2026年1月13日，CBRE世邦魏理仕发布《2025年北京房地产市场回顾》指出：2025年，北京办公楼市 场新增供应十一年低谷趋紧缩，空置率季度四连降显韧性；零售物业市场城市更新激活新消费，业主策 略调整助空置率回落；仓储物流市场供应洪峰压顶，制造业成租赁市场"定海神针"；商务园区市场生命 科学园区主导全年新增供应，租金承压倒逼运营升级；物业投资市场企业买家"抄底"核心资产，北京大 宗交易市场迎来战略配置窗口。 优质办公楼市场 新增供应十一年低谷趋紧缩，空置率季度四连降显韧性 2025年，北京办公楼市场新增供应总量仅录得18万平方米，刷新了2015年以来的历史新低，其中第四季 度未有项目入市。新增供应的收缩，在客观上缓解了市场的去化压力。 2025年的新租需求呈现出"前高-中弱-后稳"的特点，交易类型仍以搬迁需求为主导，占比达76%。企业 在控制成本的同时，更倾向于通过"区位不变、品质提升"的方式改善办公条件。而对跨区域搬迁的租户 来说，丽泽依然是最有吸引力的板块，持续承接来自CBD、金融街、中关村等区域的外迁需求。值得 注意的是，与去年相比，搬迁交易面积有所下滑，这主要归因于年内租约重组及续约谈判落地性增 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The Shenyang Software Park REIT is the first public REIT in Northeast China with a private background. After its listing, especially during the dividend guarantee period, its valuation multiples may be comparable to the industry average. The reasonable price range is estimated to be 3.80 - 4.51 yuan, 4 - 23% higher than the issue price [1][5] 3. Summary by Related Catalog 3.1 REIT Basic Information - The underlying assets of the China CITIC Construction Shenyang International Software Park REIT (508029.SH) are the Shenyang International Software Park, including three parks: Angli Information Park, Shenyang International Software Park Phase I, and Shenyang Digital Economy Industrial Park (Shenyang International Software Park Phase II). The original equity holder is Mr. Zhao Jiuhong. In 2024, the revenue was 103 million yuan, and EBITDA was 75.55 million yuan. Affected by the expiration and withdrawal of the original largest tenant, the weighted - average occupancy rate in 2024 decreased by 2.13% to 83.86% compared to 2023, and the occupancy rate in Q1 2025 was 83.93%. The collection rate in 2024 was 86.03%, dropping to 77.04% in Q1 2025 [3] 3.2 Issuance Situation and Valuation - The planned issuance is 300 million shares with a designed duration of 37 years. The proportions of strategic placement, offline subscription, and public subscription are 70%, 21%, and 9% respectively. The offline inquiry was on September 29, 2025, and the payment was on October 13, 2025, with an expected listing in early November. The effective offline subscription multiple was 99.42 times, and the estimated winning rate was 1.01%. The issue price was 3.66 yuan, at the 67.54% quantile of the inquiry range. The asset value evaluated by DTZ was 1.026 billion yuan, with a discount rate of 7.00% and a long - term growth rate assumption of 1.5%. The issue price corresponds to a P/NAV of 1.07x. The predicted distributable amounts for this year and next year are 57 million yuan (annualized) and 58 million yuan respectively, with predicted annualized dividend yields of 5.53% and 5.61%. The issue price corresponds to annualized dividend yields of 5.17% and 5.24%, and a 2026E P/FFO of 19.80x [4] 3.3 Secondary Market Valuation Deduction - There are currently 19 listed property - type park infrastructure REITs. In the past three months, the median P/NAV was 1.11 times, the median P/FFO was 23.51 times, and the median TTM dividend yield was 4.25%. Although the underlying assets are average and the original equity holder lacks high - quality expandable assets, the original equity holder has provided a guarantee for the distributable amount. From 2025 - 2029, the actual distributable amount will probably not be lower than the predicted value [5]

Core Viewpoint - The proposed spin-off of the infrastructure REIT is expected to benefit both the group and the REIT itself, aligning with national policies to enhance consumption and financial reforms [3]. Group and Company Summary - On June 26, China Overseas Land & Investment Limited announced the proposal for a public offering of an infrastructure securities investment fund, with application materials submitted to the China Securities Regulatory Commission and Shenzhen Stock Exchange [1]. - The infrastructure REIT will be based on assets from a shopping center located in Nanhai District, Foshan, owned by a wholly-owned subsidiary of China Overseas Land [1]. - The public fund aims to raise approximately RMB 1.355 billion, with China Overseas Land expected to subscribe to about 20% of the total issued fund shares [1]. - Following the completion of the spin-off, the project company will be 100% owned by the infrastructure REIT and will no longer be a subsidiary of the company [2]. Benefits of the Spin-off - The spin-off is strategically located in the Guangdong-Hong Kong-Macao Greater Bay Area, a key area supported by national policies, which aligns with the goal of enhancing consumption and financial system reforms [3]. - Successful issuance of the infrastructure REIT is anticipated to create a positive investment cycle, significantly improving the efficiency of infrastructure fund utilization [3]. - The issuance provides a new equity financing method, reducing reliance on traditional debt financing and enhancing the company's investment capabilities and sustainable operations [3]. - The independent listing of the public fund is expected to unlock value for shareholders and better identify the fair value of the underlying assets [4]. - The spin-off will create independent fundraising platforms for both the group and the infrastructure REIT, enhancing their ability to explore new financing channels [4].