新华财经新加坡5月22日电（记者刘春涛）新加坡凯德投资有限公司（CapitaLand Investment Limited） 21日宣布，已在中国设立首只在岸人民币母基金——凯德投资人民币母基金（CLI RMB Master Fund），总认缴规模达50亿元人民币（约合9亿2100万新元），将重点投资于中国一线和强二线城市的 商业园、零售商场、租赁住宅和服务式公寓等领域。 凯德投资（中国）首席投资官王嘉乐（Kara Wang）指出，母基金的投资方向与中国"消费驱动、创新引 领"国家战略高度契合，有助于推动城市更新及新型基础设施建设。凯德投资还强调，自2021年以来， 其在中国已累计募集人民币基金达540亿元。 据凯德投资介绍，该公司在中国已布局逾300项房地产项目，覆盖40余座城市，资产类型包括写字楼、 零售、长租公寓、物流园、数据中心等。该公司同时计划推出在华首个由国际机构发起的零售类房地产 信托基金（C-REIT），以进一步拓展在岸资产管理业务。 （文章来源：新华财经） 凯德投资表示，该母基金已获得一家中国大型保险公司参与，成为主出资方，契合其"轻资产"战略。未 来，母基金将通过一系列子基金，进一步拓展至 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company is experiencing short-term disruptions due to industry cycles but is focusing on high-quality expansion and internal improvements. The first quarter revenue met expectations, with hotel operating revenue around 22.5 billion RMB, a year-on-year increase of 14.3%, and total revenue of approximately 5.4 billion RMB, a year-on-year increase of 2.2% [1][11] - The company aims for a revenue growth of 1-5% in Q2, with domestic segments expected to grow by 3-7% and franchise revenue by 18-22%. The management anticipates a narrowing decline in RevPAR in Q2, with a goal of at least maintaining or growing throughout the year [4][18] Summary by Sections Domestic Hotels - In Q1, domestic revenue was 4.481 billion RMB, up 5.5% year-on-year. Direct-operated hotels saw a decline of 9.4%, while franchise revenue increased by 21.1%. The overall RevPAR decreased by 3.9%, with same-store RevPAR down by 8.3% [2][16] - The company opened 694 new hotels and closed 155, with a total of 11,564 hotels by the end of Q1. The company plans to open approximately 2,300 new hotels throughout the year [2][16] Overseas Hotels - Q1 overseas revenue was 918 million RMB, down 11.3%. The decline was primarily due to the transition of 10 direct-operated hotels to a light-asset franchise model and the closure of one direct-operated hotel. The adjusted EBITDA for Q1 was -77 million RMB, indicating an increase in losses due to restructuring [3][17] Financial Forecasts - The company maintains adjusted net profit forecasts for 2025-2027 at 4.66 billion, 5.37 billion, and 6.13 billion RMB, respectively, with a three-year CAGR of 18%. The dynamic PE ratios are projected to be 17, 15, and 13 times for the respective years [5][19] - The company has a shareholder return plan of 2 billion USD over three years, which adds marginal appeal to the investment [5][19]

5月21日，凯德投资宣布在中国设立其首支在岸母基金——凯德投资人民币母基金，总股本承诺额 为 50 亿元人民币（9.21 亿新元）。凯德投资已引入国内知名保险机构作为母基金主要投资者。 据介绍，此举契合凯德投资的轻资产战略，旨在进一步扩大其在中国的基金资产管理规模。母基金 完成投资后，预计将为凯德投资的基金资产管理规模贡献 200 亿元人民币（37 亿新元）。 凯德投资人民币母基金将通过一系列子基金，重点投向具备稳定现金流和长期增值潜力的优质资 产。子基金的投资范畴涵盖中国一线及强二线城市的产业园区、购物中心、租赁住房及服务公寓等 资产类别。未来，子基金还有望涉足数据中心、物流园和办公楼等其他领域的特殊机会投资。 来源：凯德投资 对接需求请扫码 每日｜荐读 热文： 社会LP去哪了 热文： 购基金井喷，巨头们开始"买买买" 报告： 独角兽的"新双轮驱动"：《2025中国CVC影响力报告》发布 报告： 哪些LP在活跃出资？——《LP全景报告2024》发布 ...

Core Viewpoint - CapitaLand has established its first onshore mother fund in China, with a total commitment of 5 billion RMB (approximately 921 million SGD), aiming to expand its fund asset management scale in the region [1][2] Group 1: Fund Establishment and Strategy - The CapitaLand RMB mother fund is expected to contribute 20 billion RMB (approximately 3.7 billion SGD) to the company's fund asset management scale after investments are completed [1] - The mother fund will invest through a series of sub-funds focusing on high-quality assets with stable cash flow and long-term appreciation potential, including industrial parks, shopping centers, rental housing, and serviced apartments in first-tier and strong second-tier cities in China [1] - Future sub-funds may also explore special investment opportunities in data centers, logistics parks, and office buildings [1] Group 2: Market Position and Growth - CapitaLand has been operating in China for over 30 years, showcasing strong local expertise and the ability to create diversified RMB fund products based on domestic investor needs [2] - Since 2021, CapitaLand has successfully established seven RMB private equity funds in China, raising a total of 54 billion RMB, demonstrating the effectiveness of its local fundraising strategy [2] - The company manages approximately 300 projects across over 40 cities in China, with a diversified investment portfolio located in key urban areas, including office buildings, shopping centers, hospitality, industrial parks, logistics parks, and data centers [2] Group 3: Future Prospects - CapitaLand has filed for its first public REIT focused on consumer infrastructure in China, which is expected to be the first foreign-funded consumer public REIT in the country, broadening its access to long-term domestic equity capital [3] - This move is anticipated to drive continuous growth in the company's recurring fee income [3]

文 | 空间秘探，作者 | 武爽 近日，旭辉控股召开境外债权人会议，董事局主席林中称旭辉不仅要"活下来"，更要"站起来"，将重点 发展商业物业持有与租赁、自营开发项目以及房地产资产管理三大业务板块。作为旭辉控股千亿战略的 重要一环，旗下管理规模达到13万间的租赁平台瓴寓国际，能否帮助旭辉渡过"生死战"？ 抑郁的林中兄弟和债务重组的旭辉 5月12日，旭辉控股召开境外债权人电话会议，向债权人通报旭辉的经营现状与债务重组方案，并正式 启动境外重组方案的表决程序，这家曾经混得挺不错的房企又成了大家关注的焦点。 这也是林中时隔3年公开露面，读完董事局主席林中的讲话内容，空间秘探发现，其中心就是旭辉控股 如何从"活下来"，到彻底"站起来"。 林中讲到，"活下来"的前提是完成境内外信用债重组，这将极大改善公司的资本结构、修复资产负债 表。据了解，此次重组涉及的债务本金总额约为68亿美元，涵盖12笔债券和13笔贷款。这也是在出险 900多天来，旭辉控股推出的第三版境外债重组方案，内部人士称这版方案的推出，正是"林中亲自谈的 结果"。 旭辉控股的债务泥潭，也是林中时隔3年后再次公开露面的原因，林中也不讳言："没想到自己50多岁 ...

转自：新华财经 "'新投时代中心'的升级改造，是兰州新区产城融合战略的重要实践。通过与东百集团这样的专业运营 商合作，不仅能补齐区域商业配套短板，更能形成产商互促的良性发展格局。"甘肃省新投商业管理有 限公司副总经理牟德勇说，项目成熟运营后，将成为集购物、餐饮、娱乐、文化、社交、商务服务于一 体的一站式体验中心，打造成为兰州新区的城市会客厅+消费新地标，带动周边物业价值提升，成为助 推城市能级跃升的新引擎。 据介绍，"新投时代中心"项目将充分发挥东百集团在商业运营、品牌招商、顾客运营等方面的专业优 势，并依托"兰州中心"等标杆项目的成功经验，结合兰州新区本地消费特点，创新商业模式，使其成为 区域内规模领先、业态丰富的城市综合商业体，为消费者带来全新的消费体验。在双循环新发展格局 下，这场专业运营商与新兴增长极的强强联合，将为兰州新区城市发展注入新的发展活力，书写西北商 业升级的新篇章。（王恒尚） 编辑：赵鼎 近日，成功运营"兰州中心"商业项目的东百集团与甘肃省新投商业管理有限公司正式签署合作协议，全 面承接兰州新区"新投时代中心"项目的轻资产管理运营，这是东百集团在西北市场落地的第二个轻资产 项目，标志着其" ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant results from its light asset strategy, with projects in Guangdong and Xi'an performing exceptionally well [1] - The company reported a total revenue of 2.417 billion yuan in 2024, a year-on-year increase of 25.49%, and achieved a net profit of 1.049 billion yuan, marking a return to profitability [7] - The company has adjusted its management fees for light asset projects from 20% to 8% of annual operating income to enhance brand competitiveness [7] - The company has signed a major project, "Silk Road Eternal Love," which integrates various cultural elements and aims to promote a more interconnected economic landscape [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 2.594 billion yuan, with a year-on-year growth rate of 7.3% [6] - The net profit for 2025 is forecasted to be 1.195 billion yuan, reflecting a year-on-year increase of 13.9% [6] - The earnings per share (EPS) for 2025 is projected to be 0.46 yuan, with a price-to-earnings (PE) ratio of 20 [6] - The company’s return on equity (ROE) is expected to be 13.6% in 2025 [6] Performance Highlights - During the 2025 Spring Festival, the company held 550 performances of "Eternal Love" across 12 major locations, achieving a peak daily revenue of over 40 million yuan [7] - The "Three Gorges Eternal Love" project generated over 100 million yuan in revenue over 100 days, significantly boosting local tourism [7] - The company’s stock price has fluctuated between 6.93 yuan and 12.43 yuan over the past year, with a closing price of 9.34 yuan on the report date [2]