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]

截至2025年3月底，丰树集团资产管理规模达803亿新元（约合4381亿元人民币），管理3只上市REIT及 9只海外私募地产基金。2005年，丰树集团首次进入中国市场。目前，中国是丰树集团的最大海外市场 之一。 （文章来源：中国经营报） 据了解，上述合并计划目前仍处于极早期阶段，最终能否落地尚不确定。淡马锡是新加坡政府全资拥有 的投资控股性公司，新加坡财政部持有其100%的股权。淡马锡则持有丰树集团100%股权，并拥有凯德 投资54%的股份。 《中国经营报》记者注意到，凯德投资方面表示，公司将持续为股东创造长期价值，会定期评估与战略 一致的并购机会，但不评论市场传言。 公开资料显示，凯德投资是立足亚洲、领先的全球不动产资产管理公司，2021年在新加坡上市。截至 2025年8月底，凯德投资管理规模达1170亿新元（约合6384亿元人民币），旗下布局横跨7只上市REIT 与业务信托，并覆盖商办、零售、酒店、工业物流、数据中心、健康养老及私募信贷等多元资产类别。 近日，有消息称，新加坡规模最大的两家房地产资产管理机构——淡马锡旗下的丰树集团（Mapletree Investments）与新加坡上市公司凯德投资（Ca ...

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]

来源：市场资讯 （来源：吴说） 吴说获悉，纳斯达克上市房地产资产管理公司 Caliber（NASDAQ: CWD）宣布董事会正式批准数字资 产国库策略（DAT Strategy）及政策（DAT Policy），计划分配部分国库资金购买 Chainlink 协议的 LINK 代币，用于长期增值及 Staking 收益生成。Caliber 计划通过现有融资及股权证券发行购买 LINK，目标有序积累，强化股东价值及公司流动性。 ...