甲乙双方对以租赁形式掩盖权钱交易均心知肚明。从客观方面看，甲多次利用职务便利为乙谋取利益， 为了收受其好处，要求并无租赁需求的乙承租其商铺，并在明知B公司实际未使用的情况下，仍以租金 名义收受乙支付的38.4万元，该笔款项直接源于甲为乙提供的帮助，是甲职务行为的对价，甲、乙的行 为本质上是权钱交易。 其次，甲、乙之间的租赁行为明显不符合正常市场逻辑，实质是利益输送的幌子。甲凭借职权优势地 位，单方面确定租金价格和租期，且完全规避了房屋空置、市场波动等出租方通常需承担的风险。乙作 为有求于甲的行政管理对象，在明知商铺对其无使用价值的情况下，仍主动接受该不公平的安排，根本 动机在于感谢甲并维系关系。甲选择对其有"感谢"需求的乙作为"承租人"，以及租赁合同签订后，该商 铺长期空置的客观事实，均清晰表明所谓租赁只是定向输送利益的伪装，并非民事法律行为。 再次，受贿数额应按甲收到的全部"租金"认定。第二种观点主张对该商铺的市场租赁价进行鉴定，并在 计算受贿数额时扣除市场价对应的租金。笔者不赞同此观点。判断行为性质应抓住本质，正常的租赁关 系中，承租人以实际使用房屋为目的，反观本案，乙既无真实的租赁需求，也从未实际使用该 ...

一、 2025 年半年度土地储备情况 2025 年 1-6 月，公司无新增土地储备。截至 2025 年 6 月末，公 司土地储备情况如下表所示： 证券代码：600748 股票简称：上实发展 公告编号：2025-31 上海实业发展股份有限公司 2025 年半年度公司经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 根据上海证券交易所《上市公司行业信息披露指引第一号-房地 产》要求，现将上海实业发展股份有限公司（以下简称"公司"）2025 年半年度房地产业务经营数据披露如下： 比下降约 54.26%。 四、 2025 年半年度不动产租赁情况 2025 年 1 至 6 月，公司实现包括写字楼、商铺、车库、厂房等 业态的不动产租赁收入约为人民币 2.00 亿元，同比下降约 16.94%， 租赁面积约为 48.42 万平方米，同比上涨约 1.52%。 本公告房地产经营数据未经审计，存在一定不确定性，仅供投资 者阶段性参考。 | 序号 | | 项目名称 | 持有待开 | 经营 | 规划计容建筑 | 合作开发项目 | | - ...

Group 1 - Vanke's major shareholder, Shenzhen Metro Group, has provided a loan of up to 869 million yuan to Vanke for debt repayment, with an interest rate of 2.34% and a loan term until July 2, 2028 [1] - Shenzhen Metro Group has provided a total of 7 loans to Vanke this year, amounting to approximately 22.688 billion yuan, aiding Vanke in repaying about 16.49 billion yuan of public debt in the first half of the year [1] - Vanke is utilizing various methods to resolve debts, including asset settlements [1] Group 2 - Vanke announced a debt settlement agreement with Wanwuyun, involving a total consideration of approximately 257 million yuan, covering 106 debt settlement agreements [2] - Vanke is transferring equity of two subsidiaries, Hangzhou Wanyu and Hangzhou Yuanguang, to Wanwuyun as part of the debt settlement, with the transfer amounting to approximately 98.24 million yuan [3] - The properties involved in the debt settlement include various types of real estate located in multiple cities, which will help Wanwuyun in its commercial operations [2][3] Group 3 - Vanke has completed interest payments for bonds "21 Vanke 06" and "23 Vanke 01" on July 24 and 28 [4]

Core Viewpoint - The real estate industry, once considered a "golden bowl," is now facing significant challenges, leading to a sense of despair among industry insiders and investors [1] Group 1: Current Market Conditions - The latest research from the Ministry of Housing and Urban-Rural Development and the Ministry of Finance indicates that the multi-property ownership rate among urban households has reached 43.7%, potentially exceeding 45% when including unreported properties [3] - Major cities like Beijing and Shenzhen have seen property prices drop significantly, with declines of 28.3% and 42.1% respectively, reverting to levels seen in 2015 [4] - The emergence of negative equity is concerning, with some homeowners facing substantial losses; for instance, a property bought for 3.5 million is now valued at only 2.3 million, resulting in a loss of 500,000 [4] Group 2: Market Liquidity Issues - The second-hand housing market in cities like Nanyang is experiencing a liquidity crisis, with a staggering 87,000 properties listed for sale but only 1,200 transactions in the first quarter of 2025, a 63% drop from six years ago [5] - In cities with lower income levels, such as those with an average annual income of 30,000, banks are hesitant to lend against older properties, further complicating sales [5] Group 3: Financial Struggles of Households - Many households are facing increasing debt burdens, with cases like a single mother in Wuhan carrying 370,000 in debt, leading to severe financial stress [6] - The number of mortgage defaults in third and fourth-tier cities is projected to rise by 20% by 2025, exacerbating the financial strain on homeowners [6] Group 4: Strategies for Survival - Recommendations for homeowners include selling underperforming properties while retaining essential real estate in major cities and areas with scarce resources [7] - Homeowners are advised to stay informed about policy changes that could provide financial relief, such as increased loan limits for families with multiple children [7] - Debt restructuring is suggested as a means to alleviate financial burdens, emphasizing the importance of maintaining basic living expenses during legal proceedings [7]

Core Viewpoint - The article discusses the importance of financial independence for women and the foresight of mothers in safeguarding their daughters' financial futures through property ownership and management [1][3][15]. Group 1: Financial Strategies - A mother transferred ownership of 9 valuable properties to her daughter to protect her from potential financial risks associated with her husband's business failures [1][3][15]. - The daughter was initially unaware of the significance of this transfer until her husband faced financial difficulties, highlighting the mother's wisdom in planning for unforeseen circumstances [6][15][19]. - The article illustrates multiple instances where women benefited from property ownership that was kept secret from their husbands, allowing them to maintain financial stability during crises [10][19]. Group 2: Relationship Dynamics - The narrative emphasizes the sensitivity of financial matters within marriages, showcasing how financial dependency can lead to conflicts and stress [8][12]. - The experiences shared reflect a broader societal trend where women are encouraged to secure their financial futures independently of their spouses [10][19]. - The article suggests that traditional views on marriage and finance may need to evolve, as women increasingly recognize the importance of having their own financial assets [6][15].

Core Viewpoint - The article emphasizes the importance of cautious home buying in the current real estate market, advising buyers to avoid certain types of properties to ensure value retention and avoid potential losses [1][5][18]. Group 1: Real Estate Market Trends - The real estate market has undergone significant changes over the past two decades, with current prices remaining high and many buyers delaying their home purchases [1][3]. - The cyclical nature of the real estate market has diminished, as evidenced by the lack of significant sales during traditionally strong periods in 2023 [3][18]. - Government policies aimed at stabilizing the housing market have been in place since 2016, with a clear focus on housing as a necessity rather than an investment [1][3]. Group 2: Buying Guidelines - Buyers are advised to follow an "8-character rule": avoid purchasing four types of properties and two types of commercial spaces [5][18]. - "Four types of properties" to avoid include: - Small property rights houses, which lack legal protection and have poor living conditions [6]. - Tourism properties that may not provide a good return on investment due to inadequate infrastructure and low visitor traffic [8]. - Retirement properties that are often located far from urban amenities, posing risks for elderly residents [10]. - Court auctioned properties, which come with high risks and strict payment requirements [12]. Group 3: Commercial Property Considerations - The article advises caution when investing in commercial properties, particularly those in poor locations or on the second floor, as their investment potential has significantly decreased [14][18]. - Key factors to consider when purchasing commercial properties include foot traffic, surrounding environment, and future development prospects [16].

证券代码：600748 股票简称：上实发展 公告编号：临 2025-15 上海实业发展股份有限公司 2025 年第一季度公司经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 根据上海证券交易所《上市公司行业信息披露指引第二号-房地 产》要求，现将上海实业发展股份有限公司（以下简称"公司"）2025 年第一季度房地产业务经营数据披露如下： 一、 2025 年第一季度土地储备情况 2025 年 1 至 3 月，公司实现包括写字楼、商铺、车库、厂房等 业态的不动产租赁收入约为人民币 10,846 万元，同比增加约 10.79%， 租赁面积约为 53.70 万平方米，同比增加约 34.86%。 二、 2025 年第一季度房地产项目建设进程情况 截至 2025 年 3 月 31 日，公司在建项目 5 个，其中桩基施工阶段 项目 3 个；主体施工项目 2 个，该 2 个项目合计在建面积约 7.23 万 平方米。 三、 2025 年第一季度房地产项目销售情况 2025 年 1 至 3 月，公司累计实现合约销售金额约合人 ...

Core Viewpoint - The article discusses the assets that are expected to depreciate the fastest over the next five years, highlighting the challenges faced by individuals in a struggling economy and the declining value of traditionally stable assets [1]. Group 1: Depreciating Assets - Educational degrees are becoming less valuable due to the oversupply of graduates, with 12.22 million expected in 2025, leading to a devaluation of degrees [6]. - Mid-range and high-end car prices are projected to drop significantly, with mid-range cars expected to decrease by 20,000 to 30,000 yuan and high-end cars by over 100,000 yuan due to reduced consumer demand and market saturation [8]. - Commercial properties are losing value, as evidenced by a shop purchased for 2.4 million yuan now valued at only 1.4 million yuan, driven by decreased consumer spending and a shift to online shopping [10]. Group 2: Real Estate and Luxury Goods - The value of old and dilapidated school district houses is declining as educational reforms randomize school admissions, undermining the previous demand for such properties [12]. - The luxury goods market is experiencing a downturn, with demand decreasing due to reduced disposable income among middle-class families and the rise of counterfeit products that appeal to lower-income consumers [15]. - The collectibles market is facing a bubble burst, with significant drops in value for items like badges, which have seen prices fall from 2,000 yuan to 300 yuan, indicating a risk for investors in this sector [17].