戴德梁行：保障性租赁住房REITs16处底层资产平均期末出租率达93%以上

Group 1 - The core viewpoint of the news highlights the strong performance of consumption infrastructure REITs in 2024, with an average end-period occupancy rate increase of approximately 3.2 percentage points year-on-year across 12 assets [1][18] - The report by JLL discusses the latest developments in the Asian REITs market for 2024, focusing on the performance of REITs in Hong Kong, Singapore, and Japan, while also analyzing the growth of China's public REITs market [2] - As of December 31, 2024, there are 263 active REITs in the Asian market, an increase of 38 from the end of 2023, with a total market capitalization of $235.8 billion, reflecting a 6.5% decline year-on-year [3] Group 2 - The report indicates a divergence in development between mature and emerging markets in Asia, with mature markets like Japan, Singapore, and Hong Kong experiencing a decline in market share due to stock price drops and currency depreciation, while emerging markets, particularly in mainland China, are seeing growth [6] - Industrial/logistics REITs have surpassed office REITs in distribution yield, becoming the highest yielding type, while office and data center REITs have seen significant declines [8] - The average stock price increase for China's public REITs (C-REITs) is 26% as of March 31, 2025, with a total issuance scale reaching 174.8 billion yuan and a total market capitalization of 186 billion yuan [11][13] Group 3 - The C-REITs market shows strong performance in both consumption infrastructure and affordable rental housing REITs, with occupancy rates remaining above 93% and rental prices showing slight increases [18] - The average price-to-net asset ratio for C-REITs is 1.24, with only 6 out of 64 REITs trading at a discount, indicating a competitive advantage compared to the generally discounted state of mature Asian REITs markets [15] - The integration of ESG principles in public REITs has seen significant growth, with a nearly doubled increase in ESG report disclosures compared to the previous year, reflecting a trend towards improved transparency and sustainability [19] Group 4 - The rapid development of China's public infrastructure REITs market in 2024 is marked by record issuance speed and scale, supported by favorable policies [20] - The diversification of underlying assets in the C-REITs market is evident with the introduction of new asset types such as consumption infrastructure and medical logistics [20] - The lower interest rate environment has attracted investor attention to the higher distribution yields, leading to increased market activity and inflow of new capital [21]