【环球网财经综合报道】近日，国金资管—吾悦广场持有型不动产资产支持专项计划在上交所设立，发行规模6.16亿 元，是全国首单民营地产上市公司发行的持有型不动产ABS（又称为机构间REITs），也是全市场首单消费类机构间 REITs。 美联社此前发文称，中国REIT市场正在加速增长，市场规模达到人民币2070亿元，发行项目77个，C-REIT市值去年 增长85%。随着个人投资者参与增加、政策推动消费提振和市场多元化的趋势，C-REIT展现巨大潜力。特别是在房地 产REIT领域，零售、租赁住宅和物流行业推动了增长，稳定回报和资产多样性吸引投资者。 曾为46家C-REIT提供了咨询服务、在该领域扮演重要角色的高力国际，其大中华区资本市场负责人Francis Li表 示："中国的REIT市场表现出色，去年市值增长了大约85%，并在2024年首次进入亚洲前三REIT市场。然而，与美国 和日本等成熟市场相比，C-REIT市场只有四年的历史，显示出巨大的未来发展潜力，随着市场成熟并吸引更多投资者 和资产类别，市场正在朝着更广泛的多元化方向发展。" 高力国际还提出，投资者更倾向于成熟稳定的资产，关注反映长期可行性的关键指标。高 ...

Core Viewpoint - The establishment of the first privately issued real estate asset-backed securities (ABS) in China, with a scale of 616 million yuan, marks a significant development in the commercial real estate sector, providing new financing channels for asset holders and enhancing the market for institutional REITs [1][2]. Group 1: Market Development - The issuance of the 616 million yuan ABS by Guojin Asset Management for Wuyue Plaza is the first of its kind for privately held real estate companies in China and the first consumer-oriented institutional REIT in the market [1]. - The project expands the asset range for institutional REITs, creating new equity financing channels for existing enterprises holding consumer-related assets [1]. - The project includes a mechanism for expansion and reserves a pathway for integration with public REITs, facilitating a closed-loop business model for commercial real estate [1]. Group 2: Industry Insights - The commercial real estate sector in China has undergone a value reassessment, with stable performance indicators such as occupancy rates and rental levels in prime assets located in core urban areas [1]. - The ongoing urbanization and development of new productive forces suggest that commercial real estate has long-term appreciation potential, especially in a market environment characterized by overall declining interest rates [1]. - The Shanghai Stock Exchange emphasizes the importance of ensuring the authenticity and reliability of underlying assets, accurate information disclosure, and stable expected returns to promote a healthy and vibrant REITs market [2]. Group 3: Regulatory Framework - The Shanghai Stock Exchange is committed to balancing development and safety in promoting the institutional REITs market, focusing on genuine asset quality and market-driven valuation mechanisms [2]. - Future efforts will include improving business rules, fostering market cultivation, and encouraging high-quality commercial real estate projects to participate in pilot programs while ensuring risk prevention [2]. - The goal is to create an efficient, controllable risk, and healthy ecosystem for the REITs market, enhancing the vitality of market participants [2].