在中国房地产行业进入"存量时代"的当下，一场从"开发逻辑"到"运营逻辑"的深刻转型，正在悄然 发生。 中国金茂正是其中的先行者。 过去十年，这家以"城市运营商"著称的企业，在全国核心城市不断深化布局。而如今，它凭借"投 融建管退"的全周期资产管理能力，通过精品持有业务开辟出一条稳健而具有确定性的"第二增长曲 线"—以商业、写字楼、酒店、文旅和轻资产运营为支点，构筑覆盖城市核心至社区末梢的商业新生 态。截至2025年上半年，中国金茂持有及在营项目已达80个，总体量约360万㎡，叠加在建、待建项 目，总规模近600万㎡，覆盖北京、上海、深圳、天津、青岛、苏州、杭州、宁波、长沙等核心城市。 聚焦城市商业脉动，金茂商业版图的立体布局 作为区域品质商业，天津金茂汇展现出工业遗产改造的独特魅力。项目由伍兹贝格工作室操刀设 计，以"修旧如旧、新旧并置"为核心理念，完整保留老厂房红砖立面、桁架屋顶与煤斗群落，使百年工 业记忆与现代商业空间在光影间对话。在宁波奉化，金茂汇则以TOD商业综合体的形式落地金茂广 场，联动地铁、酒店与乐园，构建出集购物、亲子与休闲于一体的都市微度假目的地。 在览秀城与金茂汇之外，定位为精致社区商业的 ...

编者按：当前，发展新质生产力已成为推动高质量发展的内在要求和重要着力点。国有企业作为国民经济的中坚力量，在这一进程中肩负着重要使命。重 庆，立足西部大开发重要战略支点，国有企业更以"排头兵"的姿态，积极投身新质生产力的探索与实践。为系统展现重庆国企在发展新质生产力中的行动与 思考，央广网重庆频道策划推出融媒体报道《国企渝进》，通过深入一线调研、对话企业代表、剖析典型样本，多维度探索重庆国企高质量发展新质生产力 的实施路径，为"十五五"时期重庆乃至西部的产业升级和高质量发展提供前瞻性思考和案例支撑。 在"十四五"收官之际，近日，重庆市地产集团交出一份亮眼成绩单：资产总额突破1373亿元，较"十三五"末增长13%；累计完成投资891亿元、融资626亿 元，资产负债率、营业现金比率等核心指标达行业良好水平，稳居重庆国企第一梯队。 五年来，这家市属重点国企以擦亮"渝地系"品牌为抓手，在城市片区开发、城市更新、城市综合运营领域深耕拓展，不断增强核心功能、提升核心竞争力， 以国企担当助力重庆高水平建设现代化人民城市，争做"15分钟高品质生活服务圈"建设者、创造者、引领者。 资产证券化破局：160亿存量资产"活"起来 反哺 ...

Core Insights - The 15th National Games concluded successfully, with China Resources Land playing a crucial role in venue renovation, event operation, and logistics support in the Shenzhen region [1][5] Group 1: Venue Renovation and Upgrades - Eight major venues underwent high-quality renovations within a tight schedule, with China Resources Land involved in the entire construction process for several key venues [2] - Notable achievements include the Shenzhen Bay Sports Center completing a 3,500 square meter display screen upgrade in just 60 days, and the Longgang International Cycling Venue passing international professional inspections [2] - Systematic upgrades included nearly 50 accessibility features, approximately 20,000 seat renovations, and the deployment of advanced smart event systems [2] Group 2: Event Operation and Service System - China Resources Land's subsidiary, China Resources Sports, managed the operation and sports presentation for four major competition zones, covering various athletic events [3] - A total of 612 professionals were involved in on-site command, venue operation, equipment allocation, and guest reception during the 143 competitions held [3] Group 3: Post-Event Operations and Urban Integration - The company also managed the operational support for five venues, ensuring stable operations through facility maintenance, safety inspections, and audience services [4] - Since 2008, China Resources Land has participated in the construction and operation of 20 sports venues, supporting 39 national and international events, with the experience gained from this event expected to benefit urban public service systems in the future [4][6]

Core Insights - The opening of the Waldorf Astoria Hotel marks a significant milestone in the development of the Qiantan area, showcasing the completion of a comprehensive urban project led by Lujiazui Group [1][14] - The "NEWWAVE" community co-creation salon emphasizes the importance of cultural nourishment in enhancing individual lifestyles, reflecting a shift towards a more integrated community approach [3][5] - Lujiazui Group's long-term commitment to creating a vibrant urban ecosystem is evident in its strategic planning and operational execution, aiming to foster a self-sustaining community [8][10] Group 1: Urban Development and Planning - Lujiazui Group has been actively involved in the Qiantan area for over a decade, focusing on cohesive urban development that ensures quality and sustainability [1][10] - The area is transforming into a dynamic urban entity, integrating various functions such as business, culture, and residential living [3][12] - The introduction of high-end amenities and international brands reflects the strategic vision of Lujiazui Group to create a high-energy industrial ecosystem [10][17] Group 2: Community Engagement and Lifestyle - The salon event highlighted the need for a community-driven approach to urban living, where cultural activities play a crucial role in enhancing the quality of life [3][5] - Lujiazui Group aims to create a "living space" that respects individual freedoms and fosters diverse possibilities for residents [5][8] - The ongoing cultural and commercial activities in Qiantan ensure a vibrant and engaging environment, moving away from monotonous living experiences [12][18] Group 3: Operational Strategy and Sustainability - Lujiazui Group's operational strategy emphasizes a unified approach to urban development, focusing on long-term sustainability and community engagement [8][13] - The company is committed to creating a comprehensive lifecycle management system for its properties, ensuring ongoing value creation for residents [10][18] - The integration of various urban functions and innovative development models aims to maximize land value while promoting a harmonious living environment [12][14]

Core Insights - The article discusses the innovative approach to the renovation of old residential communities in Guangzhou, particularly highlighting the Huangshi Garden project, which involves third-party enterprises collaborating with the government for funding and operational management [2][8][12] Group 1: Renovation Models - Various renovation models have been observed in Guangzhou, including owner-funded projects and government-funded initiatives, but the Huangshi Garden project stands out due to the involvement of a third-party enterprise, Vision Group, which operates under an EPCO (Engineering, Procurement, Construction, and Operation) model [2][8] - The Huangshi Garden project is the first of its kind in Guangzhou, where a non-owner third-party enterprise collaborates with the government to manage the renovation process [2][8] Group 2: Community Characteristics - Huangshi Garden community has a complex demographic, consisting of public rental housing, employee welfare housing, and commercial housing, which complicates community management [7][8] - The community's diverse resident backgrounds lead to significant coordination challenges, making it difficult to gather funding from residents for renovations [8][10] Group 3: Financial Aspects - The government contributed over 20 million yuan for public space renovations, while Vision Group invested over 10 million yuan for the renovation and operation of idle public housing [8][10] - The project has shown promising financial results, with a rental rate of 91% for the renovated public housing, indicating effective utilization of resources [10][12] Group 4: Future Implications - Following the success of the Huangshi Garden model, Guangzhou plans to replicate this third-party EPCO model in other old residential communities, which may include various other neighborhoods [14] - The "public housing conversion model" is identified as a sustainable approach for financing the renovation of old communities by leveraging idle public housing resources [12][14]

Core Viewpoint - The company, *ST Nanzhi, is responding to inquiries regarding its major asset sale and related transactions, addressing concerns about delisting risks, sustainable operations, and future development plans [1] Financial Performance - As of April 2025, the net assets attributable to the parent company shareholders are projected to be 538 million yuan, indicating a turnaround from negative to positive [1] - The company has achieved a revenue of 820 million yuan for the first half of 2025, suggesting that the financial data for 2025 will not trigger delisting risks after the transaction [1] - The balance of other payables is 13.488 billion yuan, and the transaction is expected to significantly reduce the company's debt pressure, improving profitability and risk resistance [1] Future Development Plans - The company aims to focus on light asset operations, particularly in urban operations and commercial management, transitioning towards a comprehensive urban operation service provider [1][2] - The strategic plan includes expanding into the Beijing market while deepening existing operations in cities like Wuhan, Chengdu, Shanghai, Guangzhou, and Hangzhou [2] - By 2027, the company targets to exceed 2 million square meters in commercial operations, manage 12,000 rental apartments, and achieve 200 million yuan in property management revenue [2] Strategic Transformation - The strategic transformation is a proactive adjustment to industry trends and a commitment to high-quality development paths [3] - The company is expected to unlock broader development opportunities in urban operations as its transformation initiatives are implemented [3]

Core Viewpoint - The recent issuance of consumer REITs, particularly the 华夏中海商业REIT, has garnered significant market interest, indicating a strong demand for this asset class due to its alignment with commercial real estate and favorable underlying assets [1][2]. Group 1: Market Performance and Demand - 华夏中海商业REIT was launched with a total fundraising target of 1.5843 billion yuan, and during the offline inquiry phase, it received bids from 149 institutional investors for a total of 23.6074 billion shares, achieving a subscription multiple of 374.72 times [2]. - The previous consumer REIT, 华夏凯德商业REIT, also saw overwhelming demand with a subscription multiple exceeding 252.6 times, highlighting the increasing difficulty for public investors to acquire such products [3][4]. Group 2: Underlying Asset Quality - The underlying asset for 华夏中海商业REIT, 佛山映月湖环宇城, is a mature operational property located in a key area of the Guangdong-Hong Kong-Macao Greater Bay Area, which enhances its market appeal due to its strategic location and operational maturity [2][3]. - The performance of existing consumer REITs has been strong, with rental rates for underlying shopping center assets generally above 95%, and some properties like 青岛万象城 achieving a rental rate of 99.03% [6]. Group 3: Policy and Economic Context - The Chinese government has prioritized "boosting consumption" as a key task for 2025, with supportive financial policies being implemented to stimulate the consumer market, which is expected to benefit consumer REITs [4][7]. - The consumer REITs market has shown resilience, with a year-on-year average distribution amount growth of 3.5% in the first half of 2025, indicating a stable operational performance [7]. Group 4: Future Outlook - The consumer REITs sector is expected to continue expanding, with several new products awaiting market entry and existing REITs like 华夏华润商业REIT planning to expand their asset base [7][8]. - The strong performance of consumer REITs is attributed to a combination of economic recovery, policy support, and high-quality assets, making them an important tool for asset allocation [8].

Core Insights - China's urbanization is transitioning from rapid growth to stable development, focusing on improving existing urban areas rather than large-scale expansion [1][7] - During the 14th Five-Year Plan, approximately 5 billion square meters of new residential space is expected to be sold, with over 11 million units of various types of affordable housing constructed, benefiting over 30 million people [1][2] Urban Renewal - Significant achievements in urban renewal during the 14th Five-Year Plan include the implementation of 2,387 village renovation projects and the initiation of 175,000 units of urban dilapidated housing renovations [2][3] - The issuance of special bonds for affordable housing and urban renewal projects reached approximately 640 billion yuan, a year-on-year increase of 89% [2] Housing Market Dynamics - The market is shifting from new housing development to the operation of existing housing, with 15 provinces reporting higher transaction volumes in second-hand homes compared to new homes [3][7] - The focus on both new and second-hand housing transactions is essential for assessing market stability [3] Quality Housing Initiatives - The "Good Housing" initiative emphasizes five key aspects: good standards, good design, good materials, good construction, and good maintenance [4][5] - New regulations for residential projects have been implemented, including increased building height requirements and sound insulation standards [4][5] Future Directions - The Ministry of Housing and Urban-Rural Development is exploring systematic upgrades for existing homes to meet modern living standards, focusing on safety, energy efficiency, and digital transformation [6] - The approval amount for white list projects has exceeded 7 trillion yuan, with over 750,000 units delivered, ensuring the protection of buyers' rights [6]

Core Points - The Ministry of Housing and Urban-Rural Development reported significant progress in the renovation of urban old residential areas during the 14th Five-Year Plan period, with over 240,000 projects completed, benefiting more than 40 million households and 110 million people [1] - A total of 129,000 elevators were installed, along with over 3.4 million new parking spaces and 64,000 community service facilities such as elderly care and childcare [1] - The renovation included updating 840,000 kilometers of underground pipelines for water supply, gas, and heating, as well as creating over 18,000 "pocket parks" and 2,500 kilometers of urban greenways [1] - Accessibility improvements were made in 56,000 residential areas, and more than 28 million square meters of cultural, leisure, and sports facilities were added [1]

Core Points - Nexity has established a new Executive Committee to enhance its focus on Urban Planning, Development, and Serviced Properties, aiming for profitable growth starting from January 1, 2025 [1][2] - The new committee, chaired by Véronique Bédague, consists of seven members and is tasked with implementing the Group's strategy, particularly the rollout of New Nexity [1][2] - Nexity reported €3.5 billion in revenue for 2024, emphasizing its role as a national urban operator dedicated to urban regeneration and client needs [3] Governance Structure - The new Executive Committee includes members from the current Executive Management Committee and new appointments such as Fabrice Aubert as Chairman of the New Urban Services & Solutions division and Pierre-Henry Pouchelon as Deputy Managing Director [2][5] - Other notable members include Joris Delapierre and Lionel Séropian, both with extensive experience in property development at Nexity, and Anne-Laure Joumas, who will lead the Serviced Properties division [5] Strategic Focus - The establishment of the New Urban Services & Solutions division aims to address the current needs of regions across France and simplify decision-making processes [4] - Nexity is committed to affordable and sustainable real estate, focusing on low-carbon construction and vibrant, livable cities [6] Industry Recognition - In 2024, Nexity was recognized as France's number-one low-carbon project owner for the sixth consecutive year and ranked fifth in customer relations by Les Échos and HCG [7]