21世纪经济报道记者 易佳颖 自2009年进入中国以来，英格卡购物中心已自主打造和运营了十座聚会体验中心和三个荟聚办公项目， 累计投资超过270亿人民币。2024年，西安荟聚与上海荟聚综合体相继开业，其中上海荟聚综合体总投 资超过80亿人民币，是英格卡购物中心在全球范围内迄今单体投资金额最大的项目。 "我们倍感欣喜地看到，在中国市场，大众非常认可我们通过荟聚聚会体验中心带给大家的理念和体 验，也非常期待借助此次新的合作进一步拓展业务增长机会。" 英格卡购物中心中国区总裁朱洁敏表 示。 而在高和资本执行合伙人周以升看来，"荟聚项目的持续成功，充分印证了英格卡购物中心中国团队出 色的管理能力，也使我们更加确信，国际经验与本土创新的深度融合必将引领中国购物中心的未来发 展。" 对宜家的影响 12月12日，英格卡购物中心宣布与高和资本达成战略合作，双方将携手成立一支专项不动产基金，共同 持有无锡荟聚、北京荟聚、武汉荟聚三座聚会体验中心。此项合作将在获得中国相关主管部门的批准后 正式生效。 在这一新合作模式下，英格卡购物中心将继续持有荟聚品牌，并继续以荟聚品牌独家管理和运营所有聚 会体验中心。 此外，宜家中国将于无锡荟 ...

Core Viewpoint - The report from CITIC Securities suggests that the four major constraints limiting the development of China's institutional rental housing industry have changed, indicating significant growth potential for institutionalization in housing rental [1] Group 1: Industry Development - In the medium to long term, there is considerable room for growth in the institutionalization rate of housing rental agencies in China [1] - The current surge in real estate investment institutionalization and the development of real estate funds may lead to long-term rental apartments becoming a pioneering asset, driving the revaluation of certain assets [1] Group 2: Investment Recommendations - For heavy asset sectors, investors are advised to focus on regional factors [1] - In the light asset platform sector, investors are encouraged to concentrate on synergy and scale factors [1]

Core Insights - The Chinese real estate market has shifted towards comprehensive easing policies since 2023, with a focus on stabilizing the market and optimizing existing assets in 2024 [1] - The total number of real estate funds in China reached 877, with a total scale of approximately 1.8 trillion yuan, marking a turning point in the industry after a continuous decline since 2020 [1][3] Real Estate Fund Overview - As of June 2025, there are 877 private real estate funds, primarily established around 2016, with residential funds dominating the market at 71% [3] - The infrastructure fund sector is the largest, with 1,587 funds, where energy funds account for 51% and infrastructure construction funds for 43% [4] REITs Market Development - The public REITs market has seen rapid growth since its inception in June 2021, with 66 products issued and a total fundraising scale nearing 180 billion yuan [7] - The average size of single REITs products has decreased from approximately 3.3 billion yuan to 1.68 billion yuan by May 2025 [7] Investment Trends - The energy sector has become a primary investment direction for infrastructure funds, reflecting national policies supporting clean energy and carbon neutrality [6] - The diversification of asset types in real estate funds has increased since 2016, moving towards core infrastructure and value-added commercial real estate [9] Market Dynamics - The real estate industry is under pressure, but there are structural differentiations and quality assets that align with current market conditions [5] - Institutionalization of funding sources has strengthened the risk-return profile of real estate funds, with professional institutions dominating the market [9]