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公众认购倍数超535倍 华夏凯德商业REIT发售火爆收官
Zhong Guo Jing Ji Wang·2025-09-12 02:37

Core Viewpoint - The successful issuance of Huaxia Kaide Commercial REIT marks a significant milestone in China's public REITs market, showcasing strong investor demand and recognition of its investment value [1][2][3] Group 1: Fund Issuance Details - The total subscription amount for Huaxia Kaide Commercial REIT reached 309.17 billion yuan, with a public investor subscription multiple exceeding 535.2 times and an offline investor subscription multiple exceeding 252.6 times [1][2] - The total number of shares approved for issuance is 400 million, with a fund issuance price of 5.718 yuan per share, aiming to raise 2.2872 billion yuan [1] - The effective subscription amount from public investors was approximately 146.5 billion yuan, with a confirmation ratio of 0.19%, while offline investors had an effective subscription amount of about 161.3 billion yuan and a confirmation ratio of 0.40% [1][2] Group 2: Investment Value and Management - The initial strategic subscription amount was 24.044 million shares, with a subscription scale of 1.37 billion yuan, indicating strong interest from strategic investors [2] - The projected annual cash distribution rates for 2025 and 2026 are 4.40% and 4.53%, respectively, based on the fund's disclosed distributable amounts [2] - The underlying assets of the fund include Kaide Plaza Yunshang and Kaide Plaza Yuhua Pavilion, which are strategically located in first-tier and strong second-tier cities, providing risk diversification and complementary advantages [2] Group 3: Market Impact - As China's first foreign-funded consumer REIT, the issuance signifies a major breakthrough in the internationalization and diversification of the public REITs market in China [3] - The project introduces international standards of commercial operation and REITs management, injecting professional concepts and long-term capital into the domestic consumer market [3] - It establishes a replicable and scalable model for high-quality commercial asset securitization, providing important references for the market [3]