在经济转型升级的背景下，消费作为经济增长第一动力的地位 日益凸显，同时兼具"不动产的保值属性"和"证券的流动性优 势"的消费REITs，能够为投资者提供稳定的现金分红和资产 增值机会，已成为投资者分享消费升级红利的重要载体。 封图：图片资料室 华夏基金近日发布公告，华夏中海商业 REIT（基金代码： 180607 ）将于 2025年 10 月 13 日至 10 月 14 日正式发售，发售价格为 5.281 元 /份，拟募资总额为 15.843 亿元。其中，面 向公众发售 为 0.27亿份 。公众投资者可按发售价格，通过场内证券经营机构或基金管理人及其 委托的场外基金代销机构进行认购，认购金额 1000元起投（含认购费）。 华夏中海商业 REIT首发底层资产 佛山映月湖环宇城是中海旗下处于成熟运营阶段的标杆自持物 业。项目坐落于粤港澳大湾区广佛极核 ——国家改革平台"广佛高质量发展融合试验区"（映月湖 片区）先行区，区位优势显著，是区域内重点大型购物中心，兼具交通通达性及市场稀缺性。 凭 借优质底层资产的吸引力，在网下询价阶段，华夏中海商业 REIT共收到 149 家网下投资者管理 的 1014 个配售对象的询 ...

华夏基金近日发布公告，华夏中海商业REIT（基金代码：180607）将于2025年10月13日至10月14 日正式发售，发售价格为5.281 元/份，拟募资总额为15.843亿元。其中，面向公众发售为0.27亿份。公 众投资者可按发售价格，通过场内证券经营机构或基金管理人及其委托的场外基金代销机构进行认购， 认购金额1000元起投（含认购费）。 华夏中海商业REIT首发底层资产佛山映月湖环宇城是中海旗下处于成熟运营阶段的标杆自持物 业。项目坐落于粤港澳大湾区广佛极核——国家级改革平台"广佛高质量发展融合试验区"（映月湖 片区）先行区，区位优势显著，是区域内重点大型购物中心，兼具交通通达性及市场稀缺性。凭借 优质底层资产的吸引力，在网下询价阶段，华夏中海商业REIT共收到149家网下投资者管理的1014个配 售对象的询价报价信息，拟认购数量总和为236.074亿份，为初始网下发售份额（0.63亿份）的374.72 倍，创市场新高，可见专业投资者对项目投资价值的认可。 （责任编辑：康博） 华夏中海商业REIT备受市场关注，除了底层资产优质，也离不开专业管理团队的赋能。基金发起 人中海拥有46年房地产开发与不动产运 ...

新华财经上海10月7日电（记者杨溢仁）随着首单外资消费REITs——华夏凯德商业REIT的上市，国际资本抢滩中国市场信号的释放，使得国内优质商业地 产的发展潜力再次受到了各路资本的高度关注。 国庆中秋长假期间，记者走访发现，上海各大商圈以客流涌动、消费旺盛的态势，展现出了强劲的商业活力。 一组组真实的消费数据和人头攒动的消费场景，向市场证明了消费REITs的投资价值和发展潜力。 运营加码"年轻力" 业内专家指出，在经济快速增长阶段，重奢商场最为耀眼，但随着经济增速放缓，国内购物中心市场进入存量时代，地处城市中心、副中心的"接地气"商 场，只有通过深化空间运营、举办营销活动、优化品牌组合，增加二次元（卡游）、潮流集合店、宠物用品等特色店铺，来提高客流及消费转化。 资本市场"红人" 以华安百联消费REIT为例，今年一、二季度该产品实现收入11664.96万元，累计可供分配金额7217.43万元。若以2025年6月30日的基金市值为基数，华安百 联消费REIT的年化现金流分派率达到了4.28%。 图为：国庆期间五角场商圈内（记者杨溢仁摄） 来自上海市徐汇区商务委的数据显示，10月1日至3日，徐家汇商圈累计实现销售额 ...

Core Viewpoint - The launch of the first foreign-funded consumption REIT, Huaxia CapitaLand Commercial REIT, marks a significant step towards the internationalization and diversification of China's public REITs market, reflecting deepening cooperation between China and Singapore in cross-border investment [1][5]. Group 1: Market Expansion and Internationalization - Huaxia CapitaLand Commercial REIT is the first consumption REIT initiated by an international real estate asset management company in China, symbolizing a milestone in the internationalization of the Chinese REITs market [1][5]. - The listing of Huaxia CapitaLand Commercial REIT demonstrates innovative attempts in cross-border investment between China and Singapore, enhancing the connectivity of capital markets [3][4]. - The successful issuance of this REIT is expected to attract more international capital into China's consumption market, creating a new paradigm for global capital participation [5][6]. Group 2: Asset Management and Operational Strategy - CapitaLand Investment, as the strategic investor and asset management entity, holds a 20% stake in the REIT and aims to leverage its extensive experience in the Singapore REITs market to strengthen the domestic REITs ecosystem [1][3]. - The REIT includes two underlying assets, located in Guangzhou and Changsha, with a total construction area of 168,405 square meters and an overall occupancy rate of approximately 96% as of March 31, 2025 [7][10]. - The REIT's operational strategy focuses on localizing the entire "fundraising, investment, management, and exit" chain, transitioning domestic REITs from mere financing tools to comprehensive asset management platforms [6][11]. Group 3: Market Performance and Future Outlook - The consumption REITs sector has shown robust performance, achieving a comprehensive return rate of 35% in the first half of the year, driven by supportive policies and regulatory facilitation [6][11]. - The issuance of Huaxia CapitaLand Commercial REIT attracted significant investor interest, with subscription funds reaching 3,091.7 billion yuan, 135.2 times the intended fundraising scale [10]. - The ongoing trends of consumption upgrade and capital market reform are expected to position consumption REITs as key instruments for revitalizing existing assets, promoting upgrades, and serving domestic demand [11].

Core Viewpoint - The consumer REITs market has shown a strong performance in 2025, with significant investor interest and notable first-day gains for newly listed REITs [1][3]. Group 1: Market Performance - The newly listed Huaxia CapitaLand Commercial REIT opened at 6.840 CNY per share, a 19.62% increase from its issue price of 5.720 CNY, closing with a 12.6% gain [1]. - Since 2025, 16 public REITs have been listed, with an average first-day increase of 25% for consumer infrastructure REITs, significantly higher than the 1.5% average for 8 similar products in 2024 [1]. - As of September 29, 2025, the average annual increase for 11 listed consumer REITs is 26%, with notable performers like Jiashih Wumart Consumer REIT and Huaxia Joy City Commercial REIT achieving annual increases of 45% and 41%, respectively [4]. Group 2: Fundraising and Investor Interest - The Huaxia CapitaLand Commercial REIT aimed to raise 22.872 billion CNY, with total subscriptions exceeding 309.17 billion CNY, resulting in a public investor subscription multiple of 535.2 times [3]. - The strong subscription reflects market recognition of quality commercial assets and the scarcity of foreign brands in the public REITs sector [3]. Group 3: Operational Insights - The underlying assets of the Huaxia CapitaLand Commercial REIT are valued at approximately 2.6 billion CNY, consisting of Guangzhou CapitaLand Plaza and Changsha CapitaLand Plaza [3]. - Consumer REITs require a higher level of operational expertise compared to traditional REITs, as they depend on continuous brand management, marketing activities, and customer maintenance [4]. - The average occupancy rate for consumer REITs exceeded 95% in early 2024, and by the first quarter of 2025, these REITs reported a combined revenue of 565 million CNY and a net profit of 76.176 million CNY [4]. Group 4: Strategic Developments - CapitaLand Investment's CEO stated that the successful issuance of Huaxia CapitaLand Commercial REIT marks a comprehensive layout of a multi-tiered REIT system in China, enhancing asset liquidity and capital structure [5]. - The integration of international capital with China's vast consumer market is expected to deepen CapitaLand's presence in the Chinese market [5].

2025年9月29日，在即将迎来中新建交35周年之际，由总部位于新加坡的凯德投资发起的首单外资消费REITs——华夏凯德商业REIT(基金代码：508091)在上 海证券交易所成功上市。这是中国第75单公募REITs，是中国公募REITs市场国际化、多元化、专业化发展的标杆案例。 凯德投资(中国)首席执行官潘子翔表示："凯德投资将国际市场成熟的REITs管理经验与中国市场深度结合，华夏凯德商业REIT不仅为境内投资者提供了低利 率环境下配置优质资产的新通道，更通过透明高效的运作机制，为全球资管机构参与中国公募REITs市场提供了机会，树立了国际资本与中国庞大的消费市 场深度融合的新标杆。借中新建交35年来两国紧密合作的东风，凯德将继续深化在华布局，以全球智慧赋能本土创新，以专业能力守护长期价值，与中国共 成长。" 中信证券股份有限公司执行董事、总经理邹迎光表示："在中新建交35周年前夕，中信华夏联合体有幸在华夏凯德商业REIT项目中担任了管理人、财务顾 问、托管行等关键角色，以中信集团'一个中信、一个客户'的协同服务理念，助力凯德在中国资本市场树立了又一个标杆。这不仅是中信联合体与凯德长期 合作的里程碑，也是 ...

Core Viewpoint - The recent mid-year performance briefing of consumption REITs in the Shanghai market highlights their resilience and growth potential in a complex economic environment, showcasing their ability to enhance asset management and operational capabilities, thereby contributing to economic growth and consumer prosperity [1][5][8] Performance of Listed Projects - As of June 30, 2025, the overall occupancy rate of the Jiashi Wumei Consumption REIT was 95.58%, with a rental collection rate of 99.07%, generating revenue of 52.86 million yuan and a net profit of 16.19 million yuan, with a distributable amount of 35.29 million yuan [2] - The Huaxia Jinmao Commercial REIT reported an occupancy rate of 99.03% and total revenue of 47.85 million yuan for the first half of 2025, with an EBITDA of 22.86 million yuan and a distributable amount of 28.73 million yuan, achieving a simple annualized distribution rate of 5.42%, up by 42 basis points year-on-year [2][3] - The Huawan Bailian Consumption REIT achieved revenue of 116.65 million yuan and an EBITDA of 72.87 million yuan in the first half of 2025, with a distributable amount of 72.17 million yuan, and a cash flow distribution rate of 4.28% based on the fund's market value as of June 30, 2025 [3] - The Huaxia Shichuang Outlet REIT had an overall occupancy rate of 97.11% and a rental collection rate of 100%, generating approximately 131.13 million yuan in revenue and a distributable amount of approximately 63.79 million yuan, with an annualized distribution rate of about 6.52%, exceeding the forecasted rate by 68 basis points [4] Contribution to Economic Growth - Consumption REITs play a crucial role in driving economic growth as they are closely tied to residents' daily lives, facilitating rapid circulation of goods and services, creating numerous job opportunities, and promoting the collaborative development of related industries [5][6] Future Development Potential - The continuous development of consumption REITs is expected to inject new vitality into the consumption infrastructure sector, promoting deep integration and positive interaction between finance and the real economy [6][7] - The market for consumption REITs is poised for unprecedented growth opportunities, with new listings such as the CICC Vipshop Outlet REIT and Huaxia CapitaLand Commercial REIT, indicating strong investor interest and potential for expansion [7][8] Regulatory and Market Environment - The introduction of six core mechanisms for public REITs by the Shanghai Stock Exchange is expected to enhance the operational efficiency of infrastructure assets and further integrate finance with the real economy, showcasing the unique value and potential of consumption REITs in promoting consumption and economic growth [8]

Group 1 - The first foreign-funded consumer REIT, Huaxia CapitaLand Commercial REIT, will be officially launched for sale from September 9 to September 10, 2025, with a total fundraising target of 2.2872 billion yuan [1] - The underlying assets of the REIT are two shopping centers located in Guangzhou and Changsha, which have been operating for over nine years and have a solid business foundation [1][2] - The offline inquiry phase received a total of 2,842,563,000 shares in subscription requests, which is 254.50 times the initial offline issuance amount, indicating strong recognition of the investment value by professional investors [1] Group 2 - The REIT is backed by a strong management team, with CapitaLand being the largest REIT manager in the Asia-Pacific region and having extensive experience in consumer asset management [2] - As of June 30, 2025, CapitaLand manages over 40 high-quality retail properties across 18 cities in China, with an asset scale exceeding 80 billion yuan [2] - The consumer REITs are gaining attention in the capital market due to their strong anti-cyclical capabilities and stable dividend characteristics, becoming an important tool for asset allocation among residents [3] Group 3 - The successful issuance of Huaxia CapitaLand Commercial REIT not only provides investors with a new quality investment target but also serves as a replicable and scalable example of commercial asset securitization in China's public REITs market [3] - The introduction of international standards in commercial operations and REIT management systems is expected to inject professional concepts and long-term capital into China's consumer market [3]

Core Viewpoint - The approval of the first foreign-funded consumer REIT in China, 华夏凯德商业REIT, marks a significant development in the domestic real estate investment trust market, indicating increased foreign investment interest in China's real estate sector [1][2][3]. Group 1: Company Overview - 华夏凯德商业REIT has received registration approval from the China Securities Regulatory Commission, with its original rights holders including CAPITALAND MALL ASIA LIMITED and several management companies [3][4]. - The REIT will initially include two shopping center assets located in Guangzhou and Changsha, making it the first foreign consumer-type public REIT in China [5][6]. - 凯德投资, headquartered in Singapore, is a major player in the REIT market, having launched its first REIT in Singapore and managing assets worth approximately 117 billion Singapore dollars as of August 2025 [4][5]. Group 2: Asset Management and Expansion - The initial asset pool for 华夏凯德商业REIT consists of two shopping centers, with plans for future expansion as 凯德商用 holds a substantial portfolio of infrastructure assets in China, valued at over 800 billion yuan [7][9]. - The company has a total of 35 potential assets for future expansion, covering over 3 million square meters, with an average operational history of over 11 years and stable occupancy rates above 80% [7][8]. - 凯德商用 operates in 18 cities, with 50% of its managed projects located in first-tier cities, indicating a strong market presence [7][9]. Group 3: Market Trends and Foreign Investment - The entry of international asset management firms into the Chinese REIT market, including 安博 and 汉斯集团, reflects a growing trend of foreign investment in China's real estate sector [10][11]. - The establishment of a 30 billion yuan private real estate equity investment fund by 施罗德资本 and 西子国际 focuses on high-quality office buildings and consumer infrastructure in key cities, highlighting the increasing interest in China's real estate opportunities [14]. - The Chinese consumer REIT market is undergoing a transformation from "scale growth" to "quality improvement," driven by consumption upgrades and capital market reforms, positioning it as a key tool for revitalizing existing assets and promoting domestic demand [14].

Group 1 - The public REITs market in China has achieved a breakthrough with the approval of the first foreign-funded consumption REIT, the "Hua Xia CapitaLand Commercial Asset Closed-end Infrastructure Securities Investment Fund" [1] - The fund has a registered fundraising quota of 400 million shares and includes two assets located in Guangzhou and Changsha, with a total construction area of approximately 168,400 square meters and an overall occupancy rate of about 96% as of March 31, 2025 [1] - The fund is managed by Hua Xia Fund, with CITIC Bank as the custodian and CapitaLand Investment as the operational management entity, which is a leading global real estate asset management company based in Asia [1] Group 2 - China's consumption market is transitioning from "scale growth" to "quality improvement," driven by both consumption upgrades and capital market reforms [2] - Consumption REITs in China are becoming an important tool for "activating stock, promoting upgrades, and serving domestic demand," characterized by stable cash flow and strong ties to consumption trends [2]