智通财经APP获悉，周三，美国总统特朗普在社交媒体平台上表示，计划采取措施禁止大型机构投资者 继续购买独栋住宅，并将敦促国会将相关举措立法。 特朗普在帖文中称："我将立即采取行动，禁止大型机构投资者购买更多独栋住宅，并将呼吁国会将其 写入法律。人是住在房子里的，而不是公司。"他还表示，将在两周后于达沃斯的演讲中，进一步讨论 住房与可负担性改革方案，但未披露具体实施细节。 市场反应方面，独栋住宅租赁领域的两大公司Invitation Homes(INVH.US)和American Homes 4 Rent(AMH.US)股价分别下跌6.01% 和4.29%。 消息公布后，房地产相关股票普遍承压。有分析人士指出，短期抛压可能带来阶段性买入机会。 涉足住房租赁与房地产基金业务的黑石(BX.US)股价下跌5.57%。房屋买卖平台Opendoor(OPEN.US)跌 11.69%。Opendoor首席执行官Kaz Nejatian在社交平台上公开称赞特朗普的举措，并向媒体表示，公 司"并非机构投资者"，其业务模式是买入后出售而非长期持有住宅，"我们支持总统正在做的事情"。 KBW分析师Jade Rahmani在研报中认 ...

Group 1 - The Hong Kong Securities and Futures Commission (SFC) has launched a "Real Estate Fund Hotline" to facilitate the public offering of new Real Estate Investment Trusts (REITs), aiming to promote the development of the REIT market in Hong Kong [1] - The new one-stop hotline will assist local and international REIT applicants in consulting the SFC confidentially, thereby enhancing their preparation and efficiency for listing [1] - The SFC has streamlined the approval process and submission requirements for REITs in response to the latest developments in the Hong Kong Stock Exchange listing rules, expecting decisions on new REIT applications to be made within four weeks under the simplified procedure [1] Group 2 - The REITs interconnection mechanism is actively being promoted, with the China Securities Regulatory Commission having announced measures to include REITs in the Shanghai-Hong Kong Stock Connect, which will enrich trading varieties [2] - The launch of the "Real Estate Fund Hotline" reflects Hong Kong's commitment to long-term development of the REIT market, enhancing regulatory transparency and efficiency, and increasing Hong Kong's attractiveness as a fundraising and investment hub [2] - This policy is expected to attract more international REITs, enrich the market ecosystem, and provide new financing channels for mainland real estate companies, helping to alleviate funding pressures [2]

Core Insights - European real estate funds are facing a severe capital outflow, with retail investors redeeming €11.44 billion (approximately $13 billion) from registered real estate funds in the region as of March 2023, marking a 20% increase compared to the previous 12 months [1] - Since February 2023, euro-denominated real estate funds have consistently experienced net outflows [1] Group 1 - Investor sentiment is increasingly negative, driven by rising default rates and the impact of the interest rate hike cycle on the attractiveness of the sector [4] - The long transaction cycles and lagging valuation adjustments in commercial real estate make it difficult for fund net values to reflect real market risks, prompting investors to exit early to mitigate risks [4] - The shift in work patterns and stricter environmental regulations are reshaping the value system of commercial real estate, leading to significant valuation declines for office assets held by many funds, creating a vicious cycle of redemption pressure and asset disposal difficulties [4] Group 2 - A wave of fund liquidations is underway, with St James's Place Plc in the UK gradually liquidating its real estate fund portfolio after large-scale redemptions, and Aegon Ltd. in the Netherlands closing related products due to sustained fund sizes below breakeven [4] - Goldman Sachs also terminated a global real estate securities fund that had incurred losses for five consecutive years [4] - There is a notable trend of capital shifting towards more stable asset classes, with DWS Group's alternative real estate fund experiencing approximately €500 million in redemptions in Q1 2023, as funds flow into infrastructure and private credit [4] Group 3 - The industry has not yet reached a turning point, as market expectations of central bank interest rate cuts boosting real estate prices are tempered by reality [4] - Data from Green Street indicates that U.S. hotel property valuations fell by 2.8% in April due to weak international tourism, contributing to a 0.5% decline in the overall commercial real estate index [4] - The management scale of European real estate funds has shrunk to €156 billion, a decrease of approximately €44 billion from the peak in February 2023 [5] - DWS Group's CEO, Stefan Hoops, acknowledged ongoing capital outflows but expressed cautious optimism regarding the medium to long-term outlook due to current valuation levels [5] - The ongoing industry adjustment, initiated by capital movements, is testing the asset disposal capabilities and strategic transformation resolve of European real estate funds [5]