以下文章来源于真叫卢俊 ，作者真叫卢俊团队 真叫卢俊 . 认认真真聊地产，实实在在谈买房。 这个曾经的地产巨头，以2.4万亿元债务和全面溃败的姿态，总结了自己荒诞的一生。 现在看来恒大的很多操作都太荒唐了。 而恒大的荒诞之处，主要在于 它将"快"字演绎到了极致。 首先是极速的杠杆游戏，39亿元资本撬动2万亿元债务，在负债率长期超过85%的状态下，仍然保持着超越90%的A股上市公司的分红率。 其次是极速的规模扩张。二十多年间，恒大在全国280个城市同时开发1300多个项目，特别是一系列超大的恒大文旅城。 | ()单盘主义 乙 真叫卢俊 | | | --- | --- | | | 恒大文旅项目一览表 | | | 苏州恒大童世界、镇江恒大童世界、开封恒大童世界、沧州恒大童世界、西安 恒大童世界、贵阳恒大童世界、长沙恒大童世界、南京恒大童世界、句容恒大 | | 恒大童世界 | | | | 童世界、启东恒大童世界、鄂州恒大童世界、成都恒大童世界、青岛恒大童世 | | | 界、临沂恒大童世界、儋州恒大童世界等(全国15个) | | | 青岛恒大水世界、启东恒大海上威尼斯水世界、胶州恒大水世界、公主岭恒大 | | 恒大水世 ...

Core Viewpoint - The article discusses the increasing interest of foreign capital in China's cultural and tourism assets, highlighting recent investments and policy changes that facilitate this trend [10][12][15]. Group 1: Investment Opportunities - The project located in Suzhou's Yangcheng Lake Peninsula will be renamed Haihe An Suzhou Yangcheng Peninsula Park, with an additional investment of 100 million yuan, aiming to create a lakeside immersive cultural and entertainment tourism destination in the Yangtze River Delta [1]. - During its trial operation in the summer of 2025, the park is expected to attract over 350,000 visitors, with a peak daily attendance exceeding 20,000, making it a popular destination on a leading short video platform [3]. - MBK Partners, known for its opportunistic investments, previously privatized Shenzhou Car Rental at a significant premium despite the company's challenges during the pandemic [3][4]. Group 2: Foreign Investment Trends - MBK's notable acquisition of four theme parks from Haichang Ocean Park for approximately 6.5 billion yuan marks a rare case of foreign investment consolidation in China's cultural tourism sector [4]. - The article notes that foreign investments in China's tourism sector are increasing, with examples including the acquisition of high-end hotels and theme parks by various foreign entities [6][8]. - Recent policy changes by Chinese authorities aim to optimize the foreign investment environment, signaling a shift towards welcoming foreign capital in various sectors, including tourism [10][12]. Group 3: Market Dynamics - The article emphasizes that the valuation logic for cultural tourism assets in China is becoming clearer as foreign capital enters the market, with a focus on projects that can generate stable cash flow [13][15]. - The influx of foreign capital is expected to reshape the industry landscape, with a trend towards acquiring undervalued assets and enhancing their operational models [21][22]. - The article suggests that the next five years may see a significant transformation in the way cultural tourism assets are structured and valued, driven by both foreign and domestic capital [25].

Core Insights - MBK Partners has completed the acquisition of Suzhou Huayi Brothers Movie World, marking a significant investment in China's cultural tourism sector [1][4] - The project will be renamed Haihe An Suzhou Yangcheng Peninsula Park and aims to become a lakeside immersive cultural tourism destination in the Yangtze River Delta, with an additional investment of 100 million yuan [2] Investment Trends - MBK Partners is known for its strategic investments in undervalued assets, having previously privatized Shenzhou Car Rental at a premium despite market challenges [5][6] - The firm gained prominence in the Chinese cultural tourism market through the acquisition of four theme parks from Haichang Ocean Park, totaling approximately 6.5 billion yuan [7][8] - The investment strategy focuses on assets with cash flow potential and room for improvement, as evidenced by past investments like Universal Studios Japan [9][10] Market Dynamics - The valuation of cultural tourism assets in China has been declining, attracting foreign investments, including the acquisition of high-end hotels by groups like Singapore's Golden Eagle [11][12] - Recent policy changes by Chinese authorities aim to optimize the foreign investment environment, signaling a shift towards opening up the market for overseas capital [21][22][24] Future Outlook - The influx of foreign capital is expected to simplify the valuation logic of cultural tourism assets, making projects with stable cash flows more attractive for investment [27][32] - The current market is characterized by a transition phase, where high-cost projects are retreating, creating new opportunities amid supply contraction and demand recovery [40][41] - The trend indicates that undervalued cultural tourism assets in China will increasingly attract capital, leading to potential restructuring and revaluation of these assets [43][50]