Group 1 - The REITs market is experiencing a downward trend, with the China Securities REITs Total Return Index declining by 0.81% as of September 12 [2][3] - Among the 74 publicly listed REITs, only 12 saw an increase this week, with the top performers including Zhongyin Zhongwai Logistics REIT and Huaxia Jinmao Commercial REIT, both rising over 0.8% [4][5] - The overall trading activity in the REITs market has decreased, with an average turnover rate of 0.99% across the market [7] Group 2 - A new infrastructure REIT, Shanxi Zhen Zhong Gong Investment Ruiyang Heating REIT, has been officially submitted for approval, marking the first REIT project in Shanxi [8] - The National Development and Reform Commission has issued a notice to accelerate the regular application and issuance of infrastructure REITs, emphasizing the importance of expanding the market and supporting private investment projects [11][12] - The notice also highlights the need for streamlined processes for new project acquisitions and improved project management efficiency [12]

Core Viewpoint - Zhejiang Huhangyou is merging with Zhenyang Development through a share exchange, enhancing its business scope into the chemical industry and leveraging synergies in hydrogen energy and new energy transportation infrastructure [1] Group 1: Merger Details - The merger involves a share exchange ratio of 1:1.0800, meaning each share of Zhenyang Development will be exchanged for 1.0800 shares of Zhejiang Huhangyou [1] - Following the merger, Zhejiang Huhangyou will take over Zhenyang Development's existing business and expand into the chemical sector [1] Group 2: Strategic Benefits - The merger aims to enhance overall competitiveness and green transformation capabilities through deep collaboration in hydrogen energy preparation and application [1] - The integration of resources and business operations is expected to optimize corporate governance, improve resource allocation efficiency, and strengthen core competitiveness and industry position [1] Group 3: Financing and Market Impact - The merger will utilize an "A+H" dual financing platform to broaden financing channels and achieve a full industry chain synergy [1] - The company's A-shares and convertible bonds will resume trading on September 3, 2025 [1]

Core Viewpoint - The leadership change at Shanxi Jiaokong Ecological Environment Co., Ltd. is a strategic move ahead of its planned IPO, with Mu Xiaofeng appointed as the new chairman and legal representative, potentially bringing fresh momentum to the company's performance and listing prospects [1][9]. Group 1: Leadership Change - Mu Xiaofeng has been elected as the new chairman of the board, with his term lasting until the end of the current board's tenure [1]. - The previous chairman, Wang Yuxi, resigned for work-related reasons, leaving his position earlier than expected [3]. - Mu Xiaofeng has extensive experience in the transportation and environmental sectors, having worked his way up from grassroots positions within the Shanxi transportation system [4]. Group 2: Company Background - Shanxi Jiaokong Ecological Environment Co., Ltd. is a subsidiary of Shanxi Transportation Holding Group, focusing on ecological and environmental services [5]. - The company has evolved from its origins in 2011 as Shanxi Zhonglixin Environmental Technology Co., Ltd. and has undergone several name changes and ownership transitions [7]. - As of 2024, Shanxi Transportation Holding Group reported total assets of 650.48 billion yuan and annual revenue of 51.25 billion yuan [7]. Group 3: Financial Performance and IPO Plans - In 2023, the company achieved a revenue of 254 million yuan and a net profit of 20.57 million yuan, with a projected revenue of 300 million yuan for 2024, reflecting a year-on-year growth of 17.95% [9]. - The company submitted its IPO application to the China Securities Regulatory Commission in January 2025, marking it as the first company in Shanxi to file for IPO guidance this year [9]. - The leadership change is seen as a critical factor in enhancing the company's performance and supporting its IPO ambitions [9].

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The primary - market activity of China's REITs market was relatively active this week. As of August 22, 2025, 14 REITs products were successfully issued this year, one less than the same period last year. The secondary - market REITs index was under pressure, but market activity increased. The weekly average turnover rate rose to 0.77%, up 0.13 percentage points from the previous week. Franchise - type REITs outperformed property - type REITs, and the transportation infrastructure sector had the smallest decline. New infrastructure had the highest turnover rate, while park infrastructure had the highest trading volume. There was a continuous valuation difference between property - type and franchise - type REITs [4]. 3. Summary According to the Table of Contents 3.1 Primary - Market Issuance Dynamics - As of August 22, 2025, 14 REITs products were successfully issued this year, one less than the same period in 2024. July was a concentrated issuance month, and there were no new products launched this month. Currently, there are 2 products under inquiry, 2 accepted, 3 with exchange feedback, 3 with manager feedback, and 3 approved. There are no products under application. This week, the review status of one REIT project, "Huaxia Hubei Jiaotou Chutian Expressway Closed - end Infrastructure Securities Investment Fund", was updated to "accepted" [4][9][10]. 3.2 Secondary - Market Review and Analysis 3.2.1 Market Scale - As of August 22, 2025, the total market value of public REITs in the whole market was 215.894 billion yuan, a decrease of 3.63 billion yuan from the previous week. The total floating market value increased to 103.439 billion yuan, a weekly increase of 1.18 billion yuan. The weekly average turnover rate was 0.77%, up 0.13 percentage points from the previous week, indicating increased market trading activity [13]. 3.2.2 Price Changes and Volatility - In the week of August 22, 2025, the CSI REITs Total Return Index closed down 1.74%, underperforming the ChinaBond New Comprehensive Wealth Index (down 0.31% for the week), the Dividend Index (up 0.90% for the week), the CSI Convertible Bond Index (up 2.83% for the week), and the CSI 300 Index (up 4.18% for the week). The volatility of the CSI REITs Total Return Index was 0.90%, higher than that of the ChinaBond New Comprehensive Wealth Index (0.13%), the Dividend Index (0.41%), and the CSI Convertible Bond Index (0.35%), but lower than that of the CSI 300 Index (0.91%). Property - type REITs had a weighted average weekly price change of - 1.88%, underperforming franchise - type REITs (- 0.98%). All asset types declined this week. The affordable rental housing sector led the decline with a - 3.96% change, while the transportation infrastructure sector had the smallest decline (- 0.87%). Only 4 REITs had a weekly increase of over 1%, namely CICC Chongqing Liangjiang Industrial Park REIT (2.33%), ICBC Hebei Expressway Group Expressway REIT (2.18%), CITIC Construction Investment Mingyang Smart New Energy REIT (1.38%), and Guotai Junan Dongjiu New Economy REIT (1.36%) [14][22][25]. 3.2.3 Turnover Rate and Valuation - In terms of weekly trading volume, park infrastructure REITs ranked first with 272 million shares, followed by affordable rental housing (129 million shares), warehousing and logistics (110 million shares), consumer infrastructure (102 million shares), transportation infrastructure (84.8 million shares), new infrastructure (69 million shares), energy infrastructure (65 million shares), and municipal environmental protection and water conservancy (30 million shares). The new infrastructure sector had the highest weekly turnover rate at 2.54%. As of August 22, 2025, the average cash distribution rate of property - type REITs was 3.89%, with park infrastructure leading at 4.20%. The average cash distribution rate of franchise - type REITs was 7.83%, with transportation infrastructure leading at 9.60%. The ChinaBond REITs valuation yield (IRR) of property - type REITs (4.09%) was higher than that of franchise - type REITs (3.27%). The PV multiplier of property - type REITs (1.28) was higher than that of franchise - type REITs (1.20) [28][29].

Group 1 - The core viewpoint of the article highlights the serious disciplinary violations and legal issues involving Shao Wenian, a senior executive at Zhejiang Provincial Transportation Investment Group, who has voluntarily surrendered and is currently under investigation by the Zhejiang Provincial Commission for Discipline Inspection and Supervision [2][3] - Shao Wenian, born in September 1968, has held multiple significant positions including General Manager and Chairman of Zhejiang Toumen Port Investment Development Co., Ltd., and currently serves as Deputy General Manager and Party Committee Member of Zhejiang Provincial Transportation Group [3] - Zhejiang Provincial Transportation Investment Group is responsible for the financing, construction, operation, and management of major transportation infrastructure projects in the province, including highways, railways, and integrated transportation hubs [3] Group 2 - In April of this year, the Central 16th Inspection Team began a two-and-a-half-month inspection in Zhejiang Province, which may have contributed to the ongoing investigations [5]

Core Viewpoint - The article emphasizes the ongoing efforts to combat corruption in state-owned enterprises (SOEs) in Chongqing, highlighting systematic measures taken by the local disciplinary inspection and supervision authorities to address issues such as improper subsidies, gift acceptance, and other misconduct [3][13]. Group 1: Anti-Corruption Measures - The Chongqing Municipal Commission for Discipline Inspection and Supervision is focusing on the SOE sector, implementing a closed-loop approach to address corruption and improve work ethics [3]. - A total of 63 district-level SOEs were investigated, uncovering 274 issues and leading to 14 cases being filed and 16 individuals receiving disciplinary actions [3][6]. - The authorities are integrating anti-corruption efforts with reform, system improvement, and governance to create a comprehensive approach to tackling misconduct in SOEs [3][11]. Group 2: Monitoring and Reporting Mechanisms - The "Code Reporting" platform has been established to enhance public reporting of misconduct, leading to investigations into high-interest borrowing practices by SOEs [5]. - A digital monitoring system for SOE funds has been developed to identify potential risks and unusual transactions, enhancing the detection of corruption [6][8]. - Collaboration with various departments is emphasized to broaden the sources of problem leads, ensuring effective oversight and enforcement [5][7]. Group 3: Case Studies and Enforcement Actions - Significant cases include the investigation of a former executive at Chongqing Construction Group, which utilized audit results to uncover complex corruption schemes [6][10]. - The article details multiple cases of corruption involving SOE officials, with severe penalties including expulsion from the party and imprisonment for those found guilty [9][10]. - The authorities are committed to a dual approach of investigating both bribery and corruption, ensuring accountability for all parties involved [10][11]. Group 4: Systematic Improvements and Governance - The article discusses the establishment of mechanisms for continuous monitoring and improvement of internal controls within SOEs, with 29 new regulations implemented [12]. - The focus is on creating a "clean SOE" brand through enhanced governance and risk management practices, ensuring transparency and accountability in operations [12][13]. - The Chongqing Municipal Commission for Discipline Inspection and Supervision is dedicated to maintaining a "zero tolerance" stance towards corruption, reinforcing the need for systemic reforms [13].

Market Performance - On August 19, the Shanghai Composite Index fell by 0.02%, the Shenzhen Component Index decreased by 0.12%, and the ChiNext Index dropped by 0.17%[4] - The total trading volume in the Shanghai and Shenzhen markets exceeded 2.59 trillion yuan, a decrease of 175.8 billion yuan compared to the previous trading day[4] Sector Analysis - The sectors with the highest gains included IT services, automotive parts, and consumer electronics, while the sectors with the largest outflows were securities, semiconductors, and aviation equipment[5] - Over 2,900 stocks rose in the market, with strong performance in sectors like reducers, CPO, integrated die-casting, immunotherapy, and industrial mother machines[1] Investment Insights - The market is experiencing a solid upward trend, with a technical need for consolidation above the 3,700-point level[2] - Investors are advised to consider reducing positions in previously high-performing tech stocks while focusing on AI computing, humanoid robots, and consumer recovery sectors[2] Fund Performance - More than 2,000 equity funds reached historical net asset value highs, with over 96% of equity funds achieving positive returns this year[14] - The strong performance is attributed to ample liquidity and gradual recovery in corporate earnings, leading to a bullish trend in the equity market[14] Economic Indicators - The National Development Bank issued 385 billion yuan in loans for advanced manufacturing and strategic emerging industries from January to July, marking a year-on-year increase of 51.3%[9] - The sports industry in China has seen an average annual growth rate of over 10% in the past five years, becoming a new highlight in economic development[11]

Group 1 - The event "Chinese Business Forum" was held in São Paulo, Brazil, focusing on opportunities and challenges faced by Chinese enterprises in Brazilian customs and the regulatory model for federal government railway and highway concessions [1][3] - Zhang Guanghua, President of Bank of China (Brazil) and Chairman of the Chinese Enterprises Association, highlighted the Brazilian government's ongoing "digital customs" reform, which brings policy benefits to Chinese companies [3][4] - The concession model in Brazil requires companies to undertake not only construction tasks but also operation and maintenance, raising the bar for the comprehensive capabilities of enterprises [3][4] Group 2 - The Secretary-General of the Chinese Enterprises Association, Li Dongcheng, emphasized the importance of understanding customs policy benefits, reducing compliance risks, and seizing market opportunities for Chinese companies in Brazil [4] - Felipe Queiroz, Director of the National Land Transportation Agency, encouraged Chinese enterprises to actively participate in upcoming highway and railway bidding projects, highlighting the increasing openness of infrastructure projects to private capital [6] - The Chinese Consulate in São Paulo expressed commitment to facilitating connections for Chinese enterprises and promoting bilateral trade and investment cooperation [6]

Report Industry Investment Rating No relevant content provided. Core Views - The overall year-on-year revenue growth rate of public REITs declined marginally by 3 pct to -3%. The financial completion rate remained at a high level. Except for the water supply limitation of Yin Hua Shaoxing Raw Water, resulting in a 68% revenue completion rate for the water conservancy facilities sector, the revenue completion rates of the remaining sectors were above 93%. Due to the non-arrival of subsidies, the distributable amount completion rate of the energy sector was only 48%, while the completion rates of the remaining sectors were all above 94% [2]. - Consumption and affordable housing are still high-performing sectors with high revenue growth. Consumption revenue increased by 4% year-on-year, with a completion rate of 102%/114% (revenue/distributable amount, excluding new bonds, the same below), continuing to lead. The month-on-month changes of individual bonds were divergent. Huaxia Capital and CIFI Group's CM奥莱 and Huaan Bailian were weaker than other individual bonds. The market seemed to accept the seasonal attribution of Huaxia Capital and CIFI Group's CM奥莱's manager, and it rose slightly by 1.48% after the release of the second-quarter report (from July 18th to July 29th, the same throughout the text). Huaan Bailian, on the other hand, fell by 8.88%. Affordable housing revenue increased by 6% year-on-year, with a completion rate of 100%/98%, and the occupancy rate remained relatively stable [2]. - The performance of warehousing and logistics was better than expected. Although it continued to "exchange price for volume", most assets were able to achieve a stable or increasing occupancy rate, and the sector's revenue stabilized marginally. The year-on-year revenue decreased by 4%, with a month-on-month growth rate increase of 2 pct, and the completion rate was 97%/98%. The main operating pressure on the sector came from the entry of competitors rather than trade frictions. The coastal warehousing and logistics operations of Hongtu Yantian Port and Huaxia Shenzhen International Hangzhou Project were not weak [3]. - The energy sector had a high revenue completion rate, but the quarterly fluctuations in distributable amounts dragged down the market performance. The year-on-year revenue increased by 1%, with a completion rate of 99%/48%. The delayed payment of national subsidies for wind and solar projects led to cash flow shortages, and the distributable completion rate of some projects was below 53%. If the subsidies are concentrated in the second half of the year, the completion rate is expected to improve [3]. - The sectors with weak performance were mainly industrial parks and transportation. The revenue of industrial parks decreased by 14% year-on-year, and the decline marginally widened by 4 pct. The completion rates were 93%/96%, both relatively low among all sectors. Many industrial parks mentioned the pressure from the entry of competitors, and the occupancy rates generally decreased month-on-month. However, factory projects showed operational resilience, and the occupancy rates of some factories increased against the trend. After the release of the second-quarter report, the market repriced the operational resilience of Bosera Jinkai Industrial Park [3]. - The revenue of the transportation sector decreased by 2% year-on-year, and the growth rate decreased by 2 pct marginally. Only a few individual bonds showed operational improvements [3]. - Since late June, risk appetite has recovered, and stable, high-dividend assets have weakened. As of July 29th, the CSI REITs Total Return Index has corrected by 3% from its peak. In late June, the CSI REITs Total Return Index reached a phased high in February 2023, and its relative cost-effectiveness compared to stocks and bonds was relatively low. Driven by the recovery of risk appetite and the increase in REITs supply, REITs prices have declined. Valuation compression was the main theme of trading during the quarterly report period. Sectors and individual bonds with high year-to-date gains tended to fall, and price changes did not fully match performance. However, individual bonds with outstanding performance were also priced [4]. - REITs may enter a volatile range, and stable sectors are still preferred. On the one hand, REITs valuations are not low, and the improvement in risk appetite may continue. June may be a phased high. On the other hand, on July 25th, the cash distribution rate of property rights REITs was 3.86%, and the overall market IRR was 4.05%. There was still a spread of 232 BP between the IRR and the 10-year Treasury bond, supporting investor demand. Observe whether the REITs index can stabilize at the previous low price level (such as the level at the end of April). Currently, it is judged that the volatile range of the CSI Dividend Total Return is between 1052 - 1125 (1052 is the low in April, and 1125 is the high in June). If risk appetite changes drastically, it may break through the volatile range, while a slowdown in REITs supply will help stabilize the bottom of the range. When selecting bonds, first, the valuation advantages of sectors with relatively stable cycles are not extreme (the IRR spread is at the median), and stable sectors have performance support. It is expected that stable sectors such as consumption and affordable housing will still perform better. Second, the arrival of national subsidies is theoretically a short-term impact, and there may be investment opportunities after the adjustment of new energy individual bonds is in place. Third, factory-type individual bonds in industrial parks are still worthy of attention [5]. Summary by Directory REITs Overall - The overall revenue growth rate of REITs was -3% year-on-year, a 3 pct decline compared to Q1 2025. The revenue of property rights REITs decreased by 4% year-on-year. Consumption and affordable housing had positive year-on-year growth, warehousing and logistics and affordable housing stabilized marginally, while industrial parks continued to decline. The year-on-year revenue growth rates of industrial parks, warehousing and logistics, affordable housing, and consumption were -14%, -4%, +6%, and +4% respectively, with marginal changes of -4 pct, +2 pct, +6 pct, and -53 pct compared to Q1 2025. The revenue of franchise rights REITs decreased by 2% year-on-year, and the energy sector performed relatively well. The year-on-year revenue growth rates of transportation, energy, and environmental protection were -2%, +1%, and -6% respectively, with marginal changes of -2 pct, +19 pct, and -2 pct compared to Q1 2025 [17]. - After excluding the impact of new bonds, the overall market operating revenue completion rate was 96%. The revenue completion rates of the municipal, consumption, and affordable housing sectors met the standards. The distributable amount completion rate of the energy sector was relatively low due to the existence of an account period for new energy subsidies, resulting in quarterly fluctuations in the distributable amount. The completion rates of the remaining sectors were all above 94% [18][23]. Market Reaction - Since late June, risk appetite has recovered, and stable, high-dividend assets have weakened. The CSI REITs Total Return Index reached its peak on June 20th and had corrected by 3% by July 29th. Valuation compression was the main theme of trading during the quarterly report period, causing the rise and fall of REITs to not fully match performance. The month-on-month increase of individual bonds after the release of the quarterly report was generally negatively correlated with the year-to-date increase. The affordable housing sector with a high year-on-year revenue growth rate fell by 2.86%, not significantly better than other sectors, which was related to its high valuation and year-to-date increase. The industrial park sector with the most obvious marginal weakening of performance did not decline significantly, possibly because its valuation was not high, and the cash distribution rate on July 18th was at the 53% percentile in history. Some individual bonds with low valuations did not decline significantly even if their performance remained weak, such as CICC Hubei KeTou Optics Valley and Jianxin Zhongguancun. Some individual bonds with performance that exceeded expectations, such as Bosera Jinkai Industrial Park, Huatai Jiangsu Expressway, and Huaxia JINMAO Commercial, continued to rise on the basis of their significant increases this year. Several energy REITs with low distributable amounts and Guangfa Chengdu Gaotou with a large decline in occupancy rate fell significantly. Consumption had a high year-to-date increase and was still one of the three best-performing sectors after the quarterly report, indicating strong market recognition of this sector [27]. Sector Analysis - **Industrial Parks**: The revenue of industrial parks decreased by 14% year-on-year, and the growth rate decreased by 4 pct compared to the previous quarter. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 93% and 96% respectively. The occupancy rates generally decreased month-on-month, while rents varied. Factory-type projects showed performance resilience. New supply led to intensified competition. Some individual bonds faced significant performance pressure. At the individual bond level, Jianxin Zhongguancun Industrial Park, Huaxia Hefei High-tech, Huaxia Hangzhou HeDa High-tech, CICC Hubei KeTou, and others were worthy of attention [31][32]. - **Warehousing and Logistics**: The revenue of warehousing and logistics decreased by 4% year-on-year, and the growth rate increased by 2 pct compared to the previous quarter. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 97% and 98% respectively. It adopted a strategy of "exchanging price for volume", and the occupancy rates of most assets were stable or increasing. The main operating pressure came from the entry of surrounding competitors. At the individual bond level, Hongtu Yantian Port, CICC Puluosi, Huaxia Shenzhen International Warehouse Logistics, and others were worthy of attention [36]. - **Affordable Housing**: The revenue of the affordable housing sector increased by 6% year-on-year, and the growth rate increased by 6 pct compared to the previous quarter. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 100% and 98% respectively. The occupancy rates of the underlying assets fluctuated slightly, with most fluctuations within 2 pct [45]. - **Consumption**: The revenue of the consumption sector increased by 4% year-on-year. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 102% and 114% respectively. The month-on-month revenue was divergent. Huaxia Capital and CIFI Group's CM奥莱 and Huaan Bailian's month-on-month revenue were at least 10 pct lower than other individual bonds. At the individual bond level, Huaxia Vanke Commercial, Huaxia Capital and CIFI Group's CM奥莱, and Yifangda Huawai Agricultural Trade were worthy of attention [46]. - **Transportation**: The revenue of the transportation sector decreased by 2% year-on-year, and the decline widened by 2 pct compared to Q1 2025. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 95% and 97% respectively. Some individual bonds, such as Ping An Guangzhou Guanghe, CICC Anhui Expressway, and Huatai Jiangsu Expressway, performed well. At the individual bond level, Huaxia China Communications Construction, CICC Anhui Expressway, Zhongjin Shandong High-Speed, and others were worthy of attention [51]. - **Energy**: The revenue of the energy sector increased by 1% year-on-year, a 19 pct increase compared to Q1 2025, reflecting the large quarterly fluctuations in the revenue of the energy sector. The revenue and distributable amount completion rates were 99% and 48% respectively. The accounts receivable of new energy REITs such as photovoltaic and wind power were relatively high, resulting in a significantly lower distributable amount completion rate than the revenue completion rate. It is expected that the distributable amount completion rate will gradually increase in the second half of the year. At the individual bond level, Penghua Shenzhen Energy, CITIC Construction Investment National Power Investment New Energy, and others were worthy of attention [55]. - **Utilities**: Except for Yin Hua Shaoxing Raw Water, the revenue completion rates were at a relatively high level of 95% - 110%. At the individual bond level, AVIC Shougang Biology and Yin Hua Shaoxing Raw Water were worthy of attention [63].

Core Viewpoint - The Philippines faces a chronic issue of traffic congestion and inadequate infrastructure, which hampers economic productivity and investment attraction, exacerbated by fragmented governance and ineffective institutional frameworks [1][2][12]. Infrastructure Challenges - Manila's traffic congestion is the worst globally, with average commuting times exceeding 50 minutes, leading to daily economic losses of approximately 3.5 billion Philippine pesos (around 61 million USD) [2][3]. - The current government plans to invest 9.5 trillion pesos (approximately 165.6 billion USD) in infrastructure, yet many projects face delays due to governance issues, land disputes, and corruption [3][4]. Project Failures - The Makati subway project, initiated in 2018, has not progressed due to legal disputes over land ownership, leading to the withdrawal of the Philippine Infrastructure Development Holding Company from the partnership [4][5]. - The project’s failure highlights systemic issues in the Philippines' infrastructure development, including fragmented governance and lack of effective coordination among local governments [7][8]. Governance and Institutional Issues - The fragmented governance structure in Metro Manila, composed of 16 independent cities, complicates cross-city infrastructure projects, leading to delays and inefficiencies [7][8]. - The reliance on public-private partnerships (PPP) has proven problematic, with insufficient contract preparation and unclear risk allocation, resulting in failed projects like the Makati subway [8][9]. Land and Legal Complications - The Philippines' land ownership issues, including unclear property rights and inadequate compensation mechanisms, create significant barriers to infrastructure development [9][10]. - Legal disputes over land ownership have further complicated infrastructure projects, as seen in the Makati subway case, where the Supreme Court ruled against the city’s jurisdiction over key project areas [4][9]. Cultural and Systemic Barriers - The lack of long-term governance commitment and effective cross-government collaboration has led to a cycle of project failures, with political changes disrupting ongoing initiatives [11][12]. - The historical context of colonialism has contributed to the current deficiencies in the transportation system, necessitating not just physical infrastructure but also improvements in governance and institutional frameworks [13].