China Life(SH:601628) Jin Rong Shi Bao·2025-04-27 12:54Core Viewpoint - Shoucheng Holdings has announced the establishment of the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund, which is the first public REITs fund in China to include "Pingzhun" in its name, targeting a total scale of 10 billion RMB with an initial closing size of 5.237 billion RMB, making it the largest single public REITs special investment fund in the market [1][5]. Company Summary - The fund is a collaboration between Shoucheng Holdings, China Life Insurance, Caixin Life Insurance, and other partners, with Shoucheng's indirect wholly-owned subsidiary, Shoujing Investment, acting as a limited partner [2][4]. - The total capital contribution from all partners amounts to 5.237 billion RMB, with China Life contributing 3.5 billion RMB, Shoujing Investment 1 billion RMB, and Caixin Life 700 million RMB [5][6]. - The fund will primarily invest in public REITs related to infrastructure, utilizing strategic placements and other investment methods to enhance market liquidity and operational efficiency [7][9]. Industry Summary - The public REITs market in China has reached a new stage of quality improvement and efficiency, with 65 products listed and a total issuance scale of approximately 170 billion RMB as of April 24 [8]. - Insurance capital has increasingly participated in public REITs investments since 2021, with a projected investment scale exceeding 13 billion RMB by the end of 2024, representing 12.45% of the market share [8][9]. - The Beijing Pingzhun Infrastructure Fund aims to stabilize the market and discover value through professional operations, thereby promoting healthy market expansion and attracting long-term capital [9].