中金唯品会奥莱REIT正式获批

Core Viewpoint - The establishment of the CICC Vipshop Outlet Closed-End Infrastructure Securities Investment Fund (referred to as "CICC Vipshop Outlet REIT") marks a significant exploration in the domestic capital market by a leading brand discount e-commerce platform in China, utilizing high-quality outlet assets to expand the consumer infrastructure REITs market [1][2]. Company Overview - Vipshop Holdings Limited (stock code "VIPS") is the initiator of the CICC Vipshop Outlet REIT and is recognized as a leading brand discount e-commerce platform in China, focusing on "brand flash sales" [1]. - The original rights holder is Shanshan Commercial Group Co., Ltd., a wholly-owned subsidiary of Vipshop [1]. Industry Position - Shanshan Commercial is one of the leading companies in the domestic outlet industry, specializing in the development, construction, operation, and management of outlet plazas [2]. - As of the first quarter of 2025, Shanshan Commercial has the largest number of opened outlets and self-owned outlet properties in China, ranking in the top tier of Chinese outlet companies by GMV (Gross Merchandise Volume) [2]. Investment Details - The CICC Vipshop Outlet REIT's first investment target is the Shijing Outlet project located in Ningbo, which consists of three phases with a total construction area of approximately 104,300 square meters and a commercial building area of about 83,300 square meters, featuring a combination of outdoor open streets and indoor pavilions [2]. - Since its opening in 2011, the Shijing Outlet project has been in stable operation for over 13 years and is considered a representative of high-quality outlet assets within Shanshan Commercial's portfolio [2]. - The underlying infrastructure asset operates primarily on a joint venture model, with rental income as a supplementary source, maintaining a stable operation with an average annual compound growth rate of 8.70% in operating income from 2022 to 2024, and an occupancy rate consistently above 97% [2].