Core Viewpoint - The Chinese public REITs market is expanding, with CapitaLand submitting an application for its first consumer infrastructure public REIT, CapitaLand Commercial C-REIT, marking a significant entry for international asset management firms in China [1][6]. Group 1: REIT Details - CapitaLand Commercial C-REIT will include two initial assets: CapitaLand Plaza Yunshang in Guangzhou and CapitaLand Plaza Yuhua Pavilion in Changsha, with a total scale of approximately 2.8 billion RMB and a total building area of 168,400 square meters, achieving an overall occupancy rate of about 97% [1][6]. - CapitaLand Plaza Yuhua Pavilion, located in a mature community area, underwent asset upgrades in March 2023, resulting in a 15% return on investment from the renovations, indicating successful repositioning [2]. - CapitaLand Plaza Yunshang, situated in the core area of Guangzhou's Baiyun New Town CBD, was acquired for 2.19 billion RMB and has become a notable commercial landmark since its opening in 2015 [4]. Group 2: Strategic Implications - The successful issuance of CapitaLand Commercial C-REIT would not only expand CapitaLand's listed fund size but also reinforce its leading position as the largest REIT issuer and manager in the Asia-Pacific region [6]. - Since its restructuring in 2021, CapitaLand has recovered a total of 24 billion SGD in capital, with 11 billion SGD sourced from China, indicating a strong commitment to the Chinese market [6]. - The application for the commercial REIT aligns with CapitaLand's asset-light strategy and aims to tap into domestic long-term equity capital, complementing its existing Singapore-listed fund which primarily targets international investors [6].

Core Viewpoint - The public REITs market experienced a downward trend last week, with overall trading activity declining, while the affordable housing REITs continued to perform well [1][2]. Market Performance - The CSI REITs index fell by 1.36% to 856.7 points, and the CSI REITs total return index decreased by 1.18% to 1065.4 points [2]. - Among the 64 publicly listed REITs, only 24 saw an increase in value, a decrease from the previous week [2]. - The top-performing REITs included Huaxia Beijing Affordable Housing REIT, Huaxia Joy City Commercial REIT, and Yinhua Shaoxing Raw Water REIT, with weekly gains of 3.67%, 3.19%, and 2.61% respectively [2][4]. Sector Analysis - The affordable housing sector showed resilience, with a weekly increase of 0.27%, while other sectors like industrial parks and logistics saw declines of 2.14% and 2.96% respectively [2][8]. - The trading volume for REITs decreased to 590 million yuan, down 11% from the previous week, with specific declines in property and operating rights trading [7][8]. New Issuances - The first rental housing public REIT in Jiangsu, Huatai Suzhou Hengtai Rental Housing REIT, announced its pricing range between 2.270 yuan and 2.774 yuan per share [1][9]. - As of April 11, a total of 65 public REITs have been issued, with a combined issuance scale of 173.1 billion yuan [1]. Future Outlook - Analysts predict that the REITs market may maintain narrow fluctuations in the coming weeks due to limited new information, with a focus on stable sectors like affordable housing and water resources [10].