来源：市场资讯 添加oppland123，加入不良交流群 近期，市场消息，宜家母公司英格卡正计划打包出售国内的10座荟聚购物中心。 首批出售的是位于无锡、北京、武汉的三座购物中心，涉及资金160亿元，接盘方为险资。上述三个项目，是英格卡于中国内地较早开业的购物中心，运 营至今均已超过10年时间。 消息提到，接盘方为由泰康人寿领投的Pre-REITs并购基金。基金总规模80亿元，泰康人寿认购30亿元，其他参投方包括中银三星、中宏、友邦、大都会 人寿等险资，共计认购30亿元，同时，英格卡将认购基金的劣后级，出资约20亿元。此外，出售总代价当中，剩余的80亿元拟采用银行融资的方式获取。 知情人士透露，目前，交易各方仍在沟通合作条款和细节。 除此之外，7月10日，友邦人寿保险扩大其在上海的不动产投资布局，收购位于松江区超10万平方米的保障性租赁社区，涉房源2252套。收购总价为9.8亿 元。 险资频繁抄底不动产项目 （来源：不良资产行业观研） 阳光人寿、太保资本和中银三星人寿旗下基金也接盘太仓万达广场、广州萝岗万达广场、湖州万达广场、上海金山万达广场、合肥万达广场和东莞厚街万 达广场。 友邦人寿24亿元接手凯德投资旗 ...

Economic Performance - July industrial added value grew by 5.7% year-on-year, down 1.1 percentage points from June and slightly below the consensus expectation of 5.8%[4] - Retail sales in July increased by 3.7% year-on-year, a decline of 1.1 percentage points from June, with non-automotive retail sales growing by 4.3%[12] - Fixed asset investment from January to July showed a cumulative year-on-year growth of 1.6%, with private investment declining by 1.5%[23] Sector Analysis - From January to July, manufacturing investment rose by 6.2%, while real estate investment fell by 12.0%[25] - High-tech industries saw a cumulative year-on-year growth of 9.5% in industrial added value, indicating resilience in this sector[7] - Service consumption in July grew by 5.2% year-on-year, supported by strong demand during the summer travel season[15] Challenges and Risks - Economic data for July reflects significant downward pressure on growth, influenced by complex external conditions and adverse domestic weather factors[34] - Price factors continue to drag down nominal growth rates in retail sales and fixed asset investment[34] - Risks include potential global inflation resurgence and rapid economic downturns in Europe and the U.S.[36] Policy Recommendations - The report suggests that proactive macroeconomic policies are essential to stimulate domestic demand and support growth[35] - Attention should be given to the implementation of consumption loan interest subsidies and the impact of U.S.-China trade negotiations on foreign trade dynamics[35]

Core Viewpoint - Tianan (00028.HK) has seen a stock price increase, closing at 4.750 HKD on August 12, marking a 0.85% rise from the previous trading day and reaching a nearly one-year high of 4.800 HKD during intraday trading [1] Group 1: Stock Performance - As of August 12, Tianan's stock closed at 4.750 HKD, with an intraday peak of 4.800 HKD, the highest in nearly a year [1] - The net capital inflow for the day was 10.14 thousand HKD, with unspecified amounts for both inflow and outflow [1] Group 2: Company Overview - Tianan China Investment Company is an investment holding company established in Hong Kong in 1986, listed on the Hong Kong Stock Exchange in 1987 as one of the first Chinese concept companies [1] - The company's main operations include the development of residential, villa, office, and commercial properties in mainland China, as well as property investment and management in Hong Kong [1]

Group 1 - Tianan Holdings (00028.HK) closed at HKD 4.680 on August 1, marking a 2.63% increase from the previous trading day, with an intraday high of HKD 4.720, reaching a nearly one-year high [1] - On the same day, the net inflow of funds was HKD 46.59 thousand, with no significant inflow or outflow from major investors [2] Group 2 - Tianan China Investment Company is an investment holding company established in Hong Kong in 1986, and it was one of the first Chinese concept companies listed on the Hong Kong Stock Exchange in 1987 [2] - The company's main business activities include the development of residential, villa, office, and commercial properties in mainland China, as well as property investment and management in Hong Kong [2]

Group 1: Financial Performance - The company reported a revenue of HKD 5.202 billion for the first half of 2025, representing a year-on-year decrease of 18.45% [1] - Shareholders' net profit was HKD 0.697 billion, down 21.51% compared to the previous year [1] - Earnings per share based on shareholders' net profit stood at HKD 0.51 [1] Group 2: Business Development and Marketing - The company is actively developing investment projects, including the second phase of Wuxi Hang Lung Plaza, Hangzhou Hang Lung Plaza, Shanghai Hang Lung Plaza expansion, and a new co-working space project in Hong Kong called NET WORK [1] - To celebrate its 65th anniversary, the company organized a series of marketing activities nationwide, which successfully increased customer traffic and strengthened customer relationships [1] - The company anticipates that these initiatives will further improve revenue and enhance brand loyalty [1] Group 3: Retail Performance - The overall income from the shopping mall portfolio remained stable, despite a cautious trend in high-end consumer spending [1] - Targeted marketing projects were launched to drive revenue and customer traffic, tailored to the unique preferences of different customer segments [1] - Overall occupancy rates remained high, although certain malls experienced rental income declines due to competitive pricing and promotional efforts from peers [1] Group 4: Office Leasing Market - The office leasing market continues to be weak due to economic uncertainty, with overall income declining by 4% year-on-year to RMB 638 million [2] - The revenue from Shanghai Hang Lung Plaza's Grade A office space saw a significant drop of 77%, attributed to tenant relocations, changing demand patterns, and cost-effectiveness considerations [2] - Despite multiple market pressures, the company successfully maintained high levels of property management services and actively retained quality tenants [2]

Group 1 - The market activity in Chengdu's Grade A office sector has cooled down in the latter half of Q2, with a notable increase in vacancy rates due to persistent supply and weak demand [1][2] - As of the end of Q2, Chengdu's Grade A office vacancy rate reached 32.8%, an increase of 1.7 percentage points in the first half of the year, with the Financial City area seeing a rise to 28.1%, up 5.8 percentage points [1] - The average rental price for Grade A offices in Chengdu has declined to 77.3 yuan per square meter per month, reflecting a 3.7% decrease over the first half of the year, with net effective rent dropping to 66.1 yuan after accounting for an average of 1.7 months of rent-free incentives [1] Group 2 - In the first half of 2025, the supply of new Grade A office buildings in Chengdu is expected to be around 240,000 square meters, which is only 60% of the initial forecast, yet it will push the total stock to over 10 million square meters [2] - The net absorption of office space has shown signs of recovery, reaching approximately 79,000 square meters in the first half of the year, a year-on-year increase of 16.7%, with Grade A office net absorption growing by 34.3% [2] - The ongoing supply has led to an increase in the overall vacancy rate for quality office spaces, which rose by 0.8 percentage points to 28.1% by the end of Q2, while the vacancy rate for Grade A offices increased by 0.3 percentage points to 35.2% [2]

Market Overview - The office market in China has seen a significant increase in vacancy rates, particularly in the last few years, indicating a widening gap between supply and demand [1][2] - The average annual net absorption before the pandemic was 3.9 million square meters, but it dropped to an average of 2 million square meters in the last three years [3][4] - In 2024, new office setups and expansions are both expected to decline, while relocations are active due to falling rental prices [4][5] 2024 Market Performance - The first quarter of 2024 showed a rebound with 760,000 square meters of new supply and 580,000 square meters of net absorption, marking a 35% year-on-year increase [7][8] - Despite the positive signs, the vacancy rate is still rising, currently at 23%, which continues to exert downward pressure on rental prices [7][8] Demand Trends - The demand for office space is increasingly driven by sectors related to new productivity, such as high-end manufacturing, TMT, and life sciences, which accounted for 27% of new demand in early 2025 [9][10] - Traditional sectors like finance are primarily driven by existing demand, with 90% of their needs being from current tenants [9][10] Tenant Preferences - Cost remains a critical factor for tenants, with 92% indicating that lower rental prices and flexible leasing terms are essential for their decisions [10][11] - Accessibility to public transport is prioritized, with 83% of tenants emphasizing its importance, followed by the availability of dining options [11][12] ESG Considerations - A significant portion of tenants (36%) now considers ESG goals in their site selection, with 31% having set net-zero targets by 2030 or earlier [13][14] - The demand for green buildings is expected to increase, as tenants will likely require clear sustainability commitments in future leases [14][15] Supply Dynamics - The supply of office space remains tight, particularly in first-tier cities where core location availability is only 2% [15][16] - The market is expected to remain tenant-driven, with rental prices projected to decline by 5-8% in 2025 due to ongoing uncertainties [15][16] Long-term Outlook - The long-term supply of office buildings is anticipated to decrease, suggesting that the most challenging times may be behind the market [19][20] - The industry remains optimistic about the future of the office market in China, despite current challenges [19][20]

Core Viewpoint - SOHO China has announced a voluntary conditional cash offer from Two Cities Master Holdings II Limited, represented by Goldman Sachs, to acquire all issued shares at HKD 5.00 per share, representing a premium of approximately 31.6% over the closing price of HKD 3.80 on June 11 [1] Group 1: Offer Details - The offer is conditional upon the fulfillment or waiver of certain preconditions [1] - The offer price of HKD 5.00 per share reflects a significant premium, indicating a strategic interest in acquiring SOHO China [1] Group 2: Offeror Background - The offeror, Two Cities Master Holdings II Limited, is a limited liability company registered in the Cayman Islands as of March 12, 2020, and is wholly owned by Two Cities Master Holdings I Limited [2] - Two Cities Master Holdings I Limited is also a Cayman Islands registered company, with its shares held by various funds managed by Blackstone [2][3] Group 3: Blackstone's Investment Strategy - Blackstone Real Estate Partners Asia II L.P. and Blackstone Real Estate Partners (Offshore) IX L.P. are the main participating funds, with committed capital of approximately USD 7 billion and USD 20 billion, respectively [3] - Blackstone Group Inc. has been a significant investor in China's real estate market since 2008, currently owning about 6 million square meters of property in China [4] Group 4: Future Plans - The offeror plans to maintain the existing business and management of SOHO China while exploring expansion opportunities in China [5] - A detailed strategic review will be conducted post-offer to develop future business plans and optimize the asset portfolio [5] - The company’s shares are set to resume trading on June 17, 2021 [5]

Group 1 - The commercial real estate investment in the Asia-Pacific region has achieved year-on-year growth for the sixth consecutive quarter, with Q1 2025 investment reaching $36.3 billion, a 20% increase compared to the previous year, marking the highest level since the US interest rate hike cycle began in 2022 [1] - Cross-border investment in the Asia-Pacific region reached $8.6 billion in Q1 2025, a significant increase of 152% year-on-year, with overseas investors favoring office buildings, logistics properties, and long-term rental apartments [2] - In mainland China, commercial real estate investment totaled $3.8 billion in Q1 2025, driven by corporate buyers and high-net-worth individuals, leading to an increase in small-scale transactions [2] Group 2 - Insurance companies are becoming a significant force in the mainland China's commercial real estate market, with direct investments reaching $9.3 billion from 2022 to 2024, comparable to mature markets like the UK and the US, and leading the Asia-Pacific region [2] - The investment in long-term rental apartments has seen a notable increase due to stable income performance, with both domestic and international institutional investors increasing their allocations in this sector [3] - The retail property market is expected to benefit from government consumption promotion policies, with stable operating income and strong operational performance in prime retail properties, making them attractive for investment [3]

Core Viewpoint - Mitsubishi Estate has initiated two significant office building development projects in London, with a total investment of approximately 248 billion yen [1] Group 1 - The total investment for the projects is around 248 billion yen [1]