation park provides cross-border financing facilities and green channels for approval of supporting real estate projects. # Key Public Services # Information and Compliance Assurance Establish a country-specific policy/market database to provide cross-border compliance guidance on data security and carbon footprint. # Market and Talent Support Organize international exhibitions and cross-border makeup; Build an international talent training and overseas employment recruitment platform. # 3 Protection of Risk Rights and Interests Working with professional institutions to provide intellectual property rights protection and cross-border litigation agency; Establish a foreign-related emergency risk channel. # Real Estate Overseas Services Local governments (such as Shanghai and Shenzhen) have built overseas real estate investment service platforms to provide services such as national real estate policy inquiries, compliance consultations (such as land use rights, building standards), and project matching. Jointly issue real estate investment guidelines in key markets with professional institutions to reduce the risk of corporate decision-making. # Digital Platform Empowerment # One-stop"OnlineHub Integrates resources such as policy search, service matching, and case libraries, enabling fully digitalized processing of going-global services.