产业园区REITs持续承压 有产品近一月跌超10% 什么情况？

Core Viewpoint - The recent decline in industrial park REITs is attributed to the impact of third-quarter fund reports, revealing deteriorating fundamentals and operational pressures within this asset class [1][5][9] Group 1: Market Performance - As of November 3, among the 76 publicly listed REITs, 58 experienced price declines, with industrial park REITs dominating the top ten largest drop-offs [1][3] - The China Securities REITs Index and the full return index both fell by 0.63%, indicating a broader market downturn [1] - Notably, seven out of the ten worst-performing products were industrial park REITs, with four experiencing daily declines exceeding 3% [1][2] Group 2: Fund Performance - Year-to-date, 13 publicly listed REITs have seen price declines, with industrial park REITs accounting for seven of these, highlighting significant underperformance [4] - The top five worst-performing REITs this year are all industrial park REITs, with declines ranging from -19.11% to -8.37% [4] Group 3: Fundamental Issues - The decline in industrial park REITs is primarily driven by falling core metrics such as occupancy rates and average rents in key cities like Hefei, Guangzhou, and Chengdu [5][8] - Over 80% of the industrial park REITs reported a decline in performance metrics, with EBITDA and distributable amounts dropping by more than 10% [5][6] Group 4: Future Outlook - The future of industrial park REITs is influenced by fundamental improvements, the feasibility of expansion, and investor preferences [9] - The sector faces challenges due to supply-demand imbalances in office spaces, leading to increased competition and reduced rental rates [7][8] - The localized nature of many industrial park REITs limits their ability to diversify and mitigate risks, potentially leading to uniform underperformance across similar assets [8][9]