Core Viewpoint - The privatization of Joy City Property is a strategic response to cyclical changes in the real estate industry, aimed at optimizing governance and enhancing management efficiency [2]. Company Summary - Joy City Property's privatization plan was effective from November 25, with a total transaction value of approximately HKD 29.32 billion, leaving only the A-share listed Joy City [1]. - The company, part of COFCO Group, focuses on the development and operation of urban complexes under the Joy City brand, including investment properties and hotel operations [1]. - Joy City Property's last interim performance report indicated a revenue of approximately CNY 8.12 billion for the first half of 2025, a year-on-year decrease of about 5.78%, primarily due to reduced property development area [2]. Industry Summary - The privatization is seen as a way to maintain strategic focus during industry adjustments, allowing for more flexible asset disposal and broader financial planning [4]. - Since 2022, over 30 listed real estate companies have delisted, with five opting for voluntary delisting, including Joy City Property [4].

上市12年后，11月27日下午4时，大悦城地产（00207.HK，股价0.62港元，市值88.23亿港元）正式挥别港交所。 每经记者｜陈荣浩 每经编辑｜何小桃 陈梦妤 新增项目表现亮眼，其中，南昌大悦城（5月开业，投资超30亿元、体量13万平方米）首日客流24万、销售额1630万元，出租率约94%；厦门、三亚大悦 城出租率维持100%。此外，酒店业务收入4.66亿元，与去年同期持平，入住率升至84%；管理输出收入1.07亿元，同比大增47%，受益于中粮大悦城商业 REIT带来的新增收入。 在产业观察家洪仕斌看来，在地产调整背景下，私有化有助于公司在行业调整期保持战略定力，通过持有优质商业资产强化差异化竞争优势。 "在应对行业周期波动方面，地产企业私有化将获得三方面优势：更灵活的资产处置节奏、更广阔的资金规划视野、更从容的存量改造周期。这些优势将 巩固其在中高端商业地产领域的领先地位，并为行业复苏储备优质资产。"洪仕斌称。 | 今开 | - | 最高 | - | 成交量 | i | | --- | --- | --- | --- | --- | --- | | 昨收 | 0.620 | 最低 | - | 成交额 ...

Core Viewpoint - Dalian Wanda Commercial Properties officially delisted from the Hong Kong Stock Exchange on November 27, 2023, after 12 years of listing, due to its privatization plan which became effective on November 25, 2023 [1][2]. Company Summary - The total consideration for the privatization transaction is approximately HKD 29.32 billion, leaving only the A-share listed Dalian Wanda (000031.SZ) under COFCO Group's real estate platform [2]. - Dalian Wanda Commercial Properties was listed in 2013 and focused on the development and operation of urban complexes under the Dalian Wanda brand, including investment properties, property development, and hotel operations [2][3]. - The company underwent a significant asset restructuring in 2019, acquiring 64.18% of the Hong Kong-listed Dalian Wanda Commercial Properties, forming a dual-platform structure [3]. Industry Perspective - The privatization is viewed as a strategic response to cyclical changes in the industry, with Dalian Wanda stating that market performance has shown periodic fluctuations and liquidity pressures [3]. - The privatization is expected to optimize the company's governance framework, integrate organizational and equity structures, and enhance management decision-making efficiency [3]. - Following the transaction, Dalian Wanda's equity in Dalian Wanda Commercial Properties will be further strengthened, benefiting net profit attributable to the parent company and enhancing asset allocation capabilities [3]. Financial Performance - For the first half of 2025, Dalian Wanda Commercial Properties reported revenue of approximately HKD 8.12 billion, a year-on-year decrease of about 5.78%, primarily due to a reduction in the area of property development recognized [4]. - The overall gross profit margin improved by 2.9 percentage points to 34.43% [3]. - Specific revenue breakdown includes: - Property development revenue of HKD 5.48 billion (down 8.3% year-on-year) with a 32% decrease in settlement area but a 33% increase in average price, leading to a gross margin of 18% [4]. - Investment property rental and related income of HKD 2.04 billion (down 2.5% year-on-year) with a gross margin of 78% [4]. - Hotel business revenue remained stable at HKD 466 million with an occupancy rate of 84% [4]. Market Trends - The privatization trend is noted among real estate companies, with over 30 A-share and H-share listed real estate firms delisting since 2022, including five actively choosing to delist [5].

深圳商报首席记者 刘琼 11月20日，财政部、商务部两部委公示消费新业态新模式新场景试点名单，深圳等50个城市拟入选。记 者梳理名单发现，4个直辖市、5个计划单列市全部入选，其余41个城市覆盖全国主要省份。 根据两部委此前印发的《关于开展消费新业态新模式新场景试点工作的通知》，此次试点资金补助按城 市体量分层实施：超大特大城市获合计4亿元补助，大城市3亿元，其他城市2亿元。政策明确支持三大 方向：一是支持健全首发经济服务体系；二是支持创新多元化服务消费场景；三是支持优质消费资源与 知名IP跨界联名。 服务消费成"升级主力" 服务消费，一头连着经济，一头连着民生。深圳"大手笔"全力推动服务消费扩容升级。在餐饮、住宿、 家政、养老托育等民生消费领域频频发力，丰富消费场景，推动基础型服务消费提质增效。 深圳一直将促消费扩内需作为"重中之重"，并在供给侧方面持续创新。今年以来，首发经济热火朝天、 新型消费场景丰富、服务消费扩容提质，深圳消费新业态、新模式、新场景不断涌现，"消费新三样"呈 蓬勃之势。 首发经济成"流量密码" 在深圳，首发经济正成为提升商业竞争力、激活城市消费的重要力量。 据相关商业机构统计数据，202 ...

11 月 25日，德国百年连锁超市品牌奥乐齐（ALDI）官宣入驻南京华贸中心。 南京华贸中心，位于城市"黄金中轴"中央路，坐拥玄武湖与明城墙之间，落位百年湖南路商圈之核，是主城内唯一新增的城市级高端综合体。涵盖超甲级 写字楼、精品购物中心、街区商业、国际公寓、酒店、控保建筑、艺术展厅等复合功能空间。 项目秉承华贸集团"对城市负责、对社会负责、对历史负责"的开发理念，融合北京华贸、上海华贸等标杆经验，在南京以更具时代精神的方式实现城市功 能进阶与生活方式的重塑。通过 "文商旅一体化 + 全业态沉浸体验 + 精神内容共创" 的复合模型，南京华贸中心正成为连接城市文脉、激活消费想象的世 界级都会地标。 此次合作将融合奥乐齐"品质生活，触手可及"的品牌理念与南京华贸中心的区位优势，为南京消费者提供更便捷、优质的商品与服务。 奥乐齐（ALDI） 奥乐齐（ALDI）始于1913年，源自德国，是全球领先的连锁硬折扣社区超市，也是率先开拓自有品牌模式的零售商之一，业务遍及全球四大洲。 2019年，奥乐齐将硬折扣模式带入中国市场，并始终秉持"好品质，够低价"的核心理念，主张0会员费，为消费者提供满足一日三餐需求、天天低价、具 ...

天津远洋未来汇，是远洋集团旗下远洋商业打造的社区型商业MALL。它不止是一个购物空间，更是一 个致力于成为"小而美、小而精"的社区生活枢纽。自开业至今，项目已深度融入天津滨海新区胡家园片 区，成为本地消费者追求美好生活不可或缺的一部分。 伴随天津商业格局的演进与消费者品质需求的攀升，天津远洋未来汇于今年正式启动品牌迭新升级。作 为项目重要引擎的主力超市业态，其升级成为关键一环。11月14日，"万V生鲜超市"隆重开业。 开业三日，"万V生鲜超市"创下销售额超150万元的佳绩。作为主力店，也为商场注入了强劲的客流动 力。据统计，开业期间项目整体客流环比提升49%，同比提升48%，成功打响远洋未来汇品牌焕新的第 一炮。 以此为起点，天津远洋未来汇将持续推进品牌升级，聚焦"品质生活引领"与"消费场景共创"两大方向， 未来将陆续引入更多高契合度、高品质的休闲餐饮、儿童成长、生活服务与时尚零售品牌，构建全维 度、沉浸式的社区生活新场域。项目致力于不仅成为社区居民的购物目的地，更成为陪伴一代人成长的 美好生活枢纽，持续焕新区域商业活力，共筑城市理想生活。 责任编辑：郭栩彤 "万V生鲜超市"进驻滨海新区，为区域内消费者带来" ...

Core Viewpoint - Dalian Wanda's subsidiary, Dalian Wanda Commercial Properties, is set to delist from the Hong Kong Stock Exchange after a buyback of shares, marking the end of its 12-year presence in the market [1][2]. Group 1: Company Overview - Dalian Wanda Commercial Properties was listed on the Hong Kong Stock Exchange in 2013 and is a commercial real estate platform under COFCO Group, primarily engaged in the development, operation, sales, leasing, and management of commercial properties [2]. - As of the end of 2024, Dalian Wanda Commercial Properties has established a presence in five major city clusters in China, managing 32 commercial projects, including Dalian Wanda Plaza and luxury hotels [2]. Group 2: Financial Performance - In the first half of the year, Dalian Wanda Commercial Properties reported total revenue of 8.124 billion yuan, a year-on-year decrease of 5.8%, and a net profit of 105 million yuan, down 26.6% year-on-year [2]. Group 3: Privatization Details - The buyback plan involves a total cost of approximately 29.32 billion Hong Kong dollars, with the aim to enhance the governance framework and optimize the organizational structure post-privatization [2][3]. - Following the completion of the privatization, Dalian Wanda's ownership in Dalian Wanda Commercial Properties will increase from 64.18% to 96.13%, effectively giving it near-total control [3]. Group 4: Industry Context - The trend of privatization and delisting among real estate companies has been notable, with 23 companies being forced to delist and 7 opting for voluntary privatization in recent years [4]. - Factors driving this trend include market pressures, lack of liquidity, and the need for strategic flexibility amid a challenging real estate environment [5].

Core Viewpoint - Dalian Wanda's subsidiary, Dalian Wanda Commercial Properties, will officially delist from the Hong Kong Stock Exchange after 12 years of listing, as part of a strategic move to optimize its corporate governance and structure [1][2]. Group 1: Company Overview - Dalian Wanda Commercial Properties was listed on the Hong Kong Stock Exchange in 2013 and is a commercial real estate platform under COFCO Group, focusing on the development, operation, and management of urban complexes branded as "Dalian Wanda" [2]. - The company operates four main business segments: investment properties, property development, hotel operations, and management services [2]. Group 2: Transaction Details - On July 31, 2025, Dalian Wanda announced plans to repurchase shares of Dalian Wanda Commercial Properties through an agreement, with a total repurchase cost of approximately HKD 29.32 billion [2]. - The shareholding structure before the agreement was 64.18% for Dalian Wanda, 2.58% for De Mao, and 33.24% for other shareholders. Post-agreement, Dalian Wanda's stake will increase to 96.13%, while De Mao's will decrease to 3.87% [1]. Group 3: Financial Performance - In 2024, Dalian Wanda Commercial Properties reported a revenue of CNY 19.831 billion, a net profit attributable to shareholders of CNY 779 million, total assets of CNY 106.771 billion, and total liabilities of CNY 73.578 billion [2]. Group 4: Strategic Rationale - The transaction is seen as a strategic response to market fluctuations and aims to enhance the company's governance framework and integrate its organizational and shareholding structure [2]. - The completion of this transaction is expected to increase the company's equity in Dalian Wanda Commercial Properties, benefiting its net profit attributable to shareholders [2].

Core Viewpoint - Dalian Wanda Commercial Properties will officially delist from the Hong Kong Stock Exchange after 12 years of listing, as part of a strategic move to optimize its corporate governance and ownership structure [1][2]. Group 1: Company Overview - Dalian Wanda Commercial Properties, a subsidiary of COFCO Group, focuses on the development, operation, and management of urban complexes branded as "Wanda Plaza" [2]. - The company plans to repurchase shares at a total cost of approximately HKD 29.32 billion and apply for the delisting from the Hong Kong Stock Exchange [2]. Group 2: Financial Performance - In 2024, Dalian Wanda Commercial Properties reported a revenue of CNY 19.831 billion and a net profit attributable to shareholders of CNY 0.779 billion, with total assets of CNY 106.771 billion and total liabilities of CNY 73.578 billion [2]. Group 3: Strategic Implications - The transaction aims to address market fluctuations and liquidity pressures, enhancing the company's equity in Dalian Wanda Commercial Properties and improving net profit attributable to shareholders [2]. - Following the privatization, COFCO Group will retain only the A-share listed Dalian Wanda, consolidating its real estate platform [3].

作者 | 第一财经 马一凡 以40亿美元拿下星巴克中国控股权的博裕投资又一次站到了市场的聚光灯下。 除了收购星巴克中国股权，这家仅成立14年的另类资产管理公司，还是中国规模第一大物业企业万物云 的第二大股东，同时也是管理面积超2亿平方米的金科服务的控股股东，并且博裕正在寻求私有化金科 服务。 在房地产领域，博裕投资偏好运营型、服务型的资产，涉足高端商业、物业管理、物流仓储、数据中心 等多个板块，实践其"逆周期控股、顺周期退出"的PE打法。 一笔耗时四年的收购 不久前，金科服务（09666.HK）发布公告称，其控股股东及要约人博裕投资提出经修订的无条件强制 性现金要约，拟收购公司全部要约股份，并建议撤销上市地位。若相关退市决议获通过且条件达成，金 科服务将从香港联交所除牌，成为博裕投资旗下的私人公司，其5年港股上市历程或将宣告终止。 2025.11.26 本文字 数：2360，阅读时长大约4分钟 金科服务是一家物业管理服务公司，原本属于渝系房企金科股份旗下，自2021年引入博裕投资作为战略 投资者后，博裕一步步"吃下"金科服务，目前已经是其第一大股东。 截至目前，金科服务全国管理面积超过2亿平方米。2024年该 ...