一份50亿元的资产抵押公告，让开业仅两月的深圳宝安大悦城站在了商业地产的聚光灯下。 12月中旬，大悦城公告披露，拟以刚开业的商业中心物业及经营收入为抵押，向中国银行申请最高50亿 元银团贷款，15年期限，而该物业账面价值61.43亿元，抵押率高达81%。 在非核心商业项目融资遇冷的当下，一座"新生"商场为何能成为资本眼中的"优质抵押品"？答案，藏在 商业地产"区位+运营+稀缺性"的底层逻辑里。 深圳大悦城的融资，不是孤例，而是大悦城控股"用优质商业资产换现金流"的成熟打法。就在一个月 前，北京西单大悦城刚以购物中心、酒店等资产为抵押，拿到33亿元贷款——两座大悦城的融资逻辑如 出一辙：用"高出租率+稳定现金流"的商业资产，撬动低成本资金。 拆解这份"优质资产公式"，核心有三： 一是"核心区位锚定价值"。深圳大悦城落在宝安核心区，紧邻地铁1号线和5号线，3公里内覆盖20个成 熟社区、15栋写字楼，自带"日均10万+潜在客流"的底盘；西单大悦城则占据北京西单商圈C位，2025 年上半年仅凭95%的出租率，就贡献近2.85亿元租金收入，净利润常年稳定在4亿元左右。商业地产 的"地段论"从未过时，核心区位直接决定资产 ...

Core Insights - Shenzhen is experiencing a surge in the opening of commercial complexes, with 8 already opened and 19 more expected by the end of the year, making it the city with the highest commercial density in China [1][9] - New commercial complexes are attracting significant foot traffic, with Shenzhen Dayuecheng drawing 420,000 visitors on its opening day, surpassing previous records [2][3] - Established commercial projects in Shenzhen continue to outperform new entrants in terms of profitability, with the top five complexes generating sales exceeding 5 billion yuan each [1][6] Group 1: New Commercial Complexes - New commercial complexes are breaking traditional shopping center models by focusing on immersive experiences and unique environments, such as Shenzhen Dayuecheng's curated spaces and K11 ECOAST's integration of art and commerce [3][4] - The introduction of differentiated retail experiences is key, with K11 ECOAST featuring unique attractions like the first NBA-themed venue in Shenzhen and various immersive art installations [3][4] - New complexes are also focusing on specific target demographics, such as families and young consumers, to enhance customer engagement and loyalty [5][10] Group 2: Established Commercial Complexes - Established complexes like Shenzhen MixC and Qianhai Yifang City have maintained strong revenue streams due to their competitive product offerings and brand partnerships [6][7] - These older projects leverage their long-standing brand recognition and customer loyalty to attract high-spending consumers, with average customer spending exceeding 500 yuan [8][11] - The ability to adapt to changing consumer demands and enhance the shopping experience through innovative offerings is crucial for the success of these established complexes [7][8] Group 3: Future Trends and Challenges - Upcoming projects, including community-based commercial complexes and those integrated with public transport, are expected to cater to local consumer needs and enhance foot traffic [9][10] - The commercial landscape in Shenzhen is evolving, with a focus on filling gaps in regional market offerings and addressing the needs of specific consumer segments [10][11] - Challenges remain, including land scarcity and the need for collaboration among developers, operators, and brands to create successful commercial ecosystems [11]

Core Insights - In July 2025, the number of new commercial projects opened was notably low, with only six projects totaling approximately 790,000 square meters, marking the lowest level in three years [1][3] - The new openings were dominated by four major commercial management giants, indicating a trend of high-quality projects despite the low quantity [3][4] Group 1: New Openings Overview - Only six new commercial projects were launched in July 2025, with a significant focus on large-scale developments, including four projects over 100,000 square meters [1][4] - Major projects included Shenzhen Joy City (250,000 square meters), Hohhot MixC (157,000 square meters), and Nanjing Jinling Tiandi (130,000 square meters), showcasing a trend of quality over quantity [4][12] Group 2: Key Projects - Shenzhen Joy City aims to be a trendy landmark for youth, featuring a unique design that integrates various spaces, including a rooftop ecological park and diverse retail offerings [5][7][10] - Hohhot MixC is positioned as a flagship commercial project, incorporating local cultural elements and offering nearly 400 brands, with over 50% being first stores [12][15] - Nanjing Jinling Tiandi, a collaboration between China Resources and Alibaba, is designed as a mixed-use complex with a focus on social interaction and innovative retail experiences, featuring over 280 brands [17][19] Group 3: Market Trends - The concentration of new openings in major cities like Shenzhen and Hohhot reflects a strategic focus on urban commercial upgrades, with Hohhot's new project marking a significant development for the city [3][12] - The trend of large-scale, high-quality commercial projects suggests a shift in the market towards creating unique consumer experiences rather than merely increasing the number of retail spaces [3][4][19]

Core Points - The Changsha Beichen Delta Joy City will be independently operated by Beichen Group starting September 20, 2025, following the expiration of the contract with Joy City [1][3] - The project has seen significant improvements in foot traffic, sales, and regional capabilities during its four years of operation, establishing a sustainable foundation for the Beichen business district to evolve into a "provincial-level nighttime consumption gathering area" [3][5] - Joy City will ensure the continuity of member rights and benefits during the transition, with a gratitude reward program for members running from August 19 to September 19, 2025 [4] Company Operations - The Changsha Beichen Delta Joy City will be renamed "Changsha Beichen Hui" and aims to provide diverse consumer experiences and high-quality services [1] - New brands such as Domino's Pizza and Yuegaojia Supermarket are being introduced to the mall, indicating ongoing operational activities [3] - Joy City has demonstrated strong performance across its national portfolio, with significant sales and foot traffic increases reported during recent promotional events [4] Industry Trends - The transition of operations from Joy City to Beichen Group reflects a growing maturity in the commercial environment of Changsha and a diversification of asset management entities [5] - The Changsha Beichen Delta commercial project is positioned as a core project within the Beichen Delta business district, benefiting from the foundational support provided by Joy City's management expertise [4][5]

Core Viewpoint - The Changsha Beichen Triad Delta Joy City will transition to independent operation by Beichen Group starting September 20, 2025, following the expiration of the contract with Joy City Commercial Management Team, which will withdraw in an orderly manner [1][3]. Group 1: Operational Transition - The transition is described as a normal contractual expiration, with Joy City having significantly improved foot traffic, sales, and regional capabilities during its four-year operation [3]. - The project will be renamed "Changsha Beichen Hui" and aims to provide diverse consumer experiences and high-quality services [1]. Group 2: Performance Highlights - Since its opening in September 2021, the project has become a new commercial landmark in Changsha, achieving a transformation from "real estate value" to "emotional value" [4]. - Joy City introduced over 200 brands by the end of 2024, with a notable increase in flagship and concept stores, leading to a 120% sales increase during the "Joy New Festival" in 2024 [5]. - The project has recorded over 40 million visitors by July 2025, maintaining nearly 20% growth in foot traffic over the past two years [5]. Group 3: Brand and Membership Management - To ensure member rights, Joy City has announced a "Member Points Appreciation Return" event from August 19 to September 19, 2025, allowing members to redeem points before the transition [7]. - Members can continue to use their points at all Joy City locations nationwide after the transition, ensuring seamless continuity of membership benefits [8]. Group 4: Future Prospects - The Beichen Group is set to build on the operational foundation established by Joy City, with expectations for further development in the Changsha Beichen Triad Delta commercial project [8]. - The transition reflects a growing maturity in the commercial environment of Changsha and a diversification of asset management entities [8].

Core Insights - Shenzhen's first Joy City opened on July 12, 2023, after 15 years of development, covering an area of 250,000 square meters, attracting over 420,000 visitors and generating nearly 20 million yuan in sales on its opening day [6][11] - The mall features a significant proportion of first stores and customized shops, with over 50% of its brands being new to the market, including notable names in the pet economy and family-oriented sectors [7][8] - Despite the initial success, consumer feedback indicates that while there are many dining options, they lack standout offerings compared to established competitors [10] Company Overview - Joy City is a commercial real estate platform under COFCO Group, known for its strong presence in northern China [11] - The opening of Joy City in Shenzhen marks a strategic move into a highly competitive market, with the Bao'an district being a key area for commercial development [11][12] Market Dynamics - The Bao'an district is projected to have nearly 40 commercial complexes by 2024, with a total commercial area exceeding 3.1 million square meters, making it the largest commercial hub in Shenzhen [11] - The competitive landscape is intensifying, with 21 new projects expected to open in Shenzhen by 2025, adding approximately 1.8625 million square meters of commercial space [11][12] - Differentiation in offerings and brand appeal will be crucial for new entrants like Joy City to succeed in this crowded market [12]

Core Insights - Shenzhen's first Joy City opened on July 12, marking a significant addition to the commercial landscape of the Guangdong-Hong Kong-Macau Greater Bay Area after 15 years of development and multiple delays [1] - The opening day saw over 420,000 visitors and nearly 20 million yuan in sales, with many brands achieving national and local sales championships [1][3] - The commercial environment in Shenzhen is highly competitive, with 21 new projects expected to open by 2025, adding a total of 1.8625 million square meters of commercial space [1] Group 1: Commercial Performance - Shenzhen Joy City attracted over 420,000 visitors on its opening day, generating sales close to 20 million yuan, excluding Apple and automotive sales [1] - Nearly 100 brands achieved national sales champions, and around 50 brands topped sales in Shenzhen [1] - The shopping center features over 400 quality brands, with more than 50% being first stores and customized stores, focusing on trends like family, trendy toys, and pet economy [3] Group 2: Innovative Offerings - The shopping center includes unique spaces such as an open-style trendy cross street, a 4,000 square meter rooftop garden, and a 30,000 square meter "underground city" [6] - The center hosts several themed pop-up stores, including Disney's Toy Story and other popular IPs, enhancing the social and experiential aspects of shopping [6][7] - The introduction of a Hema Fresh store, which is the first hot pot experience center in the nation, showcases innovative retail strategies [3] Group 3: Competitive Landscape - The commercial real estate market in Shenzhen is intensifying, particularly in Bao'an District, which is projected to have nearly 40 commercial complexes by 2024, totaling over 3.1 million square meters [10] - Major competitors include local developers like Hongrongyuan and established brands like K11, which have been expanding their presence in the region [10][11] - The increasing number of commercial complexes necessitates differentiation through effective brand attraction and a well-curated mix of retail offerings [11]

Core Viewpoint - Shenzhen's first Joy City officially opened on July 12, 2023, after 15 years of development and multiple delays, attracting significant consumer interest and sales on its opening day [1][5]. Group 1: Opening Day Performance - On its opening day, Shenzhen Joy City attracted over 420,000 visitors and achieved nearly 20 million yuan in sales [2]. - The project has a total area exceeding 730,000 square meters, with the shopping center covering approximately 250,000 square meters [5]. Group 2: Market Positioning and Competition - Shenzhen's diverse consumer base includes trend-seeking youth and quality-focused middle-to-high-income groups, leading to different strategies between northern and southern commercial entities [2]. - Northern commercial entities, like Joy City, typically leverage first-store economies and IP events to attract younger consumers, while southern counterparts focus on art exhibitions and immersive experiences to draw high-end clientele [2][10]. Group 3: Development Challenges - The development of Shenzhen Joy City faced significant challenges, including a 7-year negotiation for land acquisition and a lengthy demolition process, with the first phase completed in 2019 [5]. - The project was initiated in 2010 through a framework agreement with the Shenzhen Bao'an District government [5]. Group 4: Future Prospects and Expansion - By the end of 2024, Joy City plans to have 44 commercial projects in China, with 30 being heavy asset projects and 14 light asset projects, totaling a commercial area of 3.75 million square meters [7]. - The opening of Shenzhen Joy City is part of a broader trend, with multiple commercial projects, including K11 and other shopping centers, launching in Shenzhen this year [9]. Group 5: Market Dynamics - The commercial landscape in Shenzhen is becoming increasingly competitive, with nearly 40 commercial complexes in Bao'an District alone, totaling over 3.1 million square meters [9]. - The differentiation in commercial strategies between northern and southern entities reflects deeper corporate philosophies and market approaches [10][12].

Group 1 - Shenzhen Dayuecheng, a significant commercial project in the Greater Bay Area, officially opens with a total construction area of 250,000 square meters, focusing on art, trends, and social interaction [1] - The project aims to create a differentiated barrier through four strategic thoughts: curatorial thinking for space, boundary-less logic for business types, curator spirit for brands, and top-tier promotion for marketing, targeting to activate youth consumption [1] - The leasing rate of Shenzhen Dayuecheng reaches 99%, gathering nearly 400 brands, with over 50% being flagship or customized stores [3] Group 2 - The opening coincides with the 30th anniversary of "Toy Story," featuring the first exhibition in South China, "Toy Story 30th Anniversary: Playful Unboxing," in collaboration with Disney China [5] - Innovative non-standard experiential spaces such as "Fashion T-stage Cross Street" and "Star Chef Garden" are created, breaking traditional commercial space constraints [10] - The top-level Star Chef Garden spans 4,000 square meters, integrating green plants and cascading streams to form a winding green corridor, enhancing urban aesthetic experiences [12]

Core Insights - Shenzhen's commercial market is experiencing steady growth in the first half of 2025, driven by both "stock renewal" and "incremental breakthroughs" with over 400,000 square meters of new commercial space added [1] - The second half of 2025 is expected to see a surge in commercial openings, with over 10 new projects set to launch, including major developments across various districts [1][17] Group 1: Commercial New Forces - The keyword for Shenzhen's commercial landscape in the first half of 2025 is "renewal," with 4 out of 7 new or upgraded projects focusing on stock renovation [1] - Stock renovation is characterized as a "precise operation" based on location and market demand, successfully revitalizing old commercial spaces [2] - Notable projects include iN City Square, which underwent a significant transformation to attract younger consumers, achieving a 97% leasing rate and 95% opening rate [3] - PA MALL, previously PAFCmall, has been rebranded and renovated to enhance its appeal as a high-end business and lifestyle destination, achieving a 98.9% occupancy rate [5] - Other transformations include the conversion of traditional department stores into community-centric commercial centers, such as the JD MALL and New World Times Square [6] Group 2: Urban Renewal - Urban renewal in Shenzhen is not just about physical space but also about enhancing the value of entire districts, with two major projects exemplifying this trend [7] - The Shekou Prince Bay project is highlighted as a model for urban renewal, integrating production and city functions while enhancing cultural value [8] - K11 ECOAST showcases a blend of art, nature, and local culture, creating an immersive experience that attracts consumers [10] - The Yitian Holiday Plaza revitalizes an old urban area, achieving impressive visitor numbers and a high occupancy rate shortly after opening [11] Group 3: Third Quarter Focus - The announcement of the Shenzhen Bay MixC Phase II marks a significant evolution in the Houhai business district, enhancing connectivity and functionality [13] - The construction of Shenzhen Bay Cultural Plaza is set to be a key driver for the area's functional upgrade, linking various commercial and cultural venues [15] - The new branding of Shenzhen Bay MixC emphasizes a lifestyle approach, integrating art, luxury, and exploration into its offerings [16] Group 4: Observations for the Second Half - Shenzhen's commercial market is poised for a "quantitative and qualitative leap" in 2025, with 26 new projects planned, totaling 1.8295 million square meters [17] - The western part of Shenzhen, particularly the Bao'an district, is expected to see the most significant growth with 9 new projects [18] - Major upcoming projects include the world's largest indoor ski resort and a new cultural complex, both expected to attract millions of visitors [19][21] - Smaller, unique commercial projects are also emerging, enhancing the diversity of Shenzhen's commercial landscape [22]