冲刺21亿机构间REITs，京东产发上市未果后的资本突围

Group 1 - JD.com is advancing in the real estate securitization sector with the "JD High and Modern Infrastructure Holding Real Estate Asset-Backed Securities Plan," which is currently in the review process with a proposed issuance amount of 2.1 billion yuan [1][2] - This initiative follows JD.com's first public REIT issuance in February 2023 and marks a shift from public REITs to private placements, driven by policy guidance and the need to revitalize existing assets [1][3] - The original rights holder for the project is Shanghai Jinghongyu Enterprise Development Co., Ltd., with the actual controller being Liu Qiangdong [1][2] Group 2 - The project introduces a dual structure of "private equity fund + ABS," providing a more flexible operational path for asset revitalization [1] - As of early December 2025, the Shanghai Stock Exchange has received 50 applications for inter-institutional REITs, with a total application scale nearing 120 billion yuan and 20 projects successfully issued, totaling over 45 billion yuan [2] - The rise of inter-institutional REITs is seen as a response to the demand for asset revitalization and capital structure optimization from enterprises [3] Group 3 - JD.com’s application for inter-institutional REITs is part of a broader strategy by JD Industrial Development Group to manage its core asset operations and address funding pressures [4] - Since its independent operation began in 2018, JD Industrial Development has expanded its modern infrastructure assets to over 280, managing a total area of over 27 million square meters and an asset management scale exceeding 120 billion yuan [4] - The company faced significant cash flow challenges, with net cash used in investment activities reaching 34.5 billion yuan from 2020 to 2022, while cash generated from operations was only about 3 billion yuan [4] Group 4 - The planned IPO for JD Industrial Development was postponed due to unfavorable market conditions and challenges related to its heavy asset investment model [4] - Private equity funds and asset securitization have become key strategies for JD Industrial Development to alleviate funding pressures, with seven private equity funds established since 2019 [5] - The successful issuance of JD.com’s first public REIT in 2023 included logistics parks in Langfang, Wuhan, and Chongqing, totaling approximately 351,000 square meters [6]