Core Insights - In 2026, Zhejiang's commercial market is set to experience a new wave of supply with 42 planned commercial projects totaling approximately 3 million square meters, a 6% decrease compared to 2025 [1] - Major operators such as Hang Lung, Kerry, Hongkong Land, and Longfor are competing fiercely, pushing Zhejiang into a new phase of "quality improvement" and "structural optimization" [1] Project Overview - The 42 commercial projects are distributed across cities including Hangzhou, Wenzhou, Ningbo, Jinhua, Huzhou, Taizhou, and Jiaxing, with Hangzhou contributing nearly half of the projects at 45.2% [4] - Notable projects in Hangzhou include: - Hangzhou Hang Lung Plaza (100,000 sqm) opening in April 2026 [16] - Hangzhou Aura HZ (26,000 sqm) opening in May 2026 [29] - Hangzhou Kerry City (254,000 sqm) focusing on a mixed-use urban complex [13] - Hangzhou Guanghuan Dream Center (172,000 sqm) emphasizing a nature-themed shopping experience [9] Market Dynamics - 27 of the projects are shopping centers and malls, accounting for 64% of the market, indicating a trend towards specialized commercial developments [5] - The introduction of new players such as Alibaba's "Qing Cheng 556" and ByteDance's "Cangnan Li MEET636" reflects a diversification in the commercial landscape [5] Size and Scale - Projects larger than 50,000 sqm dominate the market, with 27 such projects making up 64.2% of the total [6] - The largest project, the Su Ning Plaza in Shaoxing, will cover 260,000 sqm, setting a record for the region [38] Competitive Landscape - The competition is characterized by a "pyramid" structure, with numerous leading projects at the top and fewer smaller non-standard commercial offerings [6] - The focus on asset operation and content creation in smaller projects highlights a long-term competitive strategy [6] Notable Projects - Wenzhou GT Plaza (100,000 sqm) aims to create a park-style social commercial complex [32] - Taizhou Bay Wuyue Plaza (70,000 sqm) is designed as a central leisure living area [35] - Ningbo's Haiquan Bay PLUS and Xiushui Street historical cultural district are set to enhance the city's cultural tourism [4]

Core Viewpoint - The renovation of the Peace Building marks a significant step in revitalizing the Greater Peace business district, which is set to release 900,000 square meters of commercial office space, contributing to the area's economic growth and urban renewal [4][7]. Group 1: Renovation of Peace Building - The Peace Building, a landmark established in 2001, has undergone a 300-day renovation to enhance its exterior and interior, making it more appealing and functional [4][5]. - The renovation included updating the exterior facade, refurbishing the lobby, and modernizing the fire safety system, resulting in a significant improvement in the building's overall aesthetics and functionality [6]. - The project is expected to be completed by September this year, with over 40 companies already having moved into the building, reflecting a 98% satisfaction rate among businesses regarding the new services provided [6]. Group 2: Development of Greater Peace Business District - The Greater Peace business district is in the process of urban renewal, with the Peace Building renovation being a key initiative in this development [7]. - The district is projected to release 900,000 square meters of commercial office space, with several new buildings already under construction or nearing completion, including the Hangzhou Kerry Center and the Wulin Star Exhibition Center [7][8]. - The district aims to create a vibrant commercial hub by integrating various business and cultural elements, with a focus on high-end commercial offerings and new economic activities such as night economy and youth-oriented businesses [8].