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摘 要
近年来，商业地产成为房地产行业投资的热点，一是地方政府看到政绩与税收的
双重收益，二是地产企业看到低价圈地的发展商机，但是商业地产是一个高利润、高
风险的行业，大部分的开发商都是从住宅地产转型而来，因此缺少专业成熟的商业地
产开发模式。

万达商业地产股份有限公司作为中国商业地产的龙头企业，成立于 2002 年 9 月，
截止到 2012 年 12 月累计持有物业面积超过 1300 万平方米，企业总资产超过 2500
亿元人民币，已成为亚洲第一、全球第二的不动产企业。本文之所以对万达商业地产
的开发模式进行研究分析，主要原因就是万达在激烈的市场竞争中形成了“订制+组
合”的商业地产开发模式，以此模式实现了万达城市综合体的快速复制。 所谓订制
开发，是指万达公司在项目选址规划之前就与主力商家签订战略合作协议，双方在建
店要求、业态组合、设计标准等诸多环节进行技术对接。所谓组合开发，是指万达公
司对商业地产项目进行多种商业形态的组合开发。“订制+组合”开发模式客观地解
决了产业链和资金链的最优组合和良性循环，使万达商业地产项目借助世界 500 强商
业巨头的品牌效应提升了项目增值空间，带动周边土地价格升高；同时加快可销售物
业的出售速度，提升整个商业地产项目的开发效率，使万达商业地产项目在全国范围
迅速推广，成为家喻户晓的商业地产知名品牌。

本文希望通过对万达商业地产开发模式的分析与评价，提升商业地产开发项目运
作效率并且增强项目运营竞争优势，并在一定程度上为我国“十二五规划”城镇化进
程的健康发展提供借鉴作用。

关键词：商业地产，开发模式，万达模式Analysis and Countermeasure of Wanda Commercial Real Estate
Development Model
Abstract
Commercial real estate is becoming a hot spot of real estate investment, because the
local governments finds the achievements and tax revenue and the commercial real estate
enterprises find business opportunities at a low price , but the commercial real estate is a
highly profitable and high-risk industry, most of the developers come from transformation
of residential property, so the lack of professional maturity model of commercial real estate
development is a question which is unable to avoid.
Wanda Commercial real estate company was founded in 2002 September, its main
business for the commercial real estate investment and management, and it is the only
business platform investment and operation of commercial real estate .Up to now , Wanda
company's core product is Wanda Plaza which is a household name well-known brand of
commercial real estate in China. Wanda original order + combination development
pattern objectively solves the optimal combination of the industrial chain and capital chain ,
it makes Wanda commercial real estate projects with the aid of the world top 500
commercial giant brand effect to promote the project value-added space and improve
surrounding land prices and increase the efficiency of commercial real estate project
development. Now Wanda plaza becomes a household name well-known brand of
commercial real estate in China.
By means of analysis and countermeasures of Wanda commercial real estate
development model , the purpose of my paper is to promote the commercial real estate
development project operating efficiency and enhance project operation competitive
advantage, and to a certain extent, for The 12th five-year plan of our country to provide
reference function in the healthy development of the urbanization process .
Key Words: Commercial real estate, development mode, Wanda mode