Core Viewpoint - The recent acceptance of the Huaxia Anbo Warehousing and Logistics REIT by the Shenzhen Stock Exchange marks a significant development in the public REIT market, alongside the upcoming issuance of Huaxia Huadian Clean Energy REIT and Chuangjin Hexin Shounong REIT next week [1][6]. Group 1: Huaxia Anbo Warehousing and Logistics REIT - The Huaxia Anbo Warehousing and Logistics REIT has been officially accepted by the Shenzhen Stock Exchange, with the original rights holder being PCCLF Holding PTE.LTD. and managed by Huaxia Fund Management Co., Ltd. [3][4] - This REIT focuses on high-quality warehousing projects located in key logistics nodes within the Guangdong-Hong Kong-Macao Greater Bay Area, specifically in Guangzhou and Dongguan [4][5]. - The project boasts several core advantages, including its strategic location in the manufacturing hub of Dongguan, high-standard infrastructure, and a diverse tenant structure that includes well-known companies like JD.com and Deppon [5]. Group 2: Upcoming REIT Issuances - The Huaxia Huadian Clean Energy REIT completed its inquiry phase with a subscription multiple of 224.26 times, and is set to raise approximately 1.8945 billion yuan [7]. - Chuangjin Hexin Shounong REIT also completed its inquiry with a subscription multiple of 128.95 times, aiming to raise around 3.685 billion yuan [7]. - Additionally, two other REITs, Nanfang Runze Technology Data Center REIT and Nanfang Wanguo Data Center REIT, are in the inquiry phase with specified price ranges [7]. Group 3: Other REIT Developments - On June 26, the Huaxia Zhonghai Commercial Asset REIT was also accepted by the Shenzhen Stock Exchange, with its underlying assets located in Foshan, Guangdong [8].

Core Viewpoint - The public REITs market in China is experiencing growth with new offerings, including the acceptance of the Huaxia Anbo Warehousing Logistics REIT and upcoming issuances of Huaxia Huadian Clean Energy REIT and Chuangjin Hexin Shounong REIT [2][7] Group 1: Huaxia Anbo Warehousing Logistics REIT - Huaxia Anbo Warehousing Logistics REIT has been accepted by the Shenzhen Stock Exchange, with PCCLF Holding PTE.LTD. as the original rights holder and Huaxia Fund Management Co., Ltd. as the fund manager [4] - The REIT focuses on high-quality warehousing projects in the Guangdong-Hong Kong-Macao Greater Bay Area, including three projects in Guangzhou and Dongguan [5] - Key advantages include location scarcity, high-standard hardware, and a diverse tenant structure with major clients like JD.com and Deppon [5][6] - The REIT aims for stable rental cash flow, with a distribution ratio of no less than 90% of the annual distributable amount, projecting a cash distribution rate of 5.00% in 2025 and 5.02% in 2026 [5] Group 2: Upcoming REIT Issuances - Huaxia Huadian Clean Energy REIT completed its inquiry with 514 subscription objects and a subscription multiple of 224.26 times, with an expected fundraising total of 1.8945 billion yuan [8] - Chuangjin Hexin Shounong REIT also completed its inquiry with 566 subscription objects and a subscription multiple of 128.95 times, aiming to raise 3.685 billion yuan [8] - Two additional REITs, Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT, are set for inquiry with price ranges specified [8] Group 3: Other REIT Developments - On June 26, Huaxia Zhonghai Commercial Asset REIT was accepted by the Shenzhen Stock Exchange, focusing on a mixed-use shopping center in Foshan [9]

Economic Environment - In Q1 2025, the GDP of the Pearl River Delta city cluster grew by 4.2% year-on-year, an increase of 0.5 percentage points compared to the full year of 2024 [1] - The total retail sales of consumer goods increased by 2.9% year-on-year, up by 2.2 percentage points from the full year of 2024 [1] - Key cities like Shenzhen, Guangzhou, and Dongguan showed strong economic resilience, supporting the high-standard logistics real estate market [1] Supply and Demand - Approximately 537,000 square meters of non-bonded high-standard logistics real estate were newly supplied in Q1 2025, mainly concentrated in Shenzhen, Guangzhou, and Foshan [1] - E-commerce, retail, and third-party logistics remain the primary sources of demand, with e-commerce accounting for about 59.9%, retail for 20.0%, and third-party logistics for 10.0% [1] - The demand is also driven by manufacturing upgrades and the development of cross-border e-commerce [1] Rental and Vacancy Rates - The average rent for non-bonded high-standard logistics real estate in Q1 2025 was approximately 2.79 yuan per square meter per day, remaining stable compared to Q4 2024 [1] - The vacancy rate was around 13.4%, a decrease of 1.6 percentage points from Q4 2024, primarily due to some new supply not fully entering the market and stable demand [1] Future Outlook - The non-bonded high-standard logistics real estate market in the Pearl River Delta is expected to maintain steady growth in 2025 [2] - The deepening construction of the Guangdong-Hong Kong-Macao Greater Bay Area will accelerate regional logistics integration, further releasing demand for high-standard logistics real estate [2] - Continuous development in e-commerce, retail, and manufacturing transformation will provide stable demand support, along with policy support, capital attention, and technological innovation driving the market towards high-quality development [2]

Core Viewpoint - Warehouse REIT has withdrawn its support for Blackstone's acquisition proposal and is now backing Tritax Big Box's offer, which values Warehouse REIT at £485.2 million, surpassing Blackstone's previous bid [1][3]. Group 1: Acquisition Details - Tritax Big Box REIT's acquisition proposal includes a cash and share exchange, offering Warehouse REIT shareholders 0.4236 new Tritax shares and 47.2 pence in cash [3]. - The implied value per share for Warehouse REIT is 114.2 pence, representing a 39% premium over the closing price before the initial offer and approximately 4.8% higher than Blackstone's bid of 109 pence [3]. - Tritax has received support from shareholders holding 8.4% of Warehouse REIT's shares, including board members [3]. Group 2: Strategic Implications - The merger will create a combined company valued at £7.4 billion, focusing on large logistics and warehousing assets in the UK [3]. - Tritax anticipates clear strategic and financial synergies from the acquisition, projecting continued growth in earnings and dividends post-merger [3]. - Warehouse REIT's chairman expressed confidence in Tritax's ability to integrate and unlock synergies, emphasizing the benefits for shareholders [5].

Group 1 - The 2025 Maritime Silk Road Port Cooperation Forum focused on how financial innovation can empower the integration of ports and cities, exploring collaborative innovation paths for port finance development and urban integration [1] - Zhejiang Province is positioning itself as a key hub for the "Belt and Road" initiative and the Yangtze River Delta integration, aiming to build a world-class strong port and a high-level open province [1] - Shanghai Jiao Tong University’s Shanghai Advanced Institute of Finance is committed to enhancing the international competitiveness of the shipping service industry through policy reforms and research in ship financing and shipping insurance [1] Group 2 - The strategic value of logistics real estate in regional economic collaboration is highlighted, with a shift from single warehousing functions to a composite model of "smart hubs + industrial clusters + urban support" [2] - The improvement of shipping index futures products is seen as a way to help companies mitigate shipping price volatility risks and stabilize operational expectations [2] - Discussions at the forum emphasized the trend of port economies extending from traditional logistics to integrated manufacturing, trade finance, and digital services, aiming to create internationally competitive port industrial clusters [2]

Group 1: Market Overview - The report highlights that despite uncertainties in the Singapore real estate market, there are positive factors supporting its development [1][2] - Global economic conditions and geopolitical tensions are identified as significant external challenges impacting the market [2][9] - Singapore's position as a regional financial hub and government policies are seen as stabilizing factors for the real estate market [2][10] Group 2: Economic Outlook - Singapore's GDP growth is projected to decelerate to 1-3% in 2025, down from 4.0% in 2024 [5][9] - Inflation is expected to ease to 1.5-2.5% in 2025, following a decline from 4.8% in 2023 [5][19] - Interest rates in Singapore are anticipated to follow a downward trend, with projections suggesting a decrease to 3.75%-4.00% by the end of 2025 [5][21] Group 3: Office Market - The office market saw a net absorption of 1.91 million sq. ft. in 2024, the highest since 2017, driven by new Grade A office developments [28] - Vacancy rates for Core CBD (Grade A) offices decreased to 4.9% by the end of 2024, indicating a flight to quality among occupiers [30] - Core CBD (Grade A) rents are expected to grow modestly by around 2% in 2025, supported by limited supply and continued demand for high-quality spaces [39] Group 4: Industrial & Logistics Market - E-commerce and logistics sectors accounted for 39% of leasing demand in 2024, indicating resilience despite challenges [46] - An estimated 4.92 million sq. ft. of logistics supply is expected in 2025, which is about 3.9% of existing warehouse stock [53] - Average prime logistics rents rose by 1.1% to $1.87 psf per month in 2024, with expectations of stability in 2025 [54] Group 5: Retail Market - Tourism recovery is projected to continue in 2025, with visitor numbers expected to rise due to new attractions and events [62][63] - Approximately 0.50 million sq. ft. of retail space is expected to complete in 2025, significantly lower than previous years, which should support retail rents [70] - Overall average retail prime rents are expected to grow by 2-3% in 2025, recovering to pre-pandemic levels [74]

其中，深圳项目作为顺丰物流体系中的重要航空节点，由顺丰航空有限公司和深圳顺路物流有限公司承 租，用作分拨、打包、装机一体化连续作业，截至2024年9月30日的出租率为100%。武汉项目是以分拨 中心为主，同时包含高标仓、冷库、阴凉库、配套楼等多种业态的综合性物流园区，服务于第三方物 流、冷链物流、电商等行业，同期整体出租率为93.8%。合肥项目为分拨中心与产业办公相结合的综合 物流产业园区，租户类型主要为快递快运及第三方物流，近三年及一期的平均出租率分别为94.1%、 98.3%、97.3%及96.3%。 有业内分析指出，三大物流枢纽项目主要租户为快递速运、航空货运等企业，客户黏性强、出租率高、 租期长，有助于取得长期稳定的收入增长；同时，项目以国内业务为主，紧密依托内需市场，有效降低 国际经贸波动对于项目收益的影响，持续赋能物流网络的现代化建设，为民营经济注入新活力。 物流地产是典型的重资产行业，前期投入大，回报周期长。发行REITs有助于降低融资成本，进一步优 化收益渠道。顺丰控股4月21日晚间公告称，本次发行基础设施公募REITs，将使公司成功搭建物流产 业园轻资产资本运作平台，有效盘活公司旗下物流产业 ...

Group 1 - The company reported a closing price of 2.21 yuan as of April 11, 2025, with no change in price, a turnover rate of 1.73%, a trading volume of 231,700 shares, and a transaction amount of 51.281 million yuan [1] - The company is benefiting from domestic circulation policies aimed at stimulating consumption and economic growth, creating a favorable external environment for business development [2][3] - The company is actively pursuing green and low-carbon transformation, with its logistics parks receiving top-level green warehouse certifications and the first zero-carbon park project in Shanghai gaining international recognition [4][5] Group 2 - The company collaborates with China Nuclear Technology to promote rooftop photovoltaic construction in its parks, contributing to high-quality development through green energy [6] - The company provides domestic warehousing and logistics services for cross-border e-commerce enterprises but does not directly engage in cross-border e-commerce activities [7] - On April 11, there was a net outflow of 2.6182 million yuan from main funds, a net outflow of 2.5899 million yuan from speculative funds, and a net inflow of 5.2081 million yuan from retail investors [8]