出租率超96％！保租房REITs再扩募，促存量商品房转保租房项目加速入市

Core Insights - The approval of the second rental housing REIT expansion, 华夏基金华润有巢REIT, marks a significant development in the market, transitioning from a focus on initial offerings to a dual approach of initial offerings and expansions [1][2][4] - The rental housing REITs exhibit strong resilience, with a reported average occupancy rate exceeding 96% and collection rates above 98%, alongside continuous growth in NOI and EBITDA [2][5] - The recent implementation of the Housing Rental Regulations has provided a clearer regulatory framework, enhancing market stability and encouraging capital inflow into the rental housing sector [5][6] Expansion of Rental Housing REITs - The expansion process for rental housing REITs is accelerating, with the first successful expansion project, 华夏北京保障房REIT, raising approximately 946 million yuan [2][4] - The latest expansion involves the acquisition of the 有巢马桥 project in Shanghai, which is a demonstration project for affordable rental housing [4] Market Dynamics and Financial Vitality - The financial vitality of the rental housing industry is driven by three main forces: policy implementation, asset market entry, and capital efficiency [5][6] - The market is witnessing a shift towards a more resilient cycle, with public REITs entering a phase of simultaneous initial offerings and expansions, enhancing liquidity and price discovery [6][8] Structural Changes and Valuation Logic - The market is evolving with a trend towards bundling multiple projects in the same city for expansion, improving management efficiency and asset diversification [7] - The assessment logic for REITs is shifting from focusing on individual project stability to emphasizing the synergistic effects of asset portfolios and cash flow stability [7][8] - The presence of different types of investors is creating a complementary structure in the market, balancing long-term institutional funds with active trading entities [8]