Group 1 - The approval of Huaxia CapitaLand Commercial REIT marks a significant step towards the internationalization and diversification of China's public REITs market, becoming the first foreign-funded consumption REIT in the domestic market [1][2] - The REIT will focus on high-quality shopping center assets in first and strong second-tier cities, with an overall occupancy rate of approximately 96% as of March 31, 2025, highlighting its growth potential and stability [2][3] - The REIT's underlying assets include two major projects in Guangzhou and Changsha, with a total construction area of 168,405 square meters, showcasing a robust brand portfolio and stable rental income [2][4] Group 2 - The issuance of the REIT reflects foreign investment confidence in China, aligning with the country's economic transformation and capital market opening, while leveraging a light asset model to drive capital circulation [3][4] - China's public REITs market has accelerated significantly, with over 70 public REITs listed and a total issuance scale exceeding 200 billion yuan, establishing itself as the largest market in Asia and the second largest globally [3][4] - The rise of consumption REITs in China is driven by the dual forces of consumption upgrading and capital market reform, positioning them as key tools for revitalizing assets and promoting domestic demand [4][5] Group 3 - CapitaLand has over 30 years of operational experience in the Chinese market, managing over 40 high-quality shopping center assets with an asset management scale exceeding 80 billion yuan and an average occupancy rate above 95% [5][6] - The company employs a comprehensive asset management approach, enhancing asset value through a full-cycle management system, which is expected to contribute to the high-quality development of China's economy [6]

Core Viewpoint - The approval of the first foreign-funded consumer REIT, Huaxia CapitaLand Commercial REIT, marks a significant breakthrough in China's public REITs market, indicating a move towards internationalization and diversification [1] Group 1: Market Overview - Huaxia CapitaLand Commercial REIT has received a total fundraising approval of 400 million units, with the original rights holder and management being CapitaLand, a leading global real estate asset management company based in Asia [1] - The approval signifies a key step in the internationalization and diversification of China's public REITs market [1] Group 2: Asset Composition - The REIT includes two properties: CapitaLand Plaza Yunshang in Guangzhou and CapitaLand Plaza Yuhua in Changsha, with a total building area of 168,405 square meters and an overall occupancy rate of approximately 96% as of March 31, 2025 [4] - The projects focus on high-energy consumer markets in first and strong second-tier cities, providing a diversified asset portfolio that balances risk and complements advantages [4][7] Group 3: Property Details - CapitaLand Plaza Yunshang is located in Guangzhou's Baiyun New Town CBD, featuring a unique "double park" shopping center surrounded by residential and office buildings, making it a rare investment opportunity in a first-tier city [7] - CapitaLand Plaza Yuhua is situated in the core of Changsha's Yuhua District, serving as a mature community shopping center with convenient access to multiple subway lines, enhancing its appeal as a family-oriented lifestyle space [7] Group 4: Management Expertise - CapitaLand, as a strategic investor, will hold at least 20% of Huaxia CapitaLand Commercial REIT, continuing to manage the properties post-listing [11] - CapitaLand has over 23 years of REIT management experience and manages assets worth approximately 38 billion Singapore dollars, holding a significant market share in Singapore's REITs [11] Group 5: Future Outlook - CapitaLand manages over 40 quality retail properties across 18 cities in China, with an asset scale exceeding 80 billion RMB, providing a robust asset reserve for future fundraising [15] - The rise of consumer REITs in China is driven by a shift from "scale growth" to "quality improvement," supported by policy incentives and market recognition, positioning Huaxia CapitaLand Commercial REIT for long-term growth [18]