Core Viewpoint - Dalian City Real Estate is set to privatize after being listed since 2013, with the decision approved by shareholders during a court meeting on November 17, 2023 [2][3]. Group 1: Company Overview - Dalian City Real Estate, a commercial real estate platform under COFCO Group, has established a presence in five major city clusters across China, managing 32 commercial projects and luxury hotels [3]. - The company plans to delist from the Hong Kong Stock Exchange on November 27, 2023, following a share buyback agreement valued at approximately HKD 29.32 billion [3]. Group 2: Financial Performance - Dalian City Real Estate has faced significant losses over the past three years, with reported losses of CNY 2.882 billion in 2022, CNY 1.465 billion in 2023, and an estimated CNY 2.977 billion in 2024, totaling over CNY 7 billion [4]. - The company aims to achieve profitability by the first half of 2025, with the privatization expected to enhance its equity and improve net profit margins [4]. Group 3: Industry Context - The trend of privatization among real estate companies has been increasing, with several firms, including China Hongtai Development and Huafa Property, announcing similar plans in recent years [4][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 [5][6].

稳定展望反映了标普的预期，即龙湖的商业地产组合将在未来12个月内为其提供充足的流动性缓冲。 标普认为，龙湖充足的流动性以及管理良好的债务结构降低了短期内的风险。 11月17日，国际评级机构标普发布对龙湖集团的最新评级报告，确认其公司评级为BB-，展望为"稳 定"。 此外，标普预计龙湖集团的商业地产组合将有稳健表现，有助于改善其流动性并获得资金支持。2025年 上半年，龙湖的租金收入同比增长4.9%。这得益于97%的高出租率，同时期的零售额和日均客流分别增 长了17%和11%。在标普看来，龙湖能够保持其商业地产组合的稳健运营表现，以确保资产质量和偿债 能力。 ...

Core Viewpoint - The trend of real estate companies delisting is expected to continue over the next 2-3 years, with Dalian City Real Estate's privatization plan set to conclude its public listing journey by 2025 [1][4]. Company Summary - Dalian City Real Estate (00207.HK) announced that shareholders approved the privatization resolution during a court meeting on November 17, 2023 [1]. - The company's listing status on the Hong Kong Stock Exchange is expected to be officially revoked on November 27, 2023 [2]. - Dalian City Real Estate is a commercial real estate platform under COFCO Group, managing 32 projects across five major city clusters in China, including luxury hotels and investment properties [2]. - The total cost for the share repurchase plan is approximately HKD 29.32 billion [2]. - Prior to the agreement, COFCO Group held 64.18% of the shares, which will increase to 96.13% post-privatization [2]. Financial Performance - Dalian City Real Estate has reported continuous losses over the past three years, with losses of CNY 2.882 billion in 2022, CNY 1.465 billion in 2023, and an estimated CNY 2.977 billion in 2024, totaling over CNY 7 billion [3]. - Dalian City Holdings is expected to turn profitable by mid-2025, benefiting from the increased equity in Dalian City Real Estate post-privatization [3]. Industry Trends - The increase in privatization and delisting among real estate companies is attributed to several factors: insufficient stock liquidity, loss of financing capabilities, and ongoing losses and debt crises [4]. - Privatization allows companies to implement long-term strategies and enhance operational flexibility while reducing regulatory costs [4]. - The real estate industry is undergoing significant adjustments, with declining sales and a complex market environment, indicating that the trend of privatization will likely persist [4].

Core Insights - The article highlights the transformation of Shanghai's commercial spaces, particularly along the Xuhui Riverside, into vibrant sports and social venues, enhancing urban consumption and foot traffic [1][9]. Group 1: Development of Sports Venues - Numerous commercial areas in Shanghai are utilizing idle spaces to create sports facilities, such as running tracks and skate parks, providing citizens and tourists with opportunities for exercise and social interaction [1]. - The West Bund Dream Center, previously a cement factory, has been redeveloped into a trendy landmark featuring a 10-kilometer riverside running track that attracts many running enthusiasts [3]. Group 2: Diverse Sports Offerings - The Xuhui Riverside area leverages its scenic views and space to attract flagship stores of outdoor brands, national first stores of skiing brands, and urban experience stores for sports watches, while also incorporating various sports activities like skateboarding, camping, rock climbing, and tennis [5]. - The combination of "sports brand matrix + scenario-based sports spaces" enhances consumer experience, with evening skateboarding club events drawing significant participation [7]. Group 3: Impact on Local Economy - The establishment of sports scenes in the West Bund Dream Center has led to a 30% increase in foot traffic for surrounding dining and coffee businesses, with weekend daily foot traffic exceeding 20,000 visitors [9].

Core Viewpoint - The overall transaction volume of commercial properties in Hong Kong has shown a significant recovery in the first ten months of 2025, with a total of 3,700 contracts registered, indicating a 8.0% increase compared to the entire year of 2024, and reaching 92.5% of the total value from the previous year [1] Group 1: Overall Market Performance - In the first ten months of 2025, the total number of commercial property transactions reached 3,700, with a total value of HKD 531.88 billion, surpassing the 2024 total of 3,425 transactions [1] - The estimated total transactions for the year are projected to reach approximately 4,300, marking the highest level since 2022 [1] - The recovery is attributed to the peak of interest rates, gradual economic recovery, rising stock market, and significant price adjustments in commercial properties [1] Group 2: Office Market - The office sector, including hotels, recorded 861 transactions valued at HKD 217.43 billion in the first ten months of 2025, representing a 71.2% increase in volume and a 1.1 times increase in value compared to the same period in 2024 [2] - The number of transactions in the office sector has also increased by 32.7% and 40.3% compared to the total for the previous year [2] - Notable high-value transactions include the sale of a commercial building in Central for HKD 56.5 billion and a hotel for HKD 18.7 billion [2] Group 3: Industrial Market - The industrial sector recorded 1,939 transactions valued at HKD 134.06 billion in the first ten months of 2025, marking a 33.9% increase in volume and a 1.8% increase in value compared to the same period last year [2] - This figure also represents a 6.8% increase compared to the total transactions for the previous year [2] - A significant transaction involved the sale of warehouses in Tsuen Wan for HKD 4.76 billion [2] Group 4: Retail Market - The retail sector recorded 895 transactions valued at HKD 139.37 billion in the first ten months of 2025, reflecting an 18.7% increase in volume but a 5.1% decrease in value compared to the same period last year [3] - The total number of transactions has reached 93.7% of the previous year's total, while the value has reached 75.3% [3] - The decline in value is attributed to a high base from a significant transaction last year [3]

Core Points - A partial gypsum board collapse occurred at the Longhu Changle Tianjie commercial project, resulting in injuries to 8 individuals, including 3 fractures and 4 minor injuries [2] - The project has been temporarily closed for rectification, and local authorities have established investigation, medical assistance, and aftermath handling teams to address the incident [2] - The company expresses deep regret and responsibility for the incident, offering sincere apologies to the injured and their families, and has arranged for follow-up treatment and compensation [2]

Group 1 - S&P has confirmed Longfor Group's rating at BB- with a stable outlook, indicating expectations of sufficient liquidity support from its commercial property portfolio over the next 12 months [1] - Longfor has repaid all domestic bonds maturing in 2025, with only approximately 2 billion RMB of foreign bank loans remaining due in the same year, reflecting a well-managed debt structure [1] - The debt maturity scale for Longfor in 2026 and 2027 is significantly lower compared to 2025, suggesting manageable refinancing risks supported by operational property loans [1] Group 2 - Moody's has also reported that Longfor's liquidity remains strong, with non-restricted cash and operating cash flow expected to cover unpaid land payments, dividends, and maturing debts over the next 12-18 months [2] - Longfor's credit metrics are projected to recover in the next 12-24 months due to high-margin operating income growth and ongoing debt reduction [2] Group 3 - Longfor's rental income increased by 4.9% year-on-year in the first half of 2025, supported by a high occupancy rate of 97%, with retail sales and average daily foot traffic growing by 17% and 11% respectively during the same period [1] - S&P believes Longfor can maintain robust operational performance in its commercial property portfolio, ensuring asset quality and debt repayment capability [1]

电商大行其道多年，商业地产市场如何破局？ 在上周举办的2025观点商业年会，观点指数研究院发布《表现力指数·2025年度商业地产表现报告》 （下简称《报告》）指出，在81家商业地产样本企业中，剔除样本池中规模较小且非典型的个体，选取 了18个代表性企业监测发现，其中约56%的企业2025年上半年录得收入同比下滑，11%的企业收入相对 持平，余下33%的企业录得收入增长。 电商大行其道多年，对商业地产的冲击有目共睹。 中国商业联合会购物中心分会副会长兼专家委员会首席专家蔡云建议，在新型城市建设中，商业地产需 要紧跟规划导向，以创新为动力，以绿色为引领，以存量更新为重点，不断提升自身的竞争力。 数据：18家样本企业，过半上半年收入同比下滑 报告指出，样本企业中，收入10亿元以下的企业占比最大，为43%；其次是10亿-30亿元收入的企业， 约占36%；30亿-50亿元收入的企业占比接近13%；50亿元以上收入的企业占全部样本企业的比例为 8%。当中大型企业虽凭借优质资产和运营能力抢占较大的市场份额，但收入持续增长难度较大；中小 企业则因项目竞争力不足，面临招商难、运营难、收入低的困境，难以突破收入瓶颈。 在投资物业 ...

北京CBD位列全球第六 报告显示，最显著的趋势之一，是亚洲地区在全球商务区版图中的地位显著提升。在综合吸引力排名前 十的CBD中，亚洲占据四席，凸显世界经济重心逐渐东移的新态势。 全球商务区创新联合会相关负责人表示，CBD是城市经济发展的核心载体，通过报告能看到中国商务 区在各项指标上竞争力的大幅提升。此次中国共有四个商务区入榜，分别为北京CBD、上海浦东—陆 家嘴、香港中环、广州天河CBD。凭借差异化定位与协同互补的发展路径，中国构建起了具有全球影 响力的商务区梯队，充分体现了中国式现代化进程中城市高质量发展的成果。 据悉，北京CBD在2017年和2020年《全球商务区吸引力报告》中，全球排名分别位列第九位和第七 位，2025年跃居全球第六，成为中国最具综合竞争力的CBD。 中新网北京11月14日电 (记者 陈杭)14日，《2025全球商务区吸引力报告》(下称报告)发布。报告显示， 北京CBD排名全球第六位、亚洲第二位、中国第一位，全球排名再进一步。 报告由安永与城市土地学会在全球商务区创新联合会支持下，于巴黎和北京两地同步发布。团队对全球 19个国家的30个领先CBD，基于人才、市场接近度、影响力、外部条 ...

Core Insights - The commercial real estate sector in major Chinese cities is experiencing a resurgence in investment interest, particularly from state-owned and insurance capital buyers, as they actively acquire core properties in Shanghai [1] - The high inventory levels in the commercial real estate market are identified as a root cause of the industry's "involution," but a turning point is anticipated during the 14th Five-Year Plan period [2] - Urban renewal is becoming a central focus for future urban development, shifting from quantity expansion to quality enhancement in commercial real estate [3] Investment Trends - Investment in commercial real estate is being driven by the stability and cash flow characteristics of long-term assets, with a notable increase in demand for core properties in first-tier cities [1] - The supply of new office space is expected to decline significantly, with new construction in 2024 projected to be only one-fourth of the peak levels seen in 2019 [2] - The high-standard warehouse market is showing resilience, with net absorption in the first three quarters of 2025 increasing by 62% year-on-year, reaching a historical high of 7.2 million square meters [2] Urban Renewal and Policy Changes - The upcoming five years are critical for urban renewal, with a projected increase in the office space aged 30 years or more in first-tier cities from 1.14 million square meters to over 10 million square meters by 2030 [3] - Policies are evolving to support the renewal of existing properties, including innovative mechanisms for extending land use rights and addressing the renewal of commercial and industrial land [4] - The expansion of public REITs is facilitating exit channels for existing assets, with expectations that office buildings and hotels will be included in the REITs framework during the 14th Five-Year Plan [4][5]