Group 1: Domestic Leading Enterprises - China Resources Vientiane Life achieved significant growth with total retail sales of 215 billion yuan from 122 shopping centers, averaging 17.6 billion yuan per center, and a 21.4% increase in revenue to 6.274 billion yuan in FY2024 [1][4] - The shopping center segment showed resilience with a 30% year-on-year increase, outperforming the overall retail sales growth [1][4] - Longfor Commercial reported a 7.4% increase in operating income to 26.71 billion yuan, with a significant contribution from shopping mall operations [9][10] - Longfor's rental income growth is driven by new projects, with 6 out of the top 7 projects being in the cultivation phase [10][11] Group 2: Hong Kong Capital Enterprises - Swire Properties reported a 3% increase in rental income from mainland retail properties, totaling 44.89 billion HKD, while Hong Kong properties saw a 3% decline [15][16] - The rental rates for Swire's properties in Beijing and Shanghai showed resilience, with Beijing Sanlitun Taikoo Li increasing from 94% to 98% [16][17] - Hang Lung Properties faced challenges in high-end malls, with significant declines in revenue and tenant sales in Shanghai, while lower-tier malls showed stable growth [18][19] Group 3: Regional Enterprises - Wushang Group achieved 3.749 billion yuan in revenue from 10 shopping centers in Hubei and Jiangxi, demonstrating strong local market presence [24] - China International Trade Center maintained stable rental income of 2.88 billion yuan, with a slight decline of 1.14% year-on-year, showcasing resilience in a challenging market [25][27] - Dennis established itself as a leading luxury mall operator in Zhengzhou, achieving significant market share through strategic positioning [28][29] Group 4: Asset Management Enterprises - CapitaLand announced plans to launch its first public REIT focused on consumer infrastructure, marking a significant development in China's REIT market [30][32] - Link REIT reported a 6.4% increase in revenue and a 5.8% increase in net property income, focusing on essential retail spaces and adapting to changing consumer preferences [33][34]