Core Viewpoint - Lin Yuan Investment, a prominent player in the stock market, has entered the public REITs market by participating in the issuance of the CICC Vipshop Outlet REIT, marking its first offline subscription for a REIT project [1][3]. Group 1: Investment Participation - Lin Yuan Investment participated with nearly 80 million yuan in the subscription for the CICC Vipshop Outlet REIT, with a total of 22.9 million shares planned for subscription at a price of 3.481 yuan per share [2][3]. - The total fund share approved by the China Securities Regulatory Commission for the CICC Vipshop Outlet REIT is 1 billion shares, with 700 million shares allocated for strategic placement, 210 million shares for offline placement, and 90 million shares for public offering [3]. Group 2: Fund Details - The REIT is initiated by Vipshop Holdings Limited, with the original rights holder and operational management by Shanshan Commercial Group, and it aims to invest in the Shijie Outlet project in Ningbo, Zhejiang Province, which has been operational for over 13 years [3][4]. - A total of 11 private funds under Lin Yuan Investment participated in the offline subscription, with the largest subscription coming from Lin Yuan Investment No. 97 fund, which planned to subscribe for 570,000 shares [4]. Group 3: Market Trends - The public REITs market is experiencing rapid development, with institutional investors now accounting for 96% of the market, led by bank proprietary trading and insurance funds [6]. - Starting from the fourth quarter of 2024, trust funds, private equity funds, and small investment institutions are expected to accelerate their entry into the market, introducing new variables [6][7]. - The increasing participation of state-owned capital operation platforms in strategic placements is seen as a new force, aiding in the cross-regional and cross-industry integration of state-owned and central enterprises' assets [7].