从各保险公司披露的信息中可以发现，除了写字楼、零售地产，险资对产业园、仓储物流等不动产项目 投资也有所布局。中国社会科学院保险与经济发展研究中心副主任王向楠认为，产业园、仓储物流等项 目租约更长，现金流较稳，更能实现险资追求可持续运营增值的目标。 部分险资还采用联合投资机构设立住房租赁私募股权基金、设立合伙企业投资公募REITs等方式加大对 不动产领域的投资力度。直接购买地标性写字楼、商业综合体等投资方式，会带来资金占用大、流动性 差、管理要求高等问题，而公募REITs为险资投资不动产提供流动性更好、门槛更低、风险更分散的工 具。此外，王丽珍认为，险资投资形式的多元化为实体经济提供了长期资金支持，促进了基础设施建 设、住房租赁市场发展等领域的健康发展，同时有利于增强战略协同效应，部分不动产投资可以与险企 的主营业务形成联动。8月28日，总规模为45亿元的大家长租住房基金募集成立，由大家投控发起，联 合大家人寿、友邦人寿、中宏人寿、复星保德信人寿等保险公司共同设立，将重点布局北京、上海等一 线城市的保障性租赁住房项目。 在成熟保险市场中，险资配置不动产资产的比例一般在20%左右。从配置比例来看，国内险企在不动产 ...

华安财保资产管理有限责任公司设立的"华安—长沙城发片区改造债权投资计划"近日完成登记。这是险 资机构进行不动产投资的案例之一。今年以来，险资机构继续加大不动产领域的投资力度，收租类物业 备受险资欢迎。 与此同时，近年险资进行不动产投资的形式正在发生深刻变化，从以前主要投资地产股转向多元投资， 且更注重长期投资回报。其投资方式包括设立债权投资计划、成立私募股权基金收购地产项目公司的股 权、加大以不动产项目为底层资产的公募REITs（不动产投资信托基金）的配置力度等。 以多种方式参与投资 以多种方式参与不动产投资，正在成为险资重要的资产配置方式之一。 例如，部分险资机构通过私募股权基金直接收购不动产项目公司的股权。天眼查APP最新数据显示，坤 华（天津）股权投资合伙企业（有限合伙）（以下简称"坤华天津"）对外投资项目合计已达14个，全部 为收购万达系商业地产的项目公司股权，对其中12家公司的持股比例为100%，对另外两家公司的持股 比例为99.99%。 坤华天津成立于2023年底，至今仅一年多时间，由新华人寿保险股份有限公司（以下简称"新华保险"） 持股99.9%，中金资本运营有限公司持股0.1%。由此可见，新华 ...

Core Viewpoint - The insurance industry is increasingly investing in real estate as a stable asset class to diversify portfolios and mitigate risks, with a notable rise in the number and scale of investments in 2023 [1][2][3]. Investment Scale Year-on-Year Increase - Five insurance companies have disclosed a total of 13 large real estate investments this year, with a cumulative investment amount of approximately 4.68 billion yuan, significantly higher than the 700 million yuan from the same period last year [2]. - China Construction Life Insurance has made an additional investment of about 3.37 million yuan in the Shanghai Huangpu District Dongjiadu Financial Commercial Center, bringing its total investment in the project to approximately 5.692 billion yuan [2]. Reasons for Increased Investment in Real Estate - The decline in traditional fixed-income asset yields, such as bonds, has prompted insurance funds to seek higher returns through real estate investments, which offer relatively stable income [3]. - Real estate is viewed as an alternative asset with lower liquidity and infrequent revaluation, making it attractive for long-term stable returns [3]. Diversification of Investment Forms - Insurance funds are diversifying their investment methods, including direct investments, joint ventures in private equity funds for housing rentals, and public REITs [4]. - Examples include the establishment of a housing rental equity investment partnership involving major insurance companies and real estate firms, highlighting the collaborative approach to real estate investment [4]. Advantages of Diversified Real Estate Investment - Diversified investments help insurance funds spread risks and avoid losses from fluctuations in specific real estate markets [5]. - Direct equity acquisitions in real estate project companies allow insurance funds to engage in project development and management, creating additional value opportunities [6]. - The flexibility of diversified investment strategies enables better adaptation to market changes and economic cycles [6]. Future Outlook - The trend of increasing investment in real estate by insurance funds is expected to continue, with a broader range of asset categories, including long-term rental apartments and data centers [6]. - The ongoing low-interest-rate environment is likely to sustain the attractiveness of real estate investments for insurance funds, leading to further growth in investment scale [6].