FUTURE DEVELOPMENT AND PROSPECTS 2019 will witness an even tougher and more complicated external environment, with considerable downward pressure on domestic economy and an inevitably slower growth in the commercial property market. Based on the current project reserves in first and second-tier cities, McKinsey estimated that every two people would share an average of 1 m2 of commercial area, which is close to the level in mature foreign markets. Hence, the Chinese commercial property market has formally entered the era of “stock”. Success hinges on how to keep abreast of the ever-changing retail operations and consumer demands, develop intellectual property (IP) out of brand concepts, and cultivate core competitiveness that distinguishes an enterprise from its counterparts.
Over the next few years, rapid development will still occur to the outlets industry, while competition will turn increasingly stiff for the update of retail form and the iteration of retail technology. As channels, resources and spaces are further squeezed in first and second-tier cities, opportunities will abound on the innovation and upgrade of inventory projects as well as joint operation, whilst new outlets projects will gradually concentrate in third or lower-tier cities. With that in mind, the Group will fully capitalize on the outlets membership consumption and big data of brands that cover hotspot cities nationwide, conduct in-depth analysis through data mining, work out a multi-dimensional indicator system for operations monitoring, and intensify the development of an ecosystem that benefits consumers and brand owners as well. In addition, a variety of capital market instruments will be utilized in an integrated manner, to form a unique outlets asset management system that encompasses “investment-finance-operation-exit”. Based on the export of management expertise of the existing Dalian project, further efforts will be made on outlets operation and management expertise export. Besides, the Group will strategically work on the outlets fund, whilst gradually expanding the existing business lines under a light-asset model, cultivating deep processing capability for properties that hold multiple types of business operations, and procuring the Company to transition and upgrade from a developer and operator to a participant with deep engagement in business operation and asset management. Together with a proper balance between heavy and light assets, this will enable the Company to have a more reasonable layout of operations types, better channel development and a more elaborate model for management and control. As such, the Company will broaden its sources of income, reduce expenditure and enjoy higher quality and efficiency, which in turn will generate maximum value for shareholders on a continuous basis.
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