(Yicai Global) July 6 -- Shanghai's office property sales have rebounded in the first half despite the city's two-month lockdown due to Covid-19, according to an American real estate service provider.

From January to June, some 26 block trade transactions were recorded, totaling CNY32.8 billion (USD4.9 billion), up 2.5 percent from a year ago, according to data from Cushman & Wakefield. The eastern commercial hub ended its lockdown on June 1.

The volume made up 64 percent of all block trades in Shanghai's property market, almost double compared to that in 2021, as office demand increased, the Chicago-headquartered firm added.

The trend of enterprises choosing to set up HQs in Shanghai will continue, Sun Ling, director of eastern China at Jones Lang LaSalle, said to Yicai Global.

Office buildings are relatively easy to operate and manage, Sun said. They can show strong resilience in a downward cycle, and appreciate over time. Moreover, Chinese real estate developers have been having liquidity issues this year and consequently, resort to selling assets. This is why buyers have more bargaining power, the director added.

Hints of the trend have been seen in press releases. Yankuang Energy Group, a Shandong province-based coal giant, said on June 30 that it intends to invest CNY861 million (USD128 million) to increase its shareholding of Shanghai Shengxianju Hotel. The hotel's main asset is its land-use right of property in Jing'an district. This is where Yankuang is planning to build its new regional headquarters.

Other companies, including cashmere and energy firm Erdos Group and Shanghai-based Zhonggu Logistics, have recently revealed their intentions to buy office buildings in core areas of the eastern commercial hub.

Since last year, several leading enterprises, including sportswear leaders Anta Sports Products, Xtep International Holdings, Li Ning, as well as artificial intelligence company SenseTime and China Zheshang Bank, have successively purchased land or office buildings in Shanghai. The city had nearly 380 private enterprise HQs as of December 2021.

Editors: Emmi Laine, Xiao Yi