全国首单，完成上市

Core Viewpoint - The successful expansion of the first rental housing REIT in China marks a significant milestone in the public REITs market, indicating a dual-driven model of "initial issuance + expansion" that accelerates the normalization of REITs issuance [1][2] Group 1: Market Development - As of June 25, 2023, there are 66 public REITs listed in China, with 5 having completed expansions, totaling an issuance scale of 180.4 billion yuan, covering various asset types including toll roads, industrial parks, and rental housing [1] - The total market capitalization of public REITs reached 200 billion yuan on June 5, 2023, reflecting a steady growth trend in the market [1] - Since the first batch of public REITs expansions in June 2023, 10 REITs have announced expansion plans in 2024, with 2 approved and 4 under review [3] Group 2: Financial Performance - The expansion of the 华夏北京保障房REIT raised approximately 946 million yuan, with assets including four mature rental housing projects in Beijing, aimed at funding public rental housing construction [2] - The projected annual cash distribution rate for the expanded project in 2025 is 4.11%, which is higher than the distribution rate calculated based on the market value of the initial issuance [2] Group 3: Strategic Importance - The expansion mechanism is seen as a crucial factor for the sustainable development of the REITs market, allowing for asset scale growth and improved asset management quality [3][5] - Balancing the interests of various stakeholders, including issuers and investors, is essential for the success of REITs expansions, as it can enhance liquidity and optimize pricing functions in the secondary market [5][6] - The potential for asset securitization in China's infrastructure market is significant, with estimates suggesting that even 1-2% of the existing infrastructure could support a trillion-yuan REITs market [5]