首单外资消费REITs，华夏凯德商业REIT成功上市

Core Viewpoint - The successful listing of the first foreign-funded consumer REIT, Huaxia CapitaLand Commercial REIT, on the Shanghai Stock Exchange marks a significant milestone in the internationalization and diversification of China's public REITs market [1][3]. Group 1: Fund Overview - Huaxia CapitaLand Commercial REIT aims to raise a total of 2.2872 billion yuan, with subscription funds exceeding 309.17 billion yuan during the fundraising phase, resulting in an effective subscription multiple of 535.2 times for public investors and 252.6 times for offline investors [3]. - The underlying assets of the fund include CapitaLand Plaza Yunshang and CapitaLand Plaza Yuhua Pavilion, which are characterized by high asset quality and efficient operational management [1]. Group 2: Market Implications - The launch of Huaxia CapitaLand Commercial REIT reflects CapitaLand's optimistic outlook on the future development opportunities within China's public REITs market, which is expanding in scale and diversifying in product types, particularly in the consumer REITs sector [3]. - CapitaLand manages over 40 shopping centers across 18 cities in China, with total asset value exceeding 80 billion yuan, indicating a robust presence in the market [3]. Group 3: Strategic Significance - The issuance of public REITs is expected to enhance CapitaLand's asset liquidity and optimize its capital structure, facilitating a virtuous cycle of fundraising, investment, management, and exit [3]. - The CEO of CapitaLand (China) emphasized that the REIT not only provides domestic investors with a new channel for quality asset allocation in a low-interest-rate environment but also offers global asset management institutions an opportunity to engage in China's public REITs market [4].