晶捷品牌咨询创始人、品牌战略专家陈晶晶指出，烟台芝罘万达广场"回购后次日再度易主"，更像一次 权属通道重排，而非真实意义上的"买回再卖出"。万达在其中更像"中转站"，完成对历史结构的清理与 重组，为资产交割至新主体扫清路径，而非重启重资产战略的明确信号。 "此类操作通常服务于资本结构重排、风险出清与资产再包装，本质是对现金流、控制权与资本成本的 再平衡。"在陈晶晶看来，此次回购，更可能是技术性回收与交割路径的一部分，不排除为后续资产证 券化铺路。 烟台芝罘万达广场资产证券化的猜想与新买家苏州联商玖号的背景有关。 （文/解红娟 编辑/吕栋） 烟台芝罘万达广场在万达赎回的第二天再度易主。 烟台芝罘万达广场首次股权变动发生在2024年7月5日。彼时，原全资股东大连万达商业管理集团股份有 限公司退出，新增股东坤华股权投资合伙企业（以下简称"坤华"）与坤元辰兴投资管理咨询有限公司 （以下简称"坤元"），分别持有约99.99%和0.01%的股份。 一年后的2025年12月2日，万达商管通过旗下上海万达锐驰企业管理有限公司（以下简称"万达锐驰"） 完成回购，烟台芝罘万达广场有限公司股东名单变更，坤华、坤元悉数退出，万达锐驰 ...

文/乐居财经 李兰 短短两天内，烟台芝罘万达广场的股权结构接连生变。 天眼查显示，12月2日，烟台芝罘万达广场有限公司（以下简称：烟台芝罘万达广场）发生股权与高管 变动。 原股东新华保险旗下坤华（天津）股权投资合伙企业（以下简称"坤华投资"）、坤元辰兴（厦门）投资 管理咨询有限公司退出，接盘方为上海万达锐驰企业管理有限公司。接盘方成立于2023年，由大连万达 商业管理集团股份有限公司全资持股。 与此同时，公司管理层"换血"，原董事长朱欣等四人退出，由吴华出任经理、董事兼财务负责人。 值得关注的是，烟台芝罘万达广场被视为万达体系内较优质现金流资产。公开信息显示，该项目年租金 约1.2亿元，净租金回报率超过6%。行业分析指出，万达收回此该资产后，可立即用于抵押融资或 REITs扩募，提升资金使用效率。 近年来，万达通过大规模出售资产回笼资金，包括累计超80座万达广场、204家酒店、万达电影控股权 等，三年回笼资金超千亿元。 据Wind数据，截至2025年9月，"万达系"企业境内债已清偿完毕，仅存1笔2026年2月13日到期的美元 债，待偿还余额4亿美元。 万达仍面临短期偿债压力。截至2025年中，集团整体负债仍近 ...

今日，备受期待的赣州"鸟巢"旁商业综合体地块终于正式挂牌，起拍价1.24亿，将于12月23日开拍，将会被谁拿下呢？我们拭目以待。 | | 规划要求 | | --- | --- | | | 13.1 遵从国家和我省海德城市建设的要求,地块内宜设置可透水铺装,下沉式绿池等设施。地 | | | 块年经济总量控制 率285%。 13.2执行国家、省、市建筑节能与绿色建筑标准要求,所有新(改,扩)建建筑全面共行绿色 | | | 建设标准。其中,总建筑面积 5000 平方米以上的新建住宅项目,应按照不低于一星级级色建筑 松准设计、建设,切实提高居住品质,遂迁安置房、小于 5000平方米的小商业体等可执行各本 | | | 级绿色建筑标准。垃圾中转站,公共厕所以及不合商住性质的公共停车场等市政配套设施项目可 | | | 不执行绿色建筑标准,分期项目按整体抗行。总建筑面积1万平方米以上的政府设资或者以政府 | | | 投资为主的国家机关办公,学校、医院等项目,以及单体建筑面积2万平方米以上的车政府投资 | | | 的大型公共建筑,应按照不低于二星级绿色建筑标准设计、建设。其他按照不低于一星级绿色建 | | | 筑标准执行。超高 ...

源：视觉中国 智通财经获悉，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。 这也意味着，在抛售80多座万达广场之后，万达集团首次赎回的一座万达广场，仅仅一天，又被转让 了。 变更记录显示，12月2日，新华保险旗下坤华（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烟台芝罘万达广场有限公司股东行列，新增上海万达锐驰企业管理有限 公司为全资控股股东，同时多位高管发生变更。 上海万达锐驰企业管理有限公司成立于2023年，注册资本5000万人民币，法定代表人吴华。该公司的控 股股东为大连万达商业管理集团股份有限公司（以下简称为"大连万达商管集团"），持股比例100%。 而大连万达商管集团成立于2002年9月，法定代表人为张春远，注册资本约271.64亿人民币，由大连万 达集团股份有限公司、王健林等13位股东共同持股；公司主营业务包括为全国各地的万达广场提供商业 管理服务。 此次接盘的苏州联商玖号商业管理有限公司成立于2025年8月，法定 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, particularly focusing on the shopping center industry [4][5]. Core Insights - The report emphasizes that the consumption industry and shopping center sector in China still have significant growth potential, driven by an expected increase in total consumption and a structural recovery [4][5]. - Leading commercial companies have achieved stable same-store growth and expansion through operational alpha, which may lead to a revaluation of IP (Intellectual Property) values [4][5]. - The report draws comparisons with the U.S. commercial real estate market, highlighting that during five interest rate cut cycles, commercial real estate indices consistently yielded positive returns, significantly outperforming other asset classes [4][5]. Summary by Sections Macro Perspective - The domestic consumption sector remains under pressure, with retail sales growth gradually recovering to +4.3% as of October 2025, while CPI remains low at +0.2% [14][21]. - Compared to the U.S. and Japan during their real estate crises, China's consumption resilience is still relatively strong [14][21]. - Long-term growth potential exists in the consumption sector, particularly in shopping centers, as GDP per capita and retail sales per capita are expected to rise [28][31]. Mid-level Perspective - As of Q3 2025, the total area of centralized commercial space in China reached 661 million square meters, with a year-on-year growth of +4.4% [49]. - The number of new openings has decreased, but the proportion of reopened projects after adjustments has increased, indicating a shift in strategy [53]. - The report notes that 57% of existing projects have been open for over five years, highlighting the importance of effective asset management [53]. Micro Perspective - Leading companies in the sector exhibit significant operational efficiency, with top firms showing a concentration of 19% in opening area as of 2024 [4][5]. - Key companies are expected to see a revaluation of their IP, with potential increases of 39% for China Resources Land and 33% for New World Development [4][5]. - The report indicates that the average operating profit margin for IP is between 55% and 84%, with dividend yields for major companies exceeding 5% [4][5]. U.S. Market Review - The report highlights that during five interest rate cut cycles, the NCREIF commercial real estate price index achieved an average return of 31%, second only to gold [4][5]. - The long-term same-store NOI (Net Operating Income) growth in the U.S. has been stable, correlating positively with GDP growth [4][5]. Catalysts for Growth - The report suggests that the high barriers to entry in commercial operations will enhance the competitive advantage of leading firms, especially as the "residential development supports commercial" model weakens [4][5]. - The introduction of C-REITs (Real Estate Investment Trusts) is expected to further support the revaluation of commercial assets [4][5].

2025年12月1日，国家发展改革委办公厅关于印发《基础设施领域不动产投资信托基金（REITs）项目行业范围清单（2025年版）》（下简称"991号文"）。 该文件进一步拓宽了REITs可发行行业范围，新增商业办公设施、四星级以上酒店、体育场馆项目以及城市更新项目。其中酒店、办公用房在原政策（发改 委1014号文）中仅能作为园区和消费基础设施不可分割的附属设施一并发行，此次政策可使酒店、办公用房独立发行，激活广阔的酒店商办存量市场，同时 也为REITs市场规模扩张注入新的动力。 根据戴德梁行对资本化率的调研得出，一线城市甲级写字楼的资本化率介于4.5%-6.4%，广发证券研究部取平均值5.5%进行测算，得出全国重点城市甲级写 字楼的存量价值约为1.30万亿元。 激活存量资产市场，拓宽融资渠道 原政策中酒店、办公用房需作为园区或消费基础设施的附属设施捆绑发行，而991号文允许其独立发行，直接盘活商业不动产存量资产。例如，四星级以上 酒店和体育场馆项目可单独申报，解决过去因资产类型限制导致的流动性不足问题，为房企和商业机构提供新的权益融资工具。 新增城市更新设施入REITs范围，支持存量商业不动产（如老旧商圈、写 ...

Core Viewpoint - The "Action Plan" aims to accelerate the high-quality development of the Beijing Olympic Center Area from 2025 to 2027, leveraging its unique "dual Olympic" status to enhance regional development and create a new consumer space in the capital [1][2]. Group 1: Action Plan Overview - The "Action Plan" will focus on four major actions: updating consumer formats, promoting industrial integration, enhancing urban renewal, and improving carrying capacity [3]. - By 2027, the plan aims to revitalize historical and governmental function nodes, establishing the area as a must-visit destination for domestic and international tourists [2][3]. Group 2: Role of State-Owned Enterprises - State-owned enterprises (SOEs) are identified as key players in supporting the high-quality development of the Olympic Center Area, managing 19 large assets that facilitate various functions including culture, commerce, tourism, and sports [3]. - The SOEs will collaborate with the municipal development and reform commission and local governments to enhance asset quality and brand image, promoting innovative consumer scenarios [3]. Group 3: Sports and Events Development - Over the next five years, the plan includes the development of an internationally influential event system based on the "Double Olympic 100" event framework, aiming to enhance the professionalism and impact of major events [3][4]. - The Olympic Center Area is targeted to become a primary venue for international sports events, fostering a diverse sports ecosystem [3]. Group 4: Urban and Infrastructure Development - The Chaoyang District government will focus on urban renewal, event empowerment, and service assurance to implement the "Action Plan" effectively [6]. - High-quality project construction will lead to the upgrade of public areas and venue facilities, enhancing the region's comprehensive carrying capacity and industrial development level [6]. Group 5: Innovation and Technology Initiatives - The Beijing Olympic Center Area will establish a Robot Innovation Park, with a focus on five functional areas including a training base for humanoid robots and an international cooperation base [6][7]. - The goal is to create a globally influential hub for robot innovation by 2035, with a series of benchmark platforms and replicable scenario systems by 2030 [7].

Core Insights - The ownership of Yantai Zhifu Wanda Plaza has undergone significant changes, with Shanghai Wanda Ruichi Enterprise Management Co., Ltd. acquiring 100% of the shares after the exit of two companies under Xinhua Insurance [1][3] - This transaction marks a rapid turnaround, as the plaza was sold to the aforementioned Xinhua Insurance companies just a day prior, indicating a potential "redemption" of the asset by Wanda [2][3] Summary by Sections Ownership Changes - On December 2, Yantai Zhifu Wanda Plaza Ltd. saw a change in its shareholder structure, with Xinhua Insurance's Kunhua (Tianjin) Equity Investment Partnership and Kunyuanchengxing (Xiamen) Investment Management Consulting Co., Ltd. exiting and Shanghai Wanda Ruichi taking full ownership [1] - The ownership transition occurred swiftly, with a subsequent change on December 4, where Suzhou Lianshang Jiuhao Commercial Management Co., Ltd. became the sole shareholder, also holding 100% [3] Financial Implications - The new shareholder, Suzhou Lianshang Jiuhao, has a registered capital of 70.8 million yuan, reflecting a significant financial commitment to the plaza [4]

万达集团第一次赎回已出售的万达广场。 天眼查显示，12月2日，烟台芝罘万达广场有限公司(以下或简称烟台芝罘万达广场项目)发生工商变更，新华保险（601336）旗下坤华 (天津)股权投资合伙企业(有限合伙)(以下简称坤华股权投资)、坤元辰兴(厦门)投资管理咨询有限公司退出股东行列，新增上海万达锐 驰企业管理有限公司为全资控股股东，同时多位高级管理人员信息发生变更。 公开资料显示，上海万达锐驰企业管理有限公司成立于2023年，由大连万达商业管理集团(以下简称万达商管)100%持股，注册资本 5000万元。万达商管又是万达集团核心子公司之一。 视觉中国图 12月3日，中国企业资本联盟中国区首席经济学家柏文喜在接受《每日经济新闻》记者采访时表示，坤华系收购的万达广场，大多嵌有 类似"回购期权+固定IRR(内部收益率)"条款，只要万达方面仍保有行权资金额度，理论上可继续赎回，但每座万达广场的现金流情况 不同，IRR门槛也不一样，烟台芝罘万达广场项目的高回报、高出租率，使其成为第一顺位"回购标的"，其他三四线城市的万达广场若 租金增长乏力，万达方面未必会行权。 就此次为何赎回、赎回条件等问题，《每日经济新闻》记者联系了万 ...

Core Insights - Wanda Group has completed its first-ever core asset redemption by repurchasing the Yantai Zhifu Wanda Plaza, which it had previously sold [1][5] - Just one day after the redemption, Wanda transferred the asset to a mysterious buyer, a company that was established less than four months ago [1][5] - The business registration information indicates that on December 3, the Yantai Zhifu Wanda Plaza Co., Ltd underwent another change, with Shanghai Wanda Ruichi Enterprise Management Co., Ltd exiting the shareholder list and Suzhou Lianshang Jiuhao Commercial Management Co., Ltd becoming the sole shareholder [1][5] Company Changes - The legal representative and key personnel of Yantai Zhifu Wanda Plaza Co., Ltd were also changed during this process [1][5] - The previous shareholders, Kunhua (Tianjin) Equity Investment Partnership and Kunyuanchengxing (Xiamen) Investment Management Consulting Co., Ltd, exited the company on December 2 [1][5] New Shareholder Information - Suzhou Lianshang Jiuhao Commercial Management Co., Ltd was established on August 22 of this year, with a registered capital of 1 million RMB, and its business scope includes commercial complex management services and enterprise management consulting [8] - The company is jointly held by Lishui Lianrui Rongtong Management Consulting Partnership (Limited Partnership) and Suzhou Xinlian Management Consulting Co., Ltd, both under Zhejiang Merchants Jinhui Trust Co., Ltd [8]