中新网上海11月18日电 (高志苗)记者18日从上海证券交易所获悉，"太保资产-世纪互联数据中心持有型 不动产绿色资产支持专项计划"近日在上交所设立，发行规模8.6亿元，是互联网数据中心(IDC)新型基 础设施多层次REITs市场领域创新实践的又一突破。 据介绍，该项目是全国数据中心行业首单绿色持有型不动产ABS、全国第二单数据中心持有型不动产 ABS产品，也是做好金融"五篇大文章"、提升金融服务实体经济质效的典型实践案例，为构建现代化基 础设施体系提供了可复制、可推广的实践路径。 上交所相关负责人表示，后续，上交所将在证监会指导下，继续大力推动持有型不动产ABS市场建设， 围绕持有型不动产ABS市场组织和生态建设，进一步有效推动项目落地，完善相关机制及配套规则，全 面推动持有型不动产ABS市场高质量发展。(完) IDC业务的现金流较为稳定且具有可预测性，以收取用户合同期内的托管及增值服务费为主，符合ABS 基础资产的重要特征。数据中心资产兼具稳定性和成长性，也是理想的公募REITs投资标的。持有型不 动产ABS作为定位于Pre-REITs到公募REITs的中间产品，基于融资人、投资人的需求设置更灵活的制 度 ...

Summary of ABS Market Analysis Industry Overview - The Chinese ABS market is divided into interbank and exchange markets, with credit ABS previously dominant, now followed by the rise of exchange ABS and ABN. [1][7] - Currently, enterprise products dominate the market, influenced by macroeconomic factors and real estate, leading to an overall decline in scale. However, consumer finance products are performing strongly, with an annual issuance of approximately 2 trillion RMB and a total stock of about 3.5 trillion RMB. [1][7] Key Insights and Arguments - **Growth Areas**: - General consumer finance ABS is expected to become a growth segment, benefiting from policies aimed at expanding domestic demand and promoting consumption. [1][10] - Accounts receivable/supply chain finance ABS are expanding into emerging fields such as new energy, data, and overseas supply chain notes. [1][10] - Leasing ABS activity is increasing with new entities emerging, while city investment assets are decreasing in supply. [1][10] - Non-performing ABS is growing rapidly, primarily driven by banks' off-balance-sheet needs, and is expected to continue increasing in the short to medium term. [1][10] - **Market Dynamics**: - The ABS market is transitioning from a phase of rapid growth to one of high-quality development, with limited growth in CNBS but active participation from city investment entities. [2][7] - The liquidity of ABS has improved, attributed to the stability of products and the expansion of trading investors, although monthly turnover rates remain lower than traditional bonds. [12][13] - **Investment Opportunities**: - Current investment opportunities in the ABS market include basis spreads in general consumer finance, term spreads in leasing and fee income rights, seasonal premiums, new issuance premiums, and discounts from bundled sales rules. [19][21] Important but Overlooked Content - **Risk and Return Characteristics**: - Different types of ABS products have unique risk-return profiles, and investors should assess them based on specific circumstances. [21][22] - Retail ABS performance shows a divergence, with lower default rates in mortgage and auto loans compared to higher rates in consumer loans and microloans, yet small diversified assets remain stable. [15][22] - **Challenges**: - The ABS market faces challenges such as valuation pricing difficulties and trading complexities. Investors need to conduct in-depth research on cash flow models and underlying asset performance. [21][22] - **Investor Preferences**: - The main investors in ABS include banks, public funds, bank wealth management, and insurance companies, each with different preferences based on their investment strategies and risk appetites. [24][22] This summary encapsulates the key points from the ABS market analysis, highlighting the current state, growth opportunities, and challenges within the industry.

Core Viewpoint - The housing rental industry in China is undergoing a structural transformation, marked by the implementation of the Housing Rental Regulations, which signifies a shift towards a more regulated and law-based market [2][3]. Group 1: Regulatory Changes - The Housing Rental Regulations, as the first administrative law in the housing rental sector, aim to address the shortcomings in rental housing and enhance the rental-purchase system [2]. - The regulations are expected to increase the supply of rental housing through multiple channels, leading to a more standardized rental market and greater acceptance of renting as a viable housing option [2][3]. Group 2: Industry Development - Experts believe that the implementation of the regulations will help the housing rental industry evolve into an independent sector, integrating it into urban governance, housing security, and long-term industrial restructuring [2]. - The housing rental industry is transitioning from a "blurred boundary" to a clearly defined industry, with increasing contributions to economic activities and improved public perception [3]. Group 3: Financial Innovations - The introduction of financial products such as the first domestic affordable rental housing REITs and the first holding-type real estate ABS has made rental housing a recognized long-term investment in the capital market, enhancing the industry's attractiveness to investors [4]. - The transformation of the housing rental industry is also linked to improvements in service quality, with a shift from scale expansion to quality operations becoming essential for competitive advantage [4].

Core Viewpoint - The implementation of the "Housing Rental Regulations" marks a significant shift in the housing rental industry, transitioning from informal growth to a more regulated and industrialized approach, creating new opportunities and challenges for the sector [1][2][3]. Group 1: Policy Impact - The "Housing Rental Regulations" is the first systematic administrative regulation in China's housing rental sector, addressing the previous lack of national-level regulations and aiming to enhance the rental housing supply [2]. - The regulations are expected to increase the market space for rental housing by promoting a more standardized and improved rental market, encouraging more individuals to choose renting as a viable housing option [2][3]. - The regulations signify a transition of the rental housing industry from a temporary support tool to an independent industry entity, integrating it into long-term urban governance and housing security agendas [2][3]. Group 2: Market Dynamics - The housing rental industry is moving from a "blurred boundary" to a clearly defined industry, with increasing contributions to economic activities and improved public recognition [3]. - The diversification of rental products and the shift from temporary to long-term housing needs are enhancing public trust and recognition of the rental market, leading to greater transparency and standardization [3]. - The introduction of financial instruments like REITs for affordable rental housing is making rental properties more attractive to capital markets, thus providing essential funding for the industry's growth [4]. Group 3: Service and Operational Efficiency - The definition of "good housing" is evolving to include standards such as "green, low-carbon, intelligent, and safe," with ESG compliance becoming a focal point for investors [5]. - The rental housing industry is shifting from scale expansion to quality operation, emphasizing service quality as a core competitive advantage [5]. - Innovative service models, such as personalized public space designs based on tenant characteristics, are enhancing market appeal and customer loyalty [5]. Group 4: Future Outlook - The housing rental industry is entering a new phase of institutionalization, with policy and financial support expected to inject vitality into the sector [6]. - Continuous integration of innovative services and technology will drive the upgrade of rental housing products, contributing to urbanization and improved living standards [6].

Core Insights - The seventh International Forum on Housing Rental Industry focused on the financialization process of the housing rental sector, discussing policy implementation, asset market entry, and capital activity, while forecasting the market's development direction [1] Group 1: Policy and Market Dynamics - The implementation of the Housing Rental Regulations on September 15 has provided a clearer regulatory framework, enhancing market confidence and stabilizing expectations for capital entry and asset expansion [1][2] - Local governments are initiating stock housing storage plans to convert them into affordable rental housing, accelerating project market entry and creating a more balanced distribution of rental housing assets [2] Group 2: Capital Market Activity - The public REITs market is transitioning into a phase of "initial issuance + expansion," indicating that REITs are evolving from one-time financing tools to sustainable, dynamically managed asset platforms [2][3] - Different types of investors are emerging in the REITs market, with long-term institutional funds focusing on stable dividends and sustainable returns, while trading-oriented institutions prioritize liquidity and price discovery [3] Group 3: Operational Efficiency - High occupancy rates (over 96%) and collection rates (over 98%) are critical for the stable operation of rental housing REITs, with companies achieving cost reductions of approximately 2% to 3% through refined management practices [4] - The average non-rental income for some projects has increased to around 5%, contributing to the overall financial health of the rental housing sector [4][5]

Core Viewpoint - The conference on "Asset-Backed Securities (ABS) for Holding Real Estate" highlighted the steady expansion and growing market value of the holding real estate ABS market, emphasizing its importance in the multi-tiered REITs market development [1][2][3] Group 1: Market Overview - The holding real estate ABS market is experiencing steady growth, with an expanding range of asset classes and increasing development potential [1] - The Shanghai Stock Exchange (SSE) aims to enhance the market by providing comprehensive professional services to support asset revitalization for enterprises [1] Group 2: Innovation and Development - The Shenzhen Stock Exchange (SZSE) plans to advance holding real estate ABS business under the existing ABS product structure and legal framework, collaborating with market institutions to promote innovative projects [2] - The market for holding real estate ABS is in a rapid development phase, serving as a bridge between Pre-REITs and public REITs, with diverse application directions expected in the future [2] Group 3: Investment Perspectives - In a declining interest rate environment, alternative investments like holding real estate ABS are seen as crucial solutions for investment strategies, with expectations for significant new allocation demand in the industry [2] Group 4: Valuation and Market Support - The China Securities Index Company provides valuation services for all issued products, aiming to establish pricing benchmarks that align with real estate characteristics and product design [3] - The successful conference served as a platform for industry participants to share insights and experiences, fostering exploration of innovative paths and development directions for the holding real estate ABS market [3]

Core Viewpoint - The financial vitality of the rental housing industry is a result of the implementation of policies, asset market entry, and capital efficiency improvements, leading to enhanced "investability" and "stable dividend capacity" of rental housing assets [1] Group 1: Policy Impact - The implementation of the "Housing Rental Regulations" in September has transformed the rental housing sector from a temporary tool to an independent industry, integrating it into long-term urban governance and housing security agendas [1] - The regulations have led to more focused policy analysis, differentiated resource allocation, financial support mechanisms, and systematic industry guidance, clarifying the sector's importance within the real estate industry [1] Group 2: Market Dynamics - The rental housing market is expected to grow as policies like "equal rights for renting and purchasing" encourage more individuals to choose renting, thus expanding the market space [1] - The economic status of rental housing is strengthening, with improved statistical measures providing precise data support for healthy market operations [2] Group 3: Financial Innovations - The introduction of financial products like the first domestic guaranteed rental housing REITs and holding-type real estate ABS has made rental housing a recognized long-term investment target in the capital market, significantly enhancing the industry's "investability" [2][3] - The new regulations clarify issues related to corporate fund supervision, responsibilities, and tenant rights, stabilizing market expectations and facilitating the conversion of existing properties into guaranteed rental housing [2]

Core Insights - The housing rental market is becoming a long-term choice as home buying decreases, making the stability of the rental market crucial for millions of people [1] - The implementation of the Housing Rental Regulations marks a significant step in establishing a systematic legal framework for the rental market, promoting a healthier development of the sector [1] - The rental market is transitioning from a temporary tool to an independent industry, gaining importance in urban governance and housing security [1] Market Dynamics - The rental housing market is experiencing a shift from "temporary short-term choices" to "stable long-term choices," with the proportion of family-type tenants increasing from less than 10% in 2018 to 25% by 2025 [2] - The average rental period is expected to extend from 9.8 months in 2022 to 11.2 months by 2025, indicating a growing demand for rental housing [2] - New generations are driving market diversification and innovation, seeking better value, a sense of belonging, and enhanced living experiences [2] Service Quality and Brand Development - Service quality is becoming a core competitive factor in the rental housing industry, with companies needing to focus on refined operations and innovative services to enhance brand value [5] - The differentiation of public spaces based on tenant characteristics is a strategy being adopted by some long-term rental brands, enhancing tenant experience and loyalty [5][6] Financial Innovations and Market Recognition - The introduction of financial products like REITs and ABS for rental housing is making the sector more attractive to capital markets, enhancing its investment potential [4] - The first domestic REITs for affordable rental housing completed expansion in June, indicating a growing recognition of rental housing as a viable asset class [4] - The rental market is transitioning towards a model that emphasizes sustainability and stable returns, supported by policy backing and asset market entry [6]

Group 1 - The net financing amount of urban investment bonds has been negative for seven consecutive months, with a financing gap of 32.64 billion yuan in September [1] - In September, the issuance of urban investment bonds was 482.36 billion yuan, a decrease of 2.76% month-on-month, with a total issuance of 4,091.83 billion yuan and total repayment of 4,277.05 billion yuan for the year [1] - The overall financing pace in the urban investment bond market remains tight, with an increase in registrations, a slowdown in approvals, and a rise in terminations [1] Group 2 - After the National Day holiday, both the stock and bond markets experienced a positive start, with government bond futures rising and major interest rates on bonds declining [2] - The investment environment in the bond market has become more challenging compared to last year, influenced by various factors including the resumption of VAT on bond investments and new regulations on public funds [2] Group 3 - The People's Bank of China conducted a reverse repurchase operation of 612 billion yuan at a fixed rate of 1.4%, resulting in a net withdrawal of 145.13 billion yuan on October 9 [6] - A one-stop account opening platform for foreign institutions in the interbank bond market has been launched, aimed at facilitating foreign investment [6] Group 4 - In the first nine months of the year, Inner Mongolia's technology innovation bonds reached a cumulative issuance of 11.5 billion yuan, supporting technology enterprises with core technologies [9] - Yunnan province has issued guidelines to encourage state-owned enterprises to acquire and revitalize historical risk real estate projects, while ensuring no new hidden government debt [9] Group 5 - The issuance of company bonds by Zhengzhou Road and Bridge Group is set at 500 million yuan, with a credit rating of AA [11] - The first expansion of a holding-type real estate ABS has been completed, raising an additional 453 million yuan, bringing the total scale to 1.623 billion yuan [13] Group 6 - The market sentiment regarding the bond market is cautiously optimistic, with expectations of a potential rebound in October, although institutions advise against chasing prices [20][21] - The bond market environment is improving, with better asset pricing and a focus on defensive strategies, particularly in the short to medium-term credit space [20]

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]