Group 1 - The average occupancy rate of the office portfolio for China Merchants Commercial REIT (01503) in Q4 was 77%, while the overall property occupancy rate was 80.8% [1] - The Shenzhen office leasing market remains under pressure due to high supply and rental declines, with structural differentiation in demand and ongoing de-leasing pressure [1] - The Grade A office building, New Era Plaza, signed several quality tenants during the quarter, increasing its overall occupancy rate by 9.2 percentage points to 66.1%, with current rent rising from RMB 139.2 per square meter to RMB 141.9 per square meter [1] Group 2 - The occupancy rate of the Technology Tower decreased by 6.6 percentage points to 72.8% due to the expiration of leases from major tenants, who may continue to adjust their leasing strategies [2] - The second phase of the Technology Tower and the Digital Tower also experienced declines in occupancy rates of 10.3 percentage points and 6.4 percentage points, respectively, due to lease expirations at year-end [2] - The Garden City Shopping Center maintained a strong operational performance, with high occupancy rates supported by increased foot traffic and sales during the year-end peak season [2]

Group 1 - The average occupancy rate of the office portfolio for China Merchants Commercial REIT was 77% in Q4, with an overall property occupancy rate of 80.8% [1] - The Shenzhen office leasing market remains under pressure due to high supply and rental declines, with structural differentiation in demand and ongoing de-leveraging pressure [1] - The Grade A office building, New Era Plaza, saw a 9.2 percentage point increase in occupancy to 66.1%, with rental rates rising from RMB 139.2 per square meter to RMB 141.9 per square meter [1] Group 2 - The occupancy rate of the Technology Tower decreased by 6.6 percentage points to 72.8% due to the expiration of leases from major tenants, who may continue to adjust their leasing strategies [2] - The occupancy rates for the second phase of the Technology Tower and Digital Tower also declined by 10.3 percentage points and 6.4 percentage points, respectively, prompting the REIT manager to develop de-leveraging plans [2] - The Garden City Shopping Center maintained a high occupancy rate, benefiting from increased foot traffic and sales during the year-end peak season, with positive outlooks for future performance driven by the upcoming Spring Festival and continued passenger flow from Metro Line 12 [2]

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].