中金研究 近年来政策持续强调房地产行业向新模式转型。从企业的角度看，未来住房业务的高质量发展，经营性不动产业务的重心增加是基本趋 势，围绕"资产管理"这个关键词来建设新能力、新生态也已经具备一定的共识。本篇报告侧重对海外市场的历程做一个溯源和归纳，并对 于中国市场的前景做一些方向上的思考。 点击小程序查看报告原文 Abstract 摘要 正确认识海外的历程：不动产企业向资产管理企业的转型主要是由金融深化驱动的。 过去40年海外不动产企业形态演变的过程，最终使得部 分产业主体成功向资产管理平台转型，这一转型架构在资产证券化和资本全球化程度不断提升的背景之上。其中，西方经济体的企业进展较快 一些（2010年代是其转型高潮），亚洲市场的企业整体还处在转型中前期。从体量上看，不动产领域的证券化水平、流动性的条件，同过去40 年整体资本市场的发展大致相称，可以理解为资本市场全局发展的一个重要部分，同时带动了一批企业的业务模式变化。 中国处在城镇化和金融市场发展的双拐点上，房企向资产管理业务探索转型是必然方向，"十五五"或将是制度建设的关键期。 目前市场对于 不动产企业从"传统开发—开发+持有—资产管理"的形态路径已经有 ...

随着中国房地产行业告别增量扩张的黄金时代，存量市场已成为行业竞争的核心战场。 中指研究院《2025中国商业地产发展白皮书》数据显示，截至2025年5月，全国3万平方米以上已开业零售商业项目总面积达5.9亿平方米，五大城市群就 占据60%的存量份额；另据观点指数，重点八城商业地产平均租金较上年同期下跌11.9%，大量中小体量项目陷入出租率不足、坪效低迷的困境。 与此同时，城市更新、保租房建设等政策密集落地，要求行业从"建房子"向"管资产"转型，存量资产盘活的紧迫性与日俱增。如何让海量低效资产重焕生 机、让沉淀价值充分释放，已成为房企穿越周期、实现可持续发展的必答题。 作为龙湖集团旗下专注于资产管理的旗舰品牌，龙湖资产管理承袭其二十余年不动产运营积淀，以创新业态欢肆为实践载体，构建起"业态协同增值、精 细运营赋能、投融建管退闭环"的全链条资管能力体系，在存量市场中走出一条可复制、高兑现的价值提升之路，为行业树立了存量资产盘活的新标杆。 龙湖全链资管能力进化之路 从单一长租公寓探索到全周期全业态布局，从业务板块升级到资管品牌独立，龙湖资产管理的发展轨迹深度契合中国房地产从增量扩张到存量深耕的行业 转型脉络，每一步迭 ...

南京壹城集团成立以来，逐步形成了以二十余个保障房小区配套商业为主的约十余万平方米经营性资产，这部分资产的安全与稳定，既 是集团发展的基石，也是保障民生福祉的根本所在。近年来，集团资产管理团队始终秉持安全为先、服务为本的理念，多措并举持续提 升资产运营与安全管理水平。为商户顺利开业和稳定运营提供了坚实保障。 近日，在双塘路1号-1商铺的服务实践中，资产管理团队再显担当，主动靠前服务，深入了解其装修规划与经营需求。调研中发现，该商 户计划配备大量专业灯光、音响及冷藏设备，用电负荷远超原有设计标准，为避免引发线路过载、短路甚至电气火灾等严重安全隐患， 对商户自身和周边区域造成影响，资产管理团队迅速响应，抽调运营骨干，与电力专业人员、设计师组建专项攻坚小组，科学制定电力 改造方案。通过积极协调电力部门开通绿色通道、携手物业优化施工流程，以模块化、精细化的作业方式，高效完成用电增容与线路改 造。 二是紧扣"严"字，织密"排查网"。坚持"全覆盖、无死角、零容忍"，采取"日常巡查+专项督查+交叉互查"方式，聚焦消防设施、电气线 路、燃气设备及疏散通道等重点领域，开展系统性、全方位排查。每处隐患均建立台账，形成"问题清单—整 ...

Major Mergers and Acquisitions - Kimberly-Clark is set to acquire Kenvue for approximately $48.7 billion, creating a large consumer health products company with projected annual net revenue of about $32 billion by 2025 [1] - Abbott Laboratories has agreed to acquire Exact Sciences for $23 billion, marking its largest acquisition in nearly a decade, focusing on rapid cancer detection [2] - Pfizer has successfully acquired Metsera for over $10 billion after winning a bidding war against Novo Nordisk [3] - AkzoNobel plans to merge with Axalta Coating Systems, resulting in a combined company valued at $25 billion, with expected annual revenue of $17 billion [5] - Parker Hannifin will acquire Filtration Group for $9.25 billion, enhancing its industrial business portfolio [5] - Macquarie Asset Management proposed to acquire Qube Holdings, valuing the Australian logistics company at approximately $7.5 billion [6] - Omnicom Group's acquisition of Interpublic Group has been finalized, creating the largest marketing communications group globally with revenues exceeding $25 billion [8] Chinese Market Developments - Starbucks announced the sale of a controlling stake in its China business to Boyu Capital for $4 billion, aiming to double its store count in China [11][12] - CPE Yuanfeng is forming a joint venture with Burger King to establish "Burger King China," with an initial investment of $350 million [12] - China International Capital Corporation plans to acquire Xinda Securities and Dongxing Securities, potentially creating a leading brokerage firm in the market [12] Other Notable Transactions - GlobalFoundries has acquired Advanced Micro Foundry to expand its presence in the emerging silicon photonics industry [13] - Panasonic Holdings is selling its subsidiary Panasonic Housing Solutions to YKK Group, which focuses on residential equipment [13] - Posco Holdings will acquire a 30% stake in Mineral Resources' lithium business for approximately AUD 1.2 billion (USD 765 million) [14]

Core Insights - The report emphasizes the transformation of the real estate industry from a development-driven model to an asset management-focused approach, highlighting the need for value preservation and enhancement in a changing market environment [4][10][26] - It identifies significant shifts in supply and demand dynamics within the real estate market, indicating a transition from rapid urbanization and expansion to a focus on optimizing existing assets and improving quality [11][14][23] - The report outlines the importance of adopting a comprehensive asset management strategy that spans the entire lifecycle of real estate assets, from acquisition to operation and eventual exit [39][41][67] Market Dynamics - The real estate market in China has experienced profound changes, with a notable decline in new housing sales and development investments since 2022, leading to an oversupply situation [10][11][14] - Major cities have seen a significant increase in the stock of Grade A office buildings, with total stock growing by 85.9% from 2016 to 2024, resulting in rising vacancy rates and downward pressure on rental prices [17][18] - The retail property market has also expanded, with high-quality shopping center stock increasing by 158.3% from 2016 to 2024, intensifying competition among commercial properties [21][22] Demand Evolution - The report highlights a shift in consumer preferences, with an increasing focus on quality and experience in housing and commercial spaces, driven by demographic changes and economic conditions [23][24] - The demand for rental housing is expanding, alongside a growing emphasis on sustainable and smart living environments, reflecting changing societal values [24][26] Asset Management Strategies - The report advocates for a strategic shift towards asset management that prioritizes long-term value creation through operational enhancements and financial optimization [32][34] - It emphasizes the necessity of a structured approach to managing existing assets, including categorizing and evaluating properties to maximize their operational efficiency and value [72][78] - The importance of dynamic adjustments in management strategies to respond to market fluctuations and tenant needs is underscored, ensuring that assets remain competitive and profitable [81] Value Tracking and Exit Strategies - Continuous tracking of asset values and market feedback is essential for understanding the factors influencing property valuations [51][52] - The report outlines various exit strategies, including asset securitization and equity transfers, as critical for realizing the value of real estate investments [59][60][64] - It stresses the significance of identifying optimal exit timing and methods to maximize asset value realization [59][60]

Core Viewpoint - The two largest real estate asset management firms in Singapore, Mapletree Investments and CapitaLand Investment, are exploring a merger that could create a new entity with an asset management scale exceeding $150 billion (approximately 1.0688 trillion RMB) [1]. Group 1: Company Overview - CapitaLand Investment is a leading global real estate asset management company based in Asia, listed in Singapore in 2021, with an asset management scale of 117 billion SGD (approximately 638.4 billion RMB) as of August 2025 [1]. - CapitaLand Investment manages a diversified portfolio across seven listed REITs and business trusts, covering various asset classes including commercial, retail, hospitality, industrial logistics, data centers, healthcare, and private credit [1]. - Mapletree Investments has an asset management scale of 80.3 billion SGD (approximately 438.1 billion RMB) as of March 2025, managing three listed REITs and nine overseas private real estate funds [2]. Group 2: Merger Details - The merger discussions between Mapletree Investments and CapitaLand Investment are in the early stages, and it remains uncertain whether the plan will be finalized [1]. - Temasek Holdings, a wholly-owned investment holding company of the Singapore government, owns 100% of Mapletree Investments and 54% of CapitaLand Investment [1].

Core Insights - The current real estate market in China is at a cyclical low, facing severe challenges, with a lack of consensus on the core pricing benchmarks for real estate assets [1] - The restructuring of the real estate cycle is fundamentally achieved through the price formation mechanism, which is driven by the micro-level interactions between supply and demand [1] International Insights - Asset management institutions play a crucial role in market restructuring, as evidenced by the cyclical nature of real estate prices in mature economies [2] - The U.S. has experienced significant crises that led to the emergence of new financial instruments like CMBS and REITs, which reshaped the market landscape [4][5] - The shift from "subject credit" to "asset credit" in the U.S. real estate market highlights the importance of institutions that can efficiently connect physical assets with financial markets [5][6] Implications for China's Real Estate Market - The current inventory pressure in China is substantial, with an estimated 4 billion square meters of inventory and a potential de-stocking period of up to 5 years [13] - The rental yield in major Chinese cities is approximately 1.8%, which is significantly lower than historical levels in the U.S. and Japan during their respective crises [14][15] - A new pricing anchor based on rental yield rather than price-to-income ratios is suggested to better reflect asset value [12][13] Future Price Evolution - A sensitivity analysis indicates that a 0.5% reduction in expected price growth could lead to a 22% decline in property prices, while a 1% reduction could result in a 36% decline [16] - The need for a balanced market is emphasized, requiring measures to lower interest rates, reduce risks, and enhance rental yields [16] Commercial Real Estate Market Dynamics - There is a significant gap between primary and secondary market valuations in China's commercial real estate, indicating a disconnect in asset pricing [17] - Historical examples from the U.S. suggest that innovative risk-sharing mechanisms can help restore market confidence during downturns [17] Asset Price Cycle Reconstruction - The restructuring of the real estate cycle necessitates a shift from traditional developer-led models to a new financial ecosystem involving specialized asset management institutions [18][19] - The creation of a new type of real estate asset management institution is essential for developing a complete ecosystem that includes private equity funds, REITs, and effective exit strategies [19] Policy Recommendations - The core objective should be to convert excess inventory into new demand through market mechanisms, addressing the mismatch between supply structure and diverse demand [20] - A market-oriented approach to asset acquisition and transformation is recommended, leveraging professional asset management institutions to mitigate risks [20][21] - Financial innovations and exit mechanisms must be synchronized to ensure sustainable participation from market entities [21][22]

Core Insights - Caliber, a Nasdaq-listed real estate asset management company, has officially approved its Digital Asset Treasury Strategy (DAT Strategy) and related policies [1] - The company plans to allocate part of its treasury funds to purchase LINK tokens from the Chainlink protocol for long-term appreciation and staking yield generation [1] - Caliber aims to enhance shareholder value and company liquidity through the acquisition of LINK via existing financing and equity securities issuance [1]