2025年上海房地产大宗交易市场行情。 图源：戴德梁行 本报（chinatimes.net.cn）记者李贝贝 上海报道 2026年初以来，凯悦集团旗下上海新天地安达仕酒店将被"0元收购"的消息引发市场广泛关注。1月6 日，戴德梁行华东区资本市场部执行董事卢强向《华夏时报》记者表示，该酒店的持有方上海礼仕酒店 有限公司（下称"上海礼仕"）净资产为-17.1亿元、负债超25.2亿元是此次0元转让股权的核心原因。 新天地安达仕酒店的"0元收购"个案，成为2025年底上海大宗交易市场活跃度提升的一个缩影。据戴德 梁行统计，2025年，上海房地产大宗交易市场共录得75宗、共计424亿元成交。2026年，市场有望受益 于宽松政策、REITs扩容释放流动性，一线城市核心物业仍将吸金，市场向存量盘活转型。 知名五星级酒店被"0元收购"引关注 从买家内外资类型方面来看，内资买家2025年按成交金额计占比高达97%；外资买家全年仅完成三笔收 购，但作为卖方较为活跃，全年出售资产成交总额约129亿元，占比约三分之一，涉及15宗交易。 根据"天眼查"平台，上海礼仕成立于2017年，注册资本超过5.8亿元，公司注册地址上海市黄浦区嵩山 ...

Group 1 - The Ministry of Housing and Urban-Rural Development reported that from January to November 2025, 25,800 urban old community renovation projects were initiated, exceeding the annual target of 25,000 by 800 projects, achieving a completion rate of 103% [1] - The ministry emphasized the "Four Goods" construction (good houses, good communities, good neighborhoods, good urban areas) during the national urban renewal promotion meeting in November 2025, linking urban renewal with stabilizing the real estate market and addressing safety hazards to release housing demand [1] - Local governments, including Guangdong, Shanghai, and Chongqing, are actively responding with detailed policies to support urban renewal initiatives [1] Group 2 - The Ministry of Finance has pre-allocated 56.6 billion yuan for urban affordable housing projects for 2026 and encouraged local special bonds for urban renewal [2] - The National Development and Reform Commission included urban renewal facilities in the REITs issuance scope, expanding long-term financing channels by adding asset types such as commercial offices, hotels, and sports venues [2] - Central economic work meetings may promote special bonds and ultra-long-term special treasury bonds to support urban renewal, with potential policy financial tools reaching a leverage ratio of 14 times in 2026 [2] Group 3 - The focus on "high-quality urban renewal" is a key aspect of the 14th Five-Year Plan, with a shift in policy from "large-scale implementation" to "high-quality advancement," emphasizing localized and sustainable operations [3] - Investment in underground pipelines related to urban renewal is expected to exceed 5 trillion yuan by 2026, driving demand in construction and renovation sectors [3] - The current urban renewal landscape is characterized by increased policy support, diversified funding, and leading participation from major state-owned construction enterprises, with a completion rate of approximately 86.8% for 2025 and an acceleration expected in 2026 [3]