保租房REITs近三月全线下跌，建信长租ABS首单扩募引7.8倍认购

Core Insights - The report emphasizes that operational capability determines asset liquidity, highlighting the importance of operators who can maintain high occupancy rates and stable cash flows to attract capital in the securitization market [2][15] - Recent policies from central and local governments focus on guiding the housing rental market through management norms, market supply, revitalization of existing stock, tax support, and rights protection [2][4] Policy Developments - Financial support for rental housing has increased, with a reported annual growth rate of 52% in rental housing loans, contributing to over 1.6 trillion yuan in funding for key projects [4][9] - The Ministry of Housing and Urban-Rural Development (MHURD) is working on stabilizing the real estate market and constructing a new development model [4][5] - Local governments are shifting their policy focus from merely stimulating supply to a more systematic governance approach that includes institutional foundations, financial empowerment, and demand adaptation [5][10] Market Performance - The secondary market for rental housing REITs is currently experiencing a phase of adjustment, with all listed products showing declines as of October 20, 2025 [6][8] - Over the past month, all eight rental housing REITs have recorded negative growth, with declines ranging from -3.4055% to -8.3309% [8][9] Financial Instruments and Capital Flow - The housing rental sector is seeing a diversification of financial instruments, including REITs, asset-backed securities (ABS), and private debt, indicating a shift towards a more integrated financial ecosystem [9][10] - The first public offering of a rental housing REIT is underway, with various local enterprises and financial institutions actively participating in the market [10][12] Operational Insights - The operational maturity of rental housing projects is crucial, as demonstrated by the successful rental rates exceeding 90% for certain projects within two years of operation [12][13] - The collaboration between capital and operational management is essential for enhancing asset liquidity and attracting investment in the rental housing market [15]