戴德梁行北区董事总经理胡峰：公募REITs新业态希望能不断突破

Core Viewpoint - The listing of Southern SF Logistics REIT on the Shenzhen Stock Exchange marks the seventh public REIT product since 2025, indicating a growing trend in the public REITs market and its potential as a financial tool for revitalizing existing assets and new infrastructure development [1] Group 1: Market Development - The expansion of the stock of existing assets, coupled with policy support for asset revitalization, has led to an increase in companies opting for asset securitization products like CMBS and REITs to meet financing needs [1][2] - The market has seen a shift in perception, with original equity holders recognizing the importance of public REITs in enhancing brand strength and establishing a comprehensive investment and financing strategy [2] Group 2: Challenges and Opportunities - High issuance requirements for public REITs necessitate stable cash flow and a minimum valuation of 1 billion yuan (or 800 million yuan for affordable rental housing), leading to challenges in asset selection and compliance [2] - The lack of a mature secondary market for underlying assets has made it difficult to obtain fair asset value data, necessitating rigorous valuation processes [2] Group 3: Future Prospects - Despite being the largest public REIT market in Asia, the market's value-to-stock ratio is only 0.14%, compared to around 2% in mature international markets, indicating significant growth potential [3] - Future market development is expected to focus on expanding product scale and diversifying product types, with new projects anticipated in sectors like hotels and elder care following recent regulatory relaxations [3][4] Group 4: Information Disclosure and Industry Trends - Enhanced information disclosure is crucial for improving public REIT products, as current rules require high operational transparency but often fail to capture market trends effectively [4] - The real estate industry is transitioning from development to operation, necessitating a balance between maintaining core values and embracing innovation to seize opportunities in a changing market [4]