GDS(US:GDS) Xin Hua Cai Jing·2025-06-18 12:54Core Viewpoint - The approval of the first data center REITs project in China, the "Wanguo Data Center REIT," marks a significant breakthrough in the capital market's support for the high-quality development of the digital economy, providing a replicable solution for asset management in the digital infrastructure sector [2][4][11]. Group 1: Project Overview - The Wanguo Data Center REIT has received registration approval from the China Securities Regulatory Commission (CSRC) and aims to raise funds of 1.933 billion yuan [2]. - The underlying asset of the REIT is the Guojin Data Center located in Kunshan, Jiangsu Province, which is a benchmark project in the Yangtze River Delta region [5][6]. Group 2: Policy Support and Market Context - The CSRC has introduced multiple policies to support the development of data centers, including the inclusion of data centers in the pilot program for technology innovation REITs [3][4]. - The data center industry in China is experiencing explosive growth, with the market size reaching 190 billion yuan in 2023 and a compound annual growth rate of 27.2% over the past three years [8]. Group 3: Financial Impact and Innovations - The issuance of the Wanguo Data Center REIT is expected to lower the company's debt ratio by 1.2% and increase the return on equity (ROE) by approximately 4.4% [6]. - The project is designed to create a comprehensive asset management system and improve operational efficiency through a reward and punishment mechanism for the management team [6]. Group 4: Industry Significance - The successful launch of the Wanguo Data Center REIT is seen as a model for the digital infrastructure sector, paving the way for a new financing paradigm in the industry [7][9]. - The project is expected to attract more social capital into the digital economy, enhancing the application of digital technologies across various sectors [11].