本文字数：901，阅读时长大约2分钟 2025.11. 20 中国雅江集团设立之后，陆续开始进行业务布局。根据国家企业信用公示系统，今年9月和10月分别 在北京和成都设立分公司，同时，在成都又布局多个子公司。 作者 | 第一财经 李秀中 成都成为新成立的央企中国雅江集团重点布局的一个城市。继上月在成都注册多家分公司、子公司 后，中国雅江集团开始在成都购地，推动各个业务单元落地。 11月20日，成都市公共资源交易服务中心发布拍卖会公告，中国雅江集团有限公司成都分公司竞得 成都市锦江区柳江街道祝国寺社区三宗商业服务业地块，净用地面积分别约为26.8亩、30.9亩和 23.8亩，成交楼面价为3094元/平方米、3098元/平方米和3275元/平方米。 | | 拍卖会成交结果一览表(2025年11月20日) | | | | | | | 公式 C | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | नि | 日期:2025-11-20 分享到:(★)(6)(6)(6)( | | | | | | | 官方 | | | | | | | | | CONSUL ...

成都成为新成立的央企中国雅江集团重点布局的一个城市。继上月在成都注册多家分公司、子公司后， 中国雅江集团开始在成都购地，推动各个业务单元落地。 11月20日，成都市公共资源交易服务中心发布拍卖会公告，中国雅江集团有限公司成都分公司竞得成都 市锦江区柳江街道祝国寺社区三宗商业服务业地块，净用地面积分别约为26.8亩、30.9亩和23.8亩，成 交楼面价为3094元/平方米、3098元/平方米和3275元/平方米。 | | | | | 拍卖会成交结果一览表(2025年11月20日) | | | | 254 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 用 | | | 日開:2025-11-20 | 分享到:(女)(4)(品) | | | | 官方 | | | | | | | | | | 25 原标 | | 拍卖公告 2026-10-31 | 序号 | 宗地编号 | 宗地位置 | 净用地面积 | 起始份 | 咸交给 | 觉得人 | | | | | JJ08(09):2025-049 | 确江区胸江侧道祝国中社区 | 17894.71平方米,合 ...

Core Insights - The Chinese commercial real estate sector is undergoing a significant paradigm shift from extensive growth to meticulous management of existing assets, driven by policies aimed at expanding domestic demand and upgrading consumption [1][10] - The market is characterized by a dual trend of recovering consumer spending and pressure on investment, with retail sales reaching 365,877 billion yuan and a growth rate of 4.46% in the first nine months of 2025, while new office construction area has decreased by 22.3% year-on-year [1][2] Market Dynamics - The market is experiencing a deep adjustment that accelerates industry differentiation, with only 8% of commercial real estate companies generating 42% of industry revenue, indicating a growing concentration of market power among leading firms [2] - The top companies are leveraging quality assets and operational capabilities to navigate through cycles, while smaller firms face challenges such as weak operations and low revenues [2] Operational Strategies - In a market dominated by existing assets, light asset operations and stock transformation are key strategies for companies to break through, as exemplified by Vanke's successful transformation of the Shenzhen iN City Square, achieving a 97% occupancy rate [3][4] - The core value of commercial real estate is shifting from physical space to operational capability, with companies adopting innovative strategies to enhance competitiveness and revenue generation [4][10] Consumer Trends - Structural changes in consumer demand are providing new growth opportunities, with the elderly and young populations becoming the main consumer forces, leading to the rise of new business models such as community commerce and pet economy [4][5] - The pet economy alone has surpassed 300 billion yuan, indicating a significant market potential for pet-friendly commercial spaces [4] Innovation and Technology - The commercial operation model is evolving from single leasing to a comprehensive approach that includes content, services, and marketing, with companies focusing on creating differentiated services as a competitive advantage [5][6] - Technological innovations are supporting refined operations, with Vanke utilizing AI and smart service systems to enhance project management efficiency and consumer experience [6] Capital Market Trends - The capital market is undergoing adjustments, with a notable increase in transactions of office assets, totaling approximately 398 billion yuan in the first nine months of 2025, and a shift towards financial institutions and leading industry companies as primary investors [6][9] - The expansion of public REITs for consumer infrastructure is attracting more capital to quality retail properties, fostering a cycle of capital empowerment, operational upgrades, and value enhancement [6][10] Future Outlook - The consensus from the 2025 Commercial Annual Conference indicates that stock updates represent a core opportunity, with over 200 million square meters of commercial properties in first-tier cities over 30 years old, 40% of which are underperforming [10] - The industry is expected to gradually achieve a "spiral" development through enhanced operational capabilities and capital ecosystem improvements, with a focus on projects that can activate value through space transformation and content restructuring [10]

Core Insights - The "Wanli" project, an international commercial and entertainment complex, is nearing its official opening, with total investment exceeding 10 billion yuan [1] - The project has completed construction acceptance and is currently in trial operation, set to officially open to the public by the end of this year [1] Economic Development - Cultural tourism is a key driver for enhancing urban quality and improving public welfare, forming a core support for the "3+1" main functions of Beijing's sub-center [3] - The region's GDP is expected to grow at an average annual rate of over 6% during the 14th Five-Year Plan, with a 10.9% growth in the first three quarters of this year, ranking second in the city [3] - Since the construction of the sub-center began in 2016, fixed asset investment has exceeded 960 billion yuan, maintaining over 100 billion yuan annually for five consecutive years [3] Industrial Growth - The industrial output value in the region has an average annual growth rate of 23.7% during the 14th Five-Year Plan, ranking first in the city [3] - The automotive manufacturing output ranks third in the city, while urban and pharmaceutical industries rank third and fourth, respectively [3] Policy and Regulatory Environment - The recent issuance of the city's first "comprehensive permit for cultural, commercial, tourism, and sports integration projects" has streamlined 12 approval items into one, reducing the approval time from 90 to 30 working days [4] - This policy supports new industries and business formats, with the Wanli project being a direct beneficiary [4] Project Details - The Wanli project covers a total development area of approximately 500,000 square meters, consisting of Wangfujing WellTown, NuoLan Hotel, and Tingyun Town, connected seamlessly by bridges [4] - The core business area, Wangfujing WellTown, has over 90% of its leasing completed, aiming to introduce over 500 well-known domestic and international brands, with more than 60% being new to Tongzhou [4] - The NuoLan Hotel has already opened, featuring a rooftop infinity pool with views of Universal Studios, and the entire project is expected to be fully operational by the end of the year [4] Future Prospects - The Wanli project is anticipated to enhance the cultural tourism matrix of Tongzhou, integrating daytime entertainment with nighttime consumption [5] - The project is expected to contribute to a new phase of commercial prosperity and cultural vitality in the city’s sub-center [5]

Core Insights - The Wangfujing WellTown project has exceeded 90% in leasing progress, aiming to introduce over 500 well-known domestic and international brands, with more than 60% of these brands entering Tongzhou for the first time, positioning it as the largest outlet complex in North China [1][4] Economic Development - The "Bayli" project, a major international commercial and entertainment complex, has completed construction and is in trial operation, set to officially open to the public by the end of this year, with a total investment exceeding 10 billion [2] - The region's GDP is projected to grow by over 6% annually during the 14th Five-Year Plan period, with a 10.9% growth in the first three quarters of this year, ranking second in the city [2] - Since the construction of the urban sub-center began in 2016, fixed asset investment has surpassed 960 billion, maintaining over 100 billion annually for five consecutive years [2] Industrial Growth - The industrial output value in the Tongzhou area has an average annual growth rate of 23.7% during the 14th Five-Year Plan, moving from 9th to 5th in the city, with its share increasing from 2.8% to over 6% [3] - The automotive manufacturing sector ranks 3rd in the city, while urban and pharmaceutical industries rank 3rd and 4th respectively [3] Consumer Trends - Tourism consumption in the area is expected to reach 19.7 billion in 2024, a year-on-year increase of 19.6%, and has grown 3.7 times compared to the end of the 13th Five-Year Plan [4] - The Bayli project is seen as a key driver for the "spillover effect" from Universal Studios, enhancing the region's daytime entertainment and nighttime consumption offerings [5] Project Features - The Bayli project encompasses approximately 500,000 square meters, integrating Wangfujing WellTown, NuoLan Hotel, and TingYun Town, with seamless connections to subway lines [4] - The project features a high proportion of experiential retail, with 50% of its offerings, including a 35-meter indoor waterfall and the largest naked-eye 3D screen in North China [4] Future Outlook - The opening of the Bayli project is expected to usher in a new phase of commercial prosperity and cultural vitality in the urban sub-center along the Grand Canal [6]

Core Viewpoint - The article highlights the launch of the third season of public welfare art activities at the Beijing Universal Financial Center (WFC) by Hang Lung China, emphasizing the integration of art and public welfare to enhance community engagement and cultural value [1][3]. Group 1: Event Overview - The third season of public welfare art activities at WFC features a variety of events, including an art installation by the "Little Bear Starlight Orchestra," community co-creation, and a fun market, creating a diverse experience of "public welfare + art" [1]. - This season continues the innovative practices from previous events, focusing on spatial presentation, artistic expression, and community participation, further deepening the integration of commercial space with public welfare and art [3]. Group 2: Community Engagement - WFC aims to attract public participation through diverse activities, enhancing community cohesion and interaction [3]. - The event includes a themed market that creates a composite commercial space, expanding community interaction through charity sales and various cultural products [3]. Group 3: Sustainable Development - WFC has been collaborating with public welfare organizations, charitable institutions, and artists for years, making sustainable development practices a core part of its "soft operation" strategy [3]. - By incorporating artistic elements into everyday spaces, WFC seeks to create aesthetic experiences for office workers and the public, aiming to transform into a cultural energy hub [3].

Core Viewpoint - Daxiyucheng Real Estate is set to privatize, ending its listing journey that began in 2013, with the decision approved by shareholders on November 17, 2025 [3][5]. Company Overview - Daxiyucheng Real Estate, a commercial real estate platform under COFCO Group, has established a presence in five major city clusters across China, managing 32 projects including Daxiyucheng and Daxiyuhui, along with luxury hotels and investment properties in first-tier cities [4]. Privatization Details - The total cost for the share repurchase is approximately HKD 29.32 billion, with the aim to enhance shareholder value and provide an exit opportunity for investors due to low stock liquidity and governance complexities [5]. - Post-privatization, COFCO Group's ownership in Daxiyucheng Real Estate will increase from 64.18% to 96.13%, significantly consolidating control [5]. Financial Performance - Daxiyucheng Holdings has reported continuous losses over the past three years, with losses of CNY 28.82 billion in 2022, CNY 14.65 billion in 2023, and an estimated CNY 29.77 billion in 2024, totaling over CNY 70 billion [5]. - However, Daxiyucheng Holdings is projected to turn a profit by the first half of 2025, benefiting from the privatization of Daxiyucheng Real Estate [5]. Industry Trends - The trend of privatization among real estate companies has been increasing, with several firms like Shouchuang Real Estate and China Hongtai Development following suit since 2021 [6]. - Key reasons for this trend include insufficient stock liquidity, loss of financing capabilities, and the need for strategic flexibility amid a challenging market environment [7].

Core Insights - The "Wai Li" project, located adjacent to the Universal Beijing Resort, is set to officially launch by the end of this year, featuring over 100 first stores [1][2] - The project aims to leverage the spillover effects from the Universal Beijing Resort, which has attracted over 10 million visitors since its opening in September 2021 [1] Group 1 - The "Wai Li" project includes three main business formats: Wangfujing Well Town, Nuo Lan Hotel, and Ting Yun Town, creating a new paradigm for cultural and commercial tourism experiences [2] - The project has successfully attracted several first stores in Beijing, including brands like ARMANI, COACH, and BALLY, as well as unique attractions such as the Manchester United Dream Theater [2] - The Wangfujing Well Town aims to combine art, commerce, and nature within its 187,000 square meters of space, breaking the traditional outlet model [2] Group 2 - The Nuo Lan Hotel features a vertical ecological space inspired by an aerial garden, including a ten-story infinity pool with views of the Universal Studios light show [2] - Ting Yun Town will host various experiential offerings, including a Little Prince theme park and a livehouse, enhancing the overall consumer experience [2] - The company plans to organize over 100 events next year, focusing on sports, music, pets, and culture during key holidays to further enrich consumer engagement [2]

本文自南都·湾财社。 采写 | 南都·湾财社记者 王艳玲 编辑 | 子衿 继五矿私有化之后，11月17日，大悦城地产发布公告称，当日举行的法院会议上，计划股东已批准私有化决议 案。待计划生效后，其上市地位预期将于11月27日下午四时起正式撤销。 大悦城地产是中粮集团旗下的商业地产平台，在港上市时长约12年。此番私有化后，中粮集团的地产平台仅有A 股上市的大悦城控股集团。 在港上市时长约12年 2013年大悦城地产以"中粮置地"之名借壳登陆港股，后更名为大悦城地产，正式开启资本市场征程。 2019年，中粮系启动重大资产重组，A股上市的大悦城控股以发行股份方式收购港股大悦城地产64%股权，希望 借助A股与港股两个资本市场平台，打通境内外融资通道。 2025年7月31日，大悦城地产宣布开启私有化。此次私有化由大悦城地产控股公司大悦城控股集团主导，拟以每股 0.62港元现金回购计划股份，总代价约29.32亿港元，资金来源为大悦城地产内部资源或外部债务融资。 此次私有化前，大悦城控股集团持有大悦城地产64.18%普通股股份，控股股东中粮集团全资子公司得茂有限公司 持股2.58%普通股及10.95亿股优先股，计划股东持股 ...

Group 1: Real Estate Developments - Beijing Haidian District has officially listed a comprehensive land parcel with a starting price of 8.422 billion yuan, covering an area of 77,100 square meters and a planned construction area of approximately 225,400 square meters, indicating the scarcity of land resources in the area and the market's recognition of the value of the technology innovation core zone [1] - The privatization plan of Joy City Property has been approved, with the company's listing status on the Hong Kong Stock Exchange expected to be revoked on November 27, following the approval of shareholders at a court meeting, reflecting a strategic choice for resource allocation and focus during the industry's adjustment period [4] Group 2: Corporate Transactions - Zhuhai Jinwan Group plans to sell 100% equity of Gree Real Estate for 5.518 billion yuan to Zhuhai Toujie Holdings, marking a strategic shift towards focusing on the duty-free business and consumer sector, indicating a transition from real estate to duty-free consumption trends [2] - Kington Service is facing a mandatory cash offer for all its shares at a revised price of 8.69 HKD per share, with potential privatization reflecting the deep adjustments within China's property management industry, aiming for a restructuring post-privatization [3] Group 3: Leadership Changes - China Nanshan Development Group has elected Jiang Tiefeng as the new chairman, succeeding Wang Xiufeng, with the change being a normal personnel adjustment that is not expected to negatively impact the company's operations or debt repayment capabilities, indicating a new phase of collaboration within the招商系 enterprises [5]