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 ...

近期，破产重整共益债融资事件频频出现。 苏宁系38家公司获中信金融与东方资产联合体80亿元共益债驰援，定向用于4个项目的盘活及复工续 建；哪吒汽车母公司合众新能源启动1亿元共益债融资，用于维持核心生产线运营及车主售后服务等。 上述案例跨越商业地产与新能源造车赛道，共同指向一个核心命题——共益债如何成为困境企业"续 命"与"重生"的关键工具。 共益债融资频现 12月4日，哪吒汽车母公司合众新能源汽车股份有限公司(简称"合众新能源")发布共益债投资人招募公 告，面向社会公开招募共益债投资人。 根据招募公告，本次计划融资总额不超过1亿元，最终招募由管理人根据投资人报名情况确定。本次融 资为共益债务融资，所借款项及产生的利息等费用依法认定为债务人的共益债务。 在A股上市公司中，记者梳理发现，今年以来，*ST金刚（300093）、*ST美谷（000615）等公司也发 布公告，与相关出借方签署了共益债借款合同或债权投资协议。 企业资产盘活的"关键钥匙" 在破产重整程序中，共益债融资正成为企业"续命"与"重生"的核心工具。通过法律赋予的"超级优先 权"，为困境企业注入关键资金，维持核心资产运营价值，最终实现债权人、债务人及 ...

Core Insights - CapitaLand Investment has launched two new commercial brands: "Raffles City·Jie" and "CapitaLand One Center," targeting different consumer segments and enhancing its commercial portfolio [1] Group 1: Brand Positioning - "Raffles City·Jie" is positioned as an urban-level complex located in core city areas, aimed at middle to high-income consumers seeking quality lifestyle [1] - "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 [1] Group 2: Project Development - CapitaLand Investment has signed a management contract with Wuxi Binhu Jianfa Group to develop the first "Raffles City·Jie" in Wuxi, focusing on the "first store economy" and creating a relaxed, youthful, and thematic ecological consumption environment [1] - The first batch of non-standard commercial projects in China is set to open in the first half of 2026, including Bi Xiang Chu Xiang in Changsha and Yi Wei Lin in Wuhan [1] - CapitaLand has expanded its management output projects to seven in cities like Changsha, Wuhan, Ningbo, and Wuxi, with more projects in Shanghai, Jiangsu-Zhejiang, Central-Western regions, and the Greater Bay Area [1] Group 3: Retail Strategy - CapitaLand Investment currently manages 10,200 retail leases in China, covering over 4,600 brands, with a continuous expansion of its brand pool [2] - The company is actively introducing first stores, city first stores, and CapitaLand first stores to enhance its retail offerings [2]

71岁王健林"限高"刚被撤销，就又传来一个坏消息！ 从"一个亿的小目标"到如今为不到两个"小目标"陷入困境，首富落魄的背后，藏着不为人知的体面。 那一年，王健林、马云和李嘉诚如同三头雄狮，轮流坐庄，财富差距常常只有数亿美元。 2016年，亚洲首富的位置如同旋转木马般在三位华人企业家间轮换。 王健林抓住了中国房地产的黄金时期，成为中国商业地产的代表性人物，他放下豪言： "万达广场开到哪里，哪里就成为城市中心。" 那段时间，他与马云的"首富之战"尤为精彩。 2016年4月，蚂蚁金服完成45亿美元B轮融资，马云个人财富飙升至333亿美元，一举超越王健林成为亚洲首富。 但王健林也并没有落后太久，他在短短两个月内又通过业务重组夺回宝座。 当时的王健林不会想到，这种激烈竞争不过是自己商业巅峰的最后荣光。 2016年，站在顶峰的王健林做出了一个改变万达命运的决定： 让万达商业从香港退市，计划回归A股市场。 为了完成这个计划，王健林与投资者签订了对赌协议，承诺在2018年前完成上市。 然而，当时的王健林并未预料到，中国A股市场对房地产企业IPO的严控政策将持续如此之久。 万达商业的A股上市计划一再延期，随着对赌协议到期日的临 ...

Core Insights - The Fashion Expo event at Sanlitun Taikoo Li officially launched on December 7, 2025, celebrating the evolution of this global fashion cultural landmark [1] - The event features a unique art installation called "Travel Angel" designed by renowned artist Jaime Hayon, inspired by the themes of travel and fashion [3][6] - The event aims to enhance consumer experiences through a blend of fashion, art, and culture, showcasing a variety of luxury brands and innovative lifestyle experiences [12] Group 1: Event Overview - The Fashion Expo invites consumers to experience the transformation of Sanlitun Taikoo Li through brand stories and artistic upgrades [1] - Jaime Hayon, recognized as one of the most influential design creators, created the "Travel Angel" sculpture to symbolize exploration and self-discovery during travel [3][6] - The event gathered notable figures from fashion, art, and culture, including actors and musicians, to celebrate the opening ceremony [4] Group 2: Brand and Retail Highlights - The North District features flagship stores of luxury brands such as Dior, Louis Vuitton, and Tiffany & Co., designed by prominent architects [9][10] - New dining experiences include the first Monsieur Dior restaurant in China, managed by a Michelin-starred chef, and a Louis Vuitton Café [9][10] - The North District also introduces innovative lifestyle brands and restaurants, enhancing the consumer experience beyond shopping [10] Group 3: Future Developments - The South District will soon host the first stores in North China for brands like Ader Error and Tamburins, alongside Apple's flagship store [12] - The event emphasizes the integration of diverse cultural experiences and innovative retail concepts, reflecting the evolution of China's fashion landscape since 2008 [12] - Sanlitun Taikoo Li aims to continuously present new product launches and exclusive brand events during the Fashion Expo, reinforcing its commitment to fashion innovation [12]

Core Insights - CapitaLand Investment launched two new commercial brands, "Raffles City·Jie" and "CapitaLand One Center," in Shanghai, marking its first foray into light-asset operational models in China [1][4] - The introduction of these brands enhances CapitaLand's commercial matrix, creating a multi-tiered product system that includes three categories and five brands, targeting specific scenarios and differentiated consumer needs [1][4] Brand Positioning - "Raffles City·Jie" is positioned as an urban-level complex located in core city areas, targeting middle to high-income consumers who seek quality of life [2][4] - "CapitaLand One Center" is designed as a regional shopping center situated in mature commercial districts, catering to new middle-class families and white-collar workers within a 3-5 km radius [2][4] Market Trends and Strategic Initiatives - The Chinese commercial real estate market is entering a phase focused on revitalizing existing assets and unlocking their value, which is expected to drive new demand [4] - CapitaLand's commercial management business aims for scalable growth through management output, becoming a new growth engine while maintaining steady growth [4] - CapitaLand signed a management contract with Wuxi Binhu Jianfa Group to develop the first "Raffles City·Jie" in Wuxi, and a memorandum of cooperation with Liangxi Technology City Group to explore potential projects in industrial park operations and property management [4] - The company is also launching two management output projects, "Bixiang Chuxiang" in Changsha and "Yiwei Lin" in Wuhan, which are its first non-standard commercial projects in China [4] - CapitaLand is expanding its management output projects in cities like Changsha, Wuhan, Ningbo, and Wuxi, with three projects expected to launch by 2026 [4] Consumer Behavior Insights - The Chinese consumer market is undergoing significant structural changes, with new consumption patterns reshaping the commercial ecosystem [5] - CapitaLand emphasizes consumer demand as the focal point of its operations, aiming to transform urban spaces into environments that resonate with consumer emotions and interests [5]

这笔债券为何要展期？对此，万达商管方面在展期方案中坦陈，集团融资能力尚未完全恢复，近期其他 房地产开发商的信用风险事件进一步挫伤了投资者信心与风险偏好，导致包括集团在内的行业内企业境 内外融资难度加剧。 "多重因素对集团经营造成不利影响，尤其体现在现金流层面，并加大了集团短期流动性压力。"万达商 管方面进一步表示，鉴于上述挑战，发行人特此征求债券持有人同意，以批准本次拟议修订及豁免事 项。 智通财经12月8日讯（记者 李洁）面对迫在眉睫的境外债务到期压力，大连万达商管集团一笔债券选择 寻求展期。 记者12月8日获悉，大连万达商管集团就一笔美元债提出特别决议案，该方案寻求批准对其2026年2月13 日到期的美元债券进行修订和豁免，该债券共计4亿美元，票面利率11%，发行人为万达地产环球有限 公司。 据了解，万达商管寻求将这笔债券到期日延至2028年2月13日，债券票面利率维持年息11%不变，延长 期内利息按半年支付。 "万达商管对这笔4亿美元债展期，根本原因是企业缺少现金，并面临再融资难题。"中国企业资本联盟 中国区首席经济学家柏文喜告诉记者，随着行业销售下滑、融资窗口基本关闭，万达商管近一年靠卖资 产、提前回 ...

Group 1 - Hema acknowledged issues with strawberry cakes sold, affecting approximately 60 units across 7 stores due to ingredient handling errors [2] - Wanda Group has a new enforcement order for over 1.7 billion yuan, with over 6.9 billion yuan in total enforcement amounts against the company [2] - The State Taxation Administration prohibits platform companies from shifting tax obligations to gig workers, ensuring they are not overcharged [3][9] Group 2 - PepsiCo plans to reduce its product variety in the U.S. market by nearly 20% by early next year, aiming to cut operational costs and enhance efficiency [5] - The price of three-valent flu vaccines has dropped to 5.5 yuan, attributed to intense competition and oversupply in the vaccine market [8] - Paramount has proposed a cash acquisition offer of $30 per share for Warner Bros. Discovery, valuing the company at $108.4 billion [7] Group 3 - Faraday Future's board approved a five-year plan to produce 400,000 to 500,000 vehicles, with the first batch of FX Super One vehicles set to roll off the production line [13] - The International Monetary Fund (IMF) has officially launched its Shanghai Regional Center to enhance cooperation with the Asia-Pacific region [12] - The U.S. government announced a $12 billion aid package for farmers affected by tariff policies, addressing the negative impact on agricultural markets [14]

面对迫在眉睫的境外债务到期压力，大连万达商管集团一笔债券选择寻求展期。 "万达商管对这笔4亿美元债展期，根本原因是企业缺少现金，并面临再融资难题。"中国企业资本联盟 中国区首席经济学家柏文喜告诉记者，随着行业销售下滑、融资窗口基本关闭，万达商管近一年靠卖资 产、提前回购债券、支付Pre-IPO投资者款项消耗了大量流动性，目前账上现金还需优先保证2026年1月 另一笔3亿美元债兑付，对2月这笔债券，只能谋求展期。 展期前景 记者12月8日获悉，大连万达商管集团就一笔美元债提出特别决议案，该方案寻求批准对其2026年2月13 日到期的美元债券进行修订和豁免，该债券共计4亿美元，票面利率11%，发行人为万达地产环球有限 公司。 据了解，万达商管寻求将这笔债券到期日延至2028年2月13日，债券票面利率维持年息11%不变，延长 期内利息按半年支付。 记者拿到的这笔债券展期方案显示，万达商管计划于2026年1月5日召开债券持有人会议，以审议并酌情 通过特别决议案。 而延长期内偿还债券的主要资金来源，将包括资产处置所得款、业务运营产生的经营现金流，以及来自 万达商管子公司和联营公司的股息或其它分配。 事实上，这并非万达首 ...

Core Insights - China Resources Vientiane Life has demonstrated resilience and growth in a challenging market environment since its listing on the Hong Kong Stock Exchange in late 2020, utilizing a unique "commercial management + property management" dual-driven model [1][2][12] - The company has successfully transitioned from a heavy asset reliance to a leading position in light asset management, significantly expanding its commercial footprint from 62 shopping centers at the end of 2020 to 125 by mid-2025 [5][12] - The firm has maintained a strong market position, achieving a compound annual growth rate (CAGR) of over 20% in revenue from 67.79 billion yuan in its first year to 170.43 billion yuan by 2024, while also increasing its core net profit from 8.16 billion yuan to 35.07 billion yuan in the same period [12][13] Business Model and Strategy - The company has established a standardized and replicable management system, a large and loyal brand tenant network, and a strong talent pool, which have been pivotal in its expansion and operational success [5][6] - China Resources Vientiane Life has set a target to expand its third-party shopping center projects by over 50 during the "14th Five-Year Plan" period, achieving this goal ahead of schedule [6][12] - The firm is focusing on urban public space operations as a new growth area, aiming to provide comprehensive services across various urban facilities, which will help mitigate risks associated with traditional residential property management [9][11] Financial Performance - The company has achieved a gross profit margin increase from 27% in 2020 to 32.9% in 2024, further rising to 37.1% in the first half of 2025, indicating improved operational efficiency and business structure optimization [12][13] - China Resources Vientiane Life has maintained a stable dividend policy, distributing over 91 billion yuan since its listing, with a payout ratio reaching 100% in 2024 and the first half of 2025 [13][14] Market Position and Recognition - Despite challenges in the real estate sector, China Resources Vientiane Life has remained in the "billion-dollar market cap" club, with a leading price-to-earnings ratio in the industry, reflecting a significant value reassessment by the market [14][19] - Major financial institutions have upgraded their ratings for the company, recognizing its ability to capture emerging brands and the potential for luxury retail recovery [14][19] Sustainability and Future Outlook - The company is committed to sustainable development, setting clear carbon neutrality goals and integrating ESG principles into its business strategy, which enhances customer loyalty and employee engagement [15][17] - Looking ahead, China Resources Vientiane Life aims to deepen its integrated business model and expand its urban space operations, positioning itself as a key player in the evolving market landscape [17][19][20]