Group 1 - The fund under discussion is the Fuguo Shouchuang Water Affairs Closed-End Infrastructure Securities Investment Fund, which includes two municipal wastewater treatment projects in Hefei and Shenzhen [1][2] - The fund is managed by Beijing Shouchuang Ecological Environmental Group Co., Ltd., which is responsible for the operation and management of the projects [1] - On September 29, 2025, a senior management personnel of Shouchuang Environmental Group announced their departure, but it is stated that this will not affect the company's normal operations [1][2] Group 2 - As of the announcement date, the management team of the fund's operating management institution is functioning normally, and the departure of the senior management personnel is not expected to have a significant adverse impact on the operational status, financial performance, cash flow, or the rights of fund shareholders [2] Group 3 - The announcement has been confirmed by the fund's operating management institution [3] Group 4 - Investors can contact Fuguo Fund Management Co., Ltd. for further details through their customer service hotline or official website [4]

Core Insights - The launch of Huaxia Kaide Commercial REIT marks the first consumer REIT project initiated by an international asset management company in China [1] - The underlying assets of the REIT are two mature shopping centers located in the core business districts of Guangzhou and Changsha, which have shown strong operational performance [1] - The funds raised from this public REIT will primarily be used for the construction and acquisition of high-quality assets within China, contributing positively to enhancing consumption efficiency and expanding consumer spending [1] Company Overview - Kaide Investment, the controlling shareholder of Huaxia Kaide Commercial REIT, is a well-known international real estate asset management company based in Singapore [1] - Kaide Investment manages over 40 retail properties across 18 cities in China, with an asset scale exceeding 80 billion RMB, providing a rich asset reserve for future expansions of REIT products [1] Industry Context - The listing of Huaxia Kaide Commercial REIT on the Shanghai Stock Exchange represents a significant step in the internationalization and diversification of China's public REITs market [1] - This initiative is a concrete practice under the guidance of the China Securities Regulatory Commission to promote the opening up of the capital market [1] - The project serves as an excellent model for foreign institutions to engage deeply in China's public REITs market [1]

Core Insights - The successful listing of Huaxia CapitaLand Commercial REIT on the Shanghai Stock Exchange marks a significant milestone as China's first foreign-funded consumer REIT, enhancing market confidence and providing stable income assets for investors [1][2][3] Group 1: Investment Appeal - The total subscription amount for Huaxia CapitaLand Commercial REIT reached 309.17 billion yuan, which is 135.2 times its proposed fundraising scale, indicating strong investor recognition of its investment value [2] - The projected annualized cash distribution rates for 2025 and 2026 are 4.40% and 4.53%, respectively, showcasing the fund's potential for stable returns [2] - The underlying assets, including CapitaLand Yunshang and CapitaLand Yuhua Pavilion, are strategically located in first-tier and strong second-tier cities, providing a balanced mix of growth and stability [2][3] Group 2: Market Impact - The listing signifies a major breakthrough in the internationalization and diversification of China's public REITs market, introducing international standards in commercial operations and REIT management [2][4] - The fund aims to create a replicable and scalable model for high-quality commercial asset securitization, offering a new paradigm for global capital participation in the Chinese consumer market [3][4] Group 3: Institutional Support - CapitaLand, as the largest REIT manager in the Asia-Pacific region, along with its strategic investors, will hold a 20% stake in Huaxia CapitaLand Commercial REIT, ensuring robust operational support [4][5] - The involvement of CapitaLand China Trust, a Singapore-listed REIT, in this investment marks a significant event in the internationalization of China's public REITs market [4][5] Group 4: Experience and Expertise - CapitaLand has over 23 years of experience in REIT management and has played a pivotal role in shaping Singapore's REIT market, which will be leveraged to enhance the development of China's public REITs [5][6] - The management strategies employed by CapitaLand China Trust, including asset upgrades and diversified investments, have led to stable income and asset appreciation, which will inform the operational strategies of Huaxia CapitaLand Commercial REIT [6]

Core Viewpoint - The successful listing of the Huaxia CapitaLand Commercial REIT on the Shanghai Stock Exchange marks a significant milestone in the internationalization and diversification of China's public REITs market, coinciding with the 35th anniversary of diplomatic relations between China and Singapore [1][2]. Group 1: Fund Overview - The Huaxia CapitaLand Commercial REIT is initiated by CapitaLand, a leading global real estate asset management company, and is managed by a professional team, ensuring high asset quality and operational efficiency [2]. - The fund aims to raise 2.2872 billion yuan, with total subscriptions exceeding 309.17 billion yuan, resulting in an oversubscription rate of 535.2 times for public investors and 252.6 times for institutional investors [2]. Group 2: Leadership Insights - CapitaLand's CEO emphasized the integration of international REITs management experience with the Chinese market, providing domestic investors with new avenues for quality asset allocation in a low-interest-rate environment [3]. - The CEO of CITIC Securities highlighted the collaborative efforts in managing the REIT, marking a milestone in the long-term partnership with CapitaLand and contributing to the opening of China's capital market [3]. Group 3: Future Outlook - The Huaxia CapitaLand Commercial REIT is expected to become a benchmark product with stable returns and growth potential, aiming to deliver sustainable and competitive returns to investors through long-term and steady operations [3].

Core Insights - The launch of Huaxia Kaide Commercial REIT marks the first consumer REIT project initiated by an international asset management company in China [1] - The underlying assets of the REIT are two mature shopping centers located in key business districts of Guangzhou and Changsha, showcasing strong operational performance [1] - The funds raised will be used for the construction and acquisition of quality assets within China, contributing positively to enhancing consumption supply efficiency [1] Group 1 - Huaxia Kaide Commercial REIT is sponsored by Keppel Investment, a well-known international real estate asset management company based in Singapore [1] - The REIT provides a new asset allocation option for domestic capital market investors in consumer real estate [1] - Keppel Investment manages over 40 retail properties across 18 cities in China, with an asset scale exceeding 80 billion RMB, offering a rich asset reserve for future REIT expansions [1] Group 2 - The Shanghai Stock Exchange has launched a total of 51 REITs, raising a financing scale of 134.39 billion RMB, with an expanding range of asset types and diverse participant entities [1] - The development of the REIT market is a significant step towards the internationalization and diversification of China's public REITs market [1] - The Shanghai Stock Exchange aims to continuously optimize the REIT market ecosystem and enhance the sense of gain for market participants while supporting high-quality development of the real economy [2]

Core Viewpoint - The successful listing of the first foreign-funded consumer REIT, Huaxia CapitaLand Commercial REIT, on the Shanghai Stock Exchange marks a significant milestone in the internationalization and diversification of China's public REITs market [1][3]. Group 1: Fund Overview - Huaxia CapitaLand Commercial REIT aims to raise a total of 2.2872 billion yuan, with subscription funds exceeding 309.17 billion yuan during the fundraising phase, resulting in an effective subscription multiple of 535.2 times for public investors and 252.6 times for offline investors [3]. - The underlying assets of the fund include CapitaLand Plaza Yunshang and CapitaLand Plaza Yuhua Pavilion, which are characterized by high asset quality and efficient operational management [1]. Group 2: Market Implications - The launch of Huaxia CapitaLand Commercial REIT reflects CapitaLand's optimistic outlook on the future development opportunities within China's public REITs market, which is expanding in scale and diversifying in product types, particularly in the consumer REITs sector [3]. - CapitaLand manages over 40 shopping centers across 18 cities in China, with total asset value exceeding 80 billion yuan, indicating a robust presence in the market [3]. Group 3: Strategic Significance - The issuance of public REITs is expected to enhance CapitaLand's asset liquidity and optimize its capital structure, facilitating a virtuous cycle of fundraising, investment, management, and exit [3]. - The CEO of CapitaLand (China) emphasized that the REIT not only provides domestic investors with a new channel for quality asset allocation in a low-interest-rate environment but also offers global asset management institutions an opportunity to engage in China's public REITs market [4].

Core Insights - The launch of the first foreign-funded consumer REIT, Huaxia CapitaLand Commercial REIT, marks a significant step in the internationalization and diversification of China's public REITs market [1][2] - The fund aims to raise 2.2872 billion yuan, with a total subscription amount exceeding 309.17 billion yuan, indicating strong market interest [1] Group 1 - Huaxia CapitaLand Commercial REIT is initiated by CapitaLand, a leading global real estate asset management company, and is managed by CITIC Securities and Huaxia Fund [1] - The underlying assets of the fund, CapitaLand Plaza Yunshang and CapitaLand Plaza Yuhua Pavilion, are noted for their high asset quality and efficient operational team, ensuring stable performance post-establishment [1] - The fund received significant attention during its issuance phase, with effective subscription multiples of 535.2 times for public investors and 252.6 times for offline investors [1] Group 2 - CapitaLand's CEO highlighted the integration of international REIT management experience with the Chinese market, providing domestic investors with a new channel for quality asset allocation in a low-interest-rate environment [2] - The REIT aims to set a new benchmark for the deep integration of international capital with China's vast consumer market through transparent and efficient operational mechanisms [2] - CapitaLand plans to continue enhancing its presence in China, leveraging global expertise to empower local innovation and safeguard long-term value [2]

Group 1 - The first foreign-funded consumer REIT, Huaxia CapitaLand Commercial REIT, was launched on the Shanghai Stock Exchange with a fundraising target of 2.2872 billion yuan and received over 309.17 billion yuan in subscriptions, achieving a subscription multiple of 535.2 times for public investors and 252.6 times for institutional investors [1] - The fund is managed by CapitaLand, the largest REIT manager in the Asia-Pacific region, with underlying assets including CapitaLand Yunshang and CapitaLand Yuhua Pavilion [1] - CapitaLand's CEO emphasized the integration of international REIT management experience with the Chinese market, providing domestic investors with a new channel for quality asset allocation in a low-interest-rate environment [1][2] Group 2 - The issuance of public REITs is seen as beneficial for CapitaLand to revitalize existing assets and optimize capital structure, supporting new project investments and creating a positive cycle of fundraising, investment, management, and exit [2] - The Chinese public REIT market is expanding, with increasing market size and product diversity, particularly in the consumer REIT sector, which presents significant growth potential [1]

Core Insights - The successful listing of Huaxia CapitaLand Commercial REIT on the Shanghai Stock Exchange marks a significant milestone in the internationalization and diversification of China's public REITs market, coinciding with the 35th anniversary of diplomatic relations between China and Singapore [1][16] Group 1: Fund Overview - Huaxia CapitaLand Commercial REIT is initiated by CapitaLand, a leading global real estate asset management company, and managed by CITIC Securities and Huaxia Fund, with underlying assets of CapitaLand Plaza Yunshang and CapitaLand Plaza Yuhua Pavilion [5][12] - The fund aims to raise 2.2872 billion yuan, with total subscriptions exceeding 309.17 billion yuan, resulting in an oversubscription rate of 535.2 times for public investors and 252.6 times for institutional investors [5][10] Group 2: Market Potential and Strategy - CapitaLand's CEO emphasized the integration of international REITs management experience with the Chinese market, providing domestic investors with new avenues for quality asset allocation in a low-interest-rate environment [8][16] - The launch of Huaxia CapitaLand Commercial REIT reflects CapitaLand's confidence in the future development opportunities of China's public REITs market, particularly in the consumer REITs sector, which has significant growth potential [10][12] Group 3: Long-term Development and Ecosystem - CapitaLand manages over 40 shopping centers across 18 cities in China, with total asset value exceeding 80 billion yuan, which is expected to continuously inject quality assets into Huaxia CapitaLand Commercial REIT [10][13] - The successful issuance of public REITs allows CapitaLand to revitalize existing assets and optimize capital structure, creating a virtuous cycle of fundraising, investment, management, and exit [13][16]

Report Industry Investment Rating No information about the industry investment rating is provided in the given content. Core Viewpoints - The REITs market had an overall correction this week, with all eight major sectors closing down, and liquidity continued to decline. The current (weekly) average daily turnover rate has dropped to 0.3% - 0.4%, hitting a new low for the year. However, there was a window for the registration of first - issue projects before the National Day, with three public REITs registering for effect on September 23. Among them, CITIC Construction Investment Shenyang International Software Park REIT will conduct price inquiries and set prices next week, and China Asset Management CNOOC Commercial REIT has completed price inquiries this week and will set prices next week. Both will be officially issued on the 13th after the holiday. In addition, China Asset Management CapitaLand Commercial REIT will be officially listed on the Shanghai Stock Exchange on September 29 [2]. Summary by Directory 1. Primary Market: Three First - Issue Public REITs Made New Progress - As of September 26, 2025, 16 public REITs have been successfully issued this year, with an issuance scale of 33.66 billion yuan, a year - on - year decrease of 12.4%. This week, three first - issue public REITs made new progress: Huaxia Anbo Warehouse Logistics REIT and CITIC Construction Investment Shenyang International Software Park REIT (the first public REIT in Northeast China) were registered for effect, and Huaxia CNOOC Commercial REIT completed price inquiries. Currently, in the approval process, there are 10 first - issue REITs declared, 3 having been questioned and responded, 3 having passed the review, and 3 registered for effect and awaiting listing; for expansion and issuance, 8 have been declared, 6 have been questioned and responded, and 6 have passed the review [3]. 2. Secondary Market: Liquidity Continued to Weaken This Week 2.1 Market Review: The CSI REITs Total Return Index Fell by 0.65% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1064.42 points, a decline of 0.65%, underperforming the CSI 300 by 1.71 percentage points and the CSI Dividend by 0.39 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 9.97%, underperforming the CSI 300 by 5.66 percentage points and outperforming the CSI Dividend by 12.24 percentage points. In terms of project attributes, property - type REITs fell by 0.97% and franchise - type REITs fell by 1.07%. In terms of asset types, the energy (- 0.24%), warehouse logistics (- 0.46%), environmental protection and water services (- 0.49%), and park (- 0.64%) sectors performed better. Among individual securities, 8 rose and 65 fell. CITIC Construction Investment SPIC New Energy REIT (+ 0.98%), CICC Liandong Innovation REIT (+ 0.71%), and AVIC Jingneng Photovoltaic REIT (+ 0.65%) ranked in the top three, while E Fund Shenzhen Expressway REIT (- 4.15%), CITIC Construction Investment Mingyang Smart Energy New Energy REIT (- 4.03%), and Ping An Ningbo Transportation Investment REIT (- 4.02%) ranked in the bottom three [3]. 2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of property - type/franchise - type REITs this week were 0.30%/0.40%, down 11.86/2.39 basis points from last week. The trading volumes within the week were 276 million/112 million shares, a week - on - week decrease of 24.24%/3.64%. The data center sector was the most active [3]. 2.3 Valuation: The Valuation of the Affordable Housing Sector was Relatively High - From the perspective of ChinaBond valuation yields, the yields of property - type/franchise - type REITs were 3.78%/3.86% respectively. The warehouse logistics (5.29%), transportation (4.70%), and park (4.34%) sectors ranked in the top three [3]. 3. This Week's News and Important Announcements - On September 22, 2025, the Shenzhen Stock Exchange approved two public REITs products: Huaxia CNOOC Commercial Asset REIT and Huaxia Anbo Warehouse Logistics REIT. On September 23, the first public REIT in Northeast China, CITIC Construction Investment Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund, was approved by the CSRC. There were also various operation data announcements and dividend announcements for multiple REITs [35][36]