首单非定向扩募公募REITs上市 华夏基金华润有巢REIT探索租赁住房REITs新路径

Core Viewpoint - The expansion of public REITs in China marks a significant milestone with the listing ceremony of the Huaxia Fund Huazhong REIT (508077) on January 12, 2026, at the Shanghai Stock Exchange, highlighting the growing recognition and acceptance of market-driven rental housing REITs in the domestic market [1][3]. Group 1: Expansion and Performance - The Huaxia Fund Huazhong REIT has demonstrated strong market performance over three years, achieving over 154 million yuan in cumulative dividends to holders by the end of 2025 [3]. - The recent expansion is the first for the Huaxia Fund Huazhong REIT, successfully completed in December 2025, utilizing a non-directional placement model to protect existing investors' rights, with a placement price of 2.53 yuan per share and a total of 450 million shares available for placement [3][4]. Group 2: Fund Utilization and Asset Acquisition - The funds raised from the expansion, approximately 1.1329 billion yuan (excluding subscription fees and interest), will be fully allocated to acquire high-quality assets under the Huazhong brand, specifically the Shanghai Majiao project, which is part of a demonstration project for affordable rental housing [4]. - The Shanghai Majiao project is strategically located near key industrial clusters, with a strong rental demand and an occupancy rate of 96% as of June 2025, enhancing the resilience of the operations [4]. Group 3: Strategic Vision and Future Development - The Huazhong brand aims to enhance its operational capabilities through a multi-dimensional operational system, focusing on specialized marketing, diverse leasing strategies, community operations, and safety supervision to maintain high occupancy rates and service quality [6]. - The successful expansion is viewed as a practical example of revitalizing existing rental housing assets and expanding effective investment, reflecting the capital market's recognition of the asset quality and operational capabilities of Huazhong [6]. - Future collaboration between Huazhong and Huaxia Fund is expected to enhance the quality and efficiency of public REIT projects, increasing the market influence and industry voice of rental housing REITs, and attracting more social capital into the affordable housing sector [6].