全生命周期的资产管理

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REITs再破局:存量资产盘活从融资工具到生态重构
2 1 Shi Ji Jing Ji Bao Dao· 2025-05-31 09:31
Core Viewpoint - The public REITs market in China is experiencing accelerated issuance and expansion, driven by policy support and market demand, indicating a significant transformation in the asset management landscape [2][5][7]. Group 1: Market Dynamics - Recent approvals for public REITs expansions include projects from Guotai Junan and CICC, with a total of six expansion projects approved, and five more under review [2][3]. - The market is witnessing a dual-driven model of "initial issuance + expansion," enhancing the operational efficiency of existing assets and promoting the restructuring of the asset management industry [3][4]. Group 2: Impact on Industry Chain - The acceleration of infrastructure public REITs is reshaping the industry chain by promoting innovative asset securitization products, which guide funds towards quality assets and lower financing costs [4][6]. - Public REITs are facilitating the introduction of incremental funds into infrastructure projects, thereby stimulating growth in sectors like transportation and energy [4][6]. Group 3: Policy Support - The issuance of public REITs is bolstered by government policies aimed at supporting consumption and tourism projects, encouraging long-term capital to enter the market [5][6]. - Pilot projects for consumption REITs in 12 cities have shown positive results, such as a 40% increase in foot traffic and a 25% rise in rental income in Chengdu [6]. Group 4: Asset Management Trends - The shift from "development logic" to "asset management logic" is evident, with innovative asset operations leading to increased rental rates and occupancy in commercial properties [4][6]. - The trend towards multi-dimensional integration and refined management in the industry is enhancing the value of real estate assets, with examples of old factories being transformed into creative industry parks [6][8]. Group 5: Institutional Innovation - The transition to a focus on operational precision over broad expansion is reshaping investment strategies in the real estate sector, emphasizing the importance of policy, industry, and financial considerations [7][8]. - Cities are prioritizing policy support and institutional innovation to attract technology enterprises, with Shanghai and Shenzhen implementing various supportive measures for innovation and research [8][9].