Beijing ranks at the top of an “attractiveness ranking” of upmarket retail investment opportunities in 18 cities compiled by property consultancy DTZ. Shanghai came in second, while Guangzhou was fifth and Shenzhen lower down the scale at 17th place. Second-tier cities were high scorers, with Chongqing third and Chengdu ranked fourth. Shenyang was not far behind at sixth and Wuhan was seventh. The ranking calculations were based on four criteria: consumer affluence (based on per capita retail sales in 2009); the opportunity to develop the retail space (based on average retail space per capita); sales growth forecasts over the next five years; and sentiment issues. According to the DTZ “Research China Insight – China Retail May 2011” report, Beijing outperforms other markets in projected sales growth, with an annual growth rate of 11.4% forecast for the next five years. The launch of new retail space, such as China World Trade Center Phase III, would improve and expand competition in Beijing’s high-end market, DTZ said. Hangzhou, which led the pack on per person retail sales, was ranked 11th after opportunity and growth factors were taken into account. China’s retail sector has become increasingly relevant to investors, with investment growing by 25% per annum over the last decade. The key question for many investors and developers was where to invest in the emerging high-end retail markets.