Core Viewpoint - The successful listing of the Huaxia CapitaLand Commercial REIT on the Shanghai Stock Exchange marks a significant milestone in the internationalization and diversification of China's public REITs market, coinciding with the 35th anniversary of diplomatic relations between China and Singapore [1][2]. Group 1: Fund Overview - The Huaxia CapitaLand Commercial REIT is initiated by CapitaLand, a leading global real estate asset management company, and is managed by a professional team, ensuring high asset quality and operational efficiency [2]. - The fund aims to raise 2.2872 billion yuan, with total subscriptions exceeding 309.17 billion yuan, resulting in an oversubscription rate of 535.2 times for public investors and 252.6 times for institutional investors [2]. Group 2: Leadership Insights - CapitaLand's CEO emphasized the integration of international REITs management experience with the Chinese market, providing domestic investors with new avenues for quality asset allocation in a low-interest-rate environment [3]. - The CEO of CITIC Securities highlighted the collaborative efforts in managing the REIT, marking a milestone in the long-term partnership with CapitaLand and contributing to the opening of China's capital market [3]. Group 3: Future Outlook - The Huaxia CapitaLand Commercial REIT is expected to become a benchmark product with stable returns and growth potential, aiming to deliver sustainable and competitive returns to investors through long-term and steady operations [3].

Core Viewpoint - The successful listing of the first foreign consumer REIT, Huaxia CapitaLand Commercial REIT, marks a significant milestone for CapitaLand Investment in China, coinciding with the 35th anniversary of diplomatic relations between China and Singapore [1][2] Group 1: Fund Details - Huaxia CapitaLand Commercial REIT was launched with a fundraising target of 2.2872 billion RMB, and the total subscription amount exceeded 309.17 billion RMB during the offering phase [1] - The effective subscription multiples for public and offline investors reached 535.2 times and 252.6 times, respectively [1] Group 2: Management and Operations - CapitaLand Investment serves as the initiator and operational management entity for the REIT, with CITIC Securities as the special plan manager and Huaxia Fund as the fund manager [1] - The underlying assets of the fund include CapitaLand Plaza Yunshang and CapitaLand Plaza Yuhua Pavilion [1] Group 3: Market Potential and Strategy - CapitaLand Investment views the consumer REITs sector in China as having significant market space and development potential [1] - The company manages over 40 shopping centers across 18 cities in China, with total asset value exceeding 80 billion RMB, indicating a strong pipeline for future quality asset injections into the REIT [1] - The issuance of public REITs is expected to enhance CapitaLand Investment's asset liquidity, optimize capital structure, and support new project investments, creating a virtuous cycle of fundraising, investment, management, and exit [2]

Core Insights - The successful listing of Huaxia CapitaLand Commercial REIT on the Shanghai Stock Exchange marks a significant milestone in the internationalization and diversification of China's public REITs market, coinciding with the 35th anniversary of diplomatic relations between China and Singapore [1][2] Group 1: Fund Overview - Huaxia CapitaLand Commercial REIT is the first foreign-funded consumer REIT initiated by CapitaLand Investment, a leading global real estate asset management company [1] - The fund's underlying assets include CapitaLand Plaza Yunshang and CapitaLand Plaza Yuhua Pavilion, which are characterized by high asset quality and an efficient operational team, ensuring stable operations and continuous performance growth [1] Group 2: Fundraising Success - During the fundraising phase, Huaxia CapitaLand Commercial REIT garnered significant attention, with a target fundraising scale of 2.2872 billion yuan and total subscription funds exceeding 309.17 billion yuan, resulting in effective subscription multiples of 535.2 times for public investors and 252.6 times for offline investors [2] Group 3: Leadership Statements - CapitaLand Investment's CEO emphasized the integration of international REITs management experience with the Chinese market, providing domestic investors with a new channel for quality asset allocation in a low-interest-rate environment [2] - Citic Securities' Executive Director highlighted the collaboration with CapitaLand as a milestone in their long-term partnership and a significant practice in the opening of China's capital market and deepening financial cooperation between China and Singapore [2] Group 4: Future Outlook - With the collaborative efforts of regulatory bodies, original rights holders, operational management, fund managers, and investors, Huaxia CapitaLand Commercial REIT is expected to become a benchmark product with stable returns and growth potential, aiming to create sustainable and competitive returns for investors [2]

Core Viewpoint - The successful listing of the first foreign-funded consumer REIT, Huaxia CapitaLand Commercial REIT, on the Shanghai Stock Exchange marks a significant milestone in the internationalization and diversification of China's public REITs market [1][3]. Group 1: Fund Overview - Huaxia CapitaLand Commercial REIT aims to raise a total of 2.2872 billion yuan, with subscription funds exceeding 309.17 billion yuan during the fundraising phase, resulting in an effective subscription multiple of 535.2 times for public investors and 252.6 times for offline investors [3]. - The underlying assets of the fund include CapitaLand Plaza Yunshang and CapitaLand Plaza Yuhua Pavilion, which are characterized by high asset quality and efficient operational management [1]. Group 2: Market Implications - The launch of Huaxia CapitaLand Commercial REIT reflects CapitaLand's optimistic outlook on the future development opportunities within China's public REITs market, which is expanding in scale and diversifying in product types, particularly in the consumer REITs sector [3]. - CapitaLand manages over 40 shopping centers across 18 cities in China, with total asset value exceeding 80 billion yuan, indicating a robust presence in the market [3]. Group 3: Strategic Significance - The issuance of public REITs is expected to enhance CapitaLand's asset liquidity and optimize its capital structure, facilitating a virtuous cycle of fundraising, investment, management, and exit [3]. - The CEO of CapitaLand (China) emphasized that the REIT not only provides domestic investors with a new channel for quality asset allocation in a low-interest-rate environment but also offers global asset management institutions an opportunity to engage in China's public REITs market [4].

Core Viewpoint - The launch of the first foreign-funded consumption REIT, Huaxia CapitaLand Commercial REIT, marks a significant step towards the internationalization and diversification of China's public REITs market, reflecting deepening cooperation between China and Singapore in cross-border investment [1][5]. Group 1: Market Expansion and Internationalization - Huaxia CapitaLand Commercial REIT is the first consumption REIT initiated by an international real estate asset management company in China, symbolizing a milestone in the internationalization of the Chinese REITs market [1][5]. - The listing of Huaxia CapitaLand Commercial REIT demonstrates innovative attempts in cross-border investment between China and Singapore, enhancing the connectivity of capital markets [3][4]. - The successful issuance of this REIT is expected to attract more international capital into China's consumption market, creating a new paradigm for global capital participation [5][6]. Group 2: Asset Management and Operational Strategy - CapitaLand Investment, as the strategic investor and asset management entity, holds a 20% stake in the REIT and aims to leverage its extensive experience in the Singapore REITs market to strengthen the domestic REITs ecosystem [1][3]. - The REIT includes two underlying assets, 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 [7][10]. - The REIT's operational strategy focuses on localizing the entire "fundraising, investment, management, and exit" chain, transitioning domestic REITs from mere financing tools to comprehensive asset management platforms [6][11]. Group 3: Market Performance and Future Outlook - The consumption REITs sector has shown robust performance, achieving a comprehensive return rate of 35% in the first half of the year, driven by supportive policies and regulatory facilitation [6][11]. - The issuance of Huaxia CapitaLand Commercial REIT attracted significant investor interest, with subscription funds reaching 3,091.7 billion yuan, 135.2 times the intended fundraising scale [10]. - The ongoing trends of consumption upgrade and capital market reform are expected to position consumption REITs as key instruments for revitalizing existing assets, promoting upgrades, and serving domestic demand [11].

Group 1 - The first foreign-funded consumer REIT, Huaxia CapitaLand Commercial REIT, was launched on the Shanghai Stock Exchange with a fundraising target of 2.2872 billion yuan and received over 309.17 billion yuan in subscriptions, achieving a subscription multiple of 535.2 times for public investors and 252.6 times for institutional investors [1] - The fund is managed by CapitaLand, the largest REIT manager in the Asia-Pacific region, with underlying assets including CapitaLand Yunshang and CapitaLand Yuhua Pavilion [1] - CapitaLand's CEO emphasized 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 [1][2] Group 2 - The issuance of public REITs is seen as beneficial for CapitaLand to revitalize existing assets and optimize capital structure, supporting new project investments and creating a positive cycle of fundraising, investment, management, and exit [2] - The Chinese public REIT market is expanding, with increasing market size and product diversity, particularly in the consumer REIT sector, which presents significant growth potential [1]

Core Insights - The successful listing of Huaxia CapitaLand Commercial REIT on the Shanghai Stock Exchange marks a significant milestone in the internationalization and diversification of China's public REITs market, coinciding with the 35th anniversary of diplomatic relations between China and Singapore [1][16] Group 1: Fund Overview - Huaxia CapitaLand Commercial REIT is initiated by CapitaLand, a leading global real estate asset management company, and managed by CITIC Securities and Huaxia Fund, with underlying assets of CapitaLand Plaza Yunshang and CapitaLand Plaza Yuhua Pavilion [5][12] - The fund aims to raise 2.2872 billion yuan, with total subscriptions exceeding 309.17 billion yuan, resulting in an oversubscription rate of 535.2 times for public investors and 252.6 times for institutional investors [5][10] Group 2: Market Potential and Strategy - CapitaLand's CEO emphasized the integration of international REITs management experience with the Chinese market, providing domestic investors with new avenues for quality asset allocation in a low-interest-rate environment [8][16] - The launch of Huaxia CapitaLand Commercial REIT reflects CapitaLand's confidence in the future development opportunities of China's public REITs market, particularly in the consumer REITs sector, which has significant growth potential [10][12] Group 3: Long-term Development and Ecosystem - CapitaLand manages over 40 shopping centers across 18 cities in China, with total asset value exceeding 80 billion yuan, which is expected to continuously inject quality assets into Huaxia CapitaLand Commercial REIT [10][13] - The successful issuance of public REITs allows CapitaLand to revitalize existing assets and optimize capital structure, creating a virtuous cycle of fundraising, investment, management, and exit [13][16]

Core Insights - The launch of the first foreign-funded consumption REIT in China, Huaxia CapitaLand Commercial REIT, has garnered significant market interest, with subscription funds exceeding 309.1 billion yuan, reflecting a subscription multiple of 135.2 times the target amount [1][9] Group 1: Fund Details - The fund aims to raise 2.2872 billion yuan, with a public offering of 47.868 million units priced at 5.718 yuan per unit, requiring a minimum investment of 1,000 yuan [1] - The subscription results indicate a remarkable demand, with public investors' effective subscription multiple exceeding 535.2 times and institutional investors' exceeding 252.6 times [1] Group 2: Underlying Assets - The core assets of the REIT include two shopping centers, CapitaLand Yunshang and CapitaLand Yuhua Pavilion, both of which have been operational for over nine years and feature a diverse brand matrix [3] - CapitaLand Yunshang is strategically located in the CBD of Baiyun New City, surrounded by established residential communities and high-end office buildings, enhancing its accessibility and customer base [3][4] Group 3: Market Significance - The successful issuance of the REIT marks a significant step in connecting Baiyun District's commercial real estate with international capital markets, establishing a "core bridge" for future developments [4] - The REIT's launch is seen as a recognition of the operational strength of CapitaLand Yunshang and highlights the asset's quality, operational data, and growth potential, which were key focus areas for regulators and investors [4] Group 4: Regional Development - Baiyun District has seen substantial commercial growth, with 60 large commercial complexes and over 50 duty-free shops, positioning it as a leader in Guangzhou [6] - The district's development strategy, aligned with the "14th Five-Year Plan," leverages opportunities from the Guangdong-Hong Kong-Macao Greater Bay Area and the construction of Guangzhou as an international consumption center [6][7] Group 5: Future Outlook - The REIT is expected to solidify CapitaLand Yunshang's position as a benchmark in the Baiyun New City commercial landscape, contributing to a high-end consumption structure in the region [10] - The introduction of international operational and management systems through the REIT is anticipated to inject mature concepts and long-term capital into the consumer market, setting a replicable example for commercial asset securitization [9][10]

Core Viewpoint - The first foreign-funded consumption REIT, Huaxia CapitaLand Commercial REIT, will be officially launched for sale from September 9 to September 10, with a total fundraising target of 2.2872 billion yuan [1] Group 1: Offering Details - The offering price is set at 5.718 yuan per share, with 47.868 million shares available for public investors, starting from a minimum subscription amount of 1,000 yuan [1] - The REIT's underlying assets consist of two shopping centers, CapitaLand Yunshang and CapitaLand Yuhuatian, located in Guangzhou and Changsha, respectively, creating a portfolio of assets in first-tier and strong second-tier cities [1] Group 2: Market Response - During the offline inquiry phase, Huaxia CapitaLand Commercial REIT received inquiries from 144 offline investors managing 938 allocation objects, with a total proposed subscription amount of 2,842,563 million shares, which is 254.50 times the initial offline offering of 11,169.2 million shares [1] Group 3: Asset Management - As of June 30, 2025, CapitaLand Investment manages over 40 high-quality retail properties across 18 cities in China, with an asset scale exceeding 80 billion yuan [1]

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]