At the 2026 Headquarters Economy Conference and the Sixth Forum on Building Economy and High-Quality Urban Development, held in Beijing on September 11 as an official thematic forum of the China International Fair for Trade in Services, Wang Xiaoli, Chief Executive Officer of the Real Estate and Commercial Business Unit for China at Charoen Pokphand Group and CEO of Zhengda Center, participated as a distinguished guest in the keynote dialogue titled "Exceptional Operations: Transforming from 'Landlord' to 'Industrial Partner'." The following is a transcript of the dialogue.

Moderator Xiang Feng: Competition in the CBD office market is intense, with strong players dominating in hardware and location. How does Zhengda Center maintain its status as a benchmark CBD project and avoid the race to the bottom on facilities and rent? What innovative operational initiatives have you undertaken, and what tangible results have they yielded?

Wang Xiaoli: I believe the true competition in today's CBD office sector is no longer just about location and facilities. It now centers on operational capabilities, resource integration, and the ability to continuously create value beyond physical space for enterprises. The core transformation at Zhengda Center over the past few years can be summarized in one phrase: shifting from operating a building to operating an ecosystem. We have focused on three key areas.

First, we have moved from "tenant attraction" to "industrial ecosystem development." Zhengda Center has consistently built an international business ecosystem centered on "major health, future-oriented industries, and professional services." Our focus extends beyond merely having companies move in; we emphasize whether these companies can achieve industrial synergy and share resources among themselves. Currently, the building houses renowned domestic and international enterprises and institutions such as IBM, Roche Pharmaceuticals, Shougang Fund, Mubadala, and PayPal, with office occupancy rates consistently above 90%.

Second, we have transitioned from "property services" to "enterprise empowerment." The Global Business Lounge, the Global Entrepreneur Alliance, and the emerging international legal-business integration ecosystem all address a fundamental question: beyond office space, what additional value do enterprises gain by being at Zhengda Center? Our goal is to help companies connect with international resources, industrial resources, professional services, and potential partners.

Third, we are integrating technology into building operations and business scenarios. This has been a notable shift for Zhengda Center this year. We have established a "five-dimensional integrated" smart building 2.0 system covering smart security, smart energy, smart ecology, smart operations and maintenance, and smart sustainability. More importantly, technology is no longer confined to backend digital management; it is now entering front-end business and consumer scenarios. For instance, this year Zhengda Center introduced the robot coffee brand Xinyi Coffee. In August, Taozhu Xinzhao Bureau, under Shougang Holdings, officially launched on the first floor of Zhengda Center, creating a CBD "Robot Technology Business Lounge." This space goes beyond simply selling robots; it combines robot display, experiential interaction, business networking, technology events, and industrial resource connections. During the trial operation period, companies within the building have already initiated discussions on robot procurement and leasing partnerships. This embodies our understanding of "operational innovation": not adopting technology for its own sake, but transforming new technologies and industries into new scenarios, services, and connections within the building. Therefore, our definition of a CBD benchmark is not a building that remains perpetually new in design, but one whose operations consistently generate fresh value.

Moderator Xiang Feng: The Global Business Lounge at Zhengda Center has been in operation for two years. Could you share your operational practices during this period, the actual value it has delivered, the insights gained, and your future plans for enhancement?

Wang Xiaoli: The Global Business Lounge represents a significant practice in Zhengda Center's journey from "space operations" to "ecosystem operations." We began operations in October 2024 and, through the end of August this year, have maintained continuous operation for nearly two years. The biggest takeaway over this period is that it has evolved from a mere event space into a platform for allocating international business resources. From an operational data perspective, as of August this year, we have organized and hosted 438 events, averaging approximately 19 events per month, with cumulative participation exceeding 12,000 individuals. Notably, over 60% of usage comes from companies within the building. Additionally, we consistently host events for external companies and institutions, building a stable capacity for external services. Over these two years, we have come to realize that the true value of the Global Business Lounge lies not in "how many events were held," but in the three transformations it is undergoing.

The first transformation is from a space to a platform. Previously, the value of a business space was primarily reflected in basic functions like meetings, receptions, and training. However, since the Global Business Lounge began operations, we have proactively selected and introduced diverse types of resources. For example, in 2025, we hosted the China-Switzerland Enterprise Investment Cooperation Exchange, and the INVESTOPIA Global Series Dialogue-China Forum made its debut in China, alongside China-Arab economic and trade cultural exchange activities, further combining investment cooperation with cultural exchange. By 2026, the platform's functions have expanded further. During the Beijing CBD Forum annual meeting, we hosted a series of activities on legal-business integration and REITs. In March, a Belgian business delegation visited and engaged with members of the Global Entrepreneur Alliance at Zhengda Center through the Global Business Lounge. We also hosted activities on enterprise globalization capacity building, addressing practical corporate needs. As you can see, it now serves as a convergence point for investment, industry, law, finance, corporate globalization, international exchange, and various other resources, rather than a venue for a single type of event.

The second transformation is shifting from "inviting people in" to "retaining resources." This has been the most significant cognitive shift in our operations. If participants simply leave after an event concludes, the event's value ends there. We now pay increasing attention to what happens afterward: Have enterprises met new partners? Have new business connections been formed? Have further project collaborations been initiated? Have external resources been converted into development opportunities for companies within the building? By integrating the Global Business Lounge with the Global Entrepreneur Alliance, we are essentially working to turn one-off event relationships into long-term enterprise and industrial relationships.

The third transformation, which we aim to deepen most in the future, is moving from "resource connection" to "resource allocation." We are now clearly positioning the Global Business Lounge not just as a "premium event venue," but as a platform for Zhengda Center to connect global resources and support enterprise development. In the future, we will operate it around the real problems enterprises need to solve, such as corporate globalization, international investment, cross-border compliance, international dispute resolution, industrial cooperation, and global market expansion. This year, Zhengda Center was designated one of the first "Legal-Business Integration Specialty Buildings" in Beijing CBD. The physical platform of the Beijing International Commercial Arbitration Center and related international arbitration institutions have successively entered Zhengda Center, enhancing the Global Business Lounge's professional service capabilities. To summarize our two years of operational practice, I would use three phrases: the first stage is inviting people in; the second is retaining resources; and the third is fostering collaboration among resources. This is the core direction for upgrading the Global Business Lounge. We envision it ultimately becoming a true international business resource allocation platform, facilitating global enterprises entering China on one hand, and helping Chinese companies expand globally on the other. Thus, it serves both as a "reception lounge for global enterprises entering China" and a "connector for Chinese enterprises going global."

Moderator Xiang Feng: The industry's operational logic is evolving. How do you interpret "transforming from landlord to industrial partner"? How does Zhengda Center balance the symbiotic value of multiple stakeholders?

Wang Xiaoli: I believe the most fundamental change in "transforming from landlord to industrial partner" is not how many services we add, but how we view the building itself. This is why we simultaneously pursue the Global Entrepreneur Alliance, the Global Business Lounge, legal-business integration, corporate brand communication, and industrial scenario innovation. These initiatives may appear distinct, but they share a common underlying logic: turning enterprises in the building from "tenants" into partners, converting "stock" resources into connections, and transforming space from "office premises" into vehicles for industrial collaboration. We already have several concrete examples of this approach.

Shougang Fund serves as a typical example. It is both a long-term tenant and a crucial industrial partner. Our collaboration extends beyond office space to encompass industrial funds, REITs, industrial parks, the AI-OPC building-within-building concept, robotics, and other areas. At this point, Shougang Fund is no longer just "a customer leasing space" but an industrial partner capable of co-creating value. Similarly, the Global Entrepreneur Alliance, established this year, aims to break down the relative isolation of tenants within the building by connecting government entities, international business associations, foreign institutions in China, entrepreneurs, investment bodies, and industrial resources. This allows enterprises to find new resources, customers, and partners through Zhengda Center.

Legal-business integration follows the same logic. This year, Zhengda Center became one of the first "Legal-Business Integration Specialty Buildings" in Beijing CBD. The physical platform of the Beijing International Commercial Arbitration Center, along with institutions such as the Hong Kong International Arbitration Center and the Beijing Representative Office of the Singapore International Arbitration Centre, have successively entered Zhengda Center, supplemented by professional legal service firms like Zhonglun and Zhongyin within the building. Our objective is not simply to add more law firms, but to genuinely connect legal, financial, industrial, and international resources, shifting professional services from a reactive "post-problem" intervention to proactive support embedded in enterprises' decisions regarding globalization, investment, and operations.

We also place great emphasis on helping enterprises within the building amplify their own value. The "Zheng Voices MOMENTS" initiative is a representative example, giving the microphone to tenants so they can tell their own stories and showcase their value. Companies such as Shougang Fund, Zhongyin Law Firm, and Haigui Hai have participated. This is all part of the same endeavor: ensuring corporate value is seen and fostering greater connections among enterprises in the building.

Thus, being an "industrial partner" does not mean we operate businesses on their behalf. Rather, it means: if enterprises have resources, the building helps amplify them; if enterprises have needs, the building helps connect them; and the building's own resources are leveraged to empower enterprises in return. We also focus on helping tenants improve their business performance. For example, MacMac by Sumac, a Lebanese dining brand under the building tenant Sides, opened its first CBD location at Zhengda Center. For us, this is not merely "a new restaurant in the building" but an extension from building resources to corporate commercial value. Through Zhengda Center's business clientele, corporate resources, communication channels, and CBD scenarios, we can provide greater exposure and business connections for the brand's flagship store. In turn, an internationally distinctive CBD flagship enriches Zhengda Center's commercial ecosystem and consumer experience.

From Shougang Fund's industrial collaboration, to the Global Entrepreneur Alliance's resource connections, to legal-business integration's professional empowerment, to "Zheng Voices" brand communication and MacMac's commercial operations, we have consistently explored one central theme: how to create a positive relationship between enterprise development and building development. Enterprises' resources are amplified by the building; enterprises' needs are connected by the building; and the building's resources empower enterprises in return. The result is a multi-stakeholder symbiotic ecosystem. I believe this is the most essential change in moving from "landlord" to "industrial partner." Previously, we operated a building; now, we operate an ecosystem. This is also the new model of CBD office building operations that Zhengda Center seeks to explore. Only when enterprises thrive does the building hold value; only when the industrial ecosystem strengthens can assets appreciate in the long term; and only when the building continuously creates value can it truly become a node in urban development. This is the operational model Zhengda Center aspires to pioneer for CBD office buildings. Thank you.