A prominent foreign bank has sold its Shanghai headquarters building for 3.3 billion yuan to PDD Holdings Inc, while two major joint-stock commercial banks are moving in the opposite direction by constructing new headquarters towers.
In the banking sector, some institutions are purchasing properties while others are selling. Some are transitioning from tenants to owners, and others are shifting from owners back to tenants.
On July 13, 2026, DBS Bank China announced the initiation of its headquarters relocation. The bank plans to move within the year from its current location at the DBS Bank Tower on Lujiazui Ring Road to the Jin Mao Tower. The buyer for the DBS tower had been revealed three days prior, with PDD Holdings Inc completing the acquisition of the entire building for approximately 3.3 billion yuan. This price translates to about 71,700 yuan per square meter for the above-ground office space, setting a new high for a single commercial property transaction in Shanghai's bulk market for 2026.
A DBS China representative stated that the bank will maintain communication with regulators and complete the move according to requirements and the established timeline, disclosing the new address and operational date to the public promptly. The relocation aims to provide enhanced space and facilities to support ongoing business and client experience improvements, ensuring a smooth transition with no disruption to services.
Conversely, during the same season, opposite moves are underway. On the Shenzhen Bay waterfront, China Merchants Bank Co.,Ltd.'s nearly 50-billion-yuan global headquarters tower, standing 388 meters tall, has already been illuminated. It is expected to accommodate approximately 14,000 employees. In Beijing's Tongzhou district, Hua Xia Bank Co.,Limited has seen the main structure of its new headquarters, an investment of nearly 5.2 billion yuan, completed. The bank will relocate from the East Second Ring Road to the city's sub-center. One bank sells, two banks acquire, with buying and selling activities occurring concurrently in the same market.
Currently, China Merchants Bank Co.,Ltd.'s new headquarters in the Shenzhen Bay Super Headquarters Base has officially commenced operations. The 388-meter tower is proposed to be renamed "CMB Global Financial Center." From July 4-5, the head office building's business department suspended operations, resuming services at the new location from July 6. The tower integrates core functions such as fintech research and development, cross-border investment and financing, and wealth management.
Looking further north, the main structure of Hua Xia Bank Co.,Limited's new head office building in Beijing's sub-center has been completed. This project, with an investment of 2.7 billion yuan and a total floor area exceeding 190,000 square meters, achieved its construction milestone 45 days ahead of schedule. Built to China's Green Building Three-Star standards, it is the largest ultra-low energy consumption demonstration project in Beijing. Following its overall completion expected by the end of 2026, Hua Xia Bank Co.,Limited's headquarters will move from the East Second Ring Road to the sub-center.
Extending the timeline reveals that bank property activities extend beyond these cases. Industrial Bank spent 6.6 billion yuan on a building in Shenzhen for its Shenzhen branch and group subsidiaries' operations. Beijing Rural Commercial Bank reviewed and passed a proposal to purchase a new office building in the city's sub-center. Zhuhai Rural Commercial Bank plans to spend approximately 1.598 billion yuan to acquire a building for its headquarters. Huishang Bank's Beijing branch listed its headquarters building in Chaoyang district for transfer at around 770 million yuan.
At the cycle's trough, the market is clearly reassessing asset values. Data from Cushman & Wakefield shows that transaction volume in Shanghai's bulk market for the first half of 2026 reached 23.3 billion yuan, a 47% year-on-year increase. End-user buyers accounted for 11.5 billion yuan of this, with their share rising from 26% at the end of 2025 to 49%. Industrial capital is replacing financial investors as the main force in the commercial office market.
Banks have each made their own strategic decisions. Buildings are changing hands, and banks are shifting their coordinates. Some choose to monetize assets, while others choose to lock them in, painting a distinct picture of the Chinese banking landscape in the summer of 2026.
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