CITIC Securities: The operating, holding, and renovation of commercial real estate may face the most favorable development environment ever.

CITIC Securities pointed out that policy efforts are supporting the improvement of offline consumption facilities. The operation, holding, and renovation of commercial real estate may usher in the most favorable development environment ever. The REITs market continues to develop, with long-term funds such as insurance capital continuously increasing their allocation to commercial real estate. Real estate investment funds, after years of silence, are entering a period of rapid growth. Cities are moving towards connotative development, with the return on reinvestment gradually decreasing. Core assets have mostly become unsellable, and core heavy assets have great potential for revaluation. The demand for stock transformation continues to surge, but top companies have limited production capacity. It is expected that leading commercial management companies will increase their packaged leasing business and improve the quality of orders through screening. The entire commercial management industry may experience rapid growth, with numerous second-tier brands sharing the demand that the top companies cannot meet.