"十一"假期前，华夏凯德商业REIT上市，底层资产为广州、长沙核心商圈的两个成熟购物中心。该项 目重要投资者中又见险资身影——财信人寿作为最大份额的外部投资人，正式参与战略配售。近两三年 间，险资通过直接或间接方式，不断加码对存量商业地产、办公楼、长租公寓等领域的投资。 "我们这两年投资的办公楼项目基本处于满租状态，租金收入还不错，虽然不是买在价格最低点，更多 是'偏左侧布局'，但通过逐渐布局，在成本与收益之间取得了较好的平衡。"北京一家险企相关负责人 告诉中国证券报记者。 多位业内人士透露，经过一段时间调整，部分高品质不动产已显现性价比，让险资等来了入手时机。在 票息承压背景下，出租率高且租约稳定、现金流充裕并具有长期增值潜力的收租型资产越来越成为险资 眼中的优质标的。 ● 本报记者 薛瑾 租赁住房的新核心买家 近期，出资额为45亿元的天津家寓股权投资基金合伙企业投入运作，其合伙人包括大家人寿、友邦人 寿、中宏人寿、复星保德信人寿等多家保险公司。该基金由大家投控发起，将重点布局北京、上海等一 线城市的保障性租赁住房项目。大家投控相关人士称，该基金为保险业首只增值策略长租住房基金，致 力于通过市场化、专业化运 ...

从各保险公司披露的信息中可以发现，除了写字楼、零售地产，险资对产业园、仓储物流等不动产项目 投资也有所布局。中国社会科学院保险与经济发展研究中心副主任王向楠认为，产业园、仓储物流等项 目租约更长，现金流较稳，更能实现险资追求可持续运营增值的目标。 部分险资还采用联合投资机构设立住房租赁私募股权基金、设立合伙企业投资公募REITs等方式加大对 不动产领域的投资力度。直接购买地标性写字楼、商业综合体等投资方式，会带来资金占用大、流动性 差、管理要求高等问题，而公募REITs为险资投资不动产提供流动性更好、门槛更低、风险更分散的工 具。此外，王丽珍认为，险资投资形式的多元化为实体经济提供了长期资金支持，促进了基础设施建 设、住房租赁市场发展等领域的健康发展，同时有利于增强战略协同效应，部分不动产投资可以与险企 的主营业务形成联动。8月28日，总规模为45亿元的大家长租住房基金募集成立，由大家投控发起，联 合大家人寿、友邦人寿、中宏人寿、复星保德信人寿等保险公司共同设立，将重点布局北京、上海等一 线城市的保障性租赁住房项目。 在成熟保险市场中，险资配置不动产资产的比例一般在20%左右。从配置比例来看，国内险企在不动产 ...

Core Viewpoint - The article discusses the significant transaction involving Ingka Group's plan to sell three shopping centers in China, highlighting the increasing role of insurance capital in real estate investments [3][4][13]. Group 1: Transaction Details - Ingka Group is planning to sell three shopping centers located in Wuxi, Beijing, and Wuhan, with a total transaction value of 16 billion yuan [3][5]. - The Wuxi center, opened in 2014, has seen a steady increase in foot traffic, reaching 18 million visitors in 2024, while generating sales of 4.3 billion yuan [7]. - The Beijing center, one of the largest shopping centers in Asia, attracts around 30 million visitors annually and is expected to generate nearly 10 billion yuan in sales [7]. - The Wuhan center recorded a remarkable opening day foot traffic of 80,000, maintaining over 100,000 visitors on weekends [7]. Group 2: Strategic Implications for Ingka Group - The sale of these shopping centers is seen as a response to the declining performance of Ingka Group, particularly in its IKEA segment, which reported a 30% drop in sales compared to its peak in 2019 [10][11]. - By selling mature projects while retaining operational control, Ingka aims to optimize its asset structure and reduce heavy asset burdens, allowing for a focus on brand management and customer engagement [11][12]. Group 3: Insurance Capital's Role - Insurance companies, including Taikang Life, have been increasingly active in real estate investments, with direct investments in commercial real estate in China reaching 9.3 billion USD from 2022 to 2024 [14]. - The trend of insurance capital entering the real estate market is supported by favorable policies and a low-interest-rate environment, making real estate an attractive investment option for long-term stable returns [15][16][17]. - The article suggests that insurance capital will continue to play a crucial role in real estate investments, driven by policy support and market opportunities [18].

Core Viewpoint - The recent acquisition of the Yumi Community in Shanghai by AIA Insurance highlights the growing interest of insurance capital in real estate investments amid declining interest rates and a scarcity of quality assets [1][2]. Investment Trends - As of July 22, 2023, four insurance companies have disclosed 13 real estate investments totaling nearly 5 billion yuan, showing a significant increase compared to the same period last year [1][2]. - Insurance companies are increasingly focusing on rental-type properties such as shopping centers, office buildings, and long-term rental apartments to secure stable rental income [1][2]. - The need for insurance capital to alleviate the pressure of asset returns not covering liability costs is driving the shift towards real estate investments [1][3]. Investment Strategies - The investment approach of insurance capital has diversified from heavily investing in real estate stocks to various methods including equity direct investment, private fund establishment, and public REITs [4][5]. - Quality real estate can provide stable cash flow and long-term appreciation potential, making it an attractive option for insurance capital seeking to optimize asset-liability matching [5][6]. Research and Development Needs - The current allocation of insurance capital to real estate is relatively low, indicating potential for growth as the policy environment improves [6]. - Investment in real estate requires enhanced research and development capabilities, as it involves complex factors such as market conditions, financial management, operations, and legal compliance [6][7]. - The limited market size and liquidity of public REITs pose challenges for large-scale insurance capital participation, necessitating adjustments to risk factors to encourage investment [6][7]. Exit Strategies - The ability to exit real estate investments is a significant consideration for insurance capital, with public REITs and bulk transactions being the primary exit channels [7]. - Recommendations include easing the entry barriers for public REITs and accelerating the development of asset securitization products to enhance exit opportunities [7].