上交所落地首单持有型不动产ABS扩募 实现多方面机制创新

Core Viewpoint - The successful expansion of the "Jianxin Long-term Rental ABS" marks a significant milestone in the market, establishing a pathway for the expansion of holding-type real estate ABS and enhancing the product's capacity for continuous growth [1][2]. Group 1: Expansion Details - The "Jianxin Long-term Rental ABS" completed its first expansion on September 30, with a total fundraising scale of 4.53 billion yuan, bringing the cumulative subscription amount to 27.28 billion yuan and achieving a subscription multiple of 7.8 times [1]. - The underlying assets for this expansion are two rental housing projects in Nanjing, and the initial product scale was set at 1.17 billion yuan [1]. Group 2: Mechanism Innovation - Unlike traditional ABS products, this expansion utilized a market-oriented pricing mechanism for book-building, allowing the market to determine pricing and achieving a premium issuance [2]. - The expansion attracted participation from 33 diverse investors, including banks, securities firms, insurance companies, and asset management institutions, further enriching the types of investors involved [2]. Group 3: Market Development - The holding-type real estate ABS is positioned as an equity-type listed product, playing a crucial role in building a multi-tiered REITs market and serving as an innovative tool for activating existing assets and expanding effective investments [2]. - The Shanghai Stock Exchange is committed to promoting the construction of the holding-type real estate ABS market, aiming to cultivate more investable projects and provide comprehensive support mechanisms for both investment and financing parties [3].