Core Insights - The report emphasizes that operational capability determines asset liquidity, highlighting the importance of operators who can maintain high occupancy rates and stable cash flows to attract capital in the securitization market [2][15] - Recent policies from central and local governments focus on guiding the housing rental market through management norms, market supply, revitalization of existing stock, tax support, and rights protection [2][4] Policy Developments - Financial support for rental housing has increased, with a reported annual growth rate of 52% in rental housing loans, contributing to over 1.6 trillion yuan in funding for key projects [4][9] - The Ministry of Housing and Urban-Rural Development (MHURD) is working on stabilizing the real estate market and constructing a new development model [4][5] - Local governments are shifting their policy focus from merely stimulating supply to a more systematic governance approach that includes institutional foundations, financial empowerment, and demand adaptation [5][10] Market Performance - The secondary market for rental housing REITs is currently experiencing a phase of adjustment, with all listed products showing declines as of October 20, 2025 [6][8] - Over the past month, all eight rental housing REITs have recorded negative growth, with declines ranging from -3.4055% to -8.3309% [8][9] Financial Instruments and Capital Flow - The housing rental sector is seeing a diversification of financial instruments, including REITs, asset-backed securities (ABS), and private debt, indicating a shift towards a more integrated financial ecosystem [9][10] - The first public offering of a rental housing REIT is underway, with various local enterprises and financial institutions actively participating in the market [10][12] Operational Insights - The operational maturity of rental housing projects is crucial, as demonstrated by the successful rental rates exceeding 90% for certain projects within two years of operation [12][13] - The collaboration between capital and operational management is essential for enhancing asset liquidity and attracting investment in the rental housing market [15]

Core Viewpoint - The successful expansion of the "Jianxin Long-term Rental ABS" marks a significant milestone in the market, establishing a pathway for the expansion of holding-type real estate ABS and enhancing the product's capacity for continuous growth [1][2]. Group 1: Expansion Details - The "Jianxin Long-term Rental ABS" completed its first expansion on September 30, with a total fundraising scale of 4.53 billion yuan, bringing the cumulative subscription amount to 27.28 billion yuan and achieving a subscription multiple of 7.8 times [1]. - The underlying assets for this expansion are two rental housing projects in Nanjing, and the initial product scale was set at 1.17 billion yuan [1]. Group 2: Mechanism Innovation - Unlike traditional ABS products, this expansion utilized a market-oriented pricing mechanism for book-building, allowing the market to determine pricing and achieving a premium issuance [2]. - The expansion attracted participation from 33 diverse investors, including banks, securities firms, insurance companies, and asset management institutions, further enriching the types of investors involved [2]. Group 3: Market Development - The holding-type real estate ABS is positioned as an equity-type listed product, playing a crucial role in building a multi-tiered REITs market and serving as an innovative tool for activating existing assets and expanding effective investments [2]. - The Shanghai Stock Exchange is committed to promoting the construction of the holding-type real estate ABS market, aiming to cultivate more investable projects and provide comprehensive support mechanisms for both investment and financing parties [3].

Core Insights - The "Jianxin Long-term Rental" ABS has successfully completed its first expansion, marking a significant step in the development of the holding-type real estate ABS market and providing a model for asset management institutions to engage in asset mergers and acquisitions [1][2] Group 1: Expansion and Market Impact - The expansion raised an additional 453 million yuan, bringing the total scale of "Jianxin Long-term Rental" to 1.623 billion yuan, with a subscription multiple of 7.8 times [1] - The underlying assets for this expansion include two rental housing projects in Nanjing, increasing the total number of projects to six across cities like Shanghai, Hangzhou, and Wuhan, thereby enhancing operational stability [3] - The secondary market for "Jianxin Long-term Rental" has seen over 1 billion yuan in cumulative transactions and 93 trades, indicating growing liquidity and interest from new investors [3][4] Group 2: Mechanisms and Innovations - The expansion utilized a market-based pricing mechanism, allowing for a more efficient issuance process and enabling the product to be issued at a premium [5][6] - The introduction of six innovative mechanisms, including continuous expansion, is crucial for the sustainable development of holding-type real estate ABS products [3][7] - The management has committed to continuously nurturing quality assets and expanding the platform to attract more social capital into the rental housing market [7] Group 3: Future Outlook - The Jianxin Housing Rental Fund aims to acquire over 30 projects by mid-2025, with an asset scale exceeding 16 billion yuan, providing nearly 30,000 long-term rental apartments for new citizens and young people [7] - The Shanghai Stock Exchange plans to continue promoting the development of the holding-type real estate ABS market, facilitating more investable projects and enhancing the connection between investment and financing [7]