PDH(SH:600048) Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2026-01-27 23:35Core Viewpoint - The company, Poly Developments and Holdings Group Co., Ltd., has approved the proposal to initiate the application and issuance of commercial real estate REITs to enhance its capital structure and core competitiveness in response to regulatory policies [2][11]. Group 1: Basic Information on Commercial Real Estate REITs - The company plans to use its commercial real estate projects as underlying assets for the issuance of commercial real estate REITs, aligning with the regulatory push for the development of the REITs market [2]. - The selected assets for the REITs include the Guangzhou Poly Center project and the Foshan Poly Water City project, both held by the company's wholly-owned subsidiaries [3]. Group 2: REITs Issuance Process - The company will act as the original rights holder and submit applications to the Shanghai Stock Exchange and the China Securities Regulatory Commission for the establishment of the commercial real estate REITs [3]. - The company intends to participate in the strategic placement of at least 20% of the REITs issuance [4]. - An asset-backed special plan will be established to issue commercial real estate asset-backed securities, with the REITs fully subscribing to these securities [6]. Group 3: Management and Operational Arrangements - The company will oversee the operational management of the REITs, with specific subsidiaries designated for implementation [8]. - The company will transfer 100% equity of the project companies holding the underlying assets to the special plan [7]. Group 4: Authorization Matters - The board of directors has authorized key executives to handle all matters related to the REITs application and issuance, including signing legal documents and making necessary adjustments based on market conditions [10]. Group 5: Impact of REITs Issuance - The issuance of commercial real estate REITs is seen as a significant step for the company to optimize resource allocation and enhance sustainable development capabilities [11].