The 2026 Boao Real Estate Forum, themed "Waves and Growth," convened from August 11 to 14 in Hainan. Cai Yun, Deputy Director of the China General Chamber of Commerce's Shopping Center Branch and Chief Expert of its Expert Committee, stated that the start of the "Fifteenth Five-Year Plan" marks a watershed moment for commercial real estate.

Cai Yun noted that this transition shifts focus from relying on incremental investment to managing and capitalizing on existing stock assets through operations and closed-loop processes. This year has seen a coexistence of shopping center closures and new constructions.

However, those clinging to outdated operational models have clearly become unable to adapt to market demands. In contrast, innovative entities thrive by embracing experiential consumption, wellness tourism, digital transformation, and capital operations, maintaining vitality amidst increasing market divergence.

Cai Yun cautioned against dismissing consumer-oriented formats entirely, arguing that with suitable models, collaboration between governments, capital, and operators can revitalize stock assets and unlock new value.