一位长期从事城市更新的人士向经济观察报表示，不同城市对 社会资本参与城市更新的态度差异较大。多数城市更倾向于引 导民企等社会资本通过认购基金份额的方式参与，而对其直接 参与或主导项目操盘仍持审慎态度。 作者：田国宝 封图：图虫创意 2025年岁末，瑞安房地产有限公司（下称"瑞安地产"，00272.HK）披露上海市浦东新区三林镇 西林村城市更新项目的推进情况，计划于2026年下半年拿地，2027年下半年入市。 三林项目是近三年来浦东体量最大的城市更新项目，总建筑面积约72.4万平方米。项目由陆家嘴 集团、瑞安地产、浦东地产集团和三林资管四家企业参与，其中瑞安地产为第二大股东及主要操盘 方。 瑞安地产是本轮城市更新中为数不多仍深度参与的非国有企业之一。自2021年底以来，受房地产 流动性风险等因素影响，多数民营房企陆续退出城市更新领域，地方国企和央企逐步成为这一领域 的主导力量。 在房地产逐步回归居住属性的背景下，普通商品房去化速度相对放缓，而城市更新项目因多位于城 市核心区，更易获得市场认可。例如，2025年10月入市的北京西城区百万佳苑项目，房源几 乎"秒光"。 一位长期从事城市更新的人士向经济观察报表示，不 ...

在房地产逐步回归居住属性的背景下，普通商品房去化速度相对放缓，而城市更新项目因多位于城市核心区，更易获得市场认可。例如，2025年10月入市的 北京西城区百万佳苑项目，房源几乎"秒光"。 一位长期从事城市更新的人士向经济观察报表示，不同城市对社会资本参与城市更新的态度差异较大。多数城市更倾向于引导民企等社会资本通过认购基金 份额的方式参与，而对其直接参与或主导项目操盘仍持审慎态度。 经济观察报 记者 田国宝 2025年岁末，瑞安房地产有限公司（下称"瑞安地产"，00272.HK）披露上海市浦东新区三林镇西林村城市更新项目的推进情况，计划于2026年下半年拿 地，2027年下半年入市。 三林项目是近三年来浦东体量最大的城市更新项目，总建筑面积约72.4万平方米。项目由陆家嘴集团、瑞安地产、浦东地产集团和三林资管四家企业参与， 其中瑞安地产为第二大股东及主要操盘方。 瑞安地产是本轮城市更新中为数不多仍深度参与的非国有企业之一。自2021年底以来，受房地产流动性风险等因素影响，多数民营房企陆续退出城市更新领 域，地方国企和央企逐步成为这一领域的主导力量。 三林模式 2014年，三林镇被上海列为首批城中村改造项目，由 ...

来源：经济日报 很多在北京生活的人都对曾经位于北三环的安贞华联商厦并不陌生。2025年12月24日，这座建于上世纪 90年代的老百货以远洋安贞广场的名字正式重新亮相。远洋集团将原本封闭陈旧的传统百货更新改造为 城市核心区稀缺的商业综合体，以绿色、健康、活力、共享为理念，融合企业总部办公与复合商业功 能，成为了城市更新加强既有建筑改造利用的一个典型案例。 老建筑焕发新活力新价值 远洋安贞广场的更新改造，是远洋集团内部多业务协同发力的成果：远洋资本管理基金主导投资、远洋 致信主导工程改造、远洋不动产主导租赁运营。"基金+改造+运营"协同发力，为房地产存量时代资产 价值重构提供了可借鉴的"解题"思路。 历经数年，远洋安贞广场对这座既有建筑完成系统性重塑。远洋集团有关负责人表示，项目团队在前期 对区位条件、市场需求进行反复研判，结合核心城区稀缺类独栋形态、三区交汇枢纽、比邻安贞医院等 优势，将这一改造项目定位为稀缺企业总部独栋办公精品，为中大型企业总部选址提供了优质选择。 在改造完成前，广成健康集团就已经确定以整租形式入驻远洋安贞广场，租期为10年。远洋集团副总裁 兼商业公司、不动产公司董事长马天一表示，城市更新项目 ...

Group 1: Economic Growth Projections - Wuhan's GDP is projected to grow by approximately 6% by 2025, marking a four-year high, with fixed asset investment expected to increase by around 2% and retail sales surpassing 900 billion yuan, growing by about 5% [1] - For 2026, the GDP growth target is set at around 5.5%, with over 250,000 new urban jobs and synchronization of resident income growth with economic growth [1] Group 2: Infrastructure and Urban Development - The government report emphasizes enhancing urban comprehensive strength and regional coordination, with a focus on deepening urban agglomeration development and promoting the "Golden Triangle" collaboration among Wuhan, Xiangyang, and Yichang [2][3] - Major infrastructure projects include the construction of high-speed rail segments and urban circular lines, aiming to eliminate intercity transport bottlenecks and establish a one-hour commuting circle [2] Group 3: Consumer and Investment Promotion - In the past year, Wuhan completed 535 major industrial projects and initiated 890 new projects, with over 200 billion yuan in signed investments, doubling the previous year's performance [4] - The city aims to release consumer potential by promoting green and intelligent upgrades in major consumer goods, developing new consumption scenarios, and attracting over 300 new stores [4] Group 4: Urban Renewal Initiatives - Wuhan plans to implement a high-quality urban renewal action plan from 2025 to 2027, focusing on market-oriented approaches and establishing urban renewal funds [7] - The city will promote the renovation of 150 old residential communities and 57 urban village projects, aiming to enhance urban functionality and innovation in governance [7][8]

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Core Insights - In 2025, Beijing's commercial market experienced a significant transformation, with 28 new retail projects launched, totaling over 1.5 million square meters, indicating a shift from "incremental development" to "upgrading existing stock" [2][4] Group 1: New Commercial Projects - The newly opened projects include a variety of commercial spaces, such as the Super Extreme He Sheng Hui in Changping District, which became one of Beijing's largest commercial complexes with 460,000 square meters and nearly 800 brands [4] - The Friendship Store has been transformed into a "fairy tale town," attracting many young customers with its whimsical design [4][7] - The Bay Area project, located near Universal Studios, features over 60% of brands making their debut in the city’s sub-center, enhancing the local retail landscape [6] Group 2: Revitalization of Existing Spaces - The renovation of traditional commercial spaces, such as the Longfu Temple Phase II, has introduced diverse business formats, enhancing cultural experiences and attracting visitors [7] - The Beijing Fang Phase II continues the theme of "Chinese lifestyle experience," appealing to younger consumers with immersive entertainment and dining options [7] - The revitalization efforts have led to a balanced distribution of commercial facilities across traditionally underserved areas, improving overall consumer access [5] Group 3: Consumer Engagement and Performance - The Super Extreme He Sheng Hui achieved a record footfall of 400,000 visitors on New Year's Eve, showcasing its popularity and community impact [4] - The Small Station Park, which combines park, shopping, and community activities, reported a 15% increase in sales during the New Year holiday compared to the previous month [6]

Group 1 - The article highlights the successful implementation of a policy framework in Anhui province aimed at urban renewal, which includes measures such as special bond trials, provincial guiding funds, and innovative financing channels like "City Product Vitality Loans" [1] - The shift in urban development logic is emphasized, moving from extensive expansion to enhancing urban quality, with a focus on organic growth and gradual improvement rather than large-scale demolition and rapid monetization [1] - The need for a sustainable investment and financing mechanism is underscored, as urban renewal projects often require significant investment and have long return cycles, which may not align with the short-term return expectations of many investors [1] Group 2 - The establishment of a sustainable investment and financing system is crucial for high-quality urban development, as outlined in the Central Committee's guidelines issued in August 2025 [2] - It is essential to clarify the boundaries between government and market roles, with government funds focusing on public safety and basic livelihood, while leveraging limited government resources to attract more social capital through guiding funds and subsidies [2] - To enhance market vitality, it is important to broaden long-term funding channels, including bonds and equity markets, and to create a clear return mechanism for social capital to boost investment confidence [2]

Core Insights - The provincial government of Yunnan has designated 2026 as a project-focused year, emphasizing the importance of project work for economic growth and development [1] - The province has seen a significant shift in investment structure, with industrial investment maintaining over 50% for three consecutive years and private sector investment exceeding 65% [2] - The government is implementing strict guidelines to ensure project quality and sustainability, prohibiting ineffective projects and focusing on key areas such as infrastructure and social welfare [3][4] Group 1 - The provincial government is pushing for a strong focus on project work to drive economic growth, with a clear directive to prioritize project execution [1] - Yunnan's investment strategy has transitioned from relying on transportation and real estate to a dual-driven model of government and private investment [2] - The government has established a set of rigid principles to guide project planning and execution, aiming to avoid superficial projects and ensure effective risk management [2] Group 2 - In Kunming, major industrial and infrastructure projects are underway, aimed at enhancing economic development and public safety [3] - The city is focusing on aligning project work with community needs and policy opportunities to boost investment across various sectors [3] - Qujing City has developed a comprehensive project planning system, managing 2,272 projects with a total investment of 979.86 billion yuan, emphasizing the importance of project-centric development [3] Group 3 - Local governments are tightening project approval processes to ensure sustainability and effectiveness, with a focus on delivering tangible benefits [4] - Zhaotong City is planning to initiate 10 projects in the phosphor-based new materials sector in 2026, with a total investment of 8.267 billion yuan [4] - The provincial government is committed to accelerating the implementation of high-quality projects to build a modern industrial system unique to Yunnan [4]

在老北京人的记忆坐标上，北三环与中轴线的交汇处，曾屹立着一座开业于上世纪九十年代初的百货商 场地标——安贞华联商厦。它历经风雨三十载，收纳半城烟火，封存一代记忆。如今，一场精准的"建 筑外科手术"，让这座满载城市发展记忆的老建筑，于原址之上，重启一段资产估值新叙事。 2025年底，远洋集团旗下城市更新项目远洋安贞广场（即安贞华联商厦）正式揭牌。该项目现已融合企 业总部办公和复合商业功能，变身主打绿色健康的"绿氧"综合体。据远洋集团方面透露，在定向接洽超 50家企业后，最终于2023年底与广成健康集团达成十年整租协议，为公司带来稳定现金流。这一结果， 也让该项目成为观察房企如何参与城市更新的重要样本。 选择深入城市更新赛道，远洋集团有着更为深远的思考。但想在这一领域走得稳走得远，前提是跑 通"投资—改造—运营—退出"的不动产运营模式，激活城市核心区存量资产可持续价值。眼下，远洋集 团正在试图打开这一新业务空间，重塑资产估值逻辑。 解好存量资产盘活难题 城市更新，关乎城市面貌和居住品质的提升，是扩大内需的重要抓手，产业链上下游均大有可为。但当 前摆在参与企业面前的现实问题是，城市更新究竟能否形成一套可持续的资产逻 ...

Investment Rating - The industry is rated as "Add" [6] Core Insights - In December 2025, the total sales of the top 100 real estate companies decreased by 19.8% year-on-year, while showing a month-on-month increase of 40% [1] - The top 10 real estate companies reported total sales of CNY 189.5 billion in December 2025, with a year-on-year decline of 12.0% and a month-on-month increase of 49.3% [1] - The report highlights a significant regional differentiation in the real estate market, with high-capacity cities expected to benefit from urban renewal initiatives [4] Summary by Sections Sales Performance - In December 2025, the total sales amount for the top 100 real estate companies was CNY 341.5 billion, with a year-on-year decline of 28.0% and a month-on-month increase of 39.7% [1][2] - For the entire year of 2025, the cumulative total sales for the top 100 companies reached CNY 3.36 trillion, reflecting a year-on-year decrease of 19.8% [2] Top Companies Analysis - Among the top 50 companies, the average year-on-year sales decline was 12.8%, with a median decline of 16.9% for the year 2025 [3] - In December 2025, five out of the top 20 mainstream companies reported positive year-on-year sales growth, with notable performances from Sunac China (+74.4%) and Greenland Holdings (+42.2%) [3][4] Investment Recommendations - The report suggests focusing on three main investment lines: 1. Companies with strong regional development capabilities and high credit ratings, such as China Merchants Shekou and China Jinmao [4] 2. Public REITs with rich existing resources and strong operational brands, such as China Resources Land and Shanghai Lingang [4] 3. Long-term growth potential in the property service sector, recommending companies like China Merchants Jiyu and China Resources Vientiane Life [4][70]