公募REITs：温故知新说扩募（基础篇）

Report Industry Investment Rating - Not provided in the given content Core Views - REITs financing can be divided into debt - raising and share - issuing, with share - issuing further split into IPO and expansion. From 2001 to July 2025, in the US REITs market, the average proportions of debt - raising, expansion, and IPO were 49%, 47%, and 4% respectively. China's REITs have a lower leverage ratio cap (29%) than overseas markets, making expansion a more suitable financing form for China's REITs. All implemented expansions in China's REITs so far are private placements of common shares, mainly used for asset purchases [2]. - China's REITs expansion regulatory system consists of the CSRC, exchanges, and the NDRC, and the approval and issuance process takes about 9.7 months. Four important rules for investors in REITs expansion are: 1) After IPO, for newly purchased assets, projects of the same original equity holder should generally be listed through the same REITs platform, with no scale requirement for asset valuation. 2) REITs can apply to the exchange for new asset purchases only after being listed for 12 months. 3) The pricing of public expansion should not be lower than the market price, and that of private expansion should not be lower than 90% of the market price. 4) The lock - up period of expansion shares is about half of that of IPO, with a minimum of 6 months [2]. - The value of expansion assets is slightly weaker than that of IPO assets, and their valuation is also lower. The median ratio of expansion asset valuation to IPO asset valuation is 64%. In terms of asset quality, the scale, geographical level, and profitability of expansion assets are relatively inferior to those of IPO assets. The Cap Rate of expansion assets is 0.28 - 0.61 pct higher than that of IPO assets, indicating that investors require a higher return for expansion assets of lower quality [3]. Summary by Directory 1. Expansion is One of the Main Financing Forms of REITs - REITs financing includes debt - raising, IPO, and expansion. In overseas markets, debt - raising and expansion are the main financing forms, with IPO accounting for a relatively small proportion. From 2001 to July 2025, the average proportions of debt - raising, expansion, and IPO in the US REITs market were 49%, 47%, and 4% respectively. In 2024, the amounts of debt - raising, expansion, and IPO in the US REITs were $48.1 billion, $30.5 billion, and $6.1 billion respectively, accounting for 57%, 36%, and 7%. China's lower leverage ratio cap (29%) makes expansion a more suitable financing form for its REITs [10]. - Overseas, expansion funds can be used for debt repayment and asset purchase. Expansion and other external financings of REITs can be used to pay off debts and acquire assets. Debt repayment can optimize the debt structure during interest - rate decline periods or reduce the leverage ratio when the REITs' debt ratio is too high. Asset purchase often relies on external financing due to the low fund retention rate of REITs. Although expansion for asset - purchase purposes is relatively infrequent, it involves larger financing volumes [12]. - China's REITs financing forms and uses are relatively single. As of September 19, 2025, all 6 REITs expansions in China were private placements of common shares, mainly used for asset purchases, and no expansion for debt - repayment purposes has been seen [16]. 2. Expansion Supervision and Process - China's REITs expansion regulatory system is composed of the CSRC, exchanges, and the NDRC. The rules of the Shanghai and Shenzhen Stock Exchanges are the most direct and comprehensive guidelines for current REITs expansion practices. Important rules for investors include: newly purchased assets of the same original equity holder should generally be listed through the same REITs platform after IPO, with no scale requirement for asset valuation; REITs can apply for new asset purchases after 12 months of listing; public expansion pricing should not be lower than the market price, and private expansion pricing should not be lower than 90% of the market price; the lock - up period of expansion shares is about half of that of IPO, with a minimum of 6 months [19][22][27]. - Referring to existing expansion experiences, the whole process takes about 9.7 months. The longest time - consuming stage is from the exchange's feedback to the issuer's response, with an average of 3.4 months. The time from the exchange's acceptance to the inquiry is highly uncertain, ranging from 0.8 to 12.6 months. After the issuer's response, the issuance rhythm is relatively controllable. Currently, there are 11 projects awaiting expansion, mainly in the affordable housing, industrial park, and consumer sectors [28][29][31]. 3. Comparison between Expansion Assets and Initial Public Offering (IPO) Assets - The value of expansion assets is slightly lower than that of IPO assets, and their quality is also weaker. The median ratio of expansion asset valuation to IPO asset valuation is 64%. In terms of asset quality, the scale, geographical level, and profitability of expansion assets are relatively inferior to those of IPO assets, while there is no obvious difference in the remaining term of sub - sectors [37]. - The valuation of expansion assets is lower than that of IPO assets. The Cap Rate of expansion assets is generally higher than that of IPO assets, ranging from 0.28 pct to 0.61 pct higher, indicating that investors require a higher return for expansion assets of lower quality [43].