这是上交所在中国证监会指导下，持续推进资本市场对外开放的具体实践和生动案例，标志着中国公募 REITs市场国际化和多元化进程迈出关键一步，为外资机构深度参与中国公募REITs市场提供了优秀范 本。 华夏凯德商业REIT主要原始权益人的控股股东凯德投资是成立于新加坡的国际知名不动产资产管理公 司。本次公募REITs的底层资产为位于广州、长沙核心商圈的两个成熟购物中心，运营业绩表现良好， 为国内资本市场投资者提供了消费类不动产的资产配置新选择。项目回收资金主要用于中国境内优质资 产建设和收购，对提升消费供给效能，提振和扩大消费发挥积极作用。凯德投资在中国18个城市管理40 多个零售物业，资产规模超800亿元人民币，为REITs产品未来扩募提供了丰富的资产储备。 9月29日，华夏凯德商业资产封闭式基础设施证券投资基金（以下简称"华夏凯德商业REIT"）在上交所 上市，成为国内首单由国际资产管理公司发起设立的消费REITs项目。 ...

中国首单外资消费REITs项目在上交所上市 华夏凯德商业REIT主要原始权益人的控股股东凯德投资是成立于新加坡的国际知名不动产资产管理公 司，底层资产为位于广州、长沙核心商圈的两个成熟购物中心，运营业绩表现良好，为国内资本市场投 资者提供了消费类不动产的资产配置新选择。项目回收资金主要用于中国境内优质资产建设和收购，对 提升消费供给效能，提振和扩大消费发挥积极作用。凯德投资在中国18个城市管理40多个零售物业，资 产规模超800亿元(人民币，下同)，为REITs产品未来扩募提供了丰富的资产储备。 截至目前，上交所共有51单REITs首发上市，融资规模达1343.90亿元，资产类型不断拓展，参与主体更 为多元，投资者类型更加丰富，已形成良好规模效应和示范效应。下一步，上交所方面表示，将始终坚 持以服务实体经济和国家战略为己任，积极践行资本市场对外开放政策，促进REITs市场生态不断优 化，市场运行平稳有序，市场参与主体获得感不断增强，服务实体经济高质量发展。(完) 来源：中国新闻网 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"j ...

Core Insights - The launch of Huaxia Kaide Commercial REIT marks the first consumer REIT project initiated by an international asset management company in China [1] - The underlying assets of the REIT are two mature shopping centers located in key business districts of Guangzhou and Changsha, showcasing strong operational performance [1] - The funds raised will be used for the construction and acquisition of quality assets within China, contributing positively to enhancing consumption supply efficiency [1] Group 1 - Huaxia Kaide Commercial REIT is sponsored by Keppel Investment, a well-known international real estate asset management company based in Singapore [1] - The REIT provides a new asset allocation option for domestic capital market investors in consumer real estate [1] - Keppel Investment manages over 40 retail properties across 18 cities in China, with an asset scale exceeding 80 billion RMB, offering a rich asset reserve for future REIT expansions [1] Group 2 - The Shanghai Stock Exchange has launched a total of 51 REITs, raising a financing scale of 134.39 billion RMB, with an expanding range of asset types and diverse participant entities [1] - The development of the REIT market is a significant step towards the internationalization and diversification of China's public REITs market [1] - The Shanghai Stock Exchange aims to continuously optimize the REIT market ecosystem and enhance the sense of gain for market participants while supporting high-quality development of the real economy [2]

Core Insights - The launch of the first foreign-funded consumer REIT, Huaxia CapitaLand Commercial REIT, marks a significant step in the internationalization and diversification of China's public REITs market [1][2] - The fund aims to raise 2.2872 billion yuan, with a total subscription amount exceeding 309.17 billion yuan, indicating strong market interest [1] Group 1 - Huaxia CapitaLand Commercial REIT is initiated by CapitaLand, a leading global real estate asset management company, and is managed by CITIC Securities and Huaxia Fund [1] - The underlying assets of the fund, CapitaLand Plaza Yunshang and CapitaLand Plaza Yuhua Pavilion, are noted for their high asset quality and efficient operational team, ensuring stable performance post-establishment [1] - The fund received significant attention during its issuance phase, with effective subscription multiples of 535.2 times for public investors and 252.6 times for offline investors [1] Group 2 - CapitaLand's CEO highlighted the integration of international REIT management experience with the Chinese market, providing domestic investors with a new channel for quality asset allocation in a low-interest-rate environment [2] - The REIT aims to set a new benchmark for the deep integration of international capital with China's vast consumer market through transparent and efficient operational mechanisms [2] - CapitaLand plans to continue enhancing its presence in China, leveraging global expertise to empower local innovation and safeguard long-term value [2]

Core Viewpoint - The report indicates that Everbright Jiabao Co., Ltd. experienced a decline in revenue and net profit during the first half of 2025, primarily due to reduced sales in real estate development and ongoing challenges in the real estate market [1][2][3]. Company Overview and Financial Indicators - Company name: Everbright Jiabao Co., Ltd. [1] - Stock code: 600622 [2] - Total assets as of the end of the reporting period: RMB 21,944.82 million, a decrease of 3.41% compared to the previous year [2]. - Revenue for the first half of 2025: RMB 641.51 million, a decrease of 10.89% year-on-year [2][10]. - Net profit attributable to shareholders: -RMB 373.03 million, compared to -RMB 327.59 million in the same period last year [2][11]. Industry and Business Analysis - The overall economic environment in China remains stable, with GDP growth of 5.3% in the first half of 2025, but the real estate sector continues to face challenges, including a decline in investment and sales [3][4]. - The real estate development investment decreased by 11.2%, and new residential sales area dropped by 3.5% [3]. - The property management sector is seeing a trend towards consolidation, with the top 20 companies expanding their managed areas by 28% year-on-year [4]. Operational Performance - The company focused on enhancing its real estate asset management capabilities, emphasizing light-asset models such as entrusted management and professional consulting [5][6]. - The company launched several projects, including commercial and residential developments in major cities like Beijing and Guangzhou [5][6]. - The company reported a net cash flow from operating activities of RMB 131.37 million, a decrease of 17.40% compared to the previous year [2][10]. Financial Performance and Changes - The company’s operating costs decreased by 2.61% to RMB 382.30 million, primarily due to reduced costs associated with lower sales [10]. - Financial expenses decreased by 13.98% to RMB 214.38 million, attributed to lower interest expenses [10]. - The company recorded an increase in tax and additional charges by 128.49% to RMB 56.73 million, mainly due to adjustments in land value-added tax [10][11]. Risk Management and Future Outlook - The company is actively managing risks associated with market fluctuations and is focused on maintaining liquidity through various financing channels [6][7]. - The company aims to leverage its established brand reputation and extensive industry network to navigate the ongoing transformation in the real estate sector [8][9].

Group 1 - The approval of Huaxia CapitaLand Commercial REIT marks a significant step towards the internationalization and diversification of China's public REITs market, becoming the first foreign-funded consumption REIT in the domestic market [1][2] - The REIT will focus on high-quality shopping center assets in first and strong second-tier cities, with an overall occupancy rate of approximately 96% as of March 31, 2025, highlighting its growth potential and stability [2][3] - The REIT's underlying assets include two major projects in Guangzhou and Changsha, with a total construction area of 168,405 square meters, showcasing a robust brand portfolio and stable rental income [2][4] Group 2 - The issuance of the REIT reflects foreign investment confidence in China, aligning with the country's economic transformation and capital market opening, while leveraging a light asset model to drive capital circulation [3][4] - China's public REITs market has accelerated significantly, with over 70 public REITs listed and a total issuance scale exceeding 200 billion yuan, establishing itself as the largest market in Asia and the second largest globally [3][4] - The rise of consumption REITs in China is driven by the dual forces of consumption upgrading and capital market reform, positioning them as key tools for revitalizing assets and promoting domestic demand [4][5] Group 3 - CapitaLand has over 30 years of operational experience in the Chinese market, managing over 40 high-quality shopping center assets with an asset management scale exceeding 80 billion yuan and an average occupancy rate above 95% [5][6] - The company employs a comprehensive asset management approach, enhancing asset value through a full-cycle management system, which is expected to contribute to the high-quality development of China's economy [6]

Group 1 - Huaxia CapitaLand Commercial REIT has received approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission to raise a total of 400 million units, marking it as the first foreign-funded consumption REIT in China [1] - The underlying assets of the REIT include two major projects located in Guangzhou and Changsha, with a total construction area of 168,405 square meters and an overall occupancy rate of approximately 96% as of March 31, 2025 [1][2] - The REIT is positioned to leverage the growth potential of China's high-quality consumption market, focusing on first-tier and strong second-tier cities to diversify risks and enhance returns [2][3] Group 2 - The issuance of the REIT reflects foreign investment confidence in China, aligning with the country's economic transformation and capital market opening [2][3] - CapitaLand has over 30 years of operational experience in China, managing more than 40 quality shopping center assets with an asset management scale exceeding 80 billion yuan and an average occupancy rate above 95% [3][4] - CapitaLand aims to integrate global experience with local practices to contribute to China's high-quality economic development through real estate asset management and innovative financial tools [4]

Group 1 - The public REITs market in China has achieved a breakthrough with the approval of the first foreign-funded consumption REIT, the "Hua Xia CapitaLand Commercial Asset Closed-end Infrastructure Securities Investment Fund" [1] - The fund has a registered fundraising quota of 400 million shares and includes two assets located in Guangzhou and Changsha, with a total construction area of approximately 168,400 square meters and an overall occupancy rate of about 96% as of March 31, 2025 [1] - The fund is managed by Hua Xia Fund, with CITIC Bank as the custodian and CapitaLand Investment as the operational management entity, which is a leading global real estate asset management company based in Asia [1] Group 2 - China's consumption market is transitioning from "scale growth" to "quality improvement," driven by both consumption upgrades and capital market reforms [2] - Consumption REITs in China are becoming an important tool for "activating stock, promoting upgrades, and serving domestic demand," characterized by stable cash flow and strong ties to consumption trends [2]

Core Viewpoint - The approval of Huaxia CapitaLand Commercial REIT marks a significant step towards the internationalization and diversification of China's public REITs market, attracting international investors' attention [1][11]. Group 1: Company Overview - Huaxia CapitaLand Commercial REIT is the first foreign-funded consumption REIT in China, with a total fundraising quota of 400 million shares [1]. - CapitaLand Investment, the main original rights holder and management institution, is a leading global real estate asset management company based in Asia, managing over 800 billion yuan in assets [12][13]. - The REIT includes a portfolio of high-quality shopping center assets in first- and strong second-tier cities, showcasing its unique market positioning [1][10]. Group 2: Asset Characteristics - The initial assets of the REIT include CapitaLand Plaza Yunshang in Guangzhou and CapitaLand Plaza Yuhua in Changsha, with a total construction area of 168,405 square meters and an overall occupancy rate of approximately 96% as of March 31, 2025 [1][10]. - CapitaLand Plaza Yunshang is strategically located in Guangzhou's Baiyun New Town CBD, surrounded by residential communities and office buildings, enhancing its accessibility [2][6]. - CapitaLand Plaza Yuhua is a mature community shopping center in Changsha, benefiting from a dense residential and office environment, with future connectivity to the metro system [6][10]. Group 3: Market Trends and Opportunities - The issuance of public REITs in China reflects foreign capital's confidence in the Chinese market and aligns with the country's economic transformation towards high-quality development [11][12]. - The domestic public REITs market has accelerated significantly, with 73 public REITs listed and a total issuance scale exceeding 200 billion yuan, establishing China as the largest REITs market in Asia and the second largest globally [11]. - The rise of consumption REITs in China is driven by the dual forces of consumption upgrading and capital market reform, positioning them as key tools for stimulating domestic demand and enhancing asset value [11][12].

Core Viewpoint - CapitaLand Investment is considering providing financial support to Hong Kong-listed companies due to low capital inflow into Hong Kong and mainland China, anticipating that these companies will benefit when the Hong Kong real estate market recovers [1] Group 1: Company Overview - CapitaLand Investment is a real estate asset management company headquartered in Singapore, listed in Singapore since 2021 [1] - As of August 13 this year, CapitaLand Investment's fund assets under management (FUM) amount to 117 billion SGD [1] - The company manages a diversified portfolio of real estate asset classes, including shopping malls, office buildings, hospitality, industrial properties, logistics parks, health facilities, self-storage, data centers, private credit, and special opportunities [1] Group 2: Market Insights - The CEO of CapitaLand Investment, Lee Chee Koon, mentioned that there are many "interesting" assets in the Hong Kong market, such as student accommodations, data centers, and offices that can be redeveloped into hotels [1]