掘金公募REITs大时代！基金、保险资管、券商、产业人士齐发声

Core Viewpoint - The article discusses the high-quality development of public REITs in China, emphasizing the importance of asset selection, compliance, and strategic positioning in the evolving market landscape [1]. Group 1: Asset Selection Criteria - Public REITs are described as a marathon, where compliance is crucial for project qualification to avoid asset risk and disputes post-listing [5]. - High-quality public REITs assets can be evaluated based on three dimensions: physical condition, supply-demand relationship, and corporate governance [6]. - Strategic positioning is essential for public REITs, focusing on resource allocation aligned with national strategies to ensure stable policy environments and share in industry growth [6]. Group 2: Data Center REITs - Data centers are highlighted as vital infrastructure in the digital economy, with public REITs providing a flexible exit platform for the asset lifecycle [9]. - Asset selection for data center REITs should consider location, scale, compliance, and necessary telecommunications licenses [9][10]. - Capital expenditure for upgrades and careful evaluation of revenue streams are critical for data center asset valuation [10]. Group 3: Market Trends and Performance - As of mid-2023, the CSI REITs total return index has increased by over 10%, indicating a positive market trend for public REITs [17]. - The market performance is driven by fundamentals and valuation, with a significant influence from supply-demand dynamics and regulatory changes [17]. - Public REITs are seen as attractive long-term assets due to their stable dividend characteristics and potential for capital gains in a low-interest-rate environment [18]. Group 4: Challenges and Recommendations - The current public REITs market faces challenges such as insufficient asset supply, valuation discrepancies, and liquidity issues [20]. - Recommendations include expanding market size, enhancing liquidity through market-making mechanisms, and improving governance structures to align interests among stakeholders [20][24]. - The need for a clear exit path from Pre-REITs to public REITs and the establishment of a tiered market structure to cater to different risk appetites is emphasized [22][23]. Group 5: Collaboration and Governance - Establishing effective collaboration between fund managers and operational teams is crucial for the success of public REITs [25]. - The integration of industry expertise into fund governance can enhance operational efficiency and value creation [25][26]. - A shift from short-term speculation to long-term value creation is necessary for the sustainable growth of the public REITs ecosystem [26].