‘China Plus n’ is emerging as a portfolio strategy as companies rebalance risk across Asia to sustain growth and operational resilience.
Cushman & Wakefield (NYSE: CWK) today led a thought-provoking panel session at the CoreNet Global Summit in Kuala Lumpur, exploring how corporate real estate (CRE) leaders can unlock resilient growth through the evolving “China Plus N” strategy.
Titled “Beyond China Plus One: Innovating CRE Portfolios for Resilient Growth,” the session brought together senior industry experts to examine how organisations are moving beyond a Chinese mainland-centric footprint towards diversified, multi-market portfolios across Asia.
The panel featured Rob Hall, Head of Integrated Portfolio Management, GOS, Asia Pacific, Cushman & Wakefield; Ai Leen Tang, Partner – Real Estate Practice Group, Wong & Partners; Tiffany Goh, Managing Director, IVPS Real Estate SB (Alliance Member of Cushman & Wakefield); and Shaun Brodie, Head of Research Content, Greater China, Cushman & Wakefield.
Panel speakers of “Beyond China Plus One: Innovating CRE Portfolios for Resilient Growth,”
featuring Rob Hall, Ai Leen Tang, Tiffany Goh, and Shaun Brodie.
Moving Beyond “China Plus One”
The discussion reframed the traditional “China Plus One” narrative, emphasising that today’s strategy is more accurately described as “China Plus N” – where the Chinese mainland remains a critical anchor market, complemented by multiple high-growth markets across Southeast Asia.
Drawing on Cushman & Wakefield research presented during the session, the panel outlined how diversification is being driven by a combination of macroeconomic, geopolitical and operational considerations. These include GDP growth, labour markets, inflation and interest rates, exchange rate stability, trade flows, and foreign direct investment, alongside sector-specific real estate fundamentals.
- Singapore as a regional coordination and capital hub
- Malaysia as a stable balancing and coordination market
- Vietnam as a manufacturing diversification hub
- Indonesia as a long-term scale and domestic growth story
- Thailand as an advanced manufacturing base
- The Philippines as a service and talent platform
- Emerging markets such as Laos and Cambodia offering longer-term optionality
At the same time, the Chinese mainland is positioned as an essential core market, underpinned by scale, depth, advanced infrastructure and innovation capacity, particularly in R&D, life sciences and advanced manufacturing.
Shaun Brodie, Head of Research Content, Greater China, Cushman & Wakefield, said:
“China Plus N is an important topic right now because companies are not looking to replace the Chinese mainland – they are looking to rebalance risk while sustaining growth. The Chinese mainland remains a critical anchor market for scale, innovation and domestic demand. At the same time, complementary markets across Southeast Asia offer cost optimisation, supply chain flexibility and access to new talent pools. The real opportunity for corporate real estate leaders is designing portfolios that integrate both, creating resilience through diversification, rather than concentration.”
The panel outlined a practical roadmap for corporate occupiers seeking to operationalise a China Plus N strategy, from diagnosing portfolio risks and defining resilience objectives, to selecting target markets, conducting comparative cost and risk modelling, and executing fit-for purpose real estate footprints.
Brodie said:
“The ultimate outcome of China Plus N is a resilient, diversified portfolio aligned with business growth, talent access and long-term competitiveness.
“As global businesses navigate supply chain redesign, geopolitical uncertainty and shifting economic conditions, corporate real estate has, more than ever, become a strategic lever for growth and resilience.
“Innovation in portfolio strategy that is grounded in data, market intelligence and disciplined execution will be central to how forward-thinking organisations future-proof their operations across Asia.”
