科技新贵和地方国企抄底，多处亿级大宗资产“易主”

Core Insights - Major cities like Beijing, Shanghai, and Shenzhen are witnessing a surge in billion-level bulk asset transactions, indicating a robust commercial real estate market [2][8] - As of April 2025, the total listing price of bulk properties in 32 cities in mainland China reached approximately 3.49 trillion yuan, reflecting a 3.9% month-on-month increase and an 84% year-on-year increase [2][9] - Companies are increasingly acquiring properties for self-use or to hedge against local market volatility, with significant participation from tech firms, local state-owned enterprises, and leading players in the medical sector [2][6][8] Transaction Highlights - The Silicon Valley SOHO-2 project in Beijing was sold for 215 million yuan, with a unit price of 9,880 yuan per square meter, representing a 64% discount compared to its assessed value [3][4] - In Shanghai, the Zhongjun Tianyue Fangyu apartment was sold for approximately 200 million yuan, reflecting a one-third discount from its previous listing price of 300 million yuan [4][5] - Aier Eye Hospital acquired a 60% stake in Guangsheng Digital Technology for 650 million yuan, planning to use the asset for long-term medical housing [7] Market Trends - The commercial real estate market is becoming increasingly active, with local state-owned enterprises making significant purchases in core urban areas [8][9] - In the first quarter of 2025, Shanghai recorded 24 asset transactions totaling 11.46 billion yuan, with investment-driven transactions accounting for 86% of the total [10] - Long-term rental apartments are gaining traction, surpassing office assets in transaction volume for the first time, indicating a shift in investment focus [11] Future Outlook - The combination of proactive fiscal policies and moderately loose monetary policies is expected to invigorate the commercial real estate market, enhancing liquidity and stimulating internal market dynamics [12]