消费赛道持续升温，越来越多国际消费品牌寻求与中国本土资本的战略合作。 近日，高和资本与英格卡购物中心宣布战略合作，计划共同设立一只专项不动产基金，该基金将持有分 别位于北京、无锡和武汉的三座荟聚购物中心；前不久，博裕资本与星巴克达成合作，将取得星巴克中 国合资公司60%股权；CPE源峰与汉堡王母公司RBI成立合资公司，将注入3.5亿美元并获得汉堡王中国 20年独家开发权。 上述交易呈现出共同的鲜明特征：资本方不仅追求财务回报，更深度介入甚至主导被投企业的运营与战 略决策。这标志着中国消费市场投资逻辑已从早期的机会驱动，全面转向服务于产业整合、提升集中度 的战略驱动新阶段，呈现出由头部机构主导的"战略控股、深度赋能"新特征。笔者认为，消费市场"资 本+产业"深度结合的案例不断涌现，背后有三重逻辑。 首先，从"扫货式"投资到战略控股，资本正重估消费赛道。 2025年消费领域的密集交易清晰勾勒出一场逻辑变革：资本巨头对消费赛道的布局，正从追求规模扩张 的"扫货式"投资，转向深度赋能的战略控股。这种转变不仅是资本投资模式的迭代，更是其对消费产业 本质的重新认知。 此前，资本往往以现金为主要工具，通过密集收购不同赛道标 ...

2025年，中国消费赛道骤然升温，迎来一轮由资本巨头主导的"扫货式"投资，资本用真金白银对中 国消费市场投下信心票。 密集落地的一系列重磅交易中，不少为"资本+产业"的深度结合案例，越来越多的全球消费品牌寻 求与中国本土资本战略合作。在消费结构转变的背景下，消费并购的运作逻辑发生深刻变化，催生了更 多"控股主导"型并购投资交易。 巨头纷纷下注 近日，"英格卡集团打包出让荟聚股权"的消息落地。国内知名不动产私募股权基金高和资本与英格 卡购物中心宣布战略合作，计划共同设立一只专项不动产基金，该基金将持有分别位于北京、无锡和武 汉的三座荟聚购物中心。高和资本表示，合作将在获得相关主管部门的批准后正式生效，此次合作将助 力英格卡长期战略布局，同时为其开辟进入中国不动产证券化市场的通道。 根据协议，高和资本将担任该基金的基金管理人及执行合伙人；英格卡则将作为普通合伙人及基石 投资者，继续拥有荟聚品牌并经营这些购物中心，保持荟聚品牌和运营的品质。 今年以来，众多知名国际消费品牌出售其中国业务，国际资本、国内股权机构纷纷出手。例如，11 月4日，星巴克与博裕资本共同宣布达成战略合作，这场历时9个月、吸引超过20家顶级机构参 ...

□本报记者 王昱炟 张舒琳 2025年，中国消费赛道骤然升温，迎来一轮由资本巨头主导的"扫货式"投资，资本用真金白银对中国消 费市场投下信心票。 密集落地的一系列重磅交易中，不少为"资本+产业"的深度结合案例，越来越多的全球消费品牌寻求与 中国本土资本战略合作。在消费结构转变的背景下，消费并购的运作逻辑发生深刻变化，催生了更 多"控股主导"型并购投资交易。 巨头纷纷下注 近日，"英格卡集团打包出让荟聚股权"的消息落地。国内知名不动产私募股权基金高和资本与英格卡购 物中心宣布战略合作，计划共同设立一只专项不动产基金，该基金将持有分别位于北京、无锡和武汉的 三座荟聚购物中心。高和资本表示，合作将在获得相关主管部门的批准后正式生效，此次合作将助力英 格卡长期战略布局，同时为其开辟进入中国不动产证券化市场的通道。 根据协议，高和资本将担任该基金的基金管理人及执行合伙人；英格卡则将作为普通合伙人及基石投资 者，继续拥有荟聚品牌并经营这些购物中心，保持荟聚品牌和运营的品质。 "随着人口的迁移和消费主力的回归，下沉市场的消费力在提升，对产品质量和性价比的追求更胜以 往，我们看到了一些从下沉市场发展起来的消费品企业和品牌，具 ...

近期，消费赛道投资升温，由资本巨头主导的"扫货式"投资密集落地，被市场视为资本用真金白银对中 国消费市场投下的"信心票"。越来越多国际消费品牌寻求与中国本土资本的战略合作，"资本+产业"的 深度结合案例不断涌现。 国际巨头中国业务纷纷寻求战略合作 今年以来，众多知名国际消费品牌出售其中国业务，国际资本、国内股权机构纷纷出手，诞生了多起值 得关注的案例。 近日，"英格卡集团打包出让荟聚股权"消息落地，国内知名不动产私募股权基金高和资本与英格卡购物 中心宣布战略合作，计划共同设立一支专项不动产基金，该基金将持有分别位于北京、无锡和武汉的三 座荟聚购物中心。高和资本表示，合作将在获得中国相关主管部门的批准后正式生效，此次合作将助力 英格卡长期战略布局，同时为其开辟进入中国不动产证券化市场的通道。 根据协议，高和资本将担任该基金的基金管理人及执行合伙人；英格卡则将作为普通合伙人及基石投资 者，继续拥有荟聚品牌并经营这些购物中心，保持荟聚品牌和运营的品质。 资本的强势入场，正加速中国消费行业的整合与洗牌，预计"资本+产业"的深度结合案例将愈发常见。 《2025中国并购基金研究报告》显示，中国PE、VC参与的并购已从早期 ...

又一顶流商场被摆上了货架！12月12日，英格卡购物中心宣布与高和资本达成战略合作，双方将携手成 立一支专项不动产基金，共同持有无锡荟聚、北京荟聚、武汉荟聚三座聚会体验中心。此项合作将在获 得中国相关主管部门的批准后正式生效。 "荟聚"并非首个被摆上货架的优质商业体。从银泰百货到北京SKP，这些象征着高端与稳定的行业标 杆，近年来却相继走上了股权出售的道路。一个核心疑问随之浮现：当最优质的资产都难以"守住"，其 背后又折射出怎样的行业变局？ 三座荟聚"生变" 今年8月份，有市场消息称，英格卡购物中心计划打包出售国内的10座荟聚购物中心，首批将出售位于 无锡、北京、武汉的三座荟聚购物中心，涉及资金160亿元。如今"靴子落地"，无锡荟聚、北京荟聚、 武汉荟聚三座聚会体验中心不再被英格卡购物中心全资持有。 《华夏时报》记者从英格卡购物中心方面了解到，在这一新合作模式下，英格卡购物中心将继续持有荟 聚品牌，并继续以荟聚品牌独家管理和运营所有聚会体验中心。 记者根据英格卡购物中心提供的资料了解到，英格卡购物中心和宜家零售同属于英格卡集团。在中国， 英格卡购物中心以"荟聚"这一品牌进行运营。此次合作的直接合作主体双方，为英 ...

"荟聚"并非首个被摆上货架的优质商业体。从银泰百货到北京SKP，这些象征着高端与稳定的行业标 杆，近年来却相继走上了股权出售的道路。一个核心疑问随之浮现：当最优质的资产都难以"守住"，其 背后又折射出怎样的行业变局？ 本报（chinatimes.net.cn）记者周梦婷 北京报道 又一顶流商场被摆上了货架！12月12日，英格卡购物中心宣布与高和资本达成战略合作，双方将携手成 立一支专项不动产基金，共同持有无锡荟聚、北京荟聚、武汉荟聚三座聚会体验中心。此项合作将在获 得中国相关主管部门的批准后正式生效。 出售背后 在三座荟聚购物中心找到合作方后，英格卡购物中心后续的系列举动引发关注。针对此次合作，英格卡 购物中心全球总裁安心迪也表示，"英格卡集团扎根中国市场多年，始终致力不断贴近本土需求。此次 合作不仅开拓了新的业务与增长机遇，更将深化我们与长期相伴的本地社区的联结。" 中国商业联合会专家委员会委员、北京商业经济学会常务副会长赖阳12月13日对《华夏时报》记者分析 认为，"英格卡购物中心与高和资本的战略合作，表面看是资产所有权的转移，本质上是商业地产开发 模式向资产管理模式的结构性进化。在云消费时代，物理空间作 ...

Core Viewpoint - The trend of foreign brands seeking "Chinese partners" is becoming popular, with companies like Starbucks and Burger King exemplifying different motivations behind such partnerships [6][7][8]. Group 1: Starbucks and Burger King - Starbucks announced a strategic partnership with Boyu Capital to sell 60% of its Chinese business for a total of $4 billion, forming a new joint venture, despite achieving a 6% year-on-year revenue growth in Q4 [7]. - In contrast, Burger King is seen as "selling out" by partnering with CPE Yuanfeng, which will inject $350 million into Burger King China, resulting in an 83% ownership stake [8][10]. - Burger King's performance in China is significantly lagging, with only about 1,300 stores compared to competitors like McDonald's and KFC, and an average annual sales per store of approximately $40,000, which is among the lowest in the industry [8][12][16]. Group 2: Häagen-Dazs - Häagen-Dazs is rumored to be selling its Chinese stores, having closed nearly 20% of its locations and experiencing a double-digit decline in customer traffic [20][22]. - The brand's previous high-end positioning has been challenged by increased competition and price discrepancies, with Häagen-Dazs products being 30% cheaper in the U.S. compared to China [22][23]. - The emergence of local brands offering competitive pricing and appealing flavors has further eroded Häagen-Dazs' market share, necessitating a search for new selling points [25][27]. Group 3: Ingka Group and IKEA - Ingka Group is reportedly planning to sell 10 of its shopping centers in China, with the first three expected to fetch around 16 billion yuan, despite the popularity of its shopping centers [28][29]. - IKEA's declining performance in China, with a nearly 30% revenue drop compared to 2019, has prompted the need for Ingka to focus on core business areas [33][34][36]. - The high maintenance costs of the shopping centers and the need for cash flow improvements are driving the decision to seek partners [36][37]. Group 4: Decathlon - Decathlon is considering selling 30% of its shares in China for an estimated €1-1.5 billion due to a 15.5% decline in net profit, marking its lowest in four years [39][40]. - The brand's shift towards higher-end products has alienated its traditional customer base, leading to criticism for becoming unaffordable [44][46]. - Decathlon's need for a "Chinese partner" is seen as a way to upgrade its offerings and better align with the evolving market demands [47].

Core Viewpoint - The article discusses the increasing trend of high-end shopping malls being put up for sale in China, particularly focusing on the cases of Beijing SKP and Huiju, highlighting the impact of changing consumer behavior and economic conditions on the commercial real estate market [2][3][9]. Group 1: Market Dynamics - The commercial real estate market is experiencing a shift, with many shopping centers, including top-tier malls like SKP and Huiju, being listed for sale due to economic pressures and changing consumer spending habits [3][9]. - The sale of shopping centers is not solely driven by financial distress; it reflects a broader trend where even successful malls are reassessing their positions in the market [8][9]. - The transaction volume in the commercial real estate sector is increasing, with a notable rise in the proportion of commercial transactions from 18% in 2024 to 20% in 2025 [9]. Group 2: Specific Cases - Huiju and SKP have been highlighted as prime examples of successful malls that are now on the market, with Huiju's three centers in Wuxi, Beijing, and Wuhan collectively valued at 16 billion yuan [7][9]. - Beijing SKP, known for its high sales figures, is also on the market, with a proposed sale of 42%-45% of its management rights and assets [8][9]. - The article notes that the average rent for SKP exceeds 100 yuan per square meter per day, significantly higher than the national average of 20-30 yuan per square meter per day [8]. Group 3: Consumer Behavior and Economic Impact - The changing economic landscape has led to a decline in consumer spending, particularly among the middle class, which has affected foot traffic and sales in high-end malls [23][24]. - Data indicates that Beijing SKP's revenue is projected to drop by 17% to 22 billion yuan in 2024, reflecting the broader struggles faced by luxury retailers [23]. - The article emphasizes that the success of malls like SKP and Huiju was initially driven by affluent consumers and a growing middle class, but current economic conditions are challenging this dynamic [14][20]. Group 4: Investment Trends - Insurance companies have emerged as significant players in the commercial real estate market, with over 100 billion yuan invested in the sector from 2022 to 2024 [28][29]. - The introduction of REITs (Real Estate Investment Trusts) in China has changed the investment landscape, allowing for more flexible investment strategies in commercial properties [29]. - The article suggests that while many shopping centers are available for sale, the quality of available assets is limited, leading to a competitive market for desirable properties [38].

Core Insights - The article discusses the increasing trend of shopping malls being put up for sale, particularly in major cities like Beijing and Shanghai, as the commercial real estate market faces challenges amid a shifting economic landscape [1][5][6] Group 1: Market Trends - Major shopping centers like Beijing SKP and Huiju are now on the market, reflecting a broader trend of commercial properties being sold as the residential real estate sector weakens [1][5] - The transaction volume for commercial real estate is expected to rise, with a reported increase in the proportion of commercial transactions from 18% in 2024 to 20% in 2025 [7] - The commercial real estate market is currently characterized as a buyer's market, with many sellers under financial pressure leading to increased listings [8][9] Group 2: Notable Transactions - Huiju and SKP are among the first to be listed, with a combined transaction value of 16 billion yuan for the initial three malls, indicating significant interest from institutional investors [5][6] - SKP's rental rates are among the highest in China, with street-level rents exceeding 100 yuan per square meter per day, contrasting sharply with the national average of 20-30 yuan [6] - The sale of SKP involves a significant stake in its management and operational rights, highlighting the strategic importance of maintaining operational control post-sale [20] Group 3: Buyer Dynamics - Insurance companies have emerged as the most active buyers in the commercial real estate sector, with investments exceeding 100 billion yuan from 2022 to 2024 [16][18] - The introduction of REITs has changed the investment landscape, allowing for more flexible exit strategies and attracting conservative institutional investors [17][19] - The demand for quality shopping centers remains high, with buyers prioritizing operational stability and existing management teams to ensure continued success [21][22] Group 4: Operational Challenges - The operational management of shopping malls is increasingly seen as a critical factor for success, with many malls struggling to maintain high occupancy rates and consumer interest [23] - The article notes a shift in consumer behavior, with many potential tenants adopting a cautious approach to new openings, reflecting broader economic uncertainties [23] - Despite the challenges, new shopping centers continue to be planned and developed, indicating ongoing investment in the sector, albeit with a focus on sustainability and long-term viability [23]

Core Insights - The bulk trading market serves as a barometer for commercial real estate investment sentiment, with overall market expectations recovering [1] - In the first eight months of the year, 185 transactions were recorded across 32 cities in mainland China, totaling approximately 144.3 billion yuan, a 36% increase compared to the same period last year [1][2] - Retail and apartment assets continue to attract positive capital sentiment, with significant month-on-month growth in August [1][2] Transaction Data - In August, 15 transactions were completed across 32 cities, amounting to about 23.44 billion yuan, a slight year-on-year increase of 3.3% [2] - The cumulative transaction amount for the first eight months reached 144.3 billion yuan, reflecting a 36% increase year-on-year [2] - The average transaction size in August was approximately 1.62 billion yuan, marking a 127% year-on-year increase [2] City-Specific Insights - Shanghai remains the preferred city for bulk property investors, with transaction amounts reaching 26.41 billion yuan in the first eight months [5] - The total listing price for bulk properties across 32 cities exceeded 4 trillion yuan, with a month-on-month increase of 2.3% and a year-on-year increase of 71% [7] - Cities like Wuhan and Chengdu saw over 100% year-on-year growth in the number of listings for bulk standalone assets [7] Investment Trends - Retail commercial properties accounted for over 70% of the total transaction volume in August, with a cumulative scale of 35.17 billion yuan in the first eight months [10] - Notably, insurance capital, such as Taikang Life, is actively investing in commercial real estate, with plans to acquire shopping centers in Wuxi, Beijing, and Wuhan for a total of 16 billion yuan [10] - The apartment market is also gaining traction, with transaction volumes nearing 6 billion yuan in the first eight months, half of which occurred in Shanghai [13][14] Market Dynamics - The commercial real estate market is experiencing a "V-shaped" rebound, indicating a recovery in investment confidence, although the recovery is not uniform across all sectors [17] - The demand for traditional office spaces is declining, with transaction volumes significantly reduced in recent months due to economic slowdown and corporate cost-cutting measures [14][17]