Sou Hu Cai Jing·2025-10-16 07:20Core Viewpoint - The successful issuance of the Huaxia Zhonghai Commercial REIT has sparked renewed interest in consumer REITs, with significant oversubscription indicating strong investor confidence in its value [1][3]. Group 1: Issuance Details - The Huaxia Zhonghai Commercial REIT (Fund Code: 180607) had a public investor subscription confirmation rate of 0.2763% and an institutional investor rate of 0.3120, resulting in oversubscription multiples of 361.9 times and 320.5 times respectively [1][2]. - The total subscription amount before proportional allocation reached nearly 160 billion yuan, significantly exceeding the intended fundraising scale of 15.843 billion yuan by 100.5 times [2][3]. - The offline subscription amount totaled approximately 106.62 billion yuan, while the public offering raised about 51.6 billion yuan [2]. Group 2: Investment Value and Management - The Huaxia Zhonghai Commercial REIT is a consumer REIT product jointly launched by Zhonghai, Huaxia Fund, and CITIC Securities, with its initial asset being the Yingyue Lake Huanyu City, recognized for its operational maturity and growth potential [3][4]. - The projected net cash distribution rates for the REIT are estimated at 4.00% (annualized) for 2025 and 4.21% for 2026, reflecting its anticipated financial performance [3]. - The management capabilities of Zhonghai Group, which encompass the entire asset management cycle, along with the expertise of CITIC Securities and Huaxia Fund in the consumer REIT sector, provide a robust foundation for the REIT's long-term stability [3][4]. Group 3: Market Implications - The successful issuance of the Huaxia Zhonghai Commercial REIT marks a significant advancement in Zhonghai's efforts to build comprehensive asset management capabilities, demonstrating a full-cycle capital closure process from acquisition to exit [4]. - The long-term investment and asset allocation value of consumer REITs continues to gain recognition among investors, highlighting the increasing importance of quality investment targets [4].