WGQ(SH:600648) Zheng Quan Shi Bao Wang·2025-12-01 08:46Core Viewpoint - The establishment of the "CITIC Construction Investment - Waigaoqiao Group Holding Real Estate Asset-Backed Special Plan" marks the first issuance of an industrial factory-based real estate ABS in the market, with a total issuance scale of 1.83 billion yuan, expanding the asset range of institutional REITs and creating new financing channels for local state-owned enterprises [1][2]. Group 1: Project Overview - This project is the first institutional REITs for industrial factory assets in the country and also the first for local state-owned enterprises in Shanghai, demonstrating strong exemplary effects [2]. - The underlying assets consist of four standard factory projects held by Waigaoqiao Group, located in the Waigaoqiao Free Trade Zone in Shanghai, with a total construction area of approximately 190,600 square meters and an average occupancy rate of 93.16% [2]. - Major tenants include multinational companies such as GDS, SKF, Carl Zeiss, and Huayong Pharmaceutical Research, covering industries like IDC data centers, smart manufacturing, and biopharmaceutical research [2]. Group 2: Financing and Market Mechanism - The project adopted a pricing inquiry mechanism with an issuance range of 1.776 billion to 1.83 billion yuan, ultimately achieving the full issuance amount, which reflects a premium of about 3% over the equity valuation of the project company [4]. - A total of 21 investors participated, including insurance, bank wealth management, securities firms, and local state-owned enterprises, indicating broad interest from various types of institutional investors [4]. - The project features a "benchmark return + excess return" distribution mechanism, which is expected to attract market attention and enhance secondary market liquidity [4]. Group 3: Future Development and Market Construction - CITIC Construction Investment plans to introduce a fund manager system in institutional REITs, aiming to enhance the operational management of underlying assets during the project's duration [5]. - The institutional REITs are positioned as equity-type listed products, playing a crucial role in building a multi-tiered REITs market and serving as an innovative tool for revitalizing existing assets and expanding effective investment [5]. - As of now, there have been 50 project applications with a total scale of nearly 120 billion yuan, and 20 projects have been successfully issued, totaling over 45 billion yuan [6].