Core Insights - The signing of the third phase of the Wuxi Henglong Plaza project on December 9, 2025, marks the beginning of a super commercial cluster exceeding 600,000 square meters, focusing on revitalizing the city center and enhancing the commercial competitiveness of the Liangxi District [2][19] - Henglong Group's strategy "Henglong V.3" is being implemented in the Yangtze River Delta, aiming to address urban renewal challenges and reshape the Zhongshan Road core business circle [2][19] Group 1 - Wuxi Henglong Plaza has become a leading commercial entity outside Shanghai since its opening in 2013, contributing significantly to Henglong Group's revenue growth [4][21] - The project is strategically located at the intersection of Zhongshan Road and Renmin Middle Road, with direct access to subway lines, enhancing its market position [6][23] - The first and second phases of the project have successfully attracted over 250 global high-end brands, with many being first-time entrants to Wuxi and Jiangsu [6][25] Group 2 - The third phase will introduce over 80 new brands, expanding the retail space by approximately 47,000 square meters, increasing the total retail area by 38% to about 169,000 square meters [9][27] - Henglong's strategy focuses on experience-based retail and community connection, aiming to create a new urban lifestyle space for young consumers [10][27] - The project will enhance the overall value and appeal of Wuxi Henglong Plaza, reinforcing its status as a top commercial landmark in the region [16][33] Group 3 - The "Henglong V.3" strategy emphasizes asset optimization and aims to deepen existing market presence while enhancing customer experience [14][31] - The project is expected to complement the existing commercial landscape, fostering a collaborative business environment in the Zhongshan Road area [30][31] - Initiatives such as tax refund services and foreign currency payment options will enhance Wuxi's attractiveness as an international consumption center [31][33]

Core Insights - CapitaLand Investment has launched two new commercial real estate brands, "Raffles·Jie" and "CapitaLand One Center," in response to the evolving consumer market in China [1] - The new brands aim to cater to different consumer segments, with "Raffles·Jie" targeting high-income consumers seeking quality living and "CapitaLand One Center" focusing on middle-income families and white-collar workers within a 3-5 km radius [1] - The company is shifting towards asset revitalization and value release as the commercial real estate sector enters a maturity phase, indicating a new demand explosion point [1] Company Strategy - CapitaLand Investment is expanding its management output projects, with seven projects in cities like Changsha, Wuhan, Ningbo, and Wuxi, expected to launch by 2026 [2] - The company has a retail lease portfolio of 10,200 contracts covering over 4,600 brands, continuously expanding its brand pool and introducing first stores in various cities [2] - CapitaLand is facilitating the international expansion of nearly 60 Chinese brands, including Pop Mart and Miniso, by connecting tenants and retail partners through an integrated service platform [2]

万达为缓解超69亿元被执行债务压力，12月2日赎回优质资产烟台芝罘万达广场，次日便转让给苏州联商玖号，此举被解读为融资安排，万达近年已多次出 售旗下资产。 12月2日，烟台芝罘万达广场有限公司（简称"烟台芝罘万达广场"）发生股权变更，万达正式重回该项目股东席位。变更记录显示，12月2日，该公司原股东 坤华（天津）股权投资合伙企业（有限合伙）、坤元辰兴（厦门）投资管理咨询有限公司退出，由上海万达锐驰企业管理有限公司全资持股。 天眼查工商信息显示，12月3日，烟台芝罘万达广场有限公司再次发生工商变更，上海万达锐驰企业管理有限公司退出股东行列，新增苏州联商玖号商业管 理有限公司全资持股，同时法定代表人、主要人员也发生变更。 苏州联商玖号商业管理有限公司成立于今年8月22日，法定代表人为牟舟，注册资本1000万元人民币，经营范围包括商业综合体管理服务、企业管理咨询、 经济贸易咨询等。 据《中国房地产报》报道，数据显示，烟台芝罘万达广场年租金约1.2亿元，净租金回报率6%以上，属于万达体系内较优质现金流资产；收回后，可立即用 于抵押融资或REITs扩募，提升资金使用效率。 从标的资产质量看，中指研究院企业研究总监刘水分 ...

Core Insights - CapitaLand Investment has launched two new commercial brands, "Raffles City·Jie" and "CapitaLand One Center," aimed at enhancing its commercial portfolio in China [1][2] Group 1: Brand Positioning - "Raffles City·Jie" is positioned as an urban-level complex targeting middle to high-income consumers who seek quality living [2] - "CapitaLand One Center" is designed as a regional shopping center catering to new middle-class families and white-collar workers within a 3-5 kilometer radius [2] Group 2: Market Trends - The Chinese commercial real estate sector is entering a phase focused on optimizing existing assets, with a growing demand for revitalizing low-efficiency properties [2] - CapitaLand's management output strategy has been driving scalable growth, and the new brands are expected to serve as future growth engines [2] Group 3: Strategic Partnerships - CapitaLand Investment signed a management contract with Wuxi Binhu Jianfa Group to develop the first "Raffles City·Jie" in Wuxi, Jiangsu Province, based on a park-style commercial model [2] - A memorandum of cooperation was established with Liangxi Technology City Group to explore potential projects in industrial park operations and property management [2] Group 4: Expansion Plans - CapitaLand has expanded its management output projects to seven locations, including Changsha, Wuhan, Ningbo, and Wuxi [2] - The company is also advancing multiple projects in Shanghai, Jiangsu, Zhejiang, the central and western regions, and the Guangdong-Hong Kong-Macau Greater Bay Area, covering diverse asset categories such as shopping centers and industrial parks [2]

第二类，是"突破传统"：重新定义边界，激活片区价值。 商业的辐射力，不应被物理形态所束缚。位于北京中关村的融科天地，其商业部分同样约2万平，最初 定位是配套自身写字楼。但它突破了"配套"的局限，敏锐洞察到整个片区对品质生活的强烈需求，积极 引入特色餐饮、精品咖啡、生活美学等优质商户。它不仅服务了楼内白领，更成为了辐射周边社区的品 质消费高地，反哺写字楼，形成了资产价值的良性循环。 第三类，是"平凡不平庸"：精准操盘，盘活存量资产。 更多项目处于普通的社区或街区。它们的进阶之路，在于极致的精细化运营。以"科创麒麟汇"的公寓底 商为例，约20间铺位，通过统一的整体规划，精准布局业态：避开与周边大型商业的直接竞争，引入社 区食堂、精品生鲜、特色便民服务等，并搭配部分品质餐饮与咖啡馆。这种"统一规划，业态互补"的模 式，迅速形成了浓厚、便利的商业氛围，成功吸引并留住了客群，将平凡的底商盘活为富有活力的社区 商业节点。 中小体量商业的进阶之道：在"平凡"底色上创造不凡价值 在商业地产领域，人们的目光常常被那些动辄十万平以上的大型综合体所吸引。然而，构成中国商业毛 细血管的，却是大量三、五万方甚至更小的中小体量项目。这些 ...

Core Insights - Yibin, known as "China's Liquor Capital," has transformed into a popular tourist destination, expecting to receive 97.38 million visitors and generate 89.8 billion yuan in revenue by 2024 [1] - The city's GDP has surged from 152.59 billion yuan in 2015 to 400.58 billion yuan in 2024, marking a significant economic leap [1] - Yibin has shifted from a traditional industrial base of coal and liquor to new sectors like digital economy and green energy, branding itself as the "Power Battery Capital" [1] Economic Growth - Yibin's GDP growth reflects a strategic shift in its industrial structure, moving towards a dual focus on liquor and new energy sectors [1] - The city has established two major industrial clusters: liquor and power batteries, contributing to its economic transformation [1] Commercial Development - Yibin's commercial landscape has evolved significantly, with existing commercial space exceeding 1.24 million square meters, predominantly in the form of small to medium-sized retail [3] - The city has undergone three phases of commercial development: initial exploration (2009-2010), rapid expansion (2011-2015), and stable growth (2016-present) [4][10] Urban Structure - The urban commercial structure has been reshaped, with a focus on the core areas of Cuiping District and Xuzhou District, which are now the main commercial hubs [17] - Five major commercial zones have emerged, characterized by a blend of historical and modern elements, enhancing the city's commercial vitality [19] Young Population and Consumer Trends - The establishment of a university town has significantly increased the young population, with student numbers rising from 25,000 to 100,000, fostering a vibrant consumer base [29] - Young consumers are driving demand for diverse and experiential consumption, leading to the emergence of new retail formats and cultural experiences [29] Policy Initiatives - Yibin's government has implemented a comprehensive policy framework aimed at boosting consumption, with an estimated investment of 1 billion yuan to stimulate various sectors [30] - Specific measures targeting employment, trade, and tourism have been introduced to create a favorable environment for consumer spending [30] Tourism and Cultural Integration - Yibin's tourism sector has shown robust growth, with a significant increase in visitor numbers and spending, particularly during holiday periods [31] - The city is leveraging its cultural heritage and natural resources to enhance its tourism appeal, aiming to become a regional consumption center [31][32]

当夜幕降临，北京的城市消费逻辑正悄然转变，从白天的"顺路消费"转向夜晚的"目的性奔赴"。人们专程前往亮马河登船夜游，为一场演唱会聚集于五棵 松，或因一处光影艺术展而相约三里屯。这些行为共同昭示：高品质的夜经济项目，本质上是目的地型商业在时间维度上的延伸与升华。 夜间经济远非"啤酒+烤串"的简单组合，其核心价值在于通过构建"昼伏夜出"的独特场景与体验，创造出足以吸引消费者专程前往的强劲拉力。它超越了 日间商业的功能性满足，致力于提供情绪释放、社交连接与文化沉浸。 在此逻辑下，夜经济的繁荣程度，已成为衡量一座城市商业魅力、生活品质与消费能级的关键指标。它推动着单个商业体从"一个消费地点"升级为"一个 值得奔赴的夜间目的地"，为城市消费活力开辟了更具想象力的增长空间。 01. 场景专属化 打造"白天看不到"的核心吸引力 从消费心理来看，夜间是"情绪主导消费"的黄金时段。白天的消费多围绕"功能性需求"展开，追求高效、实用与性价比；而夜间消费的核心驱动力是情绪 释放与体验满足。从商业竞争维度，专属夜间场景是破解同质化困局的核心武器。 它通过构建"昼无夜有"的独特体验，将消费者的随机路过转化为专程奔赴，不仅能显著提升用户 ...

新引擎，新航道 人人人人人人人人人 人人人人人人人人人人 专题报告 世邦魏理仕 中国区研究部 投资及资本市场部 2025 年12 月 Market Outlook lockup fixed. Please do not alter. Report Theme (16pt) Report Themes: – Intelligent Investment – Future Cities – Adaptive Spaces – Evolving Workforce – Creating Resilience Change Market name as needed. Cover photography: Urban cityscape / thriving spaces 执行摘要 险资近五年前四大配置资产类型 13% 59% 工业物流 1,370+亿元 ⚫ 人To -C人 人人人人人人人 险资C端资产配置占比变化 40+笔数 写字楼 730+亿元 19+笔数 零售商业 730+亿元 10+笔数 综合体 420+亿元 5+笔数 增值型 （Value -Add ） 机会型 （Opportunistic ） 改造 证券化 ...

Core Insights - The article highlights the successful mediation of a rental dispute involving over a hundred tenants at the Guiyang Southwest International Trade City, showcasing the effectiveness of the local business association's mediation efforts [2][8]. Group 1: Background of the Dispute - In August 2024, over a hundred tenants in the Guiyang Southwest International Trade City faced significant challenges, including reduced foot traffic, increased vacancy rates, and declining sales, exacerbated by unfulfilled promises of rent reductions from the management [3][9]. - The high rental costs were pushing these businesses to the brink of survival, raising concerns about a potential mass exodus of tenants, which could disrupt the overall business ecosystem of the trade city [3][9]. Group 2: Mediation Process - The business association quickly responded by forming a special task force, adhering to the principle of "mediation first, rapid response," and conducted thorough research to understand tenant grievances and management's commitments [4][10]. - A four-party negotiation mechanism was established, involving tenants, the business association, government departments, and the management, facilitating effective dialogue and resolution [4][10]. Group 3: Outcomes of Mediation - Following extensive negotiations, the management agreed to implement a rent reduction plan, providing an average annual rent reduction of approximately 130,000 yuan per tenant, benefiting over a hundred tenants [4][10]. - The successful mediation not only alleviated the financial pressure on tenants but also stabilized the management's operations, demonstrating a win-win outcome for both parties [13]. Group 4: Broader Implications - Guiyang's business association has a long-standing history of mediation, having established 46 mediation committees since 2015, which have effectively resolved numerous commercial disputes [5][11]. - The province of Guizhou has developed a "five-party linkage" mechanism involving various legal and business entities, enhancing the support for mediation efforts and achieving a mediation success rate of 83% with a satisfaction rate of 92% [6][12][13].

保留11%的高票息、设置多次强制赎回，万达为4亿美元债务展期增添了安全缓冲垫。 "如果该议案未能批准，发行人及附属担保人可能无法在原到期日偿还债券本金及利息。"在12月8日向债券持有人发布的同意征求通知中，万达商管坦诚地 揭示了眼前迫近的流动性压力。 面对2026年初密集到期的两笔总计7亿美元债券，万达商管主动出手，计划对其中一笔2026年2月到期的4亿美元债券发起同意征求。 核心诉求是将到期日从2026年2月13日延长至2028年2月13日，为企业争取至关重要的两年缓冲期。 市场持续的低迷与融资环境的整体收紧，构成了万达此次行动的大背景。万达商管在方案中坦言，多重因素对公司经营造成了不利影响，尤其体现在现金流 层面，加大了短期流动性压力。 中国企业资本联盟首席经济学家柏文喜指出，万达商管近一年来通过出售资产、提前回购债券等方式消耗了大量流动性。目前，公司的账上现金需要优先保 证2026年1月另一笔3亿美元债券的兑付。 因此，对2月到期的这笔4亿美元债券，谋求展期成为现实选择。这次展期，本质上是企业在主动进行流动性管理，以时间换取化解风险的空间。 与简单的延期支付不同，万达此次提出的方案包含了一系列精心设计的 ...