Core Viewpoint - The Hong Kong commercial real estate market is facing structural issues that cannot be resolved in the short term, and the government should allow market mechanisms to adjust while considering the establishment of an asset management company to buy time for recovery [1] Group 1: Market Conditions - The overall vacancy rate for office spaces in Hong Kong currently stands at 15% [1] - Recent transaction prices for Central district office buildings have dropped over 70% compared to their peak levels a few years ago [1] Group 2: Financial Implications - Many commercial real estate companies are in a state of insolvency, yet banks have refrained from significantly lowering property valuations to avoid impacting asset quality [1] - The current capitalization rate for office buildings is approximately 2% to 3%, which is lower than borrowing costs, indicating a challenging financial environment for potential buyers [1] Group 3: Government and Market Response - The government is adopting a temporary approach, hoping that interest rate cuts will stabilize the market, although this may not be effective without substantial reductions in property valuations [1] - There are two proposed strategies: allowing the market to self-correct as prices become attractive, or actively intervening by establishing a central asset management company to handle properties and provide banks and borrowers with time to wait for market recovery [1]

Group 1 - The first "Industrial Upgrading" project in Qianjiang Century City, the Qianjiang Century City Intelligent Comprehensive Science and Technology Park, has broken ground, marking a new practice in urban industrial exploration [1][4] - The Hangzhou Asia-Olympic Vientiane World, located in Qianjiang Century City, is set to open at the end of September, featuring a total area of nearly 150,000 square meters with a unique "Mall + Street" format [1][2] - The project aims to enhance the quality of life for residents in the Asian Games Village and surrounding areas, stimulating regional consumption vitality [2] Group 2 - The Qianjiang Century City Intelligent Comprehensive Science and Technology Park will have an industrial and research facility area of approximately 149,000 square meters, designed to meet the diverse needs of different enterprises [4] - The park will consist of 11 independent buildings, including 8 standard factories, 1 research factory, and 2 supporting buildings, focusing on smart, low-carbon, and personalized vertical industrial complexes [4] - The project is expected to be completed by June 2028, with a focus on low-altitude economy and artificial intelligence as leading industries, aiming to create a "Digital Economy + Advanced Industry Base" [5]

Core Insights - The Baltic commercial real estate market in Q2 2025 showed low transaction activity due to a lack of equity capital and modest economic growth, although declining EURIBOR rates reduced borrowing costs [1] Financial Performance Overview - EfTEN Real Estate Fund AS reported consolidated sales revenue of €8.210 million for Q2 2025, a 3.1% increase year-on-year, and €16.068 million for H1 2025, reflecting a 1.0% increase [4] - The fund's consolidated net operating income (NOI) for H1 2025 was €14.845 million, a 0.4% increase from H1 2024, with an NOI margin of 92% [5] - The consolidated net profit for Q2 2025 was €4.025 million, significantly up from €2.442 million in Q2 2024, driven by a positive change in the fair value of investment properties [6] - For H1 2025, the consolidated net profit was €8.192 million, an increase from €6.250 million in H1 2024, with interest expenses decreasing by €973 thousand, or 22% [7] Real Estate Portfolio - As of 30 June 2025, the fund held 37 commercial real estate investments with a fair value of €382.018 million, up from €373.815 million at the end of 2024 [8] - The vacancy rate for the fund's investment properties was 3.7%, with the highest vacancy in the office segment at 16.2% [12] Investment and Development Activities - In H1 2025, the fund invested €7.657 million in new properties and development, including the acquisition of a property in Tallinn for €4 million [9][10] - The Paemurru logistics center was completed in Q2 2025, contributing to the fund's revenue growth [11] Financing and Interest Rates - The fund's subsidiaries have floating interest rate bank loans, and with the decline in EURIBOR, interest expenses have decreased significantly [3] - As of 30 June 2025, the weighted average interest rate on loan agreements was 3.95%, down from 4.89% at the end of 2024 [16] - The fund's interest coverage ratio improved to 3.7 as of 30 June 2025, compared to 2.9 a year earlier [17] Share Information - The net asset value (NAV) per share of EfTEN Real Estate Fund AS was €19.98 as of 30 June 2025, reflecting a 1.9% decrease during the first half of 2025 [19]

位于南京市雨花台区软件大道的雨花客厅自开业以来一直是一处"人气商业体"，很多市民都有到此购物、休闲的经历。5月7 日，扬子晚报/紫牛新闻记者获悉，雨花客厅南区商业房产被乌鲁木齐市中级人民法院"上架"阿里资产平台，将于近期进行拍 卖。此次拍卖商业房产总建筑面积超1.5万平方米，市场估价4.03亿余元，起拍价在此基础上"直降"1.2亿余元，定为2.82亿余 元。 建面超1.5万平方米，开业以来人气始终"火爆" 此次拍卖的"南京市雨花台区软件大道109号9幢1室商业房产"总建筑面积15141.39平方米，包括地上四层和地下一层，房屋用途 为商业服务，修建年代为2016年，对应的分摊土地使用权面积3679.9平方米。扬子晚报/紫牛新闻记者获悉，该商业房屋目前为 雨花客厅南区使用。 对于雨花客厅，很多南京市民特别是生活、工作在雨花台区软件谷一带的市民都很熟悉。南京第一家山姆会员店便入驻于此， 同时还开设有大量餐饮、服装、培训等店铺，吸引有各种消费需求的顾客前来。资产评估报告显示，在雨花客厅南区经营的商 户多达50余家。 同时，因为地铁一号线天隆寺站有一个出入口就设在雨花客厅，因此这里交通非常便利。开业多年来，该商业体经 ...