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 ...

Core Insights - Tianjin Yuanyang Future Mall, developed by Yuanyang Group, aims to be a community-centric commercial hub, integrating deeply into the local lifestyle of the Binhai New Area in Tianjin [1] Group 1: Brand Upgrade and Market Positioning - The commercial landscape in Tianjin is evolving, prompting the official launch of a brand upgrade for Tianjin Yuanyang Future Mall this year [3] - The key component of this upgrade is the opening of "WanV Fresh Supermarket," which aims to provide fresh and safe food options to consumers in a fast-paced urban environment [3] Group 2: Sales Performance and Customer Engagement - Within three days of its opening, "WanV Fresh Supermarket" achieved sales exceeding 1.5 million yuan, significantly boosting foot traffic to the mall [5] - During the opening period, overall foot traffic at the project increased by 49% month-over-month and 48% year-over-year, marking a successful start for the brand's renewal [5] Group 3: Future Development Plans - Tianjin Yuanyang Future Mall plans to continue its brand upgrade by focusing on "quality of life leadership" and "co-creation of consumer scenarios" [5] - The project aims to introduce more high-quality brands in leisure dining, children's growth, lifestyle services, and fashion retail, creating an immersive community living space [5]

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 ...

Core Viewpoint - The opening of the "Jingfu Anhui Lin" commercial complex in Luohu, Shenzhen, marks a significant development aimed at creating a "friendly neighborhood lifestyle center" that connects local living with cross-border consumption between Shenzhen and Hong Kong [2] Group 1: Project Overview - The project features over 50 brands across various sectors including dining, retail, and family-oriented services [2] - It is the first commercial space in the Liantang area that combines "friendly neighborhood" and "Shenzhen-Hong Kong integration" attributes [2] Group 2: Brand and Market Impact - Notable brands such as Yuedexian and Ye Ren Xian Sheng have opened flagship stores in this area for the first time [2] - The project aims to enhance the commercial infrastructure of the area and promote consumption collaboration within the Guangdong-Hong Kong-Macau Greater Bay Area [2] Group 3: Company Background - Shenzhen Anju Group currently operates a total of 66 commercial projects, managing over 550,000 square meters of space [2]

Core Insights - The MSCI report indicates a 25% year-on-year increase in commercial real estate investment in the Asia-Pacific region, reaching $50.4 billion by Q3 2025, driven by a surge in portfolio and entity transactions, which accounted for half of the total transaction volume [1] Group 1: Investment Trends - Major markets including South Korea, Australia, Singapore, Hong Kong, and India have seen a decrease in financing costs, coupled with reduced trade-related uncertainties, leading to improved investment momentum in the region [1] - There is a growing interest among investors in large acquisitions, particularly in growth sectors such as data centers, multi-family housing in Japan, and warehouses in Australia, indicating a renewed confidence in structurally resilient assets [1] Group 2: Market Sentiment - Despite lingering uncertainties regarding global economic growth and the impact of tariffs on various markets, market sentiment has become significantly more optimistic compared to the beginning of the year [1] - Investment returns have returned to positive territory, and commercial activity in most major markets has resumed, with a healthy transaction pipeline expected for Q4 [1] - Overall, the market is anticipated to improve by the end of 2025 [1]

Group 1 - UK Chancellor Rachel Reeves is expected to announce a significant tax increase in her second annual budget, despite previously claiming that no such measures would be necessary [1][4] - The upcoming budget will be closely scrutinized by the bond market, which is sensitive to changes in fiscal policy [1] - A recent YouGov poll indicates that only 9% of the British public believes Reeves is performing well in her role, while 61% disapprove [1] Group 2 - Reeves is attempting to convince financial markets of her reliable public finance plan while also reassuring her party colleagues that she can still deliver on promises to improve public services and increase investment [2] - She has been advocating for "secure economics," emphasizing the need for government preparedness in a time of frequent shocks [2] - Critics have pointed out that Reeves may not have been adequately prepared for the challenges she faces, particularly in light of external pressures such as U.S. tariffs and global conflicts [2] Group 3 - Reeves' public persona as a staunch defender of fiscal rules contrasts with her more vulnerable private demeanor, as evidenced by her emotional response in Parliament [3] - The communication failures within Starmer's government have raised concerns about their ability to maintain investor confidence, especially following the turmoil of the previous government's mini-budget crisis [3] Group 4 - Investors are concerned about the potential for tax increases, particularly on income tax, which could lead to significant reductions in investment [4] - The announcement of a potential shift away from income tax increases to smaller, less clear revenue-raising measures shocked the market, leading to a drop in UK bonds [4] - Key sectors that may be affected by the upcoming budget include banking, residential construction, retail, and commercial real estate [4] Group 5 - Despite reports that Reeves will not impose new taxes on large banks, investor confidence has been shaken by her inconsistent policy adjustments [5] - The UK bond market has shown signs of losing patience with uncertainty, and any new Chancellor may not adhere to the same fiscal conservatism as Reeves [6] - The long-term performance of UK bonds has been relatively better than most G7 counterparts this year, but since the Labour Party's victory last July, only Japanese bonds have performed worse [6] Group 6 - Reeves has managed to reassure financial representatives during her recent trip to the U.S., but her reputation in the UK business community continues to decline due to past tax increases and ongoing policy uncertainty [9] - The CBI has criticized Reeves for neglecting business concerns in key policy areas, contrasting with her previous efforts to gain support from the business sector [10] - The bond market poses a direct threat to her position, and if investors react negatively to the upcoming budget, it could lead to opposition from Labour Party members [10]