完成多笔大宗资产收购，险资成一季度商业地产投资重要驱动力

Group 1 - The commercial real estate investment in the Asia-Pacific region has achieved year-on-year growth for the sixth consecutive quarter, with Q1 2025 investment reaching $36.3 billion, a 20% increase compared to the previous year, marking the highest level since the US interest rate hike cycle began in 2022 [1] - Cross-border investment in the Asia-Pacific region reached $8.6 billion in Q1 2025, a significant increase of 152% year-on-year, with overseas investors favoring office buildings, logistics properties, and long-term rental apartments [2] - In mainland China, commercial real estate investment totaled $3.8 billion in Q1 2025, driven by corporate buyers and high-net-worth individuals, leading to an increase in small-scale transactions [2] Group 2 - Insurance companies are becoming a significant force in the mainland China's commercial real estate market, with direct investments reaching $9.3 billion from 2022 to 2024, comparable to mature markets like the UK and the US, and leading the Asia-Pacific region [2] - The investment in long-term rental apartments has seen a notable increase due to stable income performance, with both domestic and international institutional investors increasing their allocations in this sector [3] - The retail property market is expected to benefit from government consumption promotion policies, with stable operating income and strong operational performance in prime retail properties, making them attractive for investment [3]