Core Viewpoint - The company, China Merchants Commercial Real Estate Investment Trust (招商局商业房托基金), has shown significant performance improvements and strategic initiatives since its establishment in December 2019, becoming a mature real estate trust fund covering various asset types across major cities in China [2][31]. Financial Performance - The total revenue reported is 2.25 billion RMB [4]. - The distributable income stands at 1.07 billion RMB [7]. - The annualized return rate for the unit distributable income is 9.1% [9]. Financing and Cost Management - The company has successfully signed a contract for a fixed asset mortgage loan of 4 billion RMB, with a new cost of 2.80%, reflecting a reduction of 37 basis points from the previous rate of 3.17% [11][12]. Property Portfolio - The total estimated value of the properties is 8.819 billion RMB [18]. - The occupancy rates for various properties are as follows: - New Era Plaza: 98.2% - China Merchants Hanghua: 97.4% - Digital Building: 92.2% - Science and Trade Center: 86.3% - Garden City Shopping Center: 89.5% [20][21]. Rental Rates - The rental prices per square meter per month for different properties are: - China Merchants Hanghua: 219.3 RMB - Garden City Shopping Center: 144.6 RMB - Digital Building: 142.6 RMB - New Era Plaza: 127.0 RMB - Science and Trade Center: 121.7 RMB [22]. ESG Performance - The property portfolio has achieved a 100% certification rate for ISO 14001 environmental management system [25]. - The safety production goal achievement rate is also 100% [26]. - Tenant satisfaction survey coverage is at 100%, with continuous ESG report publication [28]. Future Outlook - The company aims to stabilize operations, enhance rental growth, reduce operating costs, and expand tenant resources to strengthen its investment portfolio and risk resilience [30].