机构：租赁住房资产可投性、稳分红能力同步增强

Core Insights - The seventh International Forum on Housing Rental Industry focused on the financialization process of the housing rental sector, discussing policy implementation, asset market entry, and capital activity, while forecasting the market's development direction [1] Group 1: Policy and Market Dynamics - The implementation of the Housing Rental Regulations on September 15 has provided a clearer regulatory framework, enhancing market confidence and stabilizing expectations for capital entry and asset expansion [1][2] - Local governments are initiating stock housing storage plans to convert them into affordable rental housing, accelerating project market entry and creating a more balanced distribution of rental housing assets [2] Group 2: Capital Market Activity - The public REITs market is transitioning into a phase of "initial issuance + expansion," indicating that REITs are evolving from one-time financing tools to sustainable, dynamically managed asset platforms [2][3] - Different types of investors are emerging in the REITs market, with long-term institutional funds focusing on stable dividends and sustainable returns, while trading-oriented institutions prioritize liquidity and price discovery [3] Group 3: Operational Efficiency - High occupancy rates (over 96%) and collection rates (over 98%) are critical for the stable operation of rental housing REITs, with companies achieving cost reductions of approximately 2% to 3% through refined management practices [4] - The average non-rental income for some projects has increased to around 5%, contributing to the overall financial health of the rental housing sector [4][5]