Core Insights - The issuance of the "Western Securities - Shaanxi Construction Installation Sheng'an Plaza Shopping Center Asset-Backed Special Plan (CMBS)" has been completed, with a scale of 711 million yuan, a term of 18 years, an AAAsf rating, and a coupon rate of 3.6% [1] Group 1: CMBS Issuance Details - The CMBS is backed by Shaanxi Construction Group Co., Ltd., ranked 120th among China's top 500 enterprises, providing external credit enhancement [1] - This CMBS represents the first asset securitization product for a state-owned enterprise's commercial complex in the northwest region of China [1] Group 2: Underlying Asset Characteristics - The underlying asset is the Sheng'an Plaza Shopping Center located in the Beilin District of Xi'an, with a total construction area of 97,900 square meters [1] - The shopping center includes diverse business formats such as a shopping mall, hotel, fashion street, long-term rental apartments, and youth apartments, creating a comprehensive urban consumption circle for surrounding communities, hospitals, and schools [1] Group 3: Industry Implications - The issuance of CMBS products allows for the securitization of future cash flows from underlying assets, enhancing asset allocation efficiency and promoting a shift towards light asset operations for enterprises [1] - The funds raised from the CMBS issuance can be utilized for new construction projects or contributions to industrial funds, thereby amplifying financial leverage, expanding effective investments, and driving high-quality regional economic development [1]