Core tip: new retail has become a "bright spot" in the development of commercial real estate in China. A new model of fresh + catering and Online + offline has basically taken shape. New retail formats such as Boxma fresh and super species have replaced traditional formats into new main stores.

From Ali's acquisition of Gaoxin retail to Tencent's stake in Yonghui super species (demand area: 300-800 square meters; Representative projects: Fuzhou Vientiane · Jiuyi City, Fuzhou Shiou Plaza, etc.); From Jingdong's launch of 7fresh to Suning's launch of Su Xiansheng... "Online one-way leading integration", "innovative retail" and unprecedented activity of commercial real estate asset securitization have become the three "highlights" of China's commercial real estate development.

According to the 2017 / 2018 annual development report of China's commercial real estate industry jointly released by the commercial real estate research association of all union real estate chamber of Commerce and RET ruiyide on July 7, although offline accounts for 85% of the consumer market, it is too scattered to lead the integration process; Although the market share of e-commerce is not high, it relies on the power of capital to integrate offline commerce. Internet giants have purchased offline businesses on a large scale, and the online one-way dominant integration pattern has emerged. Internet enterprises have arranged offline, which has become the biggest "bright spot" of China's commercial real estate.

"New retail" is also a "bright spot" in the development of commercial real estate in China. E-commerce giants compete to open fresh physical stores, basically forming a new model of fresh + catering and Online + offline. In 2017, 21 new businesses were opened in Boxma Xiansheng, 33 new super species created by Yonghui, 5 new businesses were opened in Suning, and 7fresh was launched by JD.

"The innovative retail format under the control of Internet giants has been rapidly laid out, replacing the traditional format and becoming a new main store." Wang Yongping, President of the commercial real estate research association of the all union real estate chamber of Commerce, said at the report press conference that the possibility of Internet enterprises from investing in commercial brands to investing in shopping centers is increasing.

According to the report, the current bulk trading of commercial assets is generally stable, but asset securitization is unprecedentedly active. The obvious improvement of the financial innovation environment of commercial real estate provides a financial guarantee for the sustainable development of commercial real estate. In 2017, the issuance of real estate trust and investment funds (REITs) products was unprecedentedly active, with a total scale of 37.9 billion, more than the sum of the previous three years, and rich product types.

Wang Yongping said that with the strengthening of financial supervision, the conservative trend of institutional risk preference is obvious. REITs and commercial real estate mortgage-backed securities (CMBS) products based on high-quality commercial projects are unprecedentedly active, which not only solves the financial pressure of some high-quality commercial real estate enterprises, but also plays an asset value orientation role in the industry.