On September 11, the 2025 Global Headquarters Economy Conference and China Building Economy Beijing Forum was held in Beijing. The event was hosted by the World Trade Centers Association and China Association for the Promotion of Industrial Development, organized by the Building Economy and Headquarters Economy Branch and Cluster Think Tank. Zhou Honghui, General Manager of Asset Management Department at CHINA JINMAO Holdings Group Limited, was invited as a guest for the roundtable discussion on "Building Economy Shaping New Urban Competitive Advantages."
The following is a transcript of the dialogue:
In terms of market performance, CHINA JINMAO has basically achieved its preset goal of "outperforming the market and exceeding average performance," with overall results meeting expectations. Current market enthusiasm varies across different cities and business formats, showing structural differentiation and uneven hot and cold conditions. Regarding office building formats, the market overall remains in an adjustment phase. For instance, specific regional markets like Shanghai face significant short-term pressure due to supply impacts. However, in emerging business districts in some domestic cities, market recovery is evident due to new rental and expansion demands from emerging industries and sectors, highlighting partial demand opportunities. For hotel formats, some cities also show structural opportunities, with multiple five-star hotels under CHINA JINMAO achieving year-over-year performance improvements. The Sanya market performs strongly driven by duty-free policies, while Xi'an market still faces certain pressures. Beijing and Shanghai markets show overall stable performance with small fluctuation ranges. Regarding commercial formats, market competition is becoming increasingly fierce. On one hand, new supply continues to enter the market; on the other hand, consumer willingness and merchant store-opening intentions remain weak, with some foreign properties choosing to exit. Although the commercial sector has development potential, only partial projects in specific cities perform outstandingly, with the overall competitive landscape remaining quite severe. This represents our overall assessment of the current market, with specific situations requiring further analysis combined with actual conditions. We will continue to maintain dynamic observation and evaluation of the market.
Combining industry development and the company's own situation, CHINA JINMAO has formulated a development strategy of "one core, three focuses," accelerating the creation of a "second growth curve." Among these, the "premium holding" business is a key component supporting the company's future second growth curve. Corresponding asset management work at CHINA JINMAO internally always follows the core logic of "beginning with the end in mind," requiring closed-loop management for all holding businesses, whether existing or incremental projects, with all work oriented around investment returns as the core.
Currently, CHINA JINMAO has established full-cycle closed-loop management of "investment, financing, management, and exit." The company not only possesses real estate development and property service listed platforms but also successfully issued China's first commercial public REITs last year. The internal ecosystem foundation has been basically perfected, and asset management logic has been reshaped on this basis. Additionally, regarding office building management mentioned by other guests, we deeply relate to this. We have internally refined it into a sixteen-character strategy: "product innovation, service upgrade, refined operations, customer-adaptive changes." All measures center around customer needs, responding promptly and adjusting our services and products according to customer requirements. Although the positioning and hardware standards of various buildings are difficult to adjust easily and need comprehensive consideration of objective market environments, CHINA JINMAO is redefining and upgrading multiple office building properties under its portfolio. For example, although Shanghai Jinmao Tower has been operating for over twenty years and consistently maintains benchmark performance, we are launching a renewal and upgrade plan to continuously iterate and upgrade to adapt to market changes. Therefore, from an asset management perspective, under current market conditions, necessary capitalization transformation and upgrading of held properties is crucial. How to inject new vitality into assets through product iteration is also one of the core tasks of asset management.
Finally, I would like to summarize with one sentence: maintain confidence, practice internal skills diligently, advance hand in hand, and win the future together. Thank you all!