Group 1 - The core viewpoint of the article highlights the recent stock performance of K Wah International Holdings Limited, with a closing price of HKD 2.440, down 0.81% from the previous trading day, and reaching a one-year high of HKD 2.490 during the day [1] - K Wah International is a flagship real estate business under K Wah Group, established in Hong Kong, and has developed into a comprehensive developer and investor with strategic bases in Hong Kong, the Yangtze River Delta, and the Pearl River Delta [2] - The company specializes in developing high-quality properties, including large residential communities, integrated urban development projects, premium residential buildings, Grade A office buildings, hotels, serviced apartments, and specialty shops, all recognized for their quality and design [2] Group 2 - K Wah International aims to create an ideal and harmonious living environment, focusing on innovation while maintaining the quality brand essence of "K Wah" [2] - The company leverages its extensive experience and strong financial strength to adopt a prudent and proactive strategy in identifying potential land opportunities, aiming to provide quality living spaces for customers and deliver long-term sustainable returns to shareholders [2]

三、2025 年 1-6 月，公司实现办公项目销售现金流入 6.39 亿元，权益销售 现金流入 3.51 亿元。 四、2025 年 1-6 月，公司竣工项目为川沙 C06-01/02 地块、川沙 C06-03 地 块、张江中区 74-01 地块，竣工面积 41.02 万平方米，权益竣工面积 36.9 万平 方米。 B股 900932 陆家B股 上海陆家嘴金融贸易区开发股份有限公司 2025 年第二季度房地产业务主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 股票代码：A股 600663 证券简称：陆家嘴 编号：临2025-029 根据上海证券交易所《上市公司行业信息披露指引第一号——房地产》要求， 特此公告公司 2025 年第二季度主要经营数据如下： 一、至二季度末，公司持有的主要在营物业总建筑面积 396 万平方米，其中： 甲级写字楼的总建筑面积 245 万平方米，高品质研发楼的总建筑面积 33 万平方 米，商业物业的总建筑面积 78 万平方米，酒店物业的总建筑面积 27 万平方米， 租赁住宅物业的总建筑面 ...

Group 1: Office Market Overview - In the first half of 2025, Shenzhen saw a new supply of 235,000 square meters of Grade A office space, which was below market expectations, leading to a total stock of 8.605 million square meters [1] - The vacancy rate for Grade A office space in Shenzhen increased by 1.2 percentage points to 27.8% by the end of Q2 2025, indicating a slight upward pressure on vacancy rates due to delayed supply [1] - The demand for office leasing is influenced by external uncertainties and structural pressures during the transition period of new and old economic drivers, resulting in weak incremental demand [1] Group 2: Rental Trends and Market Dynamics - To attract and retain tenants amid fierce competition, property owners are lowering rents and offering more diversified services to enhance tenant experience [2] - The average rent for Grade A office space in Shenzhen decreased by 5.3% to 160.1 yuan per square meter per month by the end of Q2 2025, reflecting ongoing downward pressure on rental prices [2] - The net absorption of Grade A office space in Shenzhen reached 68,000 square meters in the first half of 2025, supported by price advantages [2] Group 3: Retail Market Insights - The retail market in Shenzhen experienced a strong supply in the first half of 2025, with 303,000 square meters of new quality shopping centers, increasing the total stock to 7.477 million square meters [2] - The average rent for premium shopping centers in Shenzhen fell by 2.4% to 761.6 yuan per square meter per month by the end of Q2 2025, while the overall vacancy rate rose by 1.2 percentage points to 9.1% [2] Group 4: Transaction Trends and Investment Opportunities - In the first half of 2025, the total transaction volume for office properties in Shenzhen reached nearly 8 billion yuan, primarily driven by self-use buyers, indicating active self-use demand [3] - The market for large transactions in the Guangdong-Hong Kong-Macao Greater Bay Area showed significant fluctuations, with the average transaction price dropping to 500 million yuan, shifting demand towards lower total price assets [3] - Investors are increasingly interested in stable commercial projects with clear operational improvement potential, as well as logistics assets in the Greater Bay Area [3] Group 5: Future Outlook and Strategic Insights - Market participants are encouraged to leverage favorable policy nodes, such as interest rate cuts and priority policies, to identify investment opportunities in clearly defined sectors [4] - The emergence of new economic infrastructure, particularly in artificial intelligence and biomedicine, is expected to attract investment, with data center investments returning to the spotlight [4] - The focus on commercial and urban infrastructure, along with opportunities arising from domestic demand growth and industrial transfer, will be critical for future investment strategies [4]

Group 1: Office Market Overview - In the first half of 2025, Shenzhen saw a new supply of 235,000 square meters of Grade A office space, bringing the total stock to 8.605 million square meters [1] - The net absorption of Grade A office space in Shenzhen reached 68,000 square meters in the first half of the year, driven by the demand from high-tech industries and headquarters-type properties [2] - An additional 1.22 million square meters of Grade A office space is expected to be available by the end of the year, with projections indicating that total stock could exceed 10 million square meters by the end of 2027 [2] Group 2: Retail Market Performance - The retail market in Shenzhen experienced a significant supply increase, with 303,000 square meters of new quality shopping centers introduced, raising the total stock to 7.477 million square meters [3] - Major contributors to the new supply included K11 ECOAST and Luohu Yitian Holiday Plaza, while new developments like Taizi Bay招商花园城 and PA MALL are enhancing the shopping experience [3] - Over the next three years, approximately 1.264 million square meters of quality shopping centers are planned to enter the market, with a significant portion located in the western districts [3] Group 3: Buyer Trends in Office Market - In the first half of the year, the total transaction volume for office properties in Shenzhen reached nearly 8 billion, primarily driven by self-use buyers, indicating strong demand for self-use office space [4] - Notable self-use buyers include listed companies and state-owned enterprises such as BOE Technology Group and Guotai Junan, which have been active in acquiring office buildings for their own operations [4] Group 4: Future Market Outlook - Market participants are encouraged to leverage favorable policy conditions, such as interest rate cuts, to identify investment opportunities in clearly defined sectors [5] - The rise of new economic sectors is expected to keep infrastructure investments in focus, particularly in data centers and the biopharmaceutical sector, which are anticipated to attract significant investment [5]

Core Insights - The performance of Shenzhen's Grade A office market in the first half of 2025 shows a new supply of 235,000 square meters, which is below market expectations, leading to a total stock of 8.605 million square meters [1] - The vacancy rate for Grade A offices in Shenzhen slightly increased by 1.2 percentage points to 27.8% by the end of Q2 2025, indicating a temporary easing of upward pressure due to delayed supply [1] - Average rental prices for Grade A offices decreased by 5.3% to 160.1 yuan per square meter per month compared to the end of last year, driven by competitive pressures [1] Supply and Demand Dynamics - The delayed supply of new office projects has led to a temporary reduction in vacancy rate pressures, with many projects postponing their launch due to intense market competition [1] - The net absorption of Grade A office space in Shenzhen reached 68,000 square meters in the first half of 2025, supported by price advantages that facilitated the absorption of new and existing properties [1] Market Trends and Projections - By the end of 2027, the total stock of Grade A offices in Shenzhen is expected to exceed 10 million square meters, intensifying competition and further driving down office costs [2] - The composition of tenants in Grade A offices is anticipated to diversify, with an increasing proportion of emerging industries and operational businesses [2] Transaction Activity - In the first half of 2025, the total transaction volume for office properties in Shenzhen reached nearly 8 billion yuan, primarily driven by owner-occupiers, indicating sustained demand for self-use office space [2] - The market is seeing increased interest in industrial and commercial assets, with listed companies and state-owned enterprises being the main players in transactions [2] Renovation Costs - Despite rising renovation costs in major cities across the Asia-Pacific region, the growth rate has slowed down, with renovation costs for foreign enterprises in Shenzhen projected at approximately 4,200 yuan per square meter in 2024 [2]

以下文章来源于霞光社 ，作者李小天 霞光社 . 赋能企业全球化 来源丨 霞光社（ID：Globalinsights） 作者丨李小天 图源丨Midjourney 2023年10月，准备再度开启创业征程的许超，跟随中东考察项目来到沙特首都利雅得。在此之前， 他已经考察了英国、欧盟、日本、东南亚等多个区域，在全球市场寻觅商机。彼时，出海沙特热潮方 兴未艾，商务考察团络绎不绝，但走马观花者十之有九，落地生根者屈指可数。但许超却在此次行程 中，发现了不可多得的商机。 在利雅得考察期间，许超一行人所居住的艾美酒店（Le Méridien Riyadh），一晚费用高达6000人 民币，远超迪拜、阿布扎比的同星级酒店。这还仅是平日的价格，在有中东 "数字达沃斯"之称的 LEAP峰会举办期间，利雅得酒店入住率达 100%，酒店住宿价格甚至飙升至每晚9000美元以上，堪 称一房难求。 沙特，这一中东地区第一大经济体，正在改革开放进程之中。商业展会层出不穷、体育赛事频繁密 集、对外开放大刀阔斧，吸引商旅人士接踵而至。随着越来越多的外企将利雅得作为其中东区域中 心，利雅得也越发展现出包容开放的世界主义，而人流、信息和资本的涌动汇集， ...

Core Insights - The article highlights the impressive achievements of the Shangcheng District in terms of its building economy, with 75 buildings generating over 100 million yuan in tax revenue and 8 buildings generating over 1 billion yuan in tax revenue in 2024 [2] - The district aims to develop a second tax revenue corridor along Qianjiang Road, building on the success of the first corridor established along Fuchun Road, which has 22 buildings generating over 1 billion yuan in tax revenue [3] Group 1: Building Economy Development - The Shangcheng District government plans to focus on key areas such as the 19-kilometer golden left bank of the Qiantang River and Dahu Bin, aiming to attract over 55 high-level headquarters projects and achieve 80 buildings generating over 100 million yuan in tax revenue [2] - The district has already established a cluster effect with over 20 headquarters buildings along Fuchun Road, creating the first "100 billion tax revenue corridor" in Zhejiang [4] Group 2: Challenges and Solutions - Despite the positive data, the building economy faces challenges such as increased supply of office buildings leading to higher vacancy rates due to lack of differentiation [5] - Suggestions include enhancing regional planning to highlight building characteristics and focusing on leading enterprises to create an industrial ecosystem around each building [5] Group 3: Future Plans and Initiatives - The second tax revenue corridor will include areas like Qianjiang New City CBD and aims to create a dual-core driven industrial hub focusing on financial technology and high-end business [6] - The district plans to establish a building investment organization and provide financial incentives for building operators achieving certain performance metrics [6][7] - Initiatives to optimize the business environment include launching a mini-program for easy access to building information and compiling detailed building manuals to assist businesses in making informed decisions [7]

Group 1: Office Leasing Market - The overall Grade A office leasing market recorded a positive net absorption of 39,700 square feet in April after a negative absorption in March, with a stable vacancy rate of 13.7% [1] - The demand for office leasing is primarily driven by relocations for office upgrades, with The Payment Cards Group Limited leasing 12,100 square feet in Tsim Sha Tsui [1] - Certain industries, particularly finance, insurance, and education, are actively seeking office space, indicating a rising demand in specific sectors [1] Group 2: Rental Trends - Despite the stable vacancy rate, overall rental prices continued to decline, with a slight monthly decrease of 0.5% in April, marking the 36th consecutive month of rental decline since May 2022 [2] - Central and East Hong Kong recorded minor rental declines of 0.4% and 0.6% respectively, while other major districts also experienced similar decreases [2] Group 3: Residential Market - The overall residential transaction volume increased by 6.1% month-on-month in April, with the secondary market transactions rising to 4,080, indicating a recovery in demand [2] - The primary market transactions decreased to 1,614, but the performance remained strong due to the successful launch of several large projects [2] - A decrease in the one-month HIBOR by 3.36 percentage points to 0.59% as of May 26 is expected to alleviate pressure on mortgage borrowers, potentially boosting the residential market [2]