Core Viewpoint - Wang Guolong, the CEO of Link REIT, has announced his retirement after over 16 years of service, coinciding with the upcoming 20th anniversary of Link REIT's listing in November 2025 [1][2][3] Company Overview - Link REIT is the largest real estate investment trust in Asia, managing a diverse portfolio and providing investment management services through its subsidiary, Link Real Estate Investment [3] - The board of directors will conduct a comprehensive selection process to find a suitable successor to lead the next phase of the company's development [3] Leadership Transition - Wang Guolong, aged 63, has served as the executive director and CEO since February 2009 and May 2010, respectively [4] - The chairman of the board, Ou Dunqin, praised Wang's contributions over the years and expressed confidence in the existing leadership team to continue the company's strategic focus [3][4] Financial Performance - For the fiscal year 2024/2025, Link REIT reported a revenue increase of 4.8% to HKD 14.223 billion, with net property income rising by 5.5% to HKD 10.619 billion [4] - The distributable income also saw a 4.6% increase to HKD 7.025 billion, exceeding market expectations [4] Market Analysis - According to CMB International, Link REIT maintains a "Buy" rating with a target price of HKD 47.70 [5] - Despite a 9.6% year-on-year decline in net asset value per unit to HKD 63.30, the company demonstrated robust dividend performance, with a full-year distribution per unit of HKD 2.7234, surpassing market expectations by approximately 1% [6] - The rental growth in non-Hong Kong markets is expected to offset slight rental pressures in Hong Kong, with overall rental levels anticipated to remain stable through fiscal year 2026 [6]

Core Viewpoint - The retirement of Wang Guolong, the CEO of Link REIT, marks a significant transition for the company as it approaches its 20th anniversary of listing in November 2025, reflecting on its evolution from a single-market operator to a leading real estate investor in Asia [1][3][4]. Group 1: Leadership Transition - Wang Guolong has decided to retire after over 16 years of service, during which he has significantly contributed to the growth and transformation of Link REIT [4][5]. - The board of directors will initiate a comprehensive selection process to find a suitable successor to lead the next phase of the company's development [4][5]. - The chairman of the board, Ou Dunqin, praised Wang's contributions and expressed confidence in the existing leadership team to continue executing the company's strategies [4][5]. Group 2: Financial Performance - For the fiscal year 2024/2025, Link REIT reported a revenue increase of 4.8% to HKD 14.223 billion, with net property income rising by 5.5% to HKD 10.619 billion [5]. - The distributable income also saw a year-on-year increase of 4.6% to HKD 7.025 billion, surpassing market expectations [5]. - Despite a 9.6% decline in net asset value per unit to HKD 63.30, the company maintained a robust dividend performance, with a full-year distribution per unit of HKD 2.7234, exceeding market expectations by approximately 1% [6]. Group 3: Market Outlook - Analysts from CMB International maintain a "Buy" rating for Link REIT, setting a target price of HKD 47.70, citing that rental growth in non-Hong Kong markets could offset slight rental pressures in Hong Kong [6]. - The overall rental levels are expected to remain stable through the fiscal year 2026, with potential catalysts for stock price in the medium to long term, including interest rate cuts and the inclusion of real estate trusts in the Hong Kong Stock Connect [6].

Market Overview - The market sentiment has turned optimistic due to the temporary suspension of "reciprocal tariffs" by the US and better-than-expected quarterly earnings from US companies, leading to a general rise in the Asia-Pacific stock markets [1] - Southeast Asian stock markets mostly rose, with Thailand's SET index leading with a weekly increase of 7.62% to 1206.58 points, followed by Vietnam's Ho Chi Minh index up 2.71% to 1497.28 points, and Indonesia's Jakarta Composite index up 3.75% to 7311.92 points [1] Economic Factors - The rise in the Asia-Pacific stock markets was driven by several factors, including a new trade agreement between the US and Indonesia, which significantly boosted the Indonesian stock market [2] - The Thai government's accelerated tourism development plans for the second half of the year also supported the Thai stock market [2] - The expectation of a slowdown in Federal Reserve interest rate cuts and a weaker US dollar have contributed to a reduction in capital outflows from the Asia-Pacific region [2] Regional Performance - The Singapore Strait Index showed particularly strong performance, with a cumulative increase of over 5% for the month, driven by expectations of US interest rate cuts boosting the real estate and REIT sectors [2] - However, there are signs of foreign capital outflows from Southeast Asian markets, with net outflows recorded in Indonesia, Thailand, Vietnam, and the Philippines in June [2] Monetary Policy Actions - Malaysia's central bank cut its overnight policy rate by 25 basis points to 2.75%, marking its first rate adjustment in two years, aimed at stabilizing economic growth amid external uncertainties [4] - Indonesia's central bank also lowered its benchmark rate by 25 basis points to 5.25%, the fourth cut since September last year, to stimulate economic growth in the face of global uncertainties [4][5] Inflation and Economic Growth - Malaysia's consumer price index rose by 1.2% year-on-year in May, below market expectations, while Indonesia's CPI increased by 1.87% in June, slightly above expectations but still within the central bank's target range [5] - The economic growth rates for Vietnam and Malaysia in Q2 were reported at 7.96% and 4.69%, respectively, indicating a stable economic environment despite the challenges [3][5] Trade Relations and Challenges - The ongoing US-Japan trade negotiations have stalled, with the US planning to impose a 25% tariff on Japanese goods starting August 1, which could further impact Japan's export-driven economy [6] - South Korea is also facing significant challenges due to US tariffs, with its GDP contracting by 0.2% in Q1, prompting the government to initiate emergency economic measures [6]

Group 1 - NTT Data Center Real Estate Investment Trust (NTT DC REIT) was listed on the Singapore Exchange (SGX) on July 14, with the stock code "NTDU" [1] - The primary investment strategy of NTT DC REIT is to invest directly or indirectly in a diversified portfolio of income-generating real estate, primarily focused on data centers and assets essential for the digital economy [1] - The IPO portfolio includes six operator-neutral assets that meet Tier III or equivalent standards, distributed across the United States, Austria, and Singapore, with a total estimated value of approximately $1.6 billion and a designed IT load of about 90.7 megawatts (MW) as of December 31, 2024 [1] Group 2 - Pol de Win, Executive Vice President of SGX Group, expressed excitement over the listing of NTT DC REIT, highlighting the growth potential of the data center asset class and the opportunities it presents for global investors in digital infrastructure [2]

Core Viewpoint - NTT Data Center Real Estate Investment Trust (REIT) has successfully listed on the Singapore Exchange (SGX), marking a significant milestone in its development and showcasing its commitment to sustainable growth and long-term value creation for investors [1][2]. Group 1: Company Overview - NTT Data Center REIT is a Singapore-based REIT primarily focused on investing in a diversified portfolio of income-generating real estate assets, mainly data centers, which support the growth of the digital economy [1]. - The REIT is initiated by NTT Ltd., part of the global IT services and telecommunications giant NTT Group, which is a leader in the global data center business [1]. Group 2: Market Impact - The listing of NTT Data Center REIT on SGX introduces a high-growth asset class that is favored by global investors, highlighting the potential for development in the data center sector [1]. - Following the listing, there are now 41 REITs and real estate business trusts on the SGX, with a total market capitalization of approximately SGD 94 billion [1]. Group 3: Opening Price - The opening price for NTT Data Center REIT was set at USD 1.02 per share [2].

领展持有及管理多元化的优质物业组合，涵盖零售、停车场、办公大楼及物流物业，资产分布于中国内 地、中国香港、澳大利亚、新加坡及英国。其中，领展在中国内地共持有12项资产，涵盖六座商场、五 处物流仓储设施以及一栋办公大楼。 正值今年是领展房地产投资信托基金（领展房托）在香港联合交易所上市20周年之际，领展房托的管理 人领展资产管理有限公司（领展）今日（7月14日）公布，领展可持续未来馆（未来馆）推出"人城共 生：宜居空间的创与造"全新主题。 谈及未来馆的全新主题，王国龙表示："新主题回顾了我们独特的发展历程，期望能启发志同道合的伙 伴，携手为建设可持续发展城市出一份力。谨此将新主题献给与我们一直同行的商户、社区、基金单位 持有人、员工及所有持份者。" 未来馆的最新主题，展现领展过去20年来为基金单位持有人及广大社区创造长期价值所运用的工艺和心 得，同时探讨构建宜居社区所需的专业知识，涵盖商业活化、社区营造、生态保育、科技创新以及人文 关怀。 领展集团行政总裁王国龙说："过去20年，领展与社区的关系密不可分，致力改造空间，加强社区联 系。我们在多方面均取得成果，包括扩展业务版图至亚太区、完成逾100个资产提升项目、 ...

Summary of Key Points from the Conference Call Industry Overview: Hong Kong Real Estate Market - The Hong Kong real estate market is stabilizing due to factors such as the rebound of the Hang Seng Index and the influx of talent and capital, although 2024 is expected to see an increase in transaction volume but a decrease in prices, with second-hand transactions accounting for 80% of the market, indicating a mature market [1][9] - The dual-track system in Hong Kong's housing market is characterized by limited residential land supply, which constitutes only 7% of total land, leading to high property prices and rents, while the average living space is only 16 square meters and home ownership is low at 50.4% [1][6][7] - The expectation of interest rate cuts in the U.S. is likely to positively impact the Hong Kong real estate market, potentially lowering mortgage rates and stimulating demand for owner-occupied housing [1][12] Company Insights: Hong Kong Property Companies - Hong Kong property companies generally adopt a mixed rental and sales model, with rental income being a significant portion of their revenue. This model enhances risk resilience and supports development activities, characterized by low leverage, low turnover, and high profitability [1][4][26] - Hong Kong property companies have a competitive edge in commercial real estate, particularly in high-end projects and luxury brand leasing, benefiting from strong brand recognition and operational capabilities [1][22][24] Investment Opportunities: Hong Kong REITs Market - The Hong Kong REITs market is mature, with local properties as underlying assets and the ability to invest overseas. The largest REIT, Link REIT, demonstrates strong asset management capabilities through active management and asset adjustments [2][27][28] - The average market capitalization of Hong Kong REITs is approximately HKD 7 billion, significantly larger than that of mainland REITs, which average around RMB 3 billion [27] Market Dynamics: Supply and Demand - The supply-demand relationship in the Hong Kong real estate market is imbalanced, with limited housing supply but no severe deterioration in conditions, maintaining significant investment value [3] - The residential land shortage is a critical factor leading to insufficient supply, with new supply units averaging only 20,000 to 30,000 annually, closely tied to post-pandemic economic conditions [8] Regulatory Environment and Taxation - The taxation framework in Hong Kong includes land rent and property tax, contributing about 10% to fiscal revenue. The unique housing situation, where half the population rents, results in substantial tax income [16] - Recent adjustments in transaction taxes have lowered buyer costs, leading to increased transaction volumes despite ongoing price declines [19] Population and Economic Factors - The introduction of talent attraction policies has led to a noticeable increase in population, supporting the real estate market despite a negative natural growth rate [20] - The relationship between the Hang Seng Index and property prices indicates that price movements typically lag behind index changes by 1 to 2 months, suggesting a correlation between market performance and investor sentiment [11] Comparative Analysis: Hong Kong vs. Mainland China - Hong Kong property companies differ from mainland counterparts by focusing more on rental income and mixed-use developments, while mainland firms primarily rely on property development [21] - The potential impact of new residential projects in the Northern Metropolis and Lantau Island on the Shenzhen and Hong Kong markets is expected to be limited due to distance [15] Conclusion - The Hong Kong real estate market is characterized by a unique dual-track system, a mature REITs market, and a distinct operational model among local property companies. The interplay of supply constraints, regulatory changes, and population dynamics will continue to shape investment opportunities and market performance in the coming years [1][5][20]

Core Viewpoint - The successful expansion of the Huaxia Beijing Affordable Housing REIT marks a significant milestone in China's public REITs market, indicating a dual-driven model of "initial issuance + expansion" that accelerates the normalization of REITs issuance [1][2] Group 1: Market Development - As of June 25, 2023, there are 66 public REITs listed in China, with 5 having completed expansions, totaling an issuance scale of 180.4 billion yuan, covering various asset types [1] - The total market value of public REITs reached 200 billion yuan on June 5, 2023, reflecting a steady growth trend in the market [1] - The approval of the first batch of data center REITs on June 18, 2023, signifies ongoing market expansion and diversification [1] Group 2: Expansion Mechanism - The expansion of REITs is viewed as a crucial mechanism for sustainable market development, allowing for asset scale growth and improved asset management quality [3] - The expansion project is expected to yield an annualized cash distribution rate of 4.11% by 2025, which is higher than the initial issuance rate, enhancing investor returns [2] - Since June 2023, 10 REITs have announced expansion plans, with 2 approved and 4 under review, indicating a growing trend in the market [3] Group 3: Financial Innovation and Social Impact - The successful expansion of the REITs project opens new sustainable financing pathways for affordable housing construction, demonstrating the role of financial innovation in supporting major social projects [2] - The potential for asset securitization of 1% to 2% of China's infrastructure stock, valued over 100 trillion yuan, could create a trillion-yuan scale REITs market, highlighting the importance of expansion [4] Group 4: Challenges and Considerations - The current number of expansion projects in China's REITs market remains limited, which poses a challenge for long-term market vitality [5] - Balancing the interests of issuers, investors, and fund managers is critical for the success of the expansion mechanism, as it affects pricing and market efficiency [5] - Legal considerations for REITs expansion include the need for flexible rules to accommodate diverse asset types and optimize governance structures [6]

Core Viewpoint - The public REITs market in China is undergoing further standardization with the release of expansion guidelines by both the Shanghai and Shenzhen Stock Exchanges, aiming to enhance operational management and investor returns [1][2][3]. Regulatory Developments - On June 27, both exchanges issued guidelines and notifications regarding the expansion of public REITs, clarifying business processes and details [2]. - The Shanghai Stock Exchange released a guide that specifies three methods for REITs expansion: sales to specific objects, allocation to existing fund holders, and public fundraising [4]. - The Shenzhen Stock Exchange announced that its non-directional expansion functionality would be operational from June 30, allowing for both allocation to existing holders and public sales [5]. Market Performance - As of June 28, the total number of publicly traded REITs reached 68, with a combined market capitalization exceeding 206 billion yuan [8]. - The market has seen strong performance, with at least five REITs hitting the 30% limit on their first trading day, indicating high investor interest [9]. - The China Securities REITs Total Return Index recorded a nearly 15% increase year-to-date, outperforming other asset classes [9]. Future Outlook - Analysts predict that the REITs market could reach a market value of 400 to 500 billion yuan within three years, with the number of listed REITs exceeding 100 [10]. - The potential for domestic infrastructure assets is substantial, with estimates suggesting that the market could surpass one trillion yuan if a conservative securitization rate of 1% to 2% is applied [10].

1. Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core Views of the Report - C - REITs have witnessed continuous expansion in the primary market and leading performance in the secondary market. As of June 16, 2025, 66 C - REITs have been listed, with a cumulative market value exceeding 200 billion yuan. The CSI REITs Total Return Index had a cumulative increase of 14.69% since the beginning of 2025 [4][10]. - Data center REITs, as new infrastructure assets, differ from traditional property - type REITs in terms of operation mode, income stability, and valuation logic. They may have a large premium space in the initial listing stage [3][20][34]. - The primary issuance of C - REITs has seen a booming market, and the secondary - market holdings are mainly by securities firm proprietary trading and insurance funds. Attention should be paid to the marginal increase brought by FOF funds [36][43]. 3. Summary by Relevant Catalogs 3.1 Current Performance of C - REITs 3.1.1 Continuous Expansion in the Primary Market and Leading Performance in the Secondary Market - Since the listing of the first batch of 9 public REITs in June 2021, relevant policies have been introduced. In 2024, the issuance entered a new stage of normalization. As of June 16, 2025, 66 C - REITs have been listed, with a cumulative issuance scale of 180.4 billion yuan (including expansion) and a cumulative market value exceeding 200 billion yuan. In 2024, 29 C - REITs were issued, with a scale of 65.6 billion yuan. The CSI REITs Total Return Index had a cumulative increase of 14.69% since the beginning of 2025 and 31.57% since the beginning of 2024 [9][10]. - The underlying asset types of listed C - REITs cover nine major categories. In 2025, the China Securities Regulatory Commission proposed to support the issuance of REITs in new infrastructure fields, and on June 18, 2025, the first two data center REITs were approved [11]. 3.1.2 High Payout Ratio for Concession - type REITs and Focus on Residual Value for Property - type REITs - Listed C - REITs can be divided into property - type and concession - type. Property - type REITs have ownership of underlying assets, with income from rent and asset disposal. Concession - type REITs mainly rely on operating income during the product life cycle [14]. - The cash - flow structure of property - type and concession - type REITs differs. Generally, property - type REITs have a lower payout ratio during the product life cycle, and more cash - flow is concentrated at the end of the product life. Concession - type REITs may face the risk of their net asset value approaching zero over time [15]. 3.2 Differences of Data Center REITs - On June 18, 2025, the first two data center REITs, "Southern Wanguo Data Center REIT" and "Southern Runze Technology Data Center REIT", were approved. They are listed on the Shanghai and Shenzhen Stock Exchanges respectively, with Southern Fund as the fund manager [17]. 3.2.1 Operation Mode - Data centers are technology - intensive assets, highly dependent on professional operation and maintenance capabilities and continuous technological iteration. The industry chain consists of upstream infrastructure, mid - stream professional operation service providers, and downstream customers. The operation of data center REITs is more professional than traditional property - type REITs [21][24]. - Data centers are highly energy - consuming. Operators need to reduce PUE through technological upgrades and green energy applications. The PUE values of the two approved data center REITs in 2024 met the policy requirements, and they are expected to carry out liquid - cooling transformation in the future [25][26]. 3.2.2 Income Stability - Data center assets may have more stable income than traditional property - type REITs due to high customer concentration, long lease terms, high customer stickiness, high signing rates, and high rack - up rates. The signing rate and rack - up rate/charging rate are key operating indicators [26]. - Data center assets have a "large - order, few - customer" business model. Their customers are mainly large - scale enterprises, and the long - term and high - stickiness lease agreements ensure stable income. The signing rates of the two approved data center REITs are 100%, and the average rack - up rate/charging rate in Q1 2025 exceeded 95% [27][28][29]. 3.2.3 Valuation Logic - REITs are generally valued using the income approach. Although data center REITs and traditional property - type REITs both use this method, there are significant differences in cash - flow structure and discount rate [32][33]. - The residual value of data center REITs is relatively low, and they require a higher discount rate and should have a higher distribution rate than traditional property - type REITs [33]. 3.3 Who is Buying C - REITs? 3.3.1 Booming Primary Issuance - The issuance of C - REITs includes strategic placement, offline inquiry and pricing, offline placement, and public investor subscription. Strategic investors mainly include original equity holders and their affiliates, and their placement ratio is generally above 70%. Offline investors include various professional institutional investors, and the public investor subscription ratio is generally less than 10% [36][37][38]. - Since the beginning of 2025, the 7 newly - listed C - REITs have received high market enthusiasm. The average subscription ratios of offline and public investors have reached record lows since the beginning of 2024 [42]. 3.3.2 Secondary - Market Holdings Dominated by Securities Firm Proprietary Trading and Insurance Funds - As of the end of 2024, among C - REITs' investors, securities firm proprietary trading and insurance funds held the largest shares, accounting for 58.49% of the shares excluding original equity holders and their affiliates [43]. - Among securities firm proprietary trading, the top five in terms of cumulative holdings are Guotai Junan, CITIC Securities, CITIC Construction, CICC, and Orient Securities. Among insurance funds, the top five are China Life Group, Taikang Insurance, New China Life Insurance, Pacific Life Insurance, and China Life Capital [44][46]. 3.4 Investment Analysis Opinion - Data center REITs, as an important part of "new infrastructure", may have a large premium space in the initial listing stage. Investors are advised to actively participate in the offline issuance of the two approved data center REITs to lock in the premium income at the initial listing stage [34][51].