Core Insights - The "Jianxin Long-term Rental" ABS has successfully completed its first expansion, marking a significant step in the development of the holding-type real estate ABS market and providing a model for asset management institutions to engage in asset mergers and acquisitions [1][2] Group 1: Expansion and Market Impact - The expansion raised an additional 453 million yuan, bringing the total scale of "Jianxin Long-term Rental" to 1.623 billion yuan, with a subscription multiple of 7.8 times [1] - The underlying assets for this expansion include two rental housing projects in Nanjing, increasing the total number of projects to six across cities like Shanghai, Hangzhou, and Wuhan, thereby enhancing operational stability [3] - The secondary market for "Jianxin Long-term Rental" has seen over 1 billion yuan in cumulative transactions and 93 trades, indicating growing liquidity and interest from new investors [3][4] Group 2: Mechanisms and Innovations - The expansion utilized a market-based pricing mechanism, allowing for a more efficient issuance process and enabling the product to be issued at a premium [5][6] - The introduction of six innovative mechanisms, including continuous expansion, is crucial for the sustainable development of holding-type real estate ABS products [3][7] - The management has committed to continuously nurturing quality assets and expanding the platform to attract more social capital into the rental housing market [7] Group 3: Future Outlook - The Jianxin Housing Rental Fund aims to acquire over 30 projects by mid-2025, with an asset scale exceeding 16 billion yuan, providing nearly 30,000 long-term rental apartments for new citizens and young people [7] - The Shanghai Stock Exchange plans to continue promoting the development of the holding-type real estate ABS market, facilitating more investable projects and enhancing the connection between investment and financing [7]