Introduction: Build the top of the spring city and see how Kunming Henglong Plaza seeks opportunities in change and controls ten thousand with one.
In recent years, new consumerism has risen, and the real estate industry is in a period of adjustment, and comprehensive commercial entities have gradually changed from high growth driven by real estate to new growth driven by users. How to grasp the incremental users in the new era and enhance their own risk resistance? It has become a new test question facing many companies.
The wise change according to the times, and the wise control according to the situation. Heng Lung Real Estate 2022 interim report shows that thanks to the diversified property industry strategy, the overall business remains strong. Among them, Kunming Henglong Plaza's outstanding performance has found another kind of power to move towards the sun for investors and consumers, and brought a trace of valuable confidence to the public.
In the first half of 2022, many mainland cities once again tightened their epidemic prevention policies, and external adverse and unclear factors emerged one after another. However, as a concentration of local high-end brands in Kunming, Kunming Henglong Plaza's operations are still strong and even usher in counter-trend growth in performance.
It is reported that from January to June 2022, driven by the increase in rent, Kunming Henglong Plaza rental income rose by 11%. During this period, the mall attracted a number of international brands, including tenants who entered Kunming for the first time, as well as the latest flagship store to bring refreshing and fascinating experience to consumers. Even though the epidemic still recurs, tenant sales still rose by 1% compared with the same period last year. What’s even more eye-catching is that as of the end of last year, the occupancy rate of shops in Kunming’s Henglong Plaza increased from 91% in 2020 to 94%, almost reaching a full store. During this period, nearly 300 brands have been introduced, of which nearly 30% were first stores in Kunming and even Yunnan.
At the same time, as a high-end comprehensive project, Kunming Henglong Plaza office building also performed well. Revenue increased by 69%, and the rental rate rose sharply by 29% to 79%. Faced with fierce competition in the region, Kunming Henglong Plaza office building still has a competitive advantage with its superior facilities and value-added services, and further accelerates the pace of rental by providing high-end modular and finely decorated offices.
In addition, Kunming Grand Hyatt House and Kunming Grand Hyatt Hotel are important parts of the construction of Kunming Henglong Plaza. The former is located above the hotel and provides 254 apartment units, including three top-floor villas with skyline gardens and private swimming pools. Pre-sales are expected to start in the first half of 2023 and will be completed in stages starting in 2024; the latter provides more than 330 rooms and suites, and is scheduled to open at the end of 2023. As of June 2022, the hotel and apartment buildings have been topped off, marking another milestone in the development project.
expands the southwest with spring city, and many achievements are included in the "capsule" of
Kunming, as the capital of Yunnan Province, not only has strong radiation power in the province, but also has no doubt its core driving role in the entire southwest region of . Based on sufficient market research, Hang Lung Real Estate believes that Chuncheng people who understand life and love life need a world-class standard commercial complex, and Kunming Hang Lung Plaza has become an important entry point for its development of the southwest market.
lives up to expectations. In the three years since its opening, Kunming Henglong Plaza has maintained a strong development momentum.
.16 million square meters shopping mall is one of the largest commercial complexes in Kunming; at the same time, the 165,000 square meters Grade A office building with a height of 350 meters is also the tallest building in Kunming. This has made Kunming Hang Lung Plaza not only establish its new landmark status in Chuncheng, but also become one of the important engines of Hang Lung's performance growth.
In the past three years, Kunming Henglong Plaza has continued to absorb comprehensive and diversified merchants, covering clothing accessories, catering, life and entertainment, etc. As of now, more than 300 brands have entered, of which nearly 30% of the brands have entered Kunming for the first time, such as Sandro, Maje, lululemon, DVF, Marie Elie, Portspure, Shiqiu, Wangpin Steak, Niujiao, Xihe Yayuan, Yunhaiyao, Qucuo, Baimeihui Cinema (the first Broadway Group's highest-level theater in Yunnan), Ole boutique supermarket (the first in Yunnan), Baolihao Fitness, and Elephant Haozai Life Museum.
It is worth noting that most global high-end brands choose Kunming Hang Lung Plaza as their first store when entering the Kunming market for the first time, such as Dior, Blenciaga, Bvlgari, Celine, Loewe, Saint Laurent, etc.; Louis Vuitton, Gucci, Cartier and other brands entered Kunming Hang Lung Plaza as their first store, which enjoyed a larger area and displayed more product series.
In addition, Kunming Henglong Plaza is also actively leveraging its resources and space environment advantages to continuously provide colorful international first-line brand pop-up experience stores to lead emerging consumer trends. In three years, pop-up stores with different themes such as Louis Vuitton, Gucci, Dior, Rolex, Burberry, Fendi, and other pop-up stores have been successfully introduced to Kunming Hang Lung Plaza.
2022 marks the third anniversary of the opening of Kunming Henglong Plaza. In the face of market challenges and epidemic challenges, it has also successfully completed the upgrade of some regions, business formats and brands, and welcomed consumers with a new look. In the future, Kunming Henglong Plaza will also continue the gene of "Chuncheng First Store Harvester " and continuously accumulate commercial energy.
In recent years, with the gradual strengthening of regulatory requirements and the continuous deepening of ESG concepts, green transformation and ESG have gradually become key areas for enterprises to compete in the international market. Especially for enterprises that hope to continue to develop steadily, the investment in the above two aspects is conducive to enhancing their competitiveness on the global stage.
In April 2022, Hang Lung Real Estate became the first Hong Kong and the first batch of real estate companies in Asia to commit to achieving ULI Greenprint net zero carbon emissions operating target, committed to achieving net zero value chain greenhouse gas emissions by 2050. As a model for Hang Lung to practice the concept of sustainable development , Kunming Henglong Plaza has also fully utilized renewable energy in December 2021, becoming the company's first development project and the first comprehensive commercial project in Yunnan Province to achieve net zero carbon emissions in terms of annual power consumption for owners and tenants operations.
Kunming Henglong Plaza has been committed to adopting the latest technologies and a number of measures to improve energy efficiency since its opening in 2019. The shopping malls and office buildings were also awarded the gold medal certification of the "Energy and Environmental Design Pioneer Award (LEED) Core and Shell Group" by the American Green Building Association in 2020. The renewable energy purchased this time will provide nearly 57,800 megawatt hours of electricity per year through solar and wind energy, which can reduce the carbon emissions generated by the property by about 46,471 tons per year, and increase the renewable energy use of Hang Lung's mainland development projects to more than 14%, speed up the company's target of reducing greenhouse gas emissions and assist tenants in reducing carbon emissions.
In addition, in order to promote the sustainable development concept of Hang Lung Real Estate, thereby arousing customers, partners and society’s awareness of sustainable development, the “Heng Lung Sustainable Development Concept Experience Space” was first launched in Kunming Henglong Plaza Shopping Mall and opened to the public. The experience space fully demonstrates Hang Lung Real Estate’s sustainable development framework, consisting of three foundations (customer, company, construction) and four priority issues (response to climate change, resource management, well-being and sustainable transactions), depicting how Hang Lung can continue to move forward in a rapidly changing external environment to create sustainable value for customers, communities, partners and other stakeholders.
is integrated into the local area according to local conditions. Kunming Henglong Plaza is committed to "three wins"
. The reason why it has achieved such achievements in just three years is that in addition to having a sufficient scale platform to accommodate diverse brands, it is also closely related to Kunming Henglong Plaza's insight and exploration of local market demand and completing localized adaptation from various aspects such as construction and operation.
Kunming Henglong Plaza is derived from the city's connotation and culture, extracting Yunnan's unique national customs and artistic natural scenery. The most typical one is the color of the facade wall of the building, fully drawing on the stone colors of the unique stones of the stone forest karst landform .
In addition, in terms of membership services, Kunming Henglong Plaza adheres to Henglong's spirit of "customer-oriented" and provides members with a unique experience through the "Henglong Club" membership plan. The VIP Experience Specialist of the "Henglong Club" specializes in taking care of designated members and directly follows up on various shopping and leisure needs and service requirements for them. The VIP Experience Specialist also provides members with exclusive limited, tailor-made and highly experienced services.
Now, Kunming's commercial consumption trend no longer simply meets material consumption needs, but focuses more on upgrading lifestyles. Kunming Henglong Plaza has always been committed to providing consumers with diverse immersive consumption experiences, and is also a highly representative high-end life experience space in Yunnan Province. In the past three years, Kunming Henglong Plaza has strived to seize every holiday interaction opportunity and present a gift to the Spring City with exciting and heavy events, so as to create a one-stop lifestyle destination that leads the city’s pulse, ignites the core business district of Kunming, integrates shopping, catering, entertainment, experience, etc., and adheres to its own brand mission.
"Let the world see Kunming and take Kunming to see the world" is the goal that Henglong Plaza has been striving for since entering Kunming. In 2019, the first exhibition of the "teamLab" southwest region of Japan's immersive light and shadow art exhibition was smoothly launched; in 2020, the offline exhibition of the trend IP-"DIMOO Star Project" accompanied Chuncheng to spend a passionate summer vacation. In winter 2021, a collaboration with Finnish contemporary illustration artist Klaus Haapaniemi brings a warm winter theme layout. This year, on the occasion of the third anniversary celebration of Kunming Henglong Plaza, Canada's national treasure Cirque du Soleil will also be presented here, which will be its first performance in Yunnan. In the future, Kunming Henglong Plaza will continue to lead Chuncheng to see the world, and let the world see more of Kunming's charm, and move forward and develop together with Kunming.
In daily operations, Kunming Henglong Plaza not only attaches importance to the cooperative relationship between merchants, is willing to share brand stories with consumers, work together to create theme experience, customer support and value, and insist on driving two-way cooperation between shopping malls and office building tenants, so as to bring a win-win situation for shopping malls, tenants and consumers.
For example, in Kunming's "going out and bringing in", Kunming Henglong Plaza plays its own role as much as possible. Since its opening, through the combination of different business formats, Kunming Henglong Plaza has continuously introduced more than 100 brands suitable for the shopping habits of the people in Chuncheng, providing local consumers with rich and diverse choices. At the same time, it uses cultural and creative life experience spaces such as "Elephant Good, Urban Magnet" to carry and interact with culture. In addition, there are some special local brands, starting from Kunming Hang Lung Plaza, expanding the market and signing contracts with Hang Lung Plaza in other cities, and truly realizing "going out" with the platform of Hang Lung Plaza.
In November this year, Kunming Henglong Plaza will celebrate its third anniversary. Faced with the current market environment that is still full of uncertainties, Kunming Henglong Plaza adheres to the vision of "let the world see Kunming and take Kunming to see the world" and invites heavyweight performance teams to interact with customers at close range. In the future, Kunming Henglong Plaza will continue to uphold the business philosophy of "only select the best and only do the right" and the purpose of "customer-oriented" to continue to create a preferential living space for customers.
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