Zheng Quan Ri Bao Wang·2025-12-01 11:39Core Viewpoint - The successful establishment of the first industrial factory-based asset-backed securities (ABS) in China marks a significant milestone in the development of the inter-institutional REITs market, demonstrating strong investor confidence and providing a new financing channel for state-owned enterprises [1][2][3]. Group 1: Project Overview - The project, initiated by CITIC Construction Investment and Waigaoqiao Group, has an issuance scale of 1.83 billion yuan, making it the first inter-institutional REITs in China backed by industrial factory assets [1][2]. - The underlying assets consist of four standard factory projects located in the Waigaoqiao Free Trade Zone, with a total construction area of approximately 190,600 square meters and an average occupancy rate of 93.16% [2][3]. - The main tenants include companies from the IDC data center, smart manufacturing, and biopharmaceutical research sectors, aligning with regional industrial development strategies [2]. Group 2: Financial and Operational Mechanisms - The project utilized a pricing inquiry mechanism, achieving a final issuance size of 1.83 billion yuan, which reflects a premium of about 3% over the equity valuation of the project company [1][2]. - A revenue assessment mechanism and an incentive structure for the operational management team were established to enhance operational efficiency [3][4]. - The project features a unique distribution mechanism of "benchmark return + excess return," which is expected to attract potential investors continuously [4]. Group 3: Market Impact and Future Developments - This project is expected to serve as a model for revitalizing state-owned assets and expanding financing channels for local state-owned enterprises, showcasing strong demonstration effects [2][3]. - The Shanghai Stock Exchange has reported a total of 50 projects submitted for approval, with a cumulative issuance scale nearing 120 billion yuan, indicating robust market activity and interest in inter-institutional REITs [5]. - Future plans include enhancing the operational management of underlying assets through the introduction of fund manager systems and improving market mechanisms to ensure the sustainable development of the inter-institutional REITs market [4][5].