2023 ULI Shanghai Summer Meeting:
Shaping the Future of Commercial Real Estate in China
On 15 and 16 June, the Urban Land Institute held its 2023 Shanghai Summer Meeting at the Langham Shanghai in Xintiandi. The two-day event brought together experienced industry experts to discuss opportunities and challenges facing the commercial real estate sector as it progresses towards recovery. As a key ULI partner, Benoy was invited to participate in several sessions, including a panel discussion on the evolution of shopping centres on 15 June, which was attended by Qin Pang, Benoy Director and Head of Shanghai Studio.
After three years of pandemic-related restrictions, life in China began to return to normal in the first quarter of 2023. However, shopping centres in China still face a range of challenges on the domestic and international front, including economic uncertainties and geopolitical tensions, fierce competition, escalating costs, limited brand diversity, talent shortages, Covid-19, globalization, inequality, and climate change.
Insights and Collaborative Discussions by Benoy
During the discussion, Qin Pang shared his insights into the future trends of shopping centres in China and emphasised the importance of ensuring their successful evolution to maintain a competitive edge.
Qin Pang, Benoy Director and Head of Shanghai Studio:
“Commercial real estate is very competitive – when you come up with something unique, others try to imitate it, resulting in a lot of repetition. Today’s shopping centres are home to an increasingly diverse range of spaces – this presents a significant challenge for developers as these spaces typically generate limited returns for investors. Shopping centres have evolved to be less centered solely around shopping and now catering to various needs such as dining, training, culture and art. This raises important questions regarding the use of the term ‘shopping centre’, and whether traditional ‘golden rules’ for designing commercial spaces still applies. In today’s consumer landscape, people are looking for spaces where they can connect with like-minded individuals, transforming shopping centres into a social hub where people can interact with others and access a range of services. This is our understanding of the modern shopping centre.
Of course, there are lots of factors to consider when designing these spaces, such as operations, rental returns, regulatory requirements and other restrictions – it’s a new concept that requires a concerted effort between all parties involved. At the same time, we want to empower tenants with more control over designing and utilising their spaces – they have the ability to break free from tradition and redefine the concept of commercial space, while also providing developers and the real estate market with valuable insights into the latest trends.”
The discussion was moderated by Eric Lam, Director of Project Management at Chongbang Group, and attended by several other distinguished guests, including Haiqun Zhu, Managing Director of Link REIT, Eugene Tang, Assistant President and East China General Manager at Hopson Commercial Group, and Ethan Yao, Managing Director of Design Management East China at China Resources Land Limited.
In addition, Yejia Zhu, Project Director of Benoy Shanghai Studio, co-hosted a lunchtime roundtable discussion on hospitality, which provided guests the opportunity to share insights into the hotel industry and explore design trends in the post-pandemic era. Other members of the Benoy Shanghai Studio were presented at the session, including Leon Zhang, Project Director, Emi Wang ‚Head of Business Development, China, and Yifan Huang ‚Senior Marketing Manager, China.
Project Tour to Qiantan Central Business District
As the designer of Qiantan Central Business District, Benoy also participated in a project tour to Qiantan on the afternoon of 16 June. During the tour, Chief Designer Qin Pang shared the district’s development blueprint, urban renewal plan, and provided visitors with an overview of the architectural concepts and transportation infrastructure.
2023 ULI Shanghai Summer Meeting
This year’s ULI Shanghai Summer Meeting was ULI’s first large-scale event in the Eastern China region since the easing of Covid-19 restrictions. The event provided experienced industry professionals from across the Asia-Pacific region a platform to discuss a wide range of topics, including retail C‑REITs (Real Estate Investment Trust), the evolution of shopping centres, the future of the workplace, urban regeneration, rental housing, and sustainable initiatives such as decarbonisation and resilience.
With over 300 attendees, the event fostered engaging lively discussions on the future of the real estate sector.
