Core Viewpoint - Maoye International (00848) is initiating a public offering of commercial real estate REITs through its wholly-owned subsidiary Chengshang Group Holdings Limited and its affiliate Chengdu Chongde Investment Co., Ltd, utilizing certain buildings in Chengdu as underlying assets [1] Group 1: REITs Issuance - Maoye Commercial (600828.SH) plans to issue public commercial real estate REITs, subject to regulatory approval, using properties located at No. 28 Tianfu Avenue North, Chengdu as the underlying assets [1] - The company and its affiliate intend to jointly invest in the REITs, subscribing to 34% of the total fund issuance amount, pending final subscription figures [1] Group 2: Financial Implications - The issuance of commercial real estate REITs is expected to effectively activate existing assets, leveraging financial innovation to attract social capital for new project investments [1] - This financing tool is designed to uncover the intrinsic value of mature commercial properties, optimize Maoye Commercial's capital structure, improve its financial condition, and reduce financial leverage [1]

Core Viewpoint - The company announced plans to initiate the public offering of commercial real estate REITs, aiming to enhance net profit and optimize capital structure through asset revitalization [1] Group 1: Announcement Details - The board meeting is scheduled for January 22, 2026, to review the proposal for the public offering of commercial real estate REITs [1] - The underlying assets will include certain buildings from Chengdu Maoye Center, held by the wholly-owned subsidiary Chengshang Holdings and related party Chongde Investment [1] - The product is named Huaxia Maoye Closed-end Commercial Real Estate Investment Fund, with the issuance venue at the Shanghai Stock Exchange and a term of approximately 20 years [1] Group 2: Strategic Allocation and Transactions - The company and related parties plan to strategically allocate 34% of the shares, which constitutes a related party transaction but does not qualify as a major asset restructuring [1] - The proposal will require approval from the shareholders' meeting [1] Group 3: Financial Implications - If the issuance is successful, it is expected to increase net profit and revitalize existing assets while optimizing the capital structure [1] - However, the project faces potential tax burdens and issuance risks [1]

Core Insights - The Shanghai office market is expected to navigate through a cyclical downturn, with 2026 being a pivotal year for transitioning between old and new growth drivers [1] Group 1: Market Demand and Supply - The demand for Grade A office space in Shanghai is gradually recovering, with a year-on-year net absorption increase of 76.6% in 2025, driven by increased corporate relocations and expansions [1] - The total net absorption for 2025 reached 218,800 square meters, indicating a narrowing decline of 11 percentage points compared to 2024, suggesting that the demand contraction is nearing its end [2] - The overall market liquidity is showing a mild recovery, with a 55% quarter-on-quarter increase in new supply in Q4 2025, while net absorption grew by 9.3% quarter-on-quarter [1] Group 2: Rental Trends - Rental rates in the central business district (CBD) decreased by 2.8% quarter-on-quarter and 12.1% year-on-year, averaging 6.4 yuan per square meter per day, while non-CBD rents fell by 2.7% quarter-on-quarter and 11.0% year-on-year, averaging 4.2 yuan per square meter per day [1] - The rental market remains favorable for tenants, with landlords maintaining flexible negotiation terms [1] Group 3: Sector-Specific Demand - The TMT sector has surpassed the financial sector, accounting for 20% of the demand, with significant contributions from gaming, e-commerce, and AI companies [2] - The financial sector holds a 19% share, with insurance, funds, and investment banks being the primary demand drivers [2] - Emerging consumer goods sectors, including outdoor and pet products, are also expanding, contributing to a 13% share of the market [2] Group 4: Future Outlook - The supply pressure is expected to ease marginally, with a planned total supply of approximately 3.7 million square meters over the next 3-5 years, continuing the trend of decreasing new supply [3] - The introduction of commercial real estate public REITs is anticipated to provide crucial liquidity support to the market [3] - The year 2026 is projected to be significant for the application of AI technology, which is expected to drive investment and job growth, aiding in inventory reduction [3]

（编辑 楚丽君） 证券日报网讯 1月14日，武商集团在互动平台回答投资者提问时表示，关于商业不动产公募REITs，目 前公司已启动专项研究工作，对旗下符合发行条件的商业资产进行梳理与评估，审慎论证相关方案的必 要性、可行性及发行路径。 ...