南方财经全媒体记者 孙诗卉 值得注意的是，交易完成后，项目运营团队不会改变，英格卡将继续保留项目运营权。业内认为，这 种"资产所有权与运营权分离"的模式，一方面确保了专业运营团队继续管理项目，另一方面又满足了保 险资金对购入"现金流奶牛"的需求。据悉，这三座荟聚项目运营均已超过十年，能为低利率环境下面临 利差损风险的险资提供稳定的现金流是其受到险资青睐的一大原因。 龙格认为，以泰康人寿为首的险资财团，斥巨资收购此类成熟的大型购物中心，反映了险资对稳定收益 和高回报资产的需求，通过收购成熟物业并计划REITs上市退出，可以实现资产增值和长期资金保值。 北京南五环，亚洲最大单体购物中心之一北京荟聚，创下7050个停车位的吉尼斯世界纪录、年客流量超 3000万人次的喧嚣背后，一场涉及巨额资金和战略调整的交易悄然落定。 八月中旬，多方信源披露，英格卡集团（IngkaGroup，总部位于瑞典，旗下业务涵盖宜家零售、英格卡 购物中心及英格卡投资三大核心板块）计划出售其在中国内地运营的十座荟聚购物中心，首批出售无 锡、北京和武汉的三座荟聚购物中心，交易总估值达160亿元人民币。以泰康人寿为首的险资财团成为 接盘方，这支总规 ...

文 | 独角金融 谢美浴 编辑 | 付影 图源：智通财经报 道 财大气粗的险资，加大配置不动产的力度。 "智通财经"近日援引知情人士透露，英格卡购物中心（Ingka Centres）正计划打包出售其在中国持有的全部10座荟聚购 物中心。 据报道，首批进入交易名单的是位于无锡、北京和武汉的三座标志性商业体，整体估值高达160亿元。引人瞩目的是， 这笔大宗交易的潜在接盘方，或是以泰康人寿为首、多家头部险资联合参与的投资基金，该基金总规模达80亿元。 财报数据显示，英格卡集团2024财年营收418亿欧元（约合人民币3494.23亿元），同比下降了5.5%；净利润8.06亿欧元 （约合人民币67.37亿元），同比下滑46.5%。 上海易居房地产研究院副院长崔霁向《中国新闻周刊》分析表示，英格卡打包出售荟聚这类商业地产的行为，本质上或 许是缓解短期财务压力、优化资产结构，剥离非核心业务或低效率资产，聚焦核心战略的综合选择。 而据"智通财经"援引知情人士透露，此次交易首批选中这三座购物中心，是10座中评估最优的资产。 具体细节显示，由泰康人寿领投的基金总规模为80亿元，泰康人寿认购30亿元，中银三星、中宏、友邦、大都会人 ...

Core Viewpoint - Ingka Group, the parent company of IKEA, plans to sell its shopping centers in Beijing, Wuxi, and Wuhan, potentially clearing out the remaining seven centers in the future, raising questions about the timing and motivations behind this decision [5][6][14]. Summary by Sections Sale of Shopping Centers - Ingka Group intends to sell three shopping centers with a total estimated value of 16 billion yuan, with the buyer being a fund led by Taikang Life Insurance [6][18]. - The three centers have been operational for about ten years and are among the most popular shopping destinations in their respective cities [14][12]. Financial Performance - Ingka Group reported a revenue decline of 5.5% to 41.864 billion euros in the 2024 fiscal year, with net profit dropping by 46.5% to 0.806 billion euros [16]. - The operating cash flow for 2024 was 2.9 billion euros, down 17% from the previous year, marking a significant performance drop compared to the previous years [16]. Investment and Valuation - The investment of 16 billion yuan for the three shopping centers represents a 60% increase from the initial investment of 10 billion yuan [18]. - The average valuation per square meter for the three centers is approximately 1.39 million yuan, which is higher than some recently listed REITs but lower than others [20][21]. Market Context - The shopping centers have shown strong performance, with Wuxi's center achieving sales of 4.3 billion yuan in 2024 and Beijing's center expected to reach around 10 billion yuan in sales [12][16]. - The sale is seen as a strategy for Ingka to recover cash and alleviate financial pressure while maintaining operational control over the centers [17][24]. Future Prospects - The deal is structured as a Pre-REITs investment, indicating potential for future appreciation and a commitment from Ingka for a return rate close to 7% during the investment period [22][24].

Core Viewpoint - The article discusses the significant move by Ingka Group to sell three of its shopping centers in China, indicating a strategic shift in response to declining performance and the increasing role of insurance capital in real estate investment [5][12][14]. Group 1: Transaction Details - Ingka Group plans to sell three shopping centers located in Wuxi, Beijing, and Wuhan, with a total asking price of 16 billion yuan [6][7]. - The first batch of sales includes mature projects that have been operational for over 10 years, with a total transaction value reaching 16 billion yuan [7][8]. - The potential buyer is a fund led by Taikang Life, with a total fund size of 8 billion yuan, where Taikang Life will invest 3 billion yuan [10]. Group 2: Performance Challenges - Ingka Group has faced significant challenges, particularly with its IKEA segment, which saw a 30% drop in sales compared to its peak in 2019, leading to a 5.5% decline in total revenue to 41.864 billion euros and a 46.5% drop in net profit to 806 million euros in 2024 [12][11]. - The decision to sell shopping centers is seen as a way to optimize asset structure and reduce heavy asset burdens while maintaining operational control [12]. Group 3: Insurance Capital's Role - Insurance capital has become a crucial player in real estate investment, with companies like Taikang Life, Xinhua Insurance, and others actively participating in various real estate projects [5][14]. - From 2022 to 2024, direct investments by insurance companies in China's commercial real estate reached 9.3 billion USD, positioning them as significant investors in the Asia-Pacific region [14]. - The article highlights the increasing pace of insurance capital's involvement in real estate, driven by favorable policies and the need for stable long-term returns in a low-interest-rate environment [15].

Group 1 - The U.S. government has secretly implanted tracking devices in AI-related chips to monitor shipments potentially sent to China [3][4] - Perplexity AI has made a $34.5 billion acquisition offer for Google's Chrome browser, with funding support from multiple funds [4] - DeepSeek has no plans to release its next-generation model DeepSeek-R2 in August [4][5] Group 2 - Apple's first foldable iPhone, the iPhone 18 Fold, is expected to launch in the second half of next year, featuring a new A20 chip and a price of $1,999 [5] - Nike has filed a lawsuit against Edison Chen for $126,000 over a breach of contract, clarifying that the initial reported amount was incorrect [7] - OpenAI's CEO is planning to establish a new company, Merge Labs, to compete with Elon Musk's Neuralink, aiming to raise $250 million [7] Group 3 - Kodak has issued a warning about its ability to continue operations due to a lack of financing options for $500 million in upcoming debt [9] - Musk has accused Apple of favoring OpenAI in its App Store, which Apple has denied, stating that its platform operates on fair principles [9] - Alibaba is launching a large-scale AI talent recruitment plan, aiming to hire nearly 1,000 people across various cities [18] Group 4 - GAC Group has approved a $600 million capital increase for GAC Aion to strengthen its stake in Huawang Automotive [18] - Bullish plans to raise $1.11 billion through its IPO, with shares priced at $37 each [22] - Didi has invested in the autonomous vehicle company New Stone, expanding its logistics delivery capabilities [22] Group 5 - The global electric vehicle sales growth slowed to 21% in July, down from 25% in June [32] - Xiaomi regained the top position in Southeast Asia's smartphone market with a 19% market share, while the overall market declined by 1% [32] - The summer movie box office has surpassed 9 billion yuan, with several films leading the charts [32]

Core Viewpoint - The commercial real estate sector is witnessing significant transactions, with Ingka Group planning to sell three shopping centers in China for a total of 16 billion yuan, indicating a shift in investment strategies amid performance challenges [3][11]. Group 1: Transaction Details - Ingka Group is set to sell three shopping centers located in Wuxi, Beijing, and Wuhan, with a total transaction value of 16 billion yuan [6][7]. - The Wuxi center, opened in June 2014, has seen a steady increase in foot traffic, reaching 18 million visitors in 2024, while generating sales of 4.3 billion yuan [7]. - The Beijing center, one of the largest in Asia, attracts around 30 million visitors annually and is projected to generate nearly 10 billion yuan in sales [7]. - The Wuhan center recorded a remarkable opening day foot traffic of 80,000, maintaining over 100,000 visitors on weekends [7]. Group 2: Investment Dynamics - The buyer is expected to be a fund led by Taikang Life, with a total fund size of 8 billion yuan, where Taikang Life will invest 3 billion yuan [8]. - The transaction will create a joint venture, with operational rights remaining with Ingka, which promises a nearly 7% return to the insurance investors during the investment period [8][11]. - There are indications that Ingka may sell the remaining seven shopping centers, which would mean a significant divestment of its assets in mainland China [8]. Group 3: Industry Trends - Insurance capital has become a significant player in real estate investments, with companies like Taikang Life, Xinhua Insurance, and others actively participating in various projects [4][12]. - From 2022 to 2024, insurance companies invested approximately 9.3 billion USD in commercial real estate in mainland China, positioning themselves as leaders in the Asia-Pacific market [12]. - The first half of the year saw major insurance firms invest 4.747 billion yuan in real estate projects, a sixfold increase compared to the previous year [12]. Group 4: Motivations Behind Investment - The push for insurance capital to enter the real estate market is driven by government policies encouraging such investments, which have lowered barriers and expanded investment channels [13]. - The current low-interest-rate environment necessitates insurance companies to seek equity investments to preserve and grow their capital [13][14]. - Insurance capital's characteristics, such as large scale, long duration, and stability, make it well-suited for long-term real estate investments [14].

Core Viewpoint - The article discusses the significant transaction involving Ingka Group's plan to sell three shopping centers in China, highlighting the increasing role of insurance capital in real estate investments [3][4][13]. Group 1: Transaction Details - Ingka Group is planning to sell three shopping centers located in Wuxi, Beijing, and Wuhan, with a total transaction value of 16 billion yuan [3][5]. - The Wuxi center, opened in 2014, has seen a steady increase in foot traffic, reaching 18 million visitors in 2024, while generating sales of 4.3 billion yuan [7]. - The Beijing center, one of the largest shopping centers in Asia, attracts around 30 million visitors annually and is expected to generate nearly 10 billion yuan in sales [7]. - The Wuhan center recorded a remarkable opening day foot traffic of 80,000, maintaining over 100,000 visitors on weekends [7]. Group 2: Strategic Implications for Ingka Group - The sale of these shopping centers is seen as a response to the declining performance of Ingka Group, particularly in its IKEA segment, which reported a 30% drop in sales compared to its peak in 2019 [10][11]. - By selling mature projects while retaining operational control, Ingka aims to optimize its asset structure and reduce heavy asset burdens, allowing for a focus on brand management and customer engagement [11][12]. Group 3: Insurance Capital's Role - Insurance companies, including Taikang Life, have been increasingly active in real estate investments, with direct investments in commercial real estate in China reaching 9.3 billion USD from 2022 to 2024 [14]. - The trend of insurance capital entering the real estate market is supported by favorable policies and a low-interest-rate environment, making real estate an attractive investment option for long-term stable returns [15][16][17]. - The article suggests that insurance capital will continue to play a crucial role in real estate investments, driven by policy support and market opportunities [18].

Core Viewpoint - The article discusses the significant transaction involving Ingka Group's plan to sell three shopping centers in China, highlighting the increasing role of insurance capital in real estate investment amid the group's declining performance in its core retail business [4][11][13]. Group 1: Transaction Details - Ingka Group is planning to sell three shopping centers located in Wuxi, Beijing, and Wuhan, with a total asking price of 16 billion yuan [4][7]. - The Wuxi center, opened in 2014, has seen a steady increase in foot traffic, reaching over 18 million visitors in 2024, while generating sales of 4.3 billion yuan [8]. - The Beijing center, one of the largest shopping centers in Asia, attracts around 30 million visitors annually and is projected to generate nearly 10 billion yuan in sales [8]. - The Wuhan center recorded a remarkable opening day foot traffic of 80,000, maintaining a weekend foot traffic of over 100,000 [8]. - The transaction is expected to be led by a fund backed by Taikang Life, with a total fund size of 8 billion yuan, and involves other insurance companies as co-investors [9]. Group 2: Insurance Capital's Role - Insurance capital has become a significant player in real estate investment, with companies like Taikang Life, Xinhua Insurance, and others actively participating in various projects [5][6]. - From 2022 to 2024, insurance companies invested approximately 9.3 billion USD in commercial real estate in China, positioning themselves as leaders in the Asia-Pacific region [17]. - In the first half of the year, major insurance firms invested 4.747 billion yuan in real estate projects, marking a more than sixfold increase compared to the previous year [18]. Group 3: Market Context and Challenges - Ingka Group has faced challenges in its retail segment, with a reported revenue decline of 5.5% and a net profit drop of 46.5% in 2024 [13]. - The decision to sell shopping centers is seen as a strategy to optimize asset structure and reduce heavy asset burdens while maintaining operational control [13][14]. - The article suggests that the shift towards a light asset operation model may enhance Ingka's competitiveness in the market [14].

Core Viewpoint - The article highlights the successful strategies employed by Ingka Shopping Centers in China to attract consumers back to physical retail spaces amidst the challenges posed by e-commerce, emphasizing the importance of creating unique in-person experiences [1][2]. Group 1: Consumer Engagement and Experience - Ingka Shopping Centers aims to create "irreplaceable offline experiences" through four dimensions: physical space comfort, brand mix, engaging activities, and professional services [2][3]. - The company has hosted over 4,000 community events in the past decade, attracting more than 500,000 participants, showcasing its commitment to community engagement [2][4]. - Research indicates that over 60% of Gen Z consumers prefer in-person gatherings, highlighting the value of physical interactions in enhancing consumer trust and experience [4]. Group 2: Strategic Positioning and Differentiation - Ingka Shopping Centers positions itself as a "community experience center," offering a multifunctional space that integrates shopping, socializing, and leisure activities [3][5]. - The company focuses on creating a unique competitive strategy by blending Nordic culture with local elements, aiming to provide emotional value and convenience to consumers [5][8]. - Approximately 70% of the brands in the Shanghai Huiju center are new or concept stores, reflecting the company's strategy to continuously refresh its offerings [6]. Group 3: Future Growth and Investment - Ingka has invested 27 billion yuan in the Chinese market, with a strong performance in visitor and tenant sales, indicating a robust growth trajectory [7]. - The company plans to focus on upgrading existing shopping centers while exploring new business models in collaboration with IKEA [7]. - Ingka envisions its shopping centers as cultural exchange platforms and destinations for urban micro-vacations, aiming to enhance the consumer experience through cultural and creative elements [8].

Core Insights - In collaboration with the iconic Swedish IP "Pippi Longstocking," Ingka Shopping Center launched the "Summer Fun with Pippi" event in Beijing [1][4] - Ingka Shopping Center operates 38 gathering experience centers across 15 global markets, with 10 locations in China under the brand "Hui Ju" [1][4] - The event aims to enhance consumer interaction through themed installations and activities, including pool parties and music festivals [4][5] Group 1 - The partnership with "Pippi Longstocking" marks the first exhibition tour of this IP in China [4] - The Beijing Hui Ju is designed to create a new urban entertainment space that integrates entertainment, social interaction, and cultural innovation [4][5] - Other Hui Ju locations across ten cities will also launch the "Summer Fun with Pippi" event, incorporating local cultural elements into their activities [4] Group 2 - Ingka Shopping Center emphasizes the deep integration of cultural IP and spatial creativity to provide enjoyable gathering experiences [5] - The company aims to continuously explore the potential of commercial spaces in cultural and social contexts, contributing to the development of urban cultural life [5]