31亿元！新世界发展抛售上海写字楼

Core Viewpoint - New World Development is selling its K11 office property in Shanghai, with a total area of approximately 80,500 square meters, at a price exceeding 3.1 billion yuan, contrary to earlier rumors of 2.85 billion yuan [1][6]. Group 1: Market Trends - The market for large asset transactions is seeing an increase in listings, but both transaction volume and prices are declining [3][7]. - The remaining usage years of commercial properties significantly impact negotiation dynamics, with shorter remaining terms leading to a more passive position for sellers [3][6]. - The overall transaction volume in Shanghai's large asset market has dropped to its lowest level in five years, with a total transaction amount of 230 billion yuan in the first half of the year, down 30% year-on-year [7][11]. Group 2: Buyer Behavior - The buyer structure has shifted, with non-institutional buyers becoming the main force, accounting for 75% of transactions under 500 million yuan [10][11]. - Buyers are increasingly cautious, leading to prolonged transaction cycles, even for properties with longer remaining usage years [7][11]. - The capitalization rates for commercial properties have risen, reflecting increased risk premiums demanded by investors [11][12]. Group 3: Specific Transactions - The sale of K11 is part of a broader trend where properties with shorter remaining usage years are being sold, as seen in other recent transactions like the sale of Xianlesi Plaza [3][6][12]. - The ongoing negotiations for the sale of Xianlesi Plaza highlight the challenges faced in reaching an agreement due to differing valuations among buyers, owners, and financial institutions [3][12]. - New World Development's attempt to liquidate its K11 office space quickly is indicative of the complexities involved in selling properties with limited remaining usage [13].