Core Viewpoint - The domestic infrastructure REITs market (C-REITs) has shown notable performance this year, but certain sectors, particularly industrial parks, have underperformed compared to stronger segments like consumer and rental housing [1] Group 1: Market Performance - As of June 30, 2025, the average increase in the C-REITs market since listing is 30.53%, with rental housing and consumer sectors seeing a premium rate exceeding 50%. In contrast, the industrial park sector has only seen a slight increase of 0.41% [2] - The industrial park sector experienced a decline of 0.64% last week, with only 5 out of 19 listed industrial park REITs showing an increase. Notable declines include China International Capital Corporation Hubei Science and Technology REIT (-3.65%) and Guotai Junan Dongjiu New Economy REIT (-2.04%) [2] Group 2: Operational Challenges - The China International Capital Corporation Hubei Science and Technology REIT has an overall occupancy rate of 72.66%, down 17.28 percentage points year-on-year. The occupancy rate for the Optics Valley Software Park is 70.95%, a decrease of 15.83% [3] - The average rent for the project has dropped to 59.90 yuan per square meter per month, a year-on-year decline of 3.73%. The Optics Valley Software Park's rent is 61.99 yuan per square meter per month, down 3.95% [3] - The Jianxin Zhongguancun REIT reported a revenue of 29,617,155.62 yuan and a net profit of -4,974,871.48 yuan for the second quarter, indicating operational difficulties [4] Group 3: Supply and Demand Imbalance - The industrial park sector continues to face supply and demand pressures, with new supply still impacting the market and rental demand not showing significant recovery. Factors such as economic growth and international trade uncertainties affect tenant willingness and ability to lease [5] - Increased competition among projects, particularly in the context of rising vacancy rates, has led to a price war, resulting in a 14.74% year-on-year decline in average monthly rent for the Jianxin Zhongguancun REIT [4] Group 4: Future Outlook - Despite current challenges, there is potential for improvement in the industrial park sector as supply balances out and the economy recovers. Predictions indicate that Shanghai will see a peak supply of 3.3 million square meters in 2024, followed by 2.5 million and 1.9 million square meters in the subsequent two years [7] - The industry is transitioning from a rapid development phase to a more refined management phase, focusing on regional industrial incubation and investment [7] - Experts suggest that future growth in the industrial park sector will depend on refined management and active participation in local government-led investment initiatives to enhance attractiveness [8]
【财经分析】公募REITs表现结构性分化 产业园区板块阶段承压
Xin Hua Cai Jing·2025-08-19 13:09