Core Insights - In July 2025, the number of new commercial projects opened was notably low, with only six projects totaling approximately 790,000 square meters, marking the lowest level in three years [1][3] - The new openings were dominated by four major commercial management giants, indicating a trend of high-quality projects despite the low quantity [3][4] Group 1: New Openings Overview - Only six new commercial projects were launched in July 2025, with a significant focus on large-scale developments, including four projects over 100,000 square meters [1][4] - Major projects included Shenzhen Joy City (250,000 square meters), Hohhot MixC (157,000 square meters), and Nanjing Jinling Tiandi (130,000 square meters), showcasing a trend of quality over quantity [4][12] Group 2: Key Projects - Shenzhen Joy City aims to be a trendy landmark for youth, featuring a unique design that integrates various spaces, including a rooftop ecological park and diverse retail offerings [5][7][10] - Hohhot MixC is positioned as a flagship commercial project, incorporating local cultural elements and offering nearly 400 brands, with over 50% being first stores [12][15] - Nanjing Jinling Tiandi, a collaboration between China Resources and Alibaba, is designed as a mixed-use complex with a focus on social interaction and innovative retail experiences, featuring over 280 brands [17][19] Group 3: Market Trends - The concentration of new openings in major cities like Shenzhen and Hohhot reflects a strategic focus on urban commercial upgrades, with Hohhot's new project marking a significant development for the city [3][12] - The trend of large-scale, high-quality commercial projects suggests a shift in the market towards creating unique consumer experiences rather than merely increasing the number of retail spaces [3][4][19]

2025年7月18日，南京金陵天地率先打响"头炮"——华润万象生活携手阿里巴巴，以全国首个"总部产业集群+商办创新+城市在地"新模式，展开一场关于 城市未来的全新探索。南京金陵天地不仅在首日实现出租率与收缴率双100%，也以超280家品牌入驻、超五成首店进驻，为南京下半年商业市场拉开了高 质量序章。 图源：项目官方 据赢商大数据不完全统计，2025年下半年，南京预计将迎来11个新mall陆续亮相，新增商业体量达62.7万㎡。这其中，包括由香港置地与招商蛇口联袂打 造的南京首个光环项目——光环花园城、宝龙商业在南京主城区首个倾力打造的重资产项目——江宁宝龙广场、华东首家沉浸式大明文化空间——金陵长 乐坊、新玄武板块即将崛起的年轻力潮流新地标——红山Sparkle耀市等。 | | | 13 | | | --- | --- | --- | --- | | | 南京金陵天地 | | 7月18日已开业 | | | 南京曼度·乐福里 | 2.1 | 预计8月 | | 3 | 南京紫金融里面业街(东区) | 2.2 | 预计第四季度 | | র্ম | 南京光环花园城 | 10 | 预计今年底 | | 5 | 南京金陵长乐 ...

Core Insights - The article discusses the accelerated divestment of commercial real estate by Wanda Group, with internet giants Tencent and JD.com stepping in as buyers, highlighting a shift in the retail landscape towards digital integration and operational efficiency [4][6][8]. Group 1: Market Trends - Since Q1 2018, large retail enterprises in China have seen a continuous decline in revenue, with a year-on-year drop of 8.5% in Q1 2025 [7]. - The consumer market is increasingly polarized, leading to a decline in demand for traditional discretionary goods and a slowdown in the performance of physical retail formats [7][10]. - The average vacancy rate for quality retail properties in 21 major Chinese cities reached 10.4% by the end of Q1 this year, indicating ongoing pressure in the commercial real estate market [10]. Group 2: Digital Transformation - The integration of digital platforms with traditional commercial real estate is seen as a necessary evolution, as physical space advantages diminish and digital capabilities become essential for reaching consumers and optimizing operations [8][12]. - Internet giants possess vast consumer data and traffic but lack the physical infrastructure to support offline experiences, creating a complementary relationship that drives the development of an OMO (Online-Merge-Offline) ecosystem [8][12]. - The partnership between Wanda and internet companies aims to enhance operational efficiency through data insights, transforming traditional commercial spaces into core assets for precise marketing and supply chain optimization [8][14]. Group 3: Strategic Moves - Wanda Group will retain operational management rights of the sold properties, allowing it to continue earning management fees while leveraging the digital capabilities of Tencent and JD.com [14]. - JD.com and Tencent are actively pursuing digital solutions to penetrate the physical retail space, with JD.com planning to open its first mall in Shanxi and Tencent launching digital transformation products for the real estate sector [15]. - The shift towards a more data-driven approach in commercial real estate is reshaping the competitive landscape, emphasizing operational capabilities over mere property ownership [19].