For real estate companies, semi-annual operational meetings are never just a review of performance; they serve as a crucial window into the company's next strategic priorities.
From July 13th to 14th, Seazen Holdings convened its 2026 semi-annual operational work conference. Compared to past meetings which focused more on traditional business deployments like sales, investment, and development, the emphasis of this gathering was notably distinct.
Chairman Wang Xiaosong outlined that the second half of the year will focus on advancing the launch of public REITs, optimizing the asset portfolio and capital structure. The development segment will continue to ensure project delivery, while accelerating the growth of construction management services. Commercial management will persistently enhance operational quality and asset returns, alongside strengthening resource coordination, talent development, and AI application to improve overall operational efficiency.
Such a strategic direction is not a plan detached from operational reality but is built upon the evolving structure of the company's business.
Commercial Operations Gradually Becoming the Operational Foundation
Operational data for the first half of 2026 disclosed by Seazen Holdings a few days ago shows that during the reporting period, the company achieved total commercial operational revenue of 7.112 billion yuan, a year-on-year increase of 2.42%. Over the same period, contracted sales amounted to approximately 6.357 billion yuan.
This marks another confirmation in the semi-annual report of a fact initially noted in the first quarter: commercial income has once again surpassed that from the development business.
This shift signifies a substantive adjustment in the company's revenue structure. In the past, property development bore the brunt as the primary profit source. Today, commercial operations have become a more stable and sustainable income pillar, serving as a crucial foundation for the company to withstand cyclical industry fluctuations.
The sustained growth in commercial operations is not driven by short-term factors but is the result of long-term accumulation. As of the end of June 2026, Seazen has deployed 213 Wuyue Plaza projects across 147 cities in China, with 181 of them already in operation, maintaining a high overall occupancy rate of 98.32%.
In the first half of this year, Wuyue Plaza projects in Feicheng, Yongchuan, and Taizhou Bay successively opened, further expanding the national commercial network.
For commercial real estate, the number of projects is merely a foundation; what truly determines operational quality is sustained operational capability. From tenant mix adjustments and brand renewals to member operations and the creation of consumption scenarios, Seazen Holdings has continuously strengthened its refined operational capabilities in recent years, aiming to enhance the long-term value of its commercial assets by increasing foot traffic, sales, and consumer experience.
At the semi-annual operational meeting, Guan Youdong, Senior Vice President of the Seazen Group, reported that in the first half of the year, core operational indicators for the commercial segment, including revenue, sales, occupancy rates, and member spending, all achieved year-on-year growth.
In the second half, the company will continue to focus on the "Five-Step Operational Method," adopting a "one-project-one-strategy" approach to continuously upgrade space optimization, business format planning, and content creation, thereby enhancing project operational quality and asset returns.
Advancing REITs and Asset-Light Operations in Parallel
If commercial operations address cash flow, then REITs and asset-light business activities further refine the asset operation system.
Recently, Seazen Holdings completed the first expansion of its "Guojin Asset Management - Seazen Holdings Inter-Institutional REITs," incorporating two new assets: Tianjin Jinnan Wuyue Plaza and Nantong Rugao Wuyue Plaza. The scale of assets added in this expansion reached 2.146 billion yuan.
This represents a further expansion of the company's inter-institutional REITs asset pool following the initial issuance in 2025. For the company, this expansion not only signifies continued recognition of its commercial assets by institutional investors but, more importantly, facilitates capital recycling through mature commercial assets. This helps revitalize existing assets, optimize the financing structure, improve capital efficiency, and provide more substantial funding support for the operation of future commercial projects.
At the operational meeting, Wang Xiaosong also identified advancing public REITs as one of the group's key tasks for the second half of the year. As the scale of commercial assets continues to expand, REITs are evolving from mere financing tools into an important link connecting commercial operations with capital markets.
Concurrently, asset-light operations have maintained rapid development. Yan Zheng, Senior Vice President of the group, reported that in the first half of the year, the company successfully delivered over 10,000 residential units with high quality, achieved sales and collection targets, and made positive progress in asset revitalization. New contract signings for asset-light businesses like construction management exceeded 800 million yuan.
In the second half, while continuing to optimize the asset structure and accelerate the release of value from existing assets, the company will further leverage its strengths in development and management capabilities to promote steady growth in project management and construction management services.
The development business solidifies the operational foundation, commercial operations contribute stable cash flow, REITs enhance asset operation efficiency, asset-light business explores new growth avenues, and AI further drives organizational efficiency improvements. The various businesses of Seazen Holdings are not operating in isolation but are gradually forming an interconnected and synergistic operational system.
In fact, this development philosophy aligns seamlessly with the "Camel Spirit" consistently advocated by Seazen Holdings. It prioritizes steady operation over the pursuit of short-term speed and emphasizes the capacity for sustained accumulation and navigating cycles over reliance on external conditions.
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