值得关注的是，前述公告中的"基金"为青岛瑞见私募股权投资基金合伙企业（有限合伙）（以下简 称"瑞见私募"）。天眼查App显示，瑞见私募背后有大家人寿保险股份有限公司身影。 盘活存量商业资产正成为各大上市房企拓宽融资的重要支点。近期，通过引入险资，将优质商业资产通 过公募REITs分拆上市等方式，房企正持续回笼资金，并向"轻资产运营"模式持续靠拢。 近期，瑞安房地产有限公司（以下简称"瑞安房地产"）以及中国海外发展有限公司（以下简称"中国海 外发展"）接连宣布盘活旗下优质商业地产。 6月25日晚间，瑞安房地产发布公告称，通过全资附属公司SODH及现有股东、基金、基金普通合伙人1 和2、岭南新天地项目公司佛山瑞安天地房地产开发有限公司（以下简称"佛山瑞安"）以及岭南站购物 中心项目公司佛山安盈房地产开发有限公司（以下简称"佛山安盈"）达成合作，转让佛山瑞安及佛山安 盈各自的100%股权，总对价约34.9亿元。 交易完成过后，基金将持有的佛山瑞安及佛山安盈100%股权，而瑞安房地产将通过间接全资附属公司 上海瑞安投资集团有限公司拥有基金57.63%的合伙权益。根据瑞安房地产的公告，该交易于扣除税项 及交易成本后，所 ...

发行公募REITs有助于房企降低对传统债务融资的依赖。 公募REITs赛道又将迎来一个新玩家。 6月26日，中海地产（00688.HK）公告称，计划将其位于广东佛山南海区的购物中心项目—中海佛山南 海映月湖环宇城，通过公募REIT形式在深交所独立上市。 公告显示，作为公募基金管理人的华夏基金将设立公募基金，并负责其日常营运。目前，预计公募基金 将募资约13.55亿元。中海地产方面将认购已发行基金份额总数的20%，其余80%基金份额由公众持有。 相关分拆和上市完成后，上述环宇城项目的100%权益由基础设施REIT持有。 赢商网数据显示，历经三年的运营，至2023年，佛山映月湖环宇城实现客流年均复合增长率20%，销售 年均复合增长率24%，出租率98%以上，营业收入年均复合增长率20%。 自2011年底将推出"环宇城"这一品牌至今，中海地产的商业地产板块已发展运营了约14年，发展出 了"环宇城""环宇荟""环宇坊"三条产品线。但此前该板块的存在感一直较弱，直至2020年时，购物中心 业务的收入还不足9亿元，在中海地产的商业总收入中占比仅2成。 此后，中海地产加大了对购物中心的发展力度。中海地产管理层在2024年业 ...

Core Viewpoint - The proposed spin-off of the infrastructure REIT is expected to benefit both the group and the REIT itself, aligning with national policies to enhance consumption and financial reforms [3]. Group and Company Summary - On June 26, China Overseas Land & Investment Limited announced the proposal for a public offering of an infrastructure securities investment fund, with application materials submitted to the China Securities Regulatory Commission and Shenzhen Stock Exchange [1]. - The infrastructure REIT will be based on assets from a shopping center located in Nanhai District, Foshan, owned by a wholly-owned subsidiary of China Overseas Land [1]. - The public fund aims to raise approximately RMB 1.355 billion, with China Overseas Land expected to subscribe to about 20% of the total issued fund shares [1]. - Following the completion of the spin-off, the project company will be 100% owned by the infrastructure REIT and will no longer be a subsidiary of the company [2]. Benefits of the Spin-off - The spin-off is strategically located in the Guangdong-Hong Kong-Macao Greater Bay Area, a key area supported by national policies, which aligns with the goal of enhancing consumption and financial system reforms [3]. - Successful issuance of the infrastructure REIT is anticipated to create a positive investment cycle, significantly improving the efficiency of infrastructure fund utilization [3]. - The issuance provides a new equity financing method, reducing reliance on traditional debt financing and enhancing the company's investment capabilities and sustainable operations [3]. - The independent listing of the public fund is expected to unlock value for shareholders and better identify the fair value of the underlying assets [4]. - The spin-off will create independent fundraising platforms for both the group and the infrastructure REIT, enhancing their ability to explore new financing channels [4].