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]

Group 1 - The first foreign consumer REIT, Huaxia CapitaLand Commercial REIT, will be officially launched for sale from September 9 to September 10, 2025, with a price of 5.718 yuan per share and a total fundraising target of 2.2872 billion yuan [1] - The public offering will consist of 47.868 million shares, with a minimum subscription amount of 1,000 yuan, including subscription fees [1] - The underlying assets for the initial offering are two shopping centers located in Guangzhou and Changsha, which have been operational for over nine years and feature a diverse range of brands [1] Group 2 - The market is paying significant attention to Huaxia CapitaLand Commercial REIT due to its status as the first foreign consumer REIT, along with its high-quality underlying assets and professional management team [2] - CapitaLand Investment manages over 40 high-quality retail properties across 18 cities in China, with an asset scale exceeding 80 billion yuan as of June 30, 2025, providing a solid foundation for future fundraising [2] - During the offline inquiry phase, Huaxia CapitaLand Commercial REIT received inquiries from 144 offline investors, with a total proposed subscription amount of 2,842,563 million shares, which is 254.50 times the initial offline offering amount [1][2]

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]