“中國(guó)零售物業(yè)面臨嚴(yán)峻前景”

One of China’s leading property tycoons has warned of a grim outlook for retail landlords as overcapacity and the rapid growth of ecommerce hit shopping malls in the world’s second-biggest economy.

中國(guó)領(lǐng)先的地產(chǎn)大亨之一警告稱，零售物業(yè)的業(yè)主面臨嚴(yán)峻前景，原因是供過于求和電子商務(wù)快速增長(zhǎng)打擊了世界第二大經(jīng)濟(jì)體的購(gòu)物中心。

Zhang Xin, the chief executive and majority owner of Soho China, said the commercial property developer focused on Beijing and Shanghai had “pretty much converted all of our retail space, with a very few exceptions, to offices”.

SOHO中國(guó)首席執(zhí)行官和多數(shù)股股東張欣表示，這家專注于北京和上海的商業(yè)地產(chǎn)開發(fā)商差不多已經(jīng)把自己的所有零售空間都改造為辦公室，只有極少數(shù)例外。

“You have some really well run high-end retail that will do well,” she said. “But way too many badly run high-end [malls] that won’t do well. And the low end has been beaten by online, so they are quickly disappearing.”

“有一些真正經(jīng)營(yíng)有方的高端零售商場(chǎng)會(huì)做得很好，”她表示。“但是，太多經(jīng)營(yíng)不善的高端商場(chǎng)的日子不會(huì)好過。而低端商場(chǎng)已被網(wǎng)上商場(chǎng)擊敗，所以它們?cè)诳焖傧А?rdquo;

In the heady days of easy credit and rapid economic growth of the past decade, developers in China rushed to build malls. But many shops and department stores have closed in the past two years as sales have slowed and online commerce has accelerated, exacerbating overcapacity that has left ghost malls across the country.

在過去10年寬松信貸和經(jīng)濟(jì)快速增長(zhǎng)的激動(dòng)人心的日子里，中國(guó)開發(fā)商競(jìng)相建造商場(chǎng)。但在過去兩年里，隨著實(shí)體商店銷售放緩，而在線商務(wù)加快增長(zhǎng)，許多商店和百貨公司關(guān)門，不斷加劇的供應(yīng)過剩在全國(guó)各地導(dǎo)致了鬼城般的商場(chǎng)。

Ms Zhang said Soho China, which she runs with her husband, was keen to tap into resilient demand for office space.

張欣和丈夫一起執(zhí)掌SOHO中國(guó)，她表示，該公司熱衷于利用辦公室空間的需求彈性。

She cited Soho’s recently completed Guanghualu 2 project in central Beijing, where 30,000 square metres of retail space was converted into shared offices under the 3Q brand the company launched last year.

她舉了最近在北京市中心完工的光華路SOHO2項(xiàng)目的例子，該項(xiàng)目的3萬平方米零售空間被改造成共享辦公室，使用該公司去年推出的3Q品牌。

“We have quite a nice shopping mall we designed but, having realised there was hardly any market, we turned this into our flagship 3Q with 3,300 seats,” she said on Thursday on a trip to Hong Kong to announce half-yearly results.

“我們有自己設(shè)計(jì)的相當(dāng)不錯(cuò)的購(gòu)物中心，但在意識(shí)到幾乎沒有市場(chǎng)后，我們把這里變成了我們的旗艦3Q，提供3300個(gè)工位，”她在周四到香港宣布半年度業(yè)績(jī)時(shí)表示。

Ms Zhang, whose company is the biggest developer of offices in China’s top two cities, says the new serviced offices are popular with local and international internet companies such as Uber, Sina and Meituan Dianping that often need extra space at short notice.

張欣的公司是北京和上海的最大辦公空間開發(fā)商。她表示，新的服務(wù)式辦公室受到當(dāng)?shù)睾蛧?guó)際互聯(lián)網(wǎng)公司的歡迎，如優(yōu)步(Uber)、新浪(Sina)和美團(tuán)點(diǎn)評(píng)(Meituan Dianping)，這些公司往往需要在短時(shí)間內(nèi)獲得額外辦公空間。

Soho China aims to have 16,000 seats across 16 centres this year and plans to expand to cities including Guangzhou, Shenzhen and Hangzhou.

SOHO中國(guó)計(jì)劃今年在16個(gè)中心提供1.6萬個(gè)座位，并計(jì)劃擴(kuò)張至廣州、深圳和杭州等城市。

The move is part of a shift from an investment-heavy “build-and-sell” approach to a “build-and-hold” strategy to generate more stable rental income.

此舉是轉(zhuǎn)變經(jīng)營(yíng)模式的一部分，即從投資較大的“建造和銷售”模式，轉(zhuǎn)向“建造和持有”戰(zhàn)略，以產(chǎn)生更穩(wěn)定的租金收入。

Soho China’s revenue jumped by 85 per cent year-on-year to Rmb727m ($110m) in the first half of the year because of an increase in rental income, and profit after tax quadrupled to Rmb595m, boosted by valuation gains.

SOHO中國(guó)的營(yíng)業(yè)收入在今年上半年同比躍升85%，至7.27億元人民幣(合1.1億美元)，原因是租金收入增長(zhǎng)，同時(shí)稅后利潤(rùn)增長(zhǎng)三倍，至5.95億元人民幣，得益于估值攀升。

But she said Soho China was still open to selling some non-core properties, particularly with many cash-rich Chinese insurers willing to pay high prices for assets with good rental yields.

但張欣表示，SOHO中國(guó)仍有可能出售一些非核心地產(chǎn)，尤其是鑒于中國(guó)許多資金充裕的保險(xiǎn)公司愿意出高價(jià)買下租金收益率較好的資產(chǎn)。

After the sale of one property this year drew bids from many Chinese insurers, she decided to put three more buildings on the market to cash in on their demand for suitable assets.

在今年出售一處地產(chǎn)吸引多家中國(guó)保險(xiǎn)商競(jìng)價(jià)后，她決定出售另外三棟建筑物，借助保險(xiǎn)公司對(duì)合適資產(chǎn)的需求獲利。

Investors were initially sceptical about Soho China’s change of model but after slumping last year, its Hong Kong-listed shares are up by 40 per cent.

投資者最初對(duì)SOHO中國(guó)改變經(jīng)營(yíng)模式感到懷疑，但該公司在香港上市的股票在去年大跌后已反彈40%。

Analysts at Credit Suisse say the asset sales should “unlock value” and support dividend payments as Soho works to boost its rental income.

瑞信(Credit Suisse)分析師表示，上述資產(chǎn)出售應(yīng)當(dāng)能夠“釋放價(jià)值”，在SOHO中國(guó)努力提高其租金收入之際支持派息。