Urban Development Challenges - Many Chinese cities face issues like sprawl, smog, and gridlock [1] - China's leadership aims for a new urban development approach focused on creating more pleasant cities [1] Policy & Strategy - The new approach prioritizes quality of life over massive expansion [1] - Implementing this new approach will be challenging [1]

Group 1 - Nextensa has sold its entire 8.99% stake in the Belgian REIT Retail Estates for €66.30 per share, generating total proceeds of €89.6 million, which is a significant capital gain compared to the previous valuation of €61.50 per share [1][2] - The transaction results in a strong cash inflow, reducing Nextensa's debt ratio to below 40%, thereby enhancing the company's balance sheet and financial capacity for future investments [2] - This sale aligns with Nextensa's long-term vision to free up capital for reinvestment in innovative and sustainable urban development projects, reflecting a proactive investment policy [3] Group 2 - Retail Estates has developed into a solid and successful company in its segment, and Nextensa has supported its growth for over 25 years, realizing a clear capital gain through this transaction [4] - Nextensa's investment portfolio is diversified across Luxembourg (32%), Belgium (41%), and Austria (17%), with a total value of approximately €1.1 billion as of June 30, 2025 [6] - The company is actively involved in large urban developments, including projects in Brussels and Luxembourg, focusing on mixed-use real estate [6]

Core Viewpoint - Nextensa demonstrated significant profitability growth in the first half of 2025, driven by development activities, reduced financing costs, and a stronger balance sheet despite a challenging economic environment [1][3]. Financial Performance - Net profit for H1 2025 was €19.9 million, or €1.96 per share, marking a 41% increase from €14.1 million or €1.39 per share in the same period last year [4]. - Underlying rental income saw a like-for-like increase of 5.45%, primarily due to improved occupancy at Tour & Taxis and contributions from major renovations [4]. - Total rental income decreased by 19.6% compared to the previous year, attributed to divestments totaling approximately €230 million [1][4]. Strategic Transactions - The sale of the Knauf shopping centres for €165.75 million bolstered the company's financial position [2]. - Proximus's selection of Tour & Taxis as its new headquarters, with full pre-leasing of the Lake Side office project, highlighted the attractiveness of Nextensa's sustainable urban developments [2]. - The acquisition of the Proximus Towers (BEL Towers) for redevelopment into a mixed-use sustainable project further reinforced Nextensa's sustainability goals [2][11]. Development Projects - The Stairs office building at Cloche d'Or is on track for completion by March 2026, with a lease signed with PwC Luxembourg for 9,500 m² of office space in the Eosys building, scheduled for delivery in September 2027 [6]. - The final phase of D5-D10 at Cloche d'Or has seen 153 apartments sold or reserved, achieving an occupancy rate of 83% as of June 30, 2025 [7]. - At Tour & Taxis, 327 out of 346 residential apartments have been sold or reserved, indicating strong demand [9]. Financial Management - The average financing cost of the investment portfolio decreased from 2.86% to 2.71%, aided by a hedging policy and reduced financial debt [10]. - The financial debt ratio improved to 43.41% following the sale of the Knauf shopping centres, down from 45.39% at the end of 2024 [10]. - The average maturity of credit lines is now 2.85 years, with available headroom of €135 million [10]. Company Overview - Nextensa's investment portfolio is valued at approximately €1.1 billion, with geographical distribution of 32% in Luxembourg, 51% in Belgium, and 17% in Austria [12]. - The company focuses on large urban developments, including the Tour & Taxis project in Brussels and the Cloche d'Or urban extension in Luxembourg [13]. - Nextensa is listed on Euronext Brussels, with a market capitalization of €426 million as of June 30, 2025 [14].

Core Insights - Tatweer Misr has partnered with Otis to supply and install smart vertical mobility solutions across six urban projects, involving 1,250 elevators over six years [1][3][5] - The collaboration aims to enhance the quality of urban living in Egypt by integrating Otis's energy-efficient Gen2® elevator systems into Tatweer Misr's developments [3][5][6] Company Overview: Tatweer Misr - Established in 2014, Tatweer Misr is a leading real estate developer in Egypt, focusing on sustainable and smart urban communities [3][7] - The company has developed six iconic projects, including IL Monte Galala, Fouka Bay, D-Bay, Salt, Bloomfields, and Rivers, which are strategically located across Egypt [3][7] Company Overview: Otis - Otis is the global leader in elevator and escalator manufacturing, installation, and service, moving 2.4 billion people daily and maintaining approximately 2.4 million customer units worldwide [8] - The company has a strong workforce of 72,000 employees, including 44,000 field professionals, operating in over 200 countries [8]

Core Insights - Stantec has been selected by the City of Mississauga to lead the design and contract administration for the Dundas Bus Rapid Transit (BRT) Mississauga East Corridor, which spans over 7 kilometers and includes 8 stops with an estimated project budget of C$580 million [1][3] Group 1: Project Overview - The Dundas BRT will enhance connections to urban light rail and the regional transit network, improving local and regional transit services [2][3] - The project aims to increase service reliability, decrease travel time, and enhance transit ridership and satisfaction, aligning with Metrolinx's 2041 Regional Transportation Plan [3][4] - The design will feature dedicated median bus lanes and Intelligent Transportation Systems (ITS) for optimized signal timings, ensuring fast and reliable service [4][5] Group 2: Environmental and Community Impact - Stantec's Water group will collaborate on significant watermain and wastewater main replacements, utilizing trenchless tunneling and open-cut techniques to minimize community disruption [2][6] - The project will incorporate environmentally friendly practices and materials to reduce its carbon footprint [6] Group 3: Company Expertise and Experience - Stantec has extensive experience in BRT projects across North America, including notable projects in the Greater Toronto Area and Calgary [7][8] - The company provides a comprehensive range of services including consulting, design, construction support, and maintenance period administration [6]

Core Viewpoint - The race for cities in China to reach a population of ten million is evolving into a "war of attrition," with increasing challenges and a need for cities to enhance their internal development capabilities [3][6]. Group 1: Population Growth Data - As of the end of 2024, Wenzhou's permanent population reached 985.2 thousand, an increase of 91 thousand from the previous year, just 148 thousand short of the ten million mark [4]. - Hefei officially became the 18th city in China to surpass ten million residents, with a population of 10,002 thousand, growing by 149 thousand from the end of 2023, totaling a cumulative increase of 537 thousand over three years [10]. - Six cities, including Wenzhou, Ningbo, Foshan, Nanjing, Jinan, and Shenyang, have populations exceeding 920 thousand and are still experiencing growth, indicating their potential to reach ten million [5]. Group 2: Challenges in Population Growth - The current pace of population growth suggests that by 2025, it may be difficult to see the emergence of the 19th city with a population of ten million [6]. - Many cities with populations around nine million are experiencing a downward trend in population, indicating a significant increase in the threshold for reaching ten million [7]. - The competition among cities is intensifying, with three of the six cities striving for ten million being ordinary prefecture-level cities, which struggle to compete with the public service resources of municipalities and sub-provincial cities [14]. Group 3: Factors Influencing Population Attraction - Urban population attraction is influenced by multiple factors, including housing subsidies, entrepreneurial support, living costs, public service quality, industrial capacity, and employment opportunities [8]. - Hefei's population growth is attributed to its industrial upgrades, which create job opportunities and higher salary levels, supported by a strong talent base from institutions like the University of Science and Technology of China [10][12]. Group 4: Strategies for Population Growth - Cities aiming for ten million populations should focus on industrial upgrades, as demonstrated by Hefei's industrial output growth of 14.8% in 2024, with significant increases in sectors like new energy vehicles and smart equipment [18][19]. - Optimizing living costs and residency policies is crucial, with cities like Shenyang implementing new policies to facilitate the settlement of newcomers [21]. - Improving infrastructure and enhancing livability are essential, as cities are working to address public service gaps, such as education, to attract and retain residents [22].