签约仪式上，曲俊伟先生首先致辞。他表示，百工集始终致力于在文旅及商业地产领域打造优质数字化 场景，此次与通联支付携手，是基于双方优势互补、合作共赢的重要抉择，期待通过合作实现资源整 合，为用户带来更优质的服务体验。 随后，通联支付山东分公司总经理高辉先生发表致辞，详细介绍了通联支付在支付科技与生态服务领域 的领先实力。他指出，通联支付的支付解决方案与金融科技生态，与百工集的数字化场景布局高度契 合，双方愿景一致，未来合作空间广阔。 在全场嘉宾的见证下，百工集总裁曲俊伟与通联支付山东分公司总经理高辉作为双方签约代表，共同移 步签约台签署战略合作协议。签约过程中，现场主持人提到，此次合作并非简单的协议缔结，而是上海 曼昆恒泽数据科技的文旅、商业地产数字化场景，与通联支付行业领先支付方案及金融科技生态的"珠 联璧合"。双方将以合作为契机，优化支付流程、提升资金效率、升级会员体验，为消费者与商业项目 创造更高价值。 据了解，本次战略合作将充分发挥"1+1>2"的聚合效应，不仅是百工集与通联支付拓展业务版图的重要 里程碑，更是双方推动产业数字化转型、构建价值互联新生态的有力探索。未来，双方将依托各自资源 与技术优势，深 ...

Core Viewpoint - The closure of Meilong Town Isetan after 26 years has led to the announcement of a new commercial project at the same location by Hang Lung Properties in partnership with Shanghai Jiubai Group, which will transform the site into a vibrant mixed-use complex [1][16]. Group 1: Project Details - Hang Lung will operate the Nanjing West Road 1038 commercial project under a 20-year lease, increasing its total building area by approximately 44% to about 312,335 square meters [1][16]. - The project will involve a joint investment of 2.2 billion yuan for renovations, aiming to create a landmark that includes retail, hotel, and office spaces [1][16]. Group 2: Historical Context - Meilong Town Isetan was a prominent high-end shopping destination in Shanghai since its opening in 1997, representing a blend of Chinese and Western commercial styles [3][18]. - The shopping center was part of the "Mei Tai Heng Golden Triangle," which included Hang Lung Plaza and CITIC Pacific, but lost its appeal over time, leading to its closure [3][18]. Group 3: Market Strategy - The new project will focus on attracting a younger consumer demographic and will not continue the heavy luxury branding of its predecessor, indicating a shift towards high-quality experiential spaces [4][19]. - Hang Lung's strategy reflects a broader trend in the Chinese market where emotional value is prioritized over traditional luxury branding [4][19]. Group 4: Investment Outlook - The acquisition of the Meilong Town site signals Hang Lung's confidence in the Shanghai market, particularly in the Jing'an district, where it now operates three projects [6][21]. - The Nanjing West Road area has shown strong commercial performance, with Hang Lung's existing properties contributing significantly to local tax revenues and attracting numerous international brands [7][22]. Group 5: Urban Development - The redevelopment of Nanjing West Road has been part of a larger initiative to enhance the area's commercial landscape, supported by government efforts to attract quality developers and operators [9][24]. - The project aligns with Hang Lung's "V.3 strategy," which emphasizes optimizing existing assets rather than expanding into new areas, marking a significant milestone in its market leadership [8][23].

中经记者 郭阳琛 张家振 上海报道 公开资料显示，高和资本成立于2009年10月，已成长为国内领先的商业地产私募股权基金和国内不动产 证券化的开拓者和推动者。高和资本在商业不动产领域总投资约500亿元，并推动完成不动产证券化产 品（包括CMBS、类REITs和公募REITs）备案约260亿元。 "我们非常欣赏英格卡购物中心在产品创新和运营领域的实力，其为中国消费者打造了聚会及消费场景 和体验。"高和资本方面表示，荟聚项目持续成功，充分印证了英格卡购物中心中国团队的管理能力， 也使高和资本更加确信，国际经验与本土创新的深度融合将引领中国购物中心未来发展。 （编辑：张家振 审核：童海华 校对：颜京宁） 英格卡购物中心方面向《中国经营报》记者表示，在这一新合作模式下，英格卡购物中心将继续持有荟 聚品牌，并继续以荟聚品牌独家管理和运营所有聚会体验中心。这一战略合作不仅有助于英格卡购物中 心充分发挥运营专长，确保业务的稳定延续以及与本地社区的联结，更为英格卡集团未来的增长和合作 开辟了新机。 值得一提的是，宜家中国将于无锡荟聚内开设并运营一家新的门店。宜家无锡商场现有物业资产将作为 交易的一部分，改造为无锡荟聚全新的租 ...

Core Viewpoint - Hang Lung Properties Limited has signed a lease agreement for the commercial operation project at 1038 Nanjing West Road, Shanghai, which will enhance its total building area by approximately 96,000 square meters, expanding it by 44% to around 312,000 square meters [1] Group 1 - The project is part of the "Hang Lung V.3" strategy, demonstrating the company's commitment to high capital efficiency investments and asset optimization to strengthen its leadership position in core markets [1] - The Nanjing West Road 1038 commercial project is located in a prime area and will be upgraded into a vibrant mixed-use commercial landmark, including retail, hotel, and office spaces [1] - The project aims to cater to a new generation of consumers seeking high-quality experiential spaces, creating a new social hub that brings together leading fashion brands and emerging consumer forces [1] Group 2 - The CEO of Hang Lung Properties, Lu Weibak, emphasized the commitment to enhancing customer experience and diversifying the business portfolio to attract a broader customer base [2] - The initiative aims to reinforce the area's status as an international lifestyle and fashion hub through a carefully curated mix of offerings [2]

"国金资管-吾悦广场持有型不动产资产支持专项计划"近日在上交所设立，发行规模6.16亿元，是全国首 单民营地产上市公司发行的持有型不动产ABS（又称为机构间REITs），为推动多层次REITs市场建 设，盘活存量商业不动产提供了实践案例。 消费类资产盘活的市场实践 此次项目底层资产为青浦吾悦广场，位于上海市青浦新城核心区域，建筑面积超12万平方米，涵盖餐 饮、零售、生鲜超市、娱乐体验、影城等多种业态，经营情况稳定。基础资产由吾悦商管进行运营，项 目近年来始终保持出租率、销售额等运营指标稳健增长。 我国商业不动产规模庞大，资产持有主体拓宽直接融资渠道的需求强烈。如何借助REITs进行有效盘 活，实现"投融管退"的良性循环，是亟需回应的重要课题。 该项目是全市场首单消费类机构间REITs，拓宽了机构间REITs的资产范围，为持有消费类基础资产的 存量企业资产盘活开创了新的权益融资渠道。 本项目通过市场化询价，成功引入了多元化机构投资者群体，实现了产品的精准定价，最终实现发行规 模6.16亿元，获配投资人覆盖保险、银行理财、券商、信托等多种类型，充分提现了上交所提出的"在 资产筛选、资产估值、产品定价等方面充分尊重 ...

Core Insights - Henglong Real Estate has signed a contract with Shanghai Jiubai Group to acquire the commercial operation project at 1038 Nanjing West Road, known as Meilong Town Plaza, with a total investment exceeding 2 billion RMB [1][3] - The project will be operated by Henglong under a 20-year lease, expanding its total building area on Nanjing West Road by approximately 96,000 square meters, increasing its overall property portfolio by about 44% to approximately 312,300 square meters [1][3] - The project will be transformed into a comprehensive commercial landmark integrating retail, hotel, and office spaces, with the commercial section expected to open in early 2027 and the hotel and office sections by May 2028 [3][4] Investment and Development Strategy - Henglong plans to invest no less than 500 million RMB for the renovation of the hotel, shopping mall, and office areas, contributing to the overall investment exceeding 2 billion RMB [1][3] - The hotel component will feature an international top-tier brand hotel with a total area of no less than 18,000 square meters, marking the introduction of a luxury hotel to the project [3][4] - The project aims to enhance the attractiveness and sustainability of Nanjing West Road, aligning with the strategic planning of the Jing'an District to develop a high-end service axis [3][4] Strategic Expansion - Henglong's CEO stated that the upgrade of the Nanjing West Road property portfolio is part of the "Henglong V.3" strategy, focusing on reinvestment in existing projects to expand scale, visibility, and accessibility in core markets [4][5] - Prior to acquiring Meilong Town Plaza, Henglong announced a new expansion project in Wuxi, collaborating with Wuxi Liangxi Urban Development Group to gain operational rights for a landmark commercial project [5] - The Wuxi project, formerly known as Wuxi New World Department Store, will add approximately 47,000 square meters of commercial space, increasing the total retail area of Wuxi Henglong Plaza by 38% to about 169,000 square meters [5]

Core Viewpoint - The establishment of the "Guojin Asset Management - Wuyue Plaza Holding Real Estate Asset-Backed Special Plan" marks a significant milestone as the first privately-owned real estate company's successful issuance of holding-type real estate ABS in China, contributing to the development of a multi-tiered REITs market and revitalizing existing commercial real estate assets [2][4]. Group 1: Project Overview - The project has an issuance scale of 616 million yuan, serving as a practical case for promoting the construction of a multi-tiered REITs market and aligning with national economic policies aimed at boosting domestic demand and high-quality development [2][4]. - Wuyue Plaza, located in the core area of Qingpu New Town, Shanghai, spans over 120,000 square meters and includes various business formats such as dining, retail, and entertainment, maintaining stable operational indicators like occupancy rates and sales [3][5]. Group 2: Market Context and Demand - The commercial real estate sector in China is vast, with a strong demand for asset-holding entities to broaden direct financing channels, highlighting the need for effective revitalization through REITs to achieve a healthy cycle of investment, financing, management, and exit [3][5]. - The project represents a new equity financing channel for companies holding consumer-type assets, facilitating the transformation from "real estate development and sales" to "asset operation" [5][6]. Group 3: Investment and Operational Insights - The project has successfully attracted a diverse group of institutional investors, achieving precise pricing through market-based inquiries, which reflects the principles of respecting market negotiations in asset selection and valuation [7][9]. - The innovative "base return + excess return" distribution mechanism incentivizes operational management teams, enhancing operational efficiency and ensuring sustainable development of the asset platform [8][9]. Group 4: Regulatory and Future Directions - The Shanghai Stock Exchange emphasizes a balanced approach to development and safety, focusing on ensuring the authenticity of underlying assets and accurate information disclosure while respecting market dynamics [9][10]. - Future efforts will include steady advancement of the inter-institutional REITs market, encouraging high-quality projects with strong operational capabilities to participate in pilot programs, thereby fostering a healthy and efficient REITs market ecosystem [10].

Core Insights - The article discusses the transformation of commercial spaces in the Yangtze River Delta, highlighting the innovative practices initiated by Longfor Group, particularly the renovation of Shanghai Hongqiao Tiandi as a starting point for a broader "explosive transformation" in commercial complexes [1][24]. Group 1: Urban Landmark and Experience Enhancement - The Suzhou Shishan Tiandi is undergoing a self-renewal process, transforming its previously enclosed ice rink into a vibrant "valley" street, emphasizing the need for physical retail to attract younger consumers amidst the rise of online shopping [3]. - The renovation includes a significant design feature: a large skylight that allows natural light to flood the space, enhancing the overall ambiance and experience for visitors [5][7]. Group 2: Nature Integration and Brand Collaboration - The design team has incorporated various natural elements, including selected trees and stone-like textures, to create a "breathable narrative" that allows visitors to escape the urban pace and find tranquility [9][10]. - The renovated space has successfully attracted 19 unique brands, with over 70% being flagship stores, fostering a collaborative environment where brands contribute to the overall narrative of the "valley" [10][12]. Group 3: Systematic Transformation Across Locations - Longfor's approach to commercial transformation has evolved from individual projects to a systematic strategy, with each shopping center developing its unique "new field" [13]. - The Shanghai Minhang Tiandi has enhanced its outdoor street by widening walkways and adding social spaces, transforming it into a lively social square that attracts foot traffic and supports brand upgrades [13][15]. Group 4: Future-Oriented Design and Community Engagement - The renovation of Shanghai Huajing Tiandi has shifted from a traditional supermarket to a boutique lifestyle space, catering to the needs of local families and professionals seeking quality and efficiency [18]. - The Shanghai Baoshan Tiandi focuses on activating social value in its outdoor areas by introducing flexible commercial modules and a diverse brand mix, aiming to establish itself as a community social hub [20][22]. Group 5: Continuous Evolution and Market Response - Longfor's ongoing renovations reflect a commitment to creating spaces that resonate with consumers, emphasizing the importance of human-centric design in the rapidly changing commercial landscape [24][26]. - The company has demonstrated the effectiveness of both comprehensive and lightweight renovations, achieving immediate positive feedback in terms of foot traffic and rental income [26][28].

Core Insights - Isetan Department Store will exit Shanghai Meilong Town Plaza in June 2024, raising concerns about the future of this iconic retail space in Shanghai [1] - Hang Lung Properties has signed an agreement with Shanghai Jiubai Group to operate the landmark commercial project at 1038 Nanjing West Road for a 20-year lease [1] - The project will expand Hang Lung's presence in the Nanjing West Road area by approximately 96,000 square meters, representing a 44% increase in total building area [2] Company Developments - The Nanjing West Road 1038 project will be transformed into a comprehensive commercial landmark, featuring retail, hotel, and office spaces, with a super five-star hotel planned as a new landmark in the area [4] - Hang Lung Properties aims to create a complete ecosystem in the Nanjing West Road area, with both the Shanghai Hang Lung Plaza and the Nanjing West Road 1038 project catering to different consumer needs [5] - The total investment for the renovation of the Nanjing West Road 1038 project is estimated at 2.2 billion yuan, focusing on facade updates, interior renovations, and structural reinforcements [6] Industry Context - The Jing'an District, where the Nanjing West Road is located, is positioning itself as a core area for international consumption, with significant retail growth observed [5] - The retail sales growth in Jing'an District exceeded 12% from January to October this year, with the Nanjing West Road area contributing significantly to this increase [5] - The district aims to establish a "trillion-yuan business circle" by the end of the 14th Five-Year Plan period (by 2025), with ongoing developments enhancing the commercial landscape [5]

Group 1 - The company China National Foreign Trade (SH 600007) announced that its ninth board meeting was held on December 12, 2025, via telecommunication voting, where it reviewed the proposal for the second extraordinary general meeting of shareholders in 2025 [1] - For the first half of 2025, the company's revenue composition was 87.41% from property leasing and management, and 12.59% from hotel operations [1] - As of the report date, the market capitalization of China National Foreign Trade was 18.9 billion yuan [1] Group 2 - An interview highlighted that the U.S. government's economic and trade policies are gradually undermining the dollar-based international monetary system, suggesting that under favorable conditions, the RMB exchange rate may break 7 [1]