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华润置地2023-2024年商业地产公允价值及资本化率
华润置地2023-2024年商业地产公允价值及资本化率
行业数据
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图片格式:PNG
图片大小:61KB
图片尺寸:1819*558
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所属报告:
房地产行业专题研究:证券化下的商业地产估值跃迁-250731(22页).pdf
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行业数据
2025-12-02
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市场规模
2025-12-02
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行业数据
2025-11-12
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美国商业地产价格表现较房价表现更弱
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行业数据
2025-11-04
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美国商业地产的价格持续下跌
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行业数据
2025-10-21
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行业数据
2025-08-25
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2025-08-05
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运营:购物中心估值 4326 亿,归母估值 3090 亿 华润置地旗下购物中心资产地理区位、运营效能等各方面均与已上市消费 REITs 具有可比性,因此其资产估值可参照 REITs 股息率,叠加项目我们认为合理的 Cap Rate 在 4.5%,根据公司已公布开业计划,规模增长可见度到 2028 年,以 2028 年资产情况来测算,在租金单价和单位运营成本同比增速分别为 3%/2%的假设下,2028 年公司入市的购物中心资产估值可达 4326 亿,显著高于公司投资性房地产 2712 亿(2024 年末)。考虑到权益比例,估值在 3090 亿。
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房地产行业专题研究:证券化下的商业地产估值跃迁-250731(22页).pdf
2026年商业地产估值报告:消费REITs锚定4%股息率,头部运营商资产重估空间打开
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