Core Viewpoint - The Royal Court Plaza in Shenzhen, a prominent shopping center, is set to be auctioned due to debt disputes, with a starting price significantly lower than its assessed value [2][10]. Group 1: Auction Details - The Royal Court Plaza, also known as the Crystal Island Commercial Center, will be publicly auctioned on September 9, with a starting price of 30.53 billion yuan, down over 42% from its assessed value of 43.61 billion yuan [2][6]. - The auction has attracted significant attention, with 6,128 views recorded as of August 10, and a bidding deposit set at 6.1 billion yuan [6]. Group 2: Financial Background - The auction is a result of debt disputes involving Royal Court International and its subsidiaries, which owe significant amounts to creditors, including a 27.5 billion yuan debt to Guangyao Xialan (Shenzhen) Investment Co., Ltd. [10][11]. - Royal Court International had previously borrowed 30 billion yuan from CITIC Trust to finance the construction of the Royal Court Plaza, with the loan maturing in March 2021 [11]. Group 3: Operational Status - Despite the legal issues, the Royal Court Plaza has continued to operate normally, with consumers able to shop without disruption, although the property is under a mortgage and seizure status [2][12]. - The financial performance of Royal Court International has been declining, with a reported revenue of 658 million yuan in 2024, down 43.86% year-on-year, and a net loss of 640 million yuan [12][13].

此次法拍缘起于一笔抵押借款。2016 年，皇庭国际子公司深圳融发投资有限公司（以下简称"融发投 资"）与中信信托签订信托贷款合同，借款金额为30亿元，借款期限为2016年3月30日至2021年3月30 日。 实际上，在终审判决之前，皇庭国际也曾主动寻求出售皇庭广场以解决债务问题。2022年3月，皇庭国 际在深圳联合产权交易所挂牌了所持有的融发投资100%的股权，寻找意向受让方，参考价格为74.93亿 元；而融发投资的核心资产便是位于深圳福田CBD的皇庭广场。皇庭国际要求摘牌方清偿融发投资对 皇庭国际及相关方的全部债务。 【#深圳皇庭广场30.53亿起拍#，#深圳皇庭广场拍卖价较3年前腰斩#】位于深圳中轴线上的地标商业体 皇庭广场即将被法拍。 8月11日，皇庭国际（000056.SZ）公告称，近日通过公开信息查询获悉，广东省深圳市中级人民法院将 公司全资子公司融发投资名下资产晶岛国商购物中心（即深圳皇庭广场）及相关附属设施、设备于9月9 日进行公开拍卖，评估价约43.61亿元，起拍价约30.53亿元，保证金6.1亿元。 皇庭广场位于深圳福田CBD中心位置，北倚市民中心，南接会展中心，是深圳地铁1、4号线上盖物 ...

Core Viewpoint - The auction of the Shenzhen Huangting Plaza, a key asset of Huangting International, is set to take place on September 9, with a starting price significantly reduced compared to previous valuations, reflecting the company's financial distress and the impact of debt obligations [2][5][6]. Group 1: Auction Details - Huangting Plaza, located in the central business district of Shenzhen, has an estimated value of approximately 4.36 billion yuan, with a starting auction price of about 3.05 billion yuan [2]. - The auction is a result of a legal dispute stemming from a 30 billion yuan loan taken by Huangting International's subsidiary, which could not be repaid due to policy changes and subsequent legal actions [4][6]. Group 2: Financial Implications - The asset's auction could lead to significant changes in Huangting International's financial structure, as the plaza represents 71.57% of the company's total assets and contributes 56.03% of its annual revenue [6][7]. - If the auction is successful, Huangting International may face a risk of being flagged for potential delisting due to financial performance metrics, as the remaining revenue after the plaza's contribution would fall below the required thresholds [7]. Group 3: Debt Resolution Efforts - Huangting International is currently in discussions with creditors to negotiate a comprehensive debt resolution plan, which may lead to the cancellation of the auction if an agreement is reached [8].

图片来 源：界面图库 大连万达集团股份有限公司(下称万达集团)再添一条被执行人信息。 天眼查APP显示，近日万达集团被列入被执行人，执行标的超过24亿元，执行法院为北京金融法院。 被执行人详情 7天眼查 案号 (2025)京74执1380号 被执行人 大连万达集团股份有限公司 证件号/组织机构代码 24128139-2 执行标的(元) 2,406,053,380.00 执行法院 北京金融法院 立案日期 2025-08-07 关联司法案件 VIP 大连万达集团股份有限公司相关案件 执行案件 案件身份: 首次执行被执行人 (2024) 京03执3775号 案号: (2024) 京仲裁字第0200号 (2025) 京74执1380号 疑似申请执行人 2 - 目前，万达集团及其所属公司负债较大。债券报告的重大风险提示显示，截至2024年6月末，大连万达 商业管理集团股份有限公司(下称万达商管)合并口径有息负债1375.61亿元，其中一年内到期的有息负债 302.69亿元。 今年以来，万达商管通过出售近50家万达广场，缓解资金压力。 国家市场监督管理总局信息显示，5月6日，太盟(珠海)管理咨询合伙企业(有限合伙)、高和 ...

Core Viewpoint - The ownership of the landmark shopping center "Huangting Plaza" in Shenzhen is facing a significant change, pushing the owner, Huangting International (000056), towards the brink of forced delisting due to the judicial auction of its core asset [2][4]. Group 1: Asset and Financial Impact - Huangting International's wholly-owned subsidiary, Shenzhen Rongfa Investment Co., Ltd., will have its core asset, the Jingguo National Business Shopping Center (Huangting Plaza), auctioned on September 9-10, 2025, with a starting price of 3.053 billion yuan [4]. - The asset is crucial for Huangting International, with a book value of 5.75 billion yuan as of the end of 2024, accounting for 71.57% of the company's total assets, and contributing 369 million yuan in revenue, representing 56.03% of total revenue for the same year [4]. - The company acknowledged that the auction will have a "significant impact" on its assets, liabilities, and daily operations, warning of potential financial delisting risks if financial indicators breach exchange thresholds [4]. Group 2: Debt Crisis Background - The crisis originated from a 30 billion yuan loan taken by Rongfa Investment from CITIC Trust in 2016, using Huangting Plaza as collateral. The loan matured in 2021, and due to policy changes, it could not be renewed, leading to a lawsuit due to repayment inability [5]. - Despite reaching a temporary agreement with creditors in 2024 for monthly deductions, the debt issue remains unresolved. The debt was transferred to Guangyao Xialan (Shenzhen) Investment Co., Ltd. in July 2024, escalating the crisis [5]. - Huangting International has attempted to divest debt through various means since 2022, including listing Rongfa Investment's equity for sale, but the reference price dropped from 7.493 billion yuan to 5.62 billion yuan without any buyers [5]. Group 3: Ongoing Financial Losses - The company has faced continuous losses since 2020, with a projected loss of 140 million to 200 million yuan for the first half of 2025 according to the latest semi-annual performance forecast [6]. - The primary reasons for the losses include skyrocketing financial expenses due to litigation related to existing loans, amounting to 294 million yuan in the first half of the year, and a decline in operating income due to the forced termination of some property contracts [6]. - The outcome of the judicial auction, the ability to attract buyers at the starting price of 3.053 billion yuan, and the company's strategy to reshape its core business post-asset loss will be critical in determining its fate regarding delisting [6].

Group 1 - The total commercial real estate investment in the Asia-Pacific region reached $31.2 billion in Q2 2025, representing a 15% year-on-year increase, despite ongoing global economic uncertainties [1] - The total investment in the Asia-Pacific region for the first half of the year was $67.6 billion, with a year-on-year growth of 17% [1] - South Korea's market showed remarkable performance with Q2 investment exceeding $6 billion, a significant increase of 72% year-on-year, making it the fastest-growing market in the Asia-Pacific region [1] Group 2 - Japan remained the most active market in the Asia-Pacific region, with Q2 investment totaling $7.6 billion, a 31% increase year-on-year, and a cumulative total of $21.3 billion for the first half of the year, up 23% [1][2] - The office asset class led the market in Q2 with a transaction volume of $13.3 billion, reflecting a 24% year-on-year increase [2] - Residential assets showed exceptional performance with a transaction volume of $3.6 billion in Q2, marking a substantial year-on-year growth of 92%, with Japan contributing half of the total volume [2] Group 3 - In mainland China, commercial real estate investment totaled $5.2 billion in Q2 2025, a 7% year-on-year increase, with investors maintaining a cautious approach [3] - The market transactions were primarily dominated by domestic enterprises and high-net-worth investors, with small to medium-sized asset transactions being the mainstream [3] - The long-term rental apartment assets in first-tier cities continued to attract investor interest due to their relatively stable returns [3]

Group 1 - The third "Zhengda Lane Left BINGO Market" has opened in Lujiazui, running until August 31, offering diverse summer night experiences for citizens and tourists [1][3] - The market features over 60 unique stalls every weekend from Friday to Sunday, enhancing the summer atmosphere in Pudong [3][5] - This year's theme is "Tide Rising Zhengda, Happy Shopping by the Riverside," showcasing a blend of global flavors from various cuisines [5][9] Group 2 - The market has upgraded its layout, introducing a nostalgic alley theme and a stage for performances, aiming for a double-digit increase in foot traffic during the four-week event [11] - The area around Zhengda integrates attractions like the Pudong Museum of Art and the Oriental Pearl Tower, promoting a vibrant commercial and cultural atmosphere [11][20] - EKA·Tianwu is highlighted as a significant case of urban renewal in Pudong, focusing on cultural and social experiences to meet evolving consumer demands [19][20]

北京商报讯（记者 刘卓澜）8月12日，太古地产宣布推出创新智能时尚产品——TK Mates。据介绍， TK Mates基于时尚垂类AI模型，融合全球知识体系、潮流趋势与运营数据，能够构建起"人、内容、场 景"三位一体的智能连接方式。太古地产零售业务董事韩置表示，TK Mates不仅是一次AI技术加持商业 地产运营的尝试，更是构建"情感化商业"的战略落子。AI的价值不止于效率提升，更在于重塑人与商业 的情感纽带。 同时，TK Mates也能为购物中心提供智能运营模式。TK Mates将品牌形象融入交互场景，助力建立深 度情感链接。基于消费者偏好，TK Mates在消费者未主动搜索时精准推送个性化内容，提供"被懂得"的 服务体验。消费者只需提出需求即可获得店铺信息、服务链接。TK Mates亦会根据消费者偏好提供单 品推荐，促成消费体验闭环。 TK Mates同样能够为零售品牌创造新的表达维度和触达方式。通过深入分析消费者行为与品牌参与度 等数据，TK Mates为品牌营销和服务改进提供支持，构建"洞察-互动-转化-运营"的商业价值闭环，打 造"人文、品牌与社群"互通互联的零售体验集结地。 太古地产表示，未来，太 ...

Core Insights - The article highlights the rise of IP economy driven by emotional value, exemplified by the "Bian Bian Xue Wang Global Exhibition" in Beijing, which successfully activates consumer emotions and drives consumption [1][2][5] Group 1: IP Development and Consumer Engagement - The "Bian Bian Xue Wang" exhibition features a 500 square meter area with 55 uniquely designed snow king figures and a 10-meter tall giant snow king, creating an immersive winter wonderland experience [2][3] - The collaboration between Longfor Commercial and Mixue Ice City showcases the deep development of the snow king IP, enhancing its visual representation and emotional connection with consumers [2][3] - The exhibition includes various activities such as a unique stage play and multilingual animations, enriching the cultural content and allowing consumers to experience the charm of the snow king IP from multiple dimensions [3] Group 2: Marketing Strategy and Transformation - Longfor Commercial aims to shift traditional marketing models by emphasizing emotional value derived from IP resonance, transforming consumer spaces into platforms for emotional expression and cultural engagement [4][5] - The transformation from a "landlord" to a "curator" and "traffic operator" is evident in Longfor's approach, where they create engaging and story-driven exhibition spaces that connect brands with consumers [4] - The exhibition successfully converts online traffic into offline footfall through various engaging activities, demonstrating the effectiveness of their innovative IP and scene creation [5] Group 3: Long-term Commercial Impact - The rise of IP economy is expected to peak by 2025, with brands leveraging unique and attractive commercial spaces to drive consumer engagement and sales [6] - The "Bian Bian Xue Wang" IP resonates with Generation Z, who are willing to pay for emotional connections, stories, and identity recognition rather than just product functionality [6] - The exhibition not only boosts immediate consumption but also optimizes the commercial ecosystem in the long term, enhancing the overall competitiveness of the commercial space [6]

Core Viewpoint - The auction of the Shenzhen Huangting Plaza, a key asset of Huangting International, is set for September 9-10, 2025, with a starting price of 3.053 billion yuan, reflecting a nearly 30% discount from its assessed value of 4.361 billion yuan [1][5]. Financial Summary - Huangting Plaza accounts for 71.57% of the company's total assets and is projected to contribute 56.03% of the company's total revenue in 2024 [1]. - As of March 2023, Huangting International reported total assets of 8.008 billion yuan and total liabilities of 7.777 billion yuan, resulting in a debt ratio of 97.12% [6]. Operational Context - The plaza's land use rights are valid until October 2042, with approximately 17 years remaining [3]. - The property is currently burdened with outstanding management fees of about 16.3187 million yuan and utility fees of approximately 7.4006 million yuan, totaling around 23.72 million yuan in additional costs for potential buyers [3]. Historical Background - The financial troubles leading to the auction began with a 30 billion yuan loan taken in 2016, which was not repaid by the 2021 deadline, triggering legal actions [6]. - Previous attempts to sell the 100% stake in the subsidiary owning the plaza failed due to complex debts and restricted ownership [6]. Market Sentiment - The auction reflects a broader market sentiment where high-debt assets are often avoided by investors, impacting the asset's perceived value [9]. - Experts suggest that potential buyers must have strong financial backing, as the plaza's operational challenges and land use limitations present significant risks [8][12]. Future Prospects - Analysts indicate that the plaza could attract specific types of investors, such as insurance funds or foreign investment firms, who may seek to repurpose the asset for higher returns [8]. - The plaza's prime location and large land area are seen as competitive advantages, but the unresolved debt issues and operational costs must be addressed for long-term viability [12].