沪市债券新语｜一线实勘中金重庆两江REIT：“新两江”支撑项目长期成长

Core Viewpoint - Since 2025, the performance of public REITs in domestic infrastructure industrial parks has shown a divergent pattern, with some projects underperforming due to increased competition, while others are operating well [1] Group 1: Project Overview - The CICC Chongqing Liangjiang REIT holds 100% of its infrastructure assets through a special plan, consisting of four industrial parks in the Chongqing Liangjiang New Area, with a total construction area of approximately 243,700 square meters and a leasable area of 187,700 square meters [2] - As of September 30, the project reported an occupancy rate of 87.81% and an average signed rental price of 48.56 yuan per square meter per month, indicating a solid long-term leasing foundation [4] Group 2: Market Context and Performance - The rental rates for office buildings in major cities across the country have been on a downward trend, with many landlords adopting a "price for volume" strategy to cope with leasing pressures [4] - The occupancy rate for office buildings in the Chongqing Zhaomushan area generally ranges from 70% to 80%, with rental prices concentrated between 40 yuan and 50 yuan per square meter per month, positioning CICC Chongqing Liangjiang REIT above its regional competitors [4] Group 3: Future Outlook and Strategies - The fund manager indicated that despite slight fluctuations in occupancy and rental prices, the REIT is expected to maintain stability in the fourth quarter due to a solid tenant base and proactive operational adjustments [5] - The original rights holder and management team plan to focus on "lean operations" to enhance long-term value, including deepening tenant services and establishing emergency plans for unexpected tenant departures [8] - The long-term development potential of industrial park REITs is closely tied to macroeconomic cycles and industry life cycles, with quality parks expected to maintain resilience despite short-term market challenges [8][9]