REIT募集基金份额为 3亿份，最终发售价格为人民币 5.281 元╱份。根据最终发售价格，建议上市所得 款项总额约为人民币 15.843 亿元。中海环宇商业(为公司间接全资附属公司)作为战略投资者已认购 6 千 万份，占已发行基金份额总数 20%。紧随建议分拆完成后，项目公司不再为公司的附属公司，项目公 司的账目亦不再并入公司的账目。 智通财经APP讯，中国海外发展(00688)公布，华夏中海商业资产封闭式基础设施证券投资基金(REIT， 即该公告所指公募基金)自2025年10月31日起于深圳证券交易所上市，交易代码为 180607.SZ。 REIT 的设立及分拆上市为公司提供了另一种股权融资方法，令集团的融资方法及平台多元化。公司能 够盘活其基础设施资产，避免基础设施投资恢复期较长及资产周转率较低的不利影响。此举亦增强公司 的滚动投资能力及可持续营运，有利于公司的长期表现。 ...

Core Insights - The Beijing property investment market in Q3 2025 recorded 11 major transactions totaling approximately 3.434 billion yuan, reflecting a 41% decrease quarter-on-quarter and a 75% decline year-on-year, indicating a cautious market trend [1] - "Bottom-fishing" investment demand has been concentrated, particularly favoring small to medium-sized, income-generating assets, with emerging enterprises becoming key players in the market [2][3] Transaction Characteristics - The focus remains on retail properties, long-term rental apartments, and industrial parks, with a notable transaction being the acquisition of the Kangqiao Daxing Life Science Park by the Kangqiao Life Science Infrastructure Core Fund, which has a total scale of 925 million yuan [2] - Office properties accounted for 38% of the total transaction value in Q3, highlighting a significant interest in business parks [2] - The majority of transactions were small-scale, with many being judicial sales, indicating a trend towards opportunistic buying [3] Buyer Composition - Corporate buyers represented 73% of the transactions, with a strong demand for scarce quality assets, including self-use office purchases by educational and domestic enterprises [4][5] - Institutional investors are still actively seeking investment opportunities, focusing on the operational capabilities and cash flow performance of assets, with a notable example being an insurance company acquiring a life science park [6] Market Dynamics - The market is characterized by domestic capital dominance, with a focus on specific niche sectors, as institutional investors prioritize asset stability and operational capability [7] - The emergence of corporate buyers seeking long-term asset allocation has contributed to the market's activity, contrasting with traditional short-term investment approaches [7] Seller Composition - Real estate companies accounted for 69% of the total transaction value, driven by developers' need for cash flow, with significant transactions involving the transfer of stakes in ongoing projects [8] - The rapid clearance of properties by developers is seen as a positive signal for market confidence, suggesting a potential recovery in the real estate sector [8]