"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 news discusses the compensation plan for the Guangzhou Racecourse land, which involves a compensation amount of approximately 10 billion yuan, highlighting the significance of this land in the context of urban redevelopment in Guangzhou [1][3]. Compensation Plan Details - The compensation plan involves a total land area of 362,000 square meters, with a total compensation amount of about 10 billion yuan, expected to be approximately 6.64 billion yuan after deducting taxes and necessary expenses [1][5]. - Shareholders will have the option to purchase the redeveloped "Racecourse land property" after receiving compensation [2]. Stakeholder Involvement - The plan will be discussed and voted on by all shareholders of the Shidong Eighth and Ninth Cooperative Economic Societies in Tianhe District on November 26, 2025 [4]. - Yuexiu Group has been confirmed as the main entity responsible for the land recovery and compensation payment [6][7]. Market Context - The Racecourse land is considered a "core treasure" in Zhujiang New Town, making it a lucrative investment opportunity for shareholders [3]. - The market anticipates that the starting price for the Racecourse land could be close to 20 billion yuan, significantly higher than the previous record of 11.755 billion yuan for the Poly Flour Factory land [13]. Development Potential - The total building area after land use adjustment is projected to reach 730,000 square meters, including 220,000 square meters for high-end residential and 500,000 square meters for commercial and educational facilities [13]. - The entry of high-end commercial projects, such as SKP, is expected to enhance the development value of the Racecourse land, positioning it as a key player in Guangzhou's market [15].

Core Viewpoint - The Guangzhou Changlong Vientiane commercial project has commenced, while other high-end commercial complexes in Guangzhou are also progressing, indicating an expansion in the city's high-end retail sector. However, the anticipated entry of the global high-end department store SKP into Guangzhou remains unconfirmed, despite ongoing developments in the Ma Chang area, which is being prepared for this project [1][4]. Group 1: Project Developments - The Ma Chang area, once a horse racing venue, is undergoing transformation into a comprehensive commercial zone, with various businesses already vacating the premises [2][3]. - The Ma Chang site covers an area of 380,000 square meters, equivalent to 53 international standard football fields, and is referred to as the "last treasure land" in Zhujiang New Town due to its prime location [3][4]. Group 2: Government Initiatives - A tender announcement in August 2021 indicated plans to enhance the Ma Chang area, aiming to benchmark against renowned international CBDs like Beijing SKP, aligning with the development goals of the Guangdong-Hong Kong-Macau Greater Bay Area [3][4]. - The Guangzhou government has repeatedly mentioned the introduction of commercial projects in the Ma Chang area, emphasizing its role as a key growth point for high-quality commercial development [4]. Group 3: SKP Project Status - Although the SKP project has not been officially announced, it has been consistently referenced in government documents, indicating a strong intent to facilitate its establishment in Guangzhou [4][5]. - Efforts to promote the Ma Chang area for commercial projects have been highlighted in various government reports, reinforcing the strategic importance of this location for high-end retail [4].

作者丨 张雪 来源丨 投中网 高端百货商场天花板的 SKP ，也要被卖了。 据悉，北京华联集团投资控股有限公司正在洽谈将其运营和开发的 SKP 出售给博裕资本。知情人 士称，双方已就 SKP 的管理和运营业务接近达成协议，该业务整体价值在 40 亿至 50 亿美元之 间。不过，就相关商场物业的归属还在讨论中。 对此，投中网向博裕资本进行求证，相关人员表示不予置评。 某种程度上， SKP 的出售也成为了中国奢侈品市场日渐衰落的一个缩影。 数据显示， 2024 年中国内地高端消费市场规模同比下滑 2% 至 1.63 万亿元，其中个人奢侈品市 场销售额预计下降 18%-20% 。 01 SKP，中国高端商场的代名词 有业内人士透露， 2024 年，北京 SKP 销售额或下跌 17% 至 220 亿元左右，较 2023 年的 265 亿元下滑约 45 亿元。与此同时，据赢商网消息，南京德基广场 2024 年全年销售额达到 245 亿元，问鼎了中国乃至世界高端商业销售额第一。 这样短暂的跌落神坛，不知道 SKP 内部会如何严阵以待。 不止北京，在西安、成都、武汉，还有杭州， SKP 的选址始终聚焦于城市的核心区域、高端 ...

Core Viewpoint - The potential sale of SKP by Beijing Hualian Group to Boyu Capital reflects the declining luxury goods market in China, with a projected 18%-20% drop in personal luxury goods sales in 2024 [3][9]. Group 1: SKP Overview - SKP, located in the core business district of Beijing, has been a landmark high-end shopping center, achieving daily sales exceeding 1 billion yuan [5][6]. - Established in 2007 through a partnership between Taiwan's Shin Kong Mitsukoshi and Beijing Hualian, SKP was positioned as a high-end shopping destination from the outset [6][7]. - The shopping center has hosted over 938 brands, including more than 90 top international brands, with over 40% making their debut in Beijing [6][8]. Group 2: Financial Performance - SKP's sales performance has been remarkable, with revenues reaching 6.5 billion yuan in 2012, 7.2 billion yuan in 2013, and 7.5 billion yuan in 2014, making it the highest-grossing mall in China for twelve consecutive years [8]. - However, projections indicate a 17% decline in sales for 2024, estimating revenues around 22 billion yuan, down from 26.5 billion yuan in 2023 [9]. Group 3: Boyu Capital's Acquisition Strategy - Boyu Capital, managing nearly 10 billion USD, focuses on private equity investments in high-growth sectors, with recent activities in technology, pharmaceuticals, and consumer goods [12]. - The acquisition of SKP is seen as a strategic move to enhance Boyu Capital's portfolio in high-end commercial real estate, aiming to create a "high-end consumption ecosystem" [14]. - Boyu Capital has been active in the real estate sector since 2017, previously investing in Vanke Property and acquiring shares in Jin Ke Service Group [12][13]. Group 4: Market Context - The sale of SKP is not an isolated incident; other significant transactions in the real estate market include Alibaba's sale of Intime Retail for 7.4 billion yuan and Miniso's acquisition of a stake in Yonghui Supermarket for 6.27 billion yuan [15]. - The luxury retail market in China is projected to grow, with forecasts suggesting that by 2030, China will become the largest luxury goods consumer globally, positioning SKP as a valuable asset in this evolving landscape [15].

Core Viewpoint - The article discusses the potential sale of SKP, a high-end department store in Beijing, by Beijing Hualian Group to Boyu Capital, with an estimated value between $4 billion to $5 billion. The sale is indicative of the changing dynamics in the high-end retail market in China, especially as SKP faces declining sales figures [1][10][18]. Group 1: SKP Overview - SKP, located in the core area of Beijing, has been a landmark in the CBD and has achieved significant sales milestones, including a record single-day sales of over $1 billion [4][5]. - Established in 2007, SKP was co-founded by Taiwan's Shin Kong Mitsukoshi and Beijing Hualian Group, positioning itself as a high-end shopping center with a strong brand portfolio [6][7]. - The store has consistently ranked as one of the highest-grossing malls in China, surpassing $10 billion in sales from 2012 to 2014, and was once the highest-grossing store globally [9]. Group 2: Sales Performance and Market Position - SKP's sales are projected to decline by approximately 17% in 2024, with expected revenues around $22 billion, down from $26.5 billion in 2023, marking a significant shift in its market position [10]. - The decline in sales has been attributed to increased competition, particularly from Nanjing Deji Plaza, which is expected to surpass SKP in sales for the first time [10]. Group 3: Boyu Capital's Acquisition Strategy - Boyu Capital, a private equity firm with nearly $10 billion in assets under management, is focusing on high-growth sectors and has been active in various investments, including technology and consumer sectors [13][14]. - The acquisition of SKP is seen as a strategic move to enhance Boyu Capital's portfolio in high-end commercial real estate, aiming to create a "high-end consumption ecosystem" [18]. - The transaction aligns with broader trends in the real estate market, where high-quality assets are increasingly sought after, as evidenced by other significant sales in the sector [19][20].