Core Viewpoint - The article highlights the successful issuance of a significant CMBS project by Shanghai Real Estate Housing Development Co., marking a milestone in the development of affordable rental housing in Shanghai [1][2]. Group 1: Project Details - The CMBS project has an issuance scale of 3.299 billion yuan, a term of 21 years, and a coupon rate of 2.2% [1]. - This project is the largest of its kind in the country, showcasing the innovative financing model in the affordable housing sector [1]. Group 2: Company Overview - Shanghai Real Estate Housing Development Co. is a wholly-owned subsidiary of Shanghai Real Estate Group, focusing on the unified construction and operation of affordable and rental housing [1]. - The company aims to serve urban renewal, housing development, talent construction, and community support, positioning itself as a leader in the functional housing market in Shanghai [1]. Group 3: Financing Model - The CMBS project establishes a dual financing system of "equity + debt" in the housing rental sector, facilitating the transformation of housing rental from stagnant assets to liquid capital [1]. - This innovative approach provides a significant reference for the sustainable development of affordable rental housing and offers new ideas for capital market participation in the housing rental market [1]. Group 4: Strategic Importance - The successful issuance of this asset securitization product lays a solid foundation for further cooperation between the involved parties and is significant for the development of asset securitization business in the Yangtze River Delta region [2]. - It exemplifies the commitment of the company to innovate in asset securitization, aligning with domestic regulatory policies and contributing to the development of new models in this field [2].