Core Viewpoint - The company is optimistic about the mainland market, which currently accounts for 70% of its overall revenue, and sees it as a significant consumer market with great potential [2] Group 1: Business Strategy - The company is focusing on high-end commercial complexes, having established landmark projects in cities like Shanghai, Wuxi, Kunming, and Dalian, which has led to steady performance [3] - The company adopts a "commercial first" approach, contrasting with many mainland developers who follow a "residential to support commercial" model [3][4] - The company aims to optimize existing assets and enhance operational efficiency rather than pursuing blind expansion, with a focus on vertical growth [6] Group 2: Market Positioning - The company has positioned itself as a market leader in second-tier cities, which allows it to attract high-end consumer spending from surrounding areas [4] - The company believes that once it secures a leading position in high-end brands in second-tier markets, it becomes difficult for new entrants to disrupt its dominance [4] Group 3: Financial Performance - The company generates stable rental income of approximately 10 billion yuan annually, with a net profit of around 3 billion yuan, which could potentially increase to 4-5 billion yuan with operational optimization [7][8] - The company has a total saleable residential value of about 20 billion yuan in Hong Kong and mainland China, which can provide an average annual cash flow of around 4 billion yuan over a five-year sales cycle [7][8] Group 4: Future Outlook - The company plans to accelerate the sales pace of residential projects in 2025 to enhance cash flow and will not make hasty decisions due to short-term financial pressures [8] - The company anticipates a "golden return period" from 2027 to 2031 as projects like Hangzhou Henglun Plaza begin to yield returns [9]

作者丨 张雪 来源丨 投中网 高端百货商场天花板的 SKP ，也要被卖了。 据悉，北京华联集团投资控股有限公司正在洽谈将其运营和开发的 SKP 出售给博裕资本。知情人 士称，双方已就 SKP 的管理和运营业务接近达成协议，该业务整体价值在 40 亿至 50 亿美元之 间。不过，就相关商场物业的归属还在讨论中。 对此，投中网向博裕资本进行求证，相关人员表示不予置评。 某种程度上， SKP 的出售也成为了中国奢侈品市场日渐衰落的一个缩影。 数据显示， 2024 年中国内地高端消费市场规模同比下滑 2% 至 1.63 万亿元，其中个人奢侈品市 场销售额预计下降 18%-20% 。 01 SKP，中国高端商场的代名词 有业内人士透露， 2024 年，北京 SKP 销售额或下跌 17% 至 220 亿元左右，较 2023 年的 265 亿元下滑约 45 亿元。与此同时，据赢商网消息，南京德基广场 2024 年全年销售额达到 245 亿元，问鼎了中国乃至世界高端商业销售额第一。 这样短暂的跌落神坛，不知道 SKP 内部会如何严阵以待。 不止北京，在西安、成都、武汉，还有杭州， SKP 的选址始终聚焦于城市的核心区域、高端 ...