新华财经丨基础设施REITs政策再细化 积极支持通过扩募新购入项目

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notice to support the normalization of Real Estate Investment Trusts (REITs) in the infrastructure sector, emphasizing the expansion of project acquisition and simplification of the application process [1][5]. Group 1: Policy Support and Implementation - The notice encourages existing infrastructure REITs to raise funds through expansion to acquire quality assets, with a streamlined application process for new projects after six months of initial listing [5][6]. - The expansion policy is expected to enhance liquidity and activity in the secondary market for infrastructure REITs, attracting long-term capital from insurance and social security funds [2][6]. Group 2: Market Impact and Opportunities - The first expansion of the Huaxia Beijing Affordable Housing REIT raised net funds of 555 million yuan, which will be used to support public rental housing projects in Beijing, adding 1,412 new public rental units [2][5]. - The expansion mechanism is seen as a way to optimize asset portfolios, diversify investment risks, and improve the dividend capacity of REITs, with international experience indicating that expansion is a key driver for market growth [6][7]. Group 3: Regional Development and Challenges - The Beijing Municipal Development and Reform Commission is promoting a dual-drive model of "initial issuance + expansion," with approximately 2.8 billion yuan raised from completed expansions of logistics and affordable housing REITs [7]. - Cross-regional expansion poses challenges for asset management, including differences in property rights, land nature, and tax policies, necessitating enhanced compliance and risk control measures from managers [7].