Core Insights - In July 2025, the number of new commercial projects opened was notably low, with only six projects totaling approximately 790,000 square meters, marking the lowest level in three years [1][3] - The new openings were dominated by four major commercial management giants, indicating a trend of high-quality projects despite the low quantity [3][4] Group 1: New Openings Overview - Only six new commercial projects were launched in July 2025, with a significant focus on large-scale developments, including four projects over 100,000 square meters [1][4] - Major projects included Shenzhen Joy City (250,000 square meters), Hohhot MixC (157,000 square meters), and Nanjing Jinling Tiandi (130,000 square meters), showcasing a trend of quality over quantity [4][12] Group 2: Key Projects - Shenzhen Joy City aims to be a trendy landmark for youth, featuring a unique design that integrates various spaces, including a rooftop ecological park and diverse retail offerings [5][7][10] - Hohhot MixC is positioned as a flagship commercial project, incorporating local cultural elements and offering nearly 400 brands, with over 50% being first stores [12][15] - Nanjing Jinling Tiandi, a collaboration between China Resources and Alibaba, is designed as a mixed-use complex with a focus on social interaction and innovative retail experiences, featuring over 280 brands [17][19] Group 3: Market Trends - The concentration of new openings in major cities like Shenzhen and Hohhot reflects a strategic focus on urban commercial upgrades, with Hohhot's new project marking a significant development for the city [3][12] - The trend of large-scale, high-quality commercial projects suggests a shift in the market towards creating unique consumer experiences rather than merely increasing the number of retail spaces [3][4][19]