Group 1 - The core focus of the news is the collaboration between Swire Properties and Lujiazui Group to develop two super Grade A office buildings, "Qiantan Plaza One" and "Qiantan Plaza Two," as part of the expanded Qiantan Taikoo Li integrated development project in Shanghai [1] - The total construction area of the two office buildings is approximately 125,600 square meters, with Qiantan Plaza One offering 30 floors of office space and Qiantan Plaza Two providing 24 floors [1] - The expansion project of Qiantan Taikoo Li covers a total area of 63,800 square meters, with a planned above-ground and underground total construction area of about 381,000 square meters, including a retail area that has increased to 267,000 square meters, effectively doubling the existing retail space [1] Group 2 - The two office buildings will be seamlessly connected to the expanded retail podium and the existing Qiantan Taikoo Li shopping mall through underground passages and sky bridges, allowing users to reach Qiantan Taikoo Li within a five-minute walk [2]

Core Viewpoint - The company has approved the issuance of a shelf CMBS and received a no-objection letter from the Shenzhen Stock Exchange, with plans to complete the issuance of the "Financial Street Commercial Real Estate Phase II (Financial Street Center) Asset-Backed Special Plan" by 2025 [1] Group 1 - The actual subscription funds received for the special plan amount to 8.1 billion yuan [1] - The special plan will officially be established in 2025, consisting of both senior and subordinate asset-backed securities [1] - The scale of the senior and subordinate securities is 8.07 billion yuan and 30 million yuan, respectively, with both having a credit rating of AAA and a term of 18 years [1]

中金指，虽然第四季按年基数有所上升，仍预计10-11月公司内地商场零售额表现延续第三季势头，预 计第三季零售额按年增长10%；近期重点项目上海恒隆广场亮点频出，包括Home-to-Luxury店庆活动成 功举办、Chanel正式门店于1层重新开出等。该行对其盈利预测与估值维持盈利预测不变，维持"跑赢行 业"评级与目标价9.46港元。 格隆汇12月11日｜中金发表报告指，恒隆地产12月9日公告与无锡市梁溪城市发展公司合作，以长期租 约获取毗邻无锡恒隆广场的地标性商业项目经营权。报告指，无锡项目外拓为恒隆V.3战略下的又一重 要进展。恒隆于今年9月正式发布恒隆V.3战略，核心在于聚焦当下已布局的核心城市，以高资本效益为 原则、精选现有项目再投资，并积极通过合作等方式扩大项目版图。该行认为在核心城市商业竞争格局 相对清晰的背景下，以较轻的投入巩固自身市场地位为较优战略选择。 ...

| 股东信息 1 ■ E 股权结构 | | | | | | | @ 企查查 | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东信息1 历史股东信息2 历史股东镜像4 | | | | | | | ■ 合田 | | ਕਿ ਲੇ | 股东名称 | | | 持股比例 = | 认缴出资额(万元)= 认缴出资日期:首次持股日期 : | | | | | + 上海万达锐驰企业管理有限公司 | | | 100% | 2024-09-04 144200 > | | 2025-12-10 | | © 尘草章 传奇 全国企业信用查询 | 响京万达茂投资有限公司 | | 8 童一下 | | ■应用 · | 企业中心 ■ ▲ | 内部 公 | | 基本信息 53 | 法律诉讼 505 经营风险 2 | | 经营信息 48 | 企业发展 229 | 知识产权 2 | | 历史信息 238 0 | | VID 变更记录3 1 ■ | | | | | 股东、发 ... ▼ 变更时间 ~ | 司 导出 | 《企音音 | | 盧書 变更日期 | 变更项目 | | 变更前 | | 变更后 ...

【#南京万达茂投资公司被万达赎回#】天眼查App显示，12月10日，南京万达茂投资有限公司发生工商 变更，原股东坤华股权投资合伙企业退出，新增上海万达锐驰企业管理有限公司为全资持股。变更记录 显示，2024年9月，大连万达商业管理集团股份有限公司将该公司股份转让至坤华股权投资合伙企业。 值得注意的是，近日，上海万达锐驰企业管理有限公司接手烟台芝罘万达广场有限公司，随后又将该公 司股份转让至苏州联商玖号商业管理有限公司。（每经，德塔） ...

Group 1 - The core viewpoint of the article is that despite Hang Lung Properties (00101) prioritizing debt reduction in the next 1 to 2 years, it can still discover growth opportunities with lower risk, reaffirming its status as a preferred stock due to improving sales from tenants in mainland China [1] - Hang Lung Properties recently announced the acquisition of operational rights for a commercial project in the center of Wuxi through a long-term lease, marking the fourth expansion under its growth strategy "Hang Lung V.3" [1] - According to Morgan Stanley, referencing the latest rental levels at Hang Lung Plaza 66 shopping center, the expansion plan is expected to generate approximately 200 million RMB in annual rental income, assuming the company holds 60% of the operating lease with a profit margin of 30%, which could contribute about 1% to the annual revenue [1]

业内人士分析指出，这种涉及固定资产交易的过桥操作比较常见，如果险资直接把资产转让给国资背景 的苏州联商玖号，会面临交易定价公允与程序合规问题。 而中国企业资本联盟副理事长柏文喜分析称，万达非核心、低毛利、低成长项目接下来继续出表；而核 心区位、高客流、高租金项目则有望择机回购，为2026年可能的商管整体上市或消费基础设施REITs扩 募储备优质资产。 据天眼查App显示，12月10日，南京万达茂投资有限公司发生工商变更，原股东坤华（天津）股权投资 合伙企业（有限合伙）退出，新增上海万达锐驰企业管理有限公司为全资持股。变更记录显示，2024年 9月，大连万达商业管理集团股份有限公司将该公司股份转让至坤华（天津）股权投资合伙企业（有限 合伙）。 公开信息显示，南京万达茂投资有限公司成立于2014年12月24日，注册资本14.42亿元，公司主要从事 商业综合体开发运营，主导建设的南京万达茂项目总投资150亿元，包含30.4万平方米商业面积及520米 室内步行街，2018年开业。 值得注意的是，近日，上海万达锐驰企业管理有限公司接手烟台芝罘万达广场有限公司，随后又将该公 司股份转让至苏州联商玖号商业管理有限公司。 去 ...

Group 1 - The core viewpoint of the article is that CapitaLand Investment has successfully raised its second domestic sub-fund under its RMB mother fund platform, the China Retail RMB Fund (CRF I), with a total size of 1 billion RMB (approximately 183 million SGD) [1] - The CRF I is expected to add approximately 1.48 billion RMB (around 271 million SGD) to CapitaLand Investment's assets under management once fully deployed [1] - Since 2021, CapitaLand Investment has established nine onshore RMB funds, raising nearly 55 billion RMB (10 billion SGD) in total [1] Group 2 - CapitaLand Investment plans to restructure the capital structure of the CapitaLand MALL•Xindu Center project, using it as a seed asset for CRF I to realize value release [1] - The CapitaLand MALL•Xindu Center, located in the northern district of Qingdao, has a total construction area of 141,000 square meters and an occupancy rate of approximately 99.6% [1] - The CEO of CapitaLand Investment (China) stated that the company will continue to build scalable platforms based on market observations to provide fund solutions that align with investors' risk-return objectives [1] Group 3 - The Chief Investment Officer of CapitaLand Investment (China) mentioned that approximately 6.7 billion RMB (around 1.2 billion SGD) in asset capital restructuring has been completed in the Chinese market since the beginning of the year, with funds being reinvested into new growth opportunities [1] - The first sub-fund under the RMB mother fund, the CapitaLand Investment China Industrial Park Fund IV, completed its fundraising in September this year, with an asset management scale of 1.74 billion RMB (approximately 318 million SGD), using the Dalian Tengfei Park project as a seed asset [1]

Investment Rating - The report suggests a cautious investment approach towards the real estate market, particularly in first-tier cities, while highlighting potential opportunities in non-first-tier cities and developed county economies [10][21]. Core Insights - The Chinese real estate market is fundamentally different from Japan's, with a higher proportion of self-funding and manageable overall leverage, which mitigates systemic risks [1][2]. - Since 2020, China's manufacturing sector has seen an increase in leverage, with high-end manufacturing continuously enhancing global competitiveness, contrasting with Japan's asset-liability issues due to real estate speculation [1][2]. - The report emphasizes the importance of maintaining employment stability and improving household income expectations to avoid a deflationary spiral similar to Japan's [1][2]. - China's regional economy is developing in a multi-point flowering pattern, avoiding the polarization seen in Japan's major cities, with a more balanced distribution of industries [1][5]. - Non-first-tier cities and developed counties present significant growth prospects, with a more equitable distribution of large enterprises and active participation in global competition [1][7]. Summary by Sections Real Estate Market - The report identifies a trend of young people and retirees leaving first-tier cities in search of more suitable living conditions, with significant differences in housing repayment periods across city tiers [21]. - First-tier cities face longer repayment periods for home loans, with Beijing requiring 18 years of income to repay, while non-first-tier cities generally require around 10 years [21]. Consumer Behavior - Lower-tier consumers prioritize brand and symbolic consumption, while higher-tier consumers lean towards shared economy and personalized needs [23]. - The tea beverage industry shows significant growth in lower-tier markets, with brands like Gu Ming achieving a compound annual growth rate of 25.8% from 2022 to 2024 [24]. Economic Development - The report highlights that non-first-tier cities are successfully attracting young talent through improved living conditions and job opportunities, contrasting with the declining attractiveness of first-tier cities [16][17]. - County economies are thriving by leveraging local resources and developing unique economic models, leading to increased property market activity [20]. Investment Opportunities - Investors are advised to focus on consumer companies in non-first-tier cities and developed counties, while exercising caution with investments in first-tier and quasi-first-tier consumer companies [10].

Core Insights - CapitaLand Investment (China) launched two new commercial brands, "Raffles·Jie" and "CapitaLand One Center," aimed at enhancing consumer experiences and meeting the demand for high-quality living [4][6] Group 1: Brand Launch and Positioning - "Raffles·Jie" is positioned as an urban-level complex located in core city areas, targeting middle to high-income consumers seeking quality lifestyle [4] - "CapitaLand One Center" is designed as a regional shopping center in mature commercial districts, catering to new middle-class families and white-collar workers within a 3-5 km radius [4] Group 2: Strategic Partnerships and Projects - CapitaLand signed a management contract with Wuxi Binhu Jianfa Group to develop the first "Raffles·Jie" in Wuxi, focusing on park-style commercial spaces [6] - A memorandum of cooperation was signed with Liangxi Technology City Group to explore potential projects in industrial park operations and property management in Wuxi [6] Group 3: Expansion and Innovation - CapitaLand is preparing two management output projects, Bixiang Chuxiang in Changsha and Yiwei Lin in Wuhan, marking its first non-standard commercial projects in China [8] - The company has expanded to seven management output projects in cities like Changsha, Wuhan, Ningbo, and Wuxi, with three projects expected to launch by 2026 [8] - CapitaLand's diverse product lines enhance its flexibility in management output, allowing for precise and differentiated project positioning [8] Group 4: Consumer Trends and Brand Participation - Over 20 well-known brands from various sectors, including fashion, lifestyle, sports, and pet economy, participated in the launch event, providing insights into emerging consumer trends [8]