GRA Market Weekly (2026-06-05)

Policy Watch

Shanghai: new asset-management policy takes effect, targeting RMB 55 tn in AUM by 2030

On 1 June, the Opinions on Deepening the Development of Shanghai as a Global Asset Management Centre formally took effect. The document targets asset management scale in Shanghai of RMB 55 tn by 2030 - lifting the city's share of the national total to around one third - and further strengthens the global allocation and risk-management functions of RMB assets. Official data show Shanghai's share of national AUM has risen from under a quarter to c. 30% today; the city accounts for c. 50% of national insurance asset management and c. 40% of mutual fund assets, and ranks first nationwide in private fund AUM.

Market Watch

Hangzhou: land sales raise RMB 4.623 bn, with the top premium above 61%

On 3 June, Hangzhou offered four residential-use plots with a combined site area of 106,196 sqm, planned GFA of 249,801.70 sqm and total starting price of RMB 3.258 bn. Of the four plots, two cleared at premiums of nearly 25%, one at nearly 36% and one above 61%, for total proceeds of RMB 4.623 bn.

Project Watch

Shanghai: Tower A of Vision Centre in Xinzhuang Business District acquired by industrial capital

On 28 May, listed company MeiG Smart (A-share 002881, H-share 03268) announced that its wholly owned subsidiary Zhongge Intelligent Technology (Shanghai) Co., Ltd. intends to acquire the property at Building 1, 2337 Gudai Road, Minhang District, Shanghai (Tower A of Shanghai Vision Centre) for no more than RMB 285 m, to meet business expansion and R&D office needs. Vision Centre (formerly Mapletree Business City) at 2337 Gudai Road, Minhang, is a metro-integrated complex above Qixin Road Station on Line 12, with total GFA of c. 200,000 sqm comprising seven Grade A office buildings (three of 7 storeys, three of 16 storeys and one of 20 storeys) plus 120,000 sqm of Vision One mall retail.

Corporate Watch

Hillhouse: HKD 386 m for an entire hotel building in Hong Kong

Hillhouse, through its long-term rental apartment platform Dash Living, recently acquired an entire hotel building on Morrison Hill Road in Wan Chai, Hong Kong, for c. HKD 386 m. The price represents a discount of over 60% to the pre-pandemic asking price (c. HKD 1.2 bn) and is far below replacement cost. The property at 39 Morrison Hill Road, near Times Square in Causeway Bay, is a 26-storey hotel with 98 rooms and total GFA of c. 55,000 sq ft.

Blackstone: BCP Asia III closes at USD 13.1 bn

On 2 June, Blackstone announced the final close of its Asian private equity fund Blackstone Capital Partners Asia III (BCP Asia III) at USD 13.1 bn (nearly RMB 90 bn), well above its original target - fresh ammunition for Blackstone in Asia-Pacific private markets. The third Asia fund exceeded its original USD 10 bn target by 31% and is nearly six times the size of the first vintage (USD 2.3 bn).

China Resources Land: RMB 6.899 bn at reserve for two commercial plots in Beijing's Lize Business District, planned GFA above 400,000 sqm

On 3 June, China Resources Land acquired at reserve price, for RMB 6.899 bn, two commercial plots within the Plot B1 development and comprehensive improvement project in the northern zone of Lize Business District, Fengtai District, Beijing. Public records show total planned GFA of c. 401,700 sqm; plots 0062 and 0063 carried a starting price of RMB 4.768 bn and plot 0065 RMB 2.131 bn. Under the grant conditions, the winner must commence construction within one year of land delivery and complete within three years of the agreed start date. Notably, plot 0065 must include an urban air terminal building of c. 18,400 sqm above ground, to be bought back at construction cost by Beijing Lize Air Terminal Investment and Development Co., Ltd.

This continues a week in which China Resources Land committed over RMB 13 bn to multiple plots across Beijing and Shenzhen, having on 6 May acquired the core site of the former Shimao Shenzhen-Hong Kong International Centre in Shenzhen for RMB 7.045 bn.