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 ...

Group 1 - Dongbai Group officially announced a partnership with Gansu Xintou Commercial Management Co., Ltd. to manage the "Xintou Times Center" project in Lanzhou New Area, marking another breakthrough in the light asset management model in the Northwest market [1] - The "Xintou Times Center" project covers a total construction area of 72,400 square meters and is strategically located in the core area of Lanzhou New Area, which has been a key economic growth engine for eight consecutive years [1] - The project aims to create a new commercial landmark in Lanzhou New Area by leveraging the area's comprehensive commercial ecosystem, which includes government, residential, educational, and medical resources [1] Group 2 - Gansu Lanzhou is a strategic location for Dongbai Group's business expansion, with the "Lanzhou Center" being one of its quality self-owned commercial assets, located near the Gansu Provincial Museum [2] - The Lanzhou Center has successfully attracted nearly 1,000 brands, including over 150 first stores in Gansu, catering to diverse consumer needs and becoming a commercial benchmark in the region [2] - In 2024, Dongbai Group plans to enhance the commercial vitality of Lanzhou Center through brand adjustments, spatial restructuring, and innovative scenarios, aiming for an annual foot traffic of 36 million, a year-on-year increase of 7.87% [2] Group 3 - Dongbai Group, as a leading regional player in the retail department store industry, focuses on market demand upgrades and continues to enhance consumer experience through commercial innovation and distinctive operations [3] - The "Xintou Times Center" project is expected to serve as a typical example of Dongbai Group's light asset strategic transformation and regional economic collaboration [3] - The company plans to continue expanding its commercial footprint by leveraging its core areas in Fuzhou and Lanzhou, while firmly advancing its light asset development strategy [3]

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]

Core Viewpoint - The company is significantly investing in Wuhan, leveraging the city's strategic development and aiming to create a comprehensive urban renewal and commercial integration model similar to its Shanghai projects [2][4]. Investment and Project Development - The final residential phase of the Wuhan Tiandi project is set to launch in Q4 of this year, with over 300 companies already established in the business district [4]. - The company has committed over 100 billion yuan to Wuhan, marking it as the largest regional market outside Shanghai [4]. - The Innovation Tian Di project, initiated in 2017, spans 1.2 million square meters and aims to establish a core hub for technological innovation in Wuhan [5]. - The Wuhan Changjiang Tiandi project is designed to enhance the waterfront cultural complex while preserving historical and industrial heritage [5]. Market Strategy and Customer Focus - The company emphasizes a long-term commitment to quality products and understanding customer needs, aiming to align offerings with lifestyle expectations [9][10]. - The company plans to slow down sales in the Innovation Tian Di project to better assess market conditions and optimize future offerings [8]. Future Outlook and Strategic Direction - The company intends to pursue both development and operational strategies, focusing on sustainable growth despite potential market fluctuations [10]. - The company is adopting a cautious approach to new projects, prioritizing strategic partnerships and influential developments [10]. - The company believes that future success in the real estate market will depend on the ability to provide high-quality products [10][11].

Core Insights - Daxuecheng reported a total signed amount of 36.9 billion yuan for 2024, with a continuous expansion of its commercial footprint and a high-quality opening of three major projects in Xiamen, Sanya, and Haidian, achieving over 98% occupancy rate [1] - The company successfully issued the first consumer REIT in Southwest China, with a rental rate of 98.1% and a rent collection rate of 99.97% [1][3] - Daxuecheng's shopping centers achieved a sales revenue of 40.13 billion yuan, a year-on-year increase of 16%, with total foot traffic reaching 366 million, up 22% [1] Commercial Operations - The company operates 44 commercial projects, including 30 heavy asset and 14 light asset projects, covering key urban clusters such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area [1] - The average occupancy rate for office buildings was reported at 91.1%, while the Shenzhen projects achieved an occupancy rate of 98.2% [2] - Daxuecheng's long-term rental apartment projects maintained an average occupancy rate of 95% across 10 projects [2] Financial Performance - The company successfully issued a total of 7.1 billion yuan in various financial instruments, effectively reducing the average financing cost to 3.0% and the overall financing cost to 4.06%, a decrease of 55 basis points from the previous year [3] - The Daxuecheng commercial REIT reported a revenue of 86.06 million yuan in Q4 2024, with a distributable amount of 45.29 million yuan, resulting in an annualized cash distribution rate of 5% based on the market value at the end of the reporting period [3] Strategic Outlook - In 2025, Daxuecheng plans to leverage policy opportunities and deepen its "1123" strategic framework, focusing on youth-oriented commercial brands and high-quality residential development [4] - The company aims to accelerate its green and low-carbon transformation while exploring the expansion of consumer REITs and the benefits of urban village renovations [4]