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"Green transition is a big challenge for the firm, but it is also a great opportunity," Li said.

"For property micro controls, the central government has granted local governments more power to adjust policies, based on their respective situations. That means, local governments can adjust their real estate policy according to local conditions. This gives local governments more flexibility, while avoiding the systemic risks that could be brought by unified control," said James Shepherd, who heads China-related research at Cushman & Wakefield.

"For the physical store chains, they have been unable to keep up with the growth of online retail. For the online operators, they have struggled to keep delivery infrastructure capacity up with the rapid growth in online shopping demand," he said.

"Finally, clients trying to make a deal often have their hands tied, as the drastic changes in the economic outlook force them to adjust on a commercial basis and assumptions, as well as projected earnings in the short-to-medium term future. Needless to say, international travel restrictions and social distancing rules also hamper efforts to meet in person where interpersonal interactions are key to the deal making process," said Tang.

"From the reluctance at the very beginning, the Europeans have started to shape their joint attitudes towards the Belt and Road Initiative," Schaefer, who worked as German ambassador to China from 2007 to 2013, said during an exclusive interview with China Daily in Berlin.