Xin Hua Cai Jing·2025-11-25 09:53Core Viewpoint - The establishment of the "CITIC Construction Investment - Waigaoqiao Group Holding-type Real Estate Asset-backed Special Plan" marks a significant development in the asset-backed securities (ABS) market, particularly for state-owned enterprises in Shanghai, showcasing strong investor interest and a new model for revitalizing state-owned assets [1][2]. Group 1 - The project was initiated by Waigaoqiao Group as the original rights holder, with CITIC Construction Investment Securities acting as the plan manager and lead sales agency [1]. - The underlying assets consist of four industrial plant projects owned by Waigaoqiao Group, managed by its subsidiary, Shanghai Waigaoqiao Free Trade Zone New Development Co., Ltd [1]. - The issuance was conducted through a price inquiry method, with a range of 1.776 billion to 1.83 billion yuan, ultimately achieving a total issuance size of 1.83 billion yuan, attracting 21 investors from various sectors including insurance, bank wealth management, and local state-owned assets [1]. Group 2 - Waigaoqiao Group is recognized as the first developer and operator of the national bonded zone, bonded logistics park, and free trade zone, responsible for comprehensive development, investment attraction, industry cultivation, and property management services in the region [2]. - The selected underlying assets include four high-quality industrial plant projects located in the Waigaoqiao area, with a total building area of approximately 190,600 square meters and an average occupancy rate of 93.16% [2]. - The tenants include companies from industries such as IDC data centers, intelligent manufacturing, and biopharmaceutical research and development, aligning with regional industrial development strategies [2].