【导读】海泰发展终止收购知学云控股权，此前预计构成重大资产重组 12月5日晚间，海泰发展（600082）发布公告称，因交易双方尚未就交易对价、交易方式等关键交易条款达成一致意见，公司决定终止以现金方式收购知 学云（北京）科技股份有限公司（以下简称知学云）控股权事项。 此前，海泰发展预计上述交易构成《上市公司重大资产重组管理办法》规定的重大资产重组，部分投资者关注上述交易能否顺利推进。 截至12月5日收盘，海泰发展股价报4.77元/股，总市值为30.82亿元。 来源：海泰发展2025年第三季度业绩说明会 如今，海泰发展终止收购知学云控股权，承诺自终止本次交易事项披露之日起至少1个月内，不再筹划重大资产重组事项。同时，海泰发展将针对本次交 易进行内幕知情人登记及自查工作。 历时半年终止重大资产重组 将针对交易实施自查工作 海泰发展筹划收购知学云控股权事项历时半年。6月5日晚间，海泰发展公告称，公司董事会在当日审议通过议案，筹划以现金方式收购知学云控股权。 在11月19日召开的海泰发展2025年第三季度业绩说明会上，部分投资者就本次交易能否顺利推进，多次询问海泰发展的相关高管，但未获正面回应。 公告显示，海泰发展计 ...

【导读】海泰发展终止收购知学云控股权，此前预计构成重大资产重组 12月5日晚间，海泰发展发布公告称，因交易双方尚未就交易对价、交易方式等关键交易条款达成一致意见，公司决定终止以现金方式收购知学云（北 京）科技股份有限公司（以下简称知学云）控股权事项。 此前，海泰发展预计上述交易构成《上市公司重大资产重组管理办法》规定的重大资产重组，部分投资者关注上述交易能否顺利推进。 截至12月5日收盘，海泰发展股价报4.77元/股，总市值为30.82亿元。 历时半年终止重大资产重组 将针对交易实施自查工作 海泰发展筹划收购知学云控股权事项历时半年。6月5日晚间，海泰发展公告称，公司董事会在当日审议通过议案，筹划以现金方式收购知学云控股权。 在11月19日召开的海泰发展2025年第三季度业绩说明会上，部分投资者就本次交易能否顺利推进，多次询问海泰发展的相关高管，但未获正面回应。 来源：海泰发展2025年第三季度业绩说明会 如今，海泰发展终止收购知学云控股权，承诺自终止本次交易事项披露之日起至少1个月内，不再筹划重大资产重组事项。同时，海泰发展将针对本次交 易进行内幕知情人登记及自查工作。 公告显示，海泰发展计划向中国证券登记 ...

【导读】海泰发展终止收购知学云控股权，此前预计构成重大资产重组 中国基金报记者 闻言 12 月 5 日晚间， 海泰发展 发布公告称，因交易双方尚未就交易对价、交易方式等关键交易 条款达成一致意见，公司决定终止以现金方式收购知学云（北京）科技股份有限公司（以下 简称知学云）控股权事项。 此前，海泰发展预计上述交易构成《上市公司重大资产重组管理办法》规定的重大资产重 组，部分投资者关注上述交易能否顺利推进。 截至 12 月 5 日收盘，海泰发展股价报 4.77 元 / 股，总市值为 30.82 亿元。 历时半年终止重大资产重组 将针对交易实施自查工作 海泰发展筹划收购知学云控股权事项历时半年。 6 月 5 日晚间，海泰发展公告称，公司董事 会在当日审议通过议案，筹划以现金方式收购知学云控股权。 在 11 月 19 日召开的海泰发展 2025 年第三季度业绩说明会上，部分投资者就本次交易能 否顺利推进，多次询问海泰发展的相关高管，但未获正面回应。 来源：海泰发展 2025 年第三季度业绩说明会 如今，海泰发展终止收购知学云控股权，承诺自终止本次交易事项披露之日起至少 1 个月 内，不再筹划重大资产重组事项。同时，海 ...

12月2日，里水万洋众创城科技（佛山市南海区）有限公司以32467.86万元成功竞得位于里水镇里水村 环镇北路北侧的一宗144301.62平方米（约216亩）工业用地，标志着佛山（里水）万洋科技城项目即将 落地。 该项目总建筑面积约52万平方米，将聚焦装备制造、医疗器械、电子电器、数字化服装鞋袜、新材料、 汽车零部件等高端产业及配套，与里水四大战新产业高度契合，致力于打造里水首个国有可分割销售的 大型产业集聚园区。同日11时，万洋科技城招商中心盛大开业，园区建设与招商同步启动，政企同心为 里水产业升级注入强劲动力。 国有可分割作为里水首个国有可分割销售的大型产业集聚园区，佛山（里水）万洋科技城在土地性质和 运营模式上实现重大突破，为中小企业提供了前所未有的发展机遇。 什么是"国有可分割销售"？ 与传统的村集体用地工业园不同，国有可分割销售园区意味着土地性质为国有工业用地，产权清晰、手 续规范，企业可按最小500平方米的单位购买产权，真正实现"购厂房即是置资产，拥产权方能定基 业"。园区80%以上的厂房将对外销售，20%由万洋自持运营，确保园区整体品质与服务的持续性。 万洋科技城效果图。 据悉，园区计划引进企业 ...

多层次REITs市场建设助力工业厂房类资产首次入池 作为全国首单工业厂房机构间REITs，也是上海地方国企首单机构间REITs，该项目既扩充了机构间 REITs的资产范围，又为地方国企存量资产盘活开创了新的权益融资渠道，具备重要的示范效应。 据悉，该项目的底层资产为外高桥集团持有的4个标准厂房项目，均位于上海市外高桥保税区，合计建 筑面积约19.06万平方米，平均出租率93.16%，主要租户包括万国数据、斯凯孚、卡尔蔡司、惠永药研 等知名企业，覆盖IDC数据中心、智能制造、生物医药研发等行业，聚集了多家外资企业在中国的分拨 中心、研发总部等，契合区域产业发展导向和战略部署。大部分物业位于海关特殊监管区域内，入驻企 业可享受上海自贸试验区一系列配套政策，实现产业高质量创新发展。 新华财经上海12月2日电（记者杨溢仁）"中信建投-外高桥集团持有型不动产资产支持专项计划"日前在 上交所设立，发行规模18.30亿元，这是市场首单以工业厂房作为底层资产的持有型不动产ABS（以下 简称"机构间REITs"）。 一位投资机构负责人向记者表示："本项目的底层资产为工业厂房，核心租户包括万国数据、斯凯孚等 企业，总体成长性较好 ...

Group 1: Climate Finance and Innovation - The second Climate Finance Joint Conference was held in Dubai on November 26, focusing on financial risks and innovative opportunities related to climate change, attracting nearly 250 participants [2] - The conference discussed a joint research report on expanding the sustainable debt market in emerging markets, highlighting the role of sustainable debt instruments in climate financing [2] Group 2: Industrial Land Supply and Real Estate - Abu Dhabi and Dubai are planning to release a significant amount of industrial land to alleviate rental pressures caused by long-term supply shortages, with Dubai's industrial real estate rents increasing by approximately 30% over the past two years [3] - The "300 billion action" plan aims to increase the industrial sector's contribution to GDP from 133 billion dirhams in 2021 to 300 billion dirhams (approximately 82 billion USD) by 2031 [3] Group 3: Virtual Assets and Regulation - The Dubai Virtual Assets Regulatory Authority (VARA) anticipates that local virtual asset trading volume will reach approximately 681 billion dirhams (681 billion USD) by 2025, reflecting significant progress in establishing Dubai as a global virtual asset economic hub [3] - A new federal law in the UAE has been enacted to regulate digital assets and decentralized finance (DeFi), requiring all related businesses to obtain central bank licenses [4] Group 4: Industry Exhibitions and Sustainable Development - The BIG5 Global 2025 exhibition in Dubai focuses on supply chain resilience, technological advancements, and sustainable construction, featuring a sustainable China Pavilion made from recyclable materials [4] Group 5: AI in Investment Management - A survey by Alpheya revealed that approximately 73% of UAE investors plan to use AI instead of human advisors, with 70.8% willing to let AI manage their investment portfolios [5] - High-net-worth individuals showed a satisfaction rate of 52% with AI wealth management, significantly higher than the 37% satisfaction rate among regular investors [5] Group 6: Smart and Sustainable City Development in Qatar - Qatar is advancing smart and sustainable city initiatives, with plans to launch over 30 national-level smart solutions in the next two years [7] - The "Smart Qatar – Tasmu" initiative aims to create a national digital twin system supported by sovereign data centers and advanced connectivity infrastructure [7] Group 7: Local Value Certification Growth in Qatar - The number of companies certified for local value (ICV) in Qatar increased by 33% this year, reaching 3,484, reflecting the government's focus on enhancing local economic contributions [8] Group 8: Strategic Projects and Investment Services in Qatar - The Ministry of Commerce and Industry in Qatar has partnered with PwC to launch a multi-year strategic project aimed at upgrading investor services to a more integrated and data-driven platform [9]

Financial Data and Key Metrics Changes - Core FFO per share was $0.65 for the quarter, an increase of 8.3% compared to last year [8] - Core FFO guidance for the year has been increased to a range of $2.52 to $2.54 per share, a $0.03 increase at the midpoint [3][11] - Same-store cash NOI grew 3.9% for the quarter and 3.5% year to date [9] Business Line Data and Key Metrics Changes - The company commenced 22 leases totaling 2.2 million square feet, generating cash and straight-line leasing spreads of 27.2% and 40.6%, respectively [8] - Retention for the quarter was 63.4% and 78% for the year [8] - Cash leasing spreads for 2025 are approximately 24%, while for 2026, they are expected to be between 18% and 20% [4][8] Market Data and Key Metrics Changes - National vacancy rates are expected to be around 7% for the next two to three quarters, with an anticipated improvement in the latter half of next year [3] - The company has seen an increase in acquisition opportunities, with a total acquisition volume of $101.5 million for the third quarter [5] Company Strategy and Development Direction - The company is focusing on both acquisitions and development, with a bullish outlook on development due to improving demand [36][88] - A record amount of square footage is expiring in 2026, with 52% of the expected leasing already addressed [4] - The company is actively engaging with tenants to secure renewals ahead of lease expirations [15] Management's Comments on Operating Environment and Future Outlook - Management noted that industrial fundamentals remain stable and are improving, with increased leasing demand [3] - The company is optimistic about the stability in the market and expects further improvements in market rent growth [18] - Management highlighted the importance of tenant engagement and commitment to their spaces, which has contributed to leasing success [4][16] Other Important Information - The company refinanced a $300 million term loan, extending its maturity to March 15, 2030, with a fixed interest rate of 1.7% until February 2026 [9] - Liquidity at quarter end was $904 million, with low leverage at 5.1 times net debt to annualized run-rate adjusted EBITDA [10] Q&A Session Summary Question: What is driving the leasing progress for 2026? - The majority of leasing activity is driven by renewals, with 95% being renewals and 5% new leasing [15] Question: Can you discuss the dynamics across your markets? - The company has not experienced the same volatility as the top five U.S. markets, maintaining occupancy rates better than others [18] Question: What is the outlook for cash leasing spreads? - The company is guiding to 18% to 20% cash leasing spreads for next year, down from 24% this year [26] Question: How is the company approaching development given the improving demand? - The company is bullish on development and is careful with underwriting, aiming for at least a 7% going-in yield [36] Question: What has changed regarding acquisition forecasts? - The company noted stable interest rates and a more stable macroeconomic environment, leading to increased seller engagement [42] Question: Are there any known move-outs for 2026? - There are no material known move-outs, with active negotiations ongoing for large tenants [66]

Financial Data and Key Metrics Changes - The company reported adjusted company FFO for the third quarter at approximately $47 million, with guidance for 2025 adjusted company FFO tightened to a range of $0.63 to $0.64 per share, reflecting the impact of property sales and debt repayment [11][12] - The net debt to adjusted EBITDA ratio improved to 5.2 times, down from 5.8 times, following the sale of properties [5][12] - The company achieved a same store NOI growth of 4% year to date and 2% for the third quarter, with portfolio occupancy increasing to 96.8% from 94.1% in the previous quarter [13][14] Business Line Data and Key Metrics Changes - The sale of two vacant development projects for a gross sale price of $175 million resulted in a 20% premium to the gross book value, driving portfolio occupancy up by 370 basis points [5][6] - The company has successfully leased or sold 98% of its development program, contributing to having the youngest industrial portfolio in the public market [6][10] Market Data and Key Metrics Changes - The investment sales market remains healthy, with the company currently marketing approximately $115 million of assets for sale in non-target markets [7] - The target markets outperformed the broader market, with robust net absorption of approximately 33 million square feet in the company's 12 target markets during the third quarter [7][8] Company Strategy and Development Direction - The company continues to focus on a 12 market investment strategy in the Sun Belt and select lower Midwest states, which account for approximately 85% of gross assets [7] - The company is exploring opportunities for modest spec development next year if tenant demand remains strong, while prioritizing internal growth through contractual rent escalations and occupancy gains [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position, highlighting the successful sale of development projects that addressed critical operating objectives and resulted in higher occupancy and lower leverage [9][19] - The company anticipates a strong 2026 and beyond, focusing on marking rents to market and capitalizing on lease-up opportunities [19] Other Important Information - The Board of Trustees authorized an annualized dividend increase of $0.02 per share, raising the annualized rate to $0.56 per share [9] - A 1-for-5 reverse stock split is scheduled to take effect on November 10, 2025, with trading on a post-split basis beginning on November 11, 2025 [18] Q&A Session Summary Question: Future Capital Deployment Focus - Management indicated a strong internal growth profile and a focus on build-to-suit opportunities, with modest spec development possible if tenant demand remains strong [21][22] Question: Non-Target Market Assets - The company is actively selling assets outside of the 12 target markets to create liquidity for reinvestment, viewing this portfolio as a source of liquidity [25] Question: Disposition Timeline and Cap Rates - Management expects to close on the $115 million of marketed assets by December, with anticipated cap rates in the low sixes [27] Question: Mark-to-Market Expectations - The company projects a 20% mark-to-market for 2026 lease expirations, with an average annual escalator of 2.9% across the portfolio [30][32] Question: Same Store Results and Move-Outs - The decrease in same store results was attributed to move-outs, with a positive impact from contractual rent escalators and renewals [45] Question: Leasing Activity Post Quarter-End - The company reported 1.1 million square feet of leasing post quarter-end, primarily from renewals, including a significant new lease in Indianapolis [64][68]

Core Insights - The Yao Hai District of Hefei is showcasing strong development momentum and unique investment value, driven by strategic opportunities such as the Yangtze River Delta integration and the establishment of the Hefei Eastern New Center [2] - The district is set to launch 15 premium commercial plots and 7 industrial plots, covering a total area of approximately 1,088.69 acres, attracting significant interest from participating enterprises [3] Group 1 - Yao Hai District is leveraging its position as a key urban area with a high population density, which contributes to a robust consumer market and demographic dividend [2] - The district is enhancing its public service infrastructure, including quality educational resources and a dense transportation network, with the opening of the 6th subway line by the end of the year [2] - The district is actively promoting emerging industry clusters in new generation information technology, life health, and modern services through an industrial fund matrix and efficient government services [2] Group 2 - The event highlighted the strategic positioning, spatial carriers, industrial dynamics, and development dividends of Yao Hai District, inviting enterprises to invest and deepen their engagement in the area [2] - The introduction of 18 boutique building resources aims to cater to diverse business needs, covering office and commercial sectors, which has garnered significant attention from companies [3]

Core Viewpoint - South China City Holdings Limited is accelerating the divestment of its domestic assets amid its liquidation process, having sold two real estate projects in Harbin for a total of 217 million yuan [1][3]. Asset Sale Details - The buyer, Harbin Guangmai Real Estate Agency Co., Ltd., acquired 100% equity of two project companies holding the "1668 Industrial Park C22 Plot" and "Boutique D District Project" [3]. - The sale price includes 72 million yuan for Asset A and 145 million yuan for Asset B, with the latter involving a three-phase payment structure [4][6]. - The total area for Asset A is 13,000 square meters with a total construction area of 8,700 square meters, while Asset B has a planned area of 118,000 square meters and a total construction area of 151,700 square meters [6]. Financial Implications - The transaction is expected to result in a loss exceeding 660 million yuan, as the book value of the two projects is approximately 879 million yuan [8]. - The proceeds from the sale will primarily be used to repay financing costs and advances related to project development, with remaining funds allocated for general operational purposes [11]. Market Context - The transaction highlights the challenges faced by distressed real estate companies in liquidating assets under financial strain, reflecting a broader trend in the industrial real estate market [8][12]. - The sale structure, including equity transfer and differentiated payment arrangements, aims to minimize transaction complexity and tax burdens while clarifying responsibilities to reduce potential disputes [12]. - The deal indicates a shift in the Harbin market, where large developers are divesting non-core assets while local firms seek opportunities in existing projects [12].