外资借道REITs积极布局中国市场

Core Insights - The domestic public REITs market in China has reached 75 listed projects with a total issuance scale of 196.619 billion yuan, nearing the 200 billion yuan mark with the upcoming issuance of two new REITs [1][2][3] Group 1: Market Expansion and New Issuances - A total of 19 public REITs have been newly issued this year, along with 2 expansions, indicating a steady growth in the market [2][5] - The recent approval of the "Notice on Further Improving the Normalized Application and Recommendation Work of Public REITs in the Infrastructure Sector" is expected to enhance the quality and expansion of public REITs in China [2][5] Group 2: International Participation - The listing of the first foreign consumer REIT, Huaxia CapitaLand Commercial REIT, marks a significant step towards the internationalization and diversification of China's public REITs market [3][4] - The project has attracted significant market attention, with a proposed fundraising scale of 2.2872 billion yuan and an oversubscription rate of 535.2 times for public investors [3][4] Group 3: Asset Types and Investment Opportunities - The newly issued REITs this year include seven asset types, with heating facilities and data centers being newly introduced [5] - The underlying assets of the Huaxia CapitaLand Commercial REIT are two mature shopping centers in Guangzhou and Changsha, with an occupancy rate exceeding 96% and an average revenue growth rate of over 4% [3][4] Group 4: Future Outlook - The approval of Huaxia Anbo Warehousing REIT, backed by Prologis, further signifies the internationalization of China's public REITs market and the introduction of global REIT management experience [6] - The market is expected to see a diversification of project issuers, as the new policies aim to support more private and foreign investment projects [5]