中文摘要：

作为一种典型消费空间,万达广场是当前中国代表性城市综合体,已经具有四代综合体产品演变历程和百余个综合体投资项目.通过对万达广场的发展历程与产品特征、空间分布与建筑规模、业态组合与持有比例、发展趋势与演变轨迹的分析,揭示出万达广场的投资格局与运营模式.研究发现,万达广场选址逐步由一二线城市核心商圈向边缘或外围副中心转移,宏观格局上聚集于环渤海、长三角、珠三角三大经济区,二三线城市成为万达广场投资的热点区,并逐步向沿海发达地区经济强县（市）扩散,特大城市边缘区或新区仍是万达广场重点投资区.万达广场正在由以住宅公寓、写字楼销售保证核心商业、酒店持有的重资产模式,转向剥离房地产开发销售而持有核心品牌、技术、商业租赁的轻资产模式,商业综合体则由传统商铺式或百货大楼式,向购物中心和主题公园转变,突出文化旅游、娱乐体验等消费业态,并积极融入电子商务运营模式,以应对信息化时代商业销售模式的冲击.

英文摘要：

Through analysis of development process and product characteristics, spatial distribution and the size of the building, business combination and holding ratio, it reveals the pattern of investment and operation mode of Wanda Plaza. The study found that Wanda Plaza location is transferred from the central business district to the edge or peripheral vice center in first or second tier cities, a large number of investment projects gathered in the cir- cum Bohai Sea area, Yangtze River Delta, Pearl River Delta Economic Zone, second and third tier cities become the hot spot of Wanda Plaza investment, and gradually to the developed economic counties （cities） in the eastern region, edge district or new district of mega cities is still key investment region of Wanda Plaza. Wanda Plaza is changed from heavy asset mode of residential a-partments and office sales to light asset mode of holding the core brand, technology and commercial leasing, and commercial complex of traditional shops and department store building is changing to shopping mall and theme park, it is highlighting cultural tourism, entertainment experience forms of consumption, and actively integrating into the e-commerce business model, in order to deal with the impact of the sales business model in the information era.