Group 1 - The core viewpoint of the news is that the launch of Huaxia CapitaLand Commercial REIT marks a significant step in the internationalization of China's public REITs market and sets a new benchmark for the securitization of consumer assets [1][2] - Huaxia CapitaLand Commercial REIT, co-created by CapitaLand, Huaxia Fund, and CITIC Securities, completed its issuance from September 9 to September 10, with underlying assets being two high-quality shopping centers located in Guangzhou and Changsha [1] - The underlying assets, CapitaLand Yunshang and CapitaLand Yuhua Pavilion, have been operational for over nine years and feature a diverse range of brands, indicating strong fundamentals [1] Group 2 - The public offering of Huaxia CapitaLand Commercial REIT was highly recognized in the market, with the public offering ending early and a subscription multiple of 535.2 times for public investors and 252.6 times for offline investors, accumulating over 309.17 billion yuan in subscription funds [1] - With the addition of Huaxia CapitaLand Commercial REIT, the total number of consumer REITs in the market has reached 11, with a total fundraising scale exceeding 28.67 billion yuan, becoming an important financial tool for promoting consumption growth and supporting high-quality development of the real economy [2] - The successful issuance and listing of Huaxia CapitaLand Commercial REIT not only enrich the product types in the REITs market but also provide a model for foreign institutions to participate in China's public REITs market, offering significant reference value for future expansions and new product issuances in consumer REITs [2]

Group 1 - The first foreign-funded consumer REIT, Huaxia CapitaLand Commercial REIT, will be officially launched for sale from September 9 to September 10, 2025, with a total fundraising target of 2.2872 billion yuan [1] - The underlying assets of the REIT are two shopping centers located in Guangzhou and Changsha, which have been operating for over nine years and have a solid business foundation [1][2] - The offline inquiry phase received a total of 2,842,563,000 shares in subscription requests, which is 254.50 times the initial offline issuance amount, indicating strong recognition of the investment value by professional investors [1] Group 2 - The REIT is backed by a strong management team, with CapitaLand being the largest REIT manager in the Asia-Pacific region and having extensive experience in consumer asset management [2] - As of June 30, 2025, CapitaLand manages over 40 high-quality retail properties across 18 cities in China, with an asset scale exceeding 80 billion yuan [2] - The consumer REITs are gaining attention in the capital market due to their strong anti-cyclical capabilities and stable dividend characteristics, becoming an important tool for asset allocation among residents [3] Group 3 - The successful issuance of Huaxia CapitaLand Commercial REIT not only provides investors with a new quality investment target but also serves as a replicable and scalable example of commercial asset securitization in China's public REITs market [3] - The introduction of international standards in commercial operations and REIT management systems is expected to inject professional concepts and long-term capital into China's consumer market [3]

有分析人士表示，华夏凯德商业REIT备受市场关注，除了其作为首单外资消费REITs的特殊性，更离不 开优质底层资产和专业管理团队的赋能。此外，凯德投资旗下丰富优质的资产储备也为华夏凯德商业 REIT未来扩募构建了良好基石。截至2025年6月30日，凯德投资在中国18个城市管理着40多个优质零售 物业，资产规模超800亿元。 据悉，华夏凯德商业REIT首发底层资产为两个购物中心，凯德广场.云尚和凯德广场.雨花亭，分别位于 广州和长沙，形成一线与强二线城市资产组合，分散风险且优势互补。与此同时，两个资产均运营超九 年，业态品牌丰富。在网下询价阶段，华夏凯德商业REIT共收到144家网下投资者管理的938个配售对 象的询价报价信息，拟认购数量总和为2842563万份，为初始网下发售份额的254.50倍。 华夏基金近日发布公告，首单外资消费REITs——华夏凯德商业REIT将于2025年9月9日至9月10日正式 发售，发售价格为5.718元/份，拟募资总额为22.872亿元。其中，面向公众发售4786.8万份。公众投资 者可按发售价格，通过场内证券经营机构或基金管理人及其委托的场外基金代销机构进行认购，认购金 额10 ...

Core Insights - The approval of "Huaxia Kaide Commercial REIT" marks a significant step in China's capital market opening, allowing foreign investment in infrastructure [2][9] - This is the first public REIT in China initiated by a foreign asset management institution, focusing on shopping centers as underlying assets [2][5] Group 1: Fund Details - The fund has been approved for a total of 400 million shares with a contract duration of 27 years [3] - The primary assets included are "Kaide Plaza Yunshang" in Guangzhou and "Kaide Plaza Yuhua Ting" in Changsha, with a total building area of 168,405 square meters and an overall occupancy rate of approximately 96% as of March 31 [3][4] Group 2: Asset Characteristics - The Guangzhou asset is strategically located near the subway and a children's park, making it unique in the city [4] - The Changsha asset is situated in a mature community area with easy access to multiple subway lines, enhancing its attractiveness [4] Group 3: Market Impact - The high occupancy rate of 96% indicates stable rental income, providing a strong revenue base for the fund [5] - The entry of Kaide Investment, a well-established commercial operator with extensive experience, is expected to enhance operational efficiency and asset appeal [5][7] Group 4: Future Prospects - The approval of this REIT is seen as a benchmark for future foreign participation in China's REIT market, potentially leading to more diverse investment options [9] - Kaide Investment's established presence in China and its previous experience in the REIT market in Singapore position it well for future growth [7][8]

Core Viewpoint - The public REITs market in China has achieved a significant milestone with the approval of the first foreign-funded consumer REIT, Huaxia CapitaLand Commercial REIT [1] Group 1: REIT Approval and Structure - Huaxia CapitaLand Commercial REIT was officially approved on August 27, allowing for a total fundraising of 400 million shares [1] - The primary original rights holder and operational management institution is CapitaLand Investment, with Huaxia Fund as the manager [1] Group 2: Asset Details - The REIT includes two initial assets: CapitaLand Plaza Yunshang in Guangzhou and CapitaLand Plaza Yuhua Pavilion in Changsha, with a total construction area of 168,405 square meters [1] - As of March 31, 2025, the overall occupancy rate is approximately 96% [1] Group 3: Strategic Investors and Management - Strategic investors CapitaLand Investment, CapitaLand China Trust, and CapitaLand Development will collectively hold at least 20% of Huaxia CapitaLand Commercial REIT [1] - CapitaLand Investment will continue to manage the operations of the two properties post-listing [1] Group 4: Asset Management and Future Growth - CapitaLand Investment manages over 40 high-quality retail properties across 18 cities in China, with an asset scale exceeding 80 billion [1] - The diverse asset categories include shopping centers, office buildings, hospitality, and logistics parks, providing a rich asset reserve for future expansion of Huaxia CapitaLand Commercial REIT [1] - As an investment management branch of CapitaLand Group, CapitaLand Investment can leverage the group's development capabilities and asset reserves for broader future growth opportunities [1]