Public REITs

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中国私募房地产投资信托基金(REITs)的崛起-APAC Focus_ the rise of private REITs in China
2025-08-18 02:52
ab 14 August 2025 Global Research Private REITs provide a new channel to recycle capital, although this depends on the assets available to be spun off (remaining years of land use rights and developers' willingness). Potential beneficiaries are CR Land (our Top Pick, transitioning to an asset manager), Seazen (upgrade to Buy), Hang Lung Properties (unlocking value), Swire Properties (a track record of capital recycling), CapitaLand Investment (transitioning to an asset-light model) and GDS (capital recyclin ...
增超183%
Zhong Guo Ji Jin Bao· 2025-07-01 13:11
Core Insights - The total issuance scale of new funds in the first half of 2025 reached 540.85 billion yuan, a nearly 20% decline compared to the same period last year, despite an increase in the number of new funds established [2][3] - Stock funds saw a significant increase, with issuance reaching 188.06 billion yuan, representing a growth of over 183% year-on-year, marking a historical high in both issuance quantity and share [3][4] - Bond funds remained the mainstay of new fund issuance but experienced a substantial decline, with 126 new bond funds established, raising 247.85 billion yuan, a decrease of nearly 54% compared to last year [2][4] Fund Issuance Overview - A total of 672 new funds were established by the end of June, with a combined issuance of 5,303.47 million units, raising a total of 540.85 billion yuan [2] - The share of bond funds in the total issuance fell below 50% for the first time since 2022, accounting for 46.73% of the total new fund issuance [2][3] - Mixed funds also saw growth, with 111 new mixed funds established, raising 52.35 billion yuan, achieving a share of 9.87% [3] Market Highlights - The first half of 2025 saw a notable performance in the FOF (Fund of Funds) category, with 30 new FOF funds established, raising 32.75 billion yuan, marking a significant recovery in this segment [4] - Bond index funds emerged as a highlight, with 27 new bond index funds established, accounting for over 20% of the total new bond funds [4] - The REITs market also showed strong performance, with 10 new public REITs issued, raising a total of 15.3 billion yuan, all of which were sold out on the first day [5]
533.39亿元!前五个月青岛沪深交易所债券融资再创新高
Sou Hu Cai Jing· 2025-06-20 10:20
Group 1 - In the first five months of this year, various market entities in Qingdao issued bonds totaling 53.339 billion yuan, representing a year-on-year increase of 10% [1] - The newly issued corporate bonds have an average weighted interest rate of 2.66%, which is a decrease of 32 basis points compared to 2024 and 84 basis points lower than the 5-year LPR rate [1] - The bond market has played a positive role in supporting technological innovation, facilitating the industrial transformation of urban investment, and promoting the revitalization of existing assets [1] Group 2 - To support technological innovation, the interbank bond market and exchange bond market have launched technology innovation bonds, with a pilot program starting in 2021 and regular issuance beginning in 2022 [2] - On May 30, Shandong Rongfa Tengda Industrial Development Group issued Qingdao's first high-growth industry bond and the first technology innovation corporate bond after the new policy, amounting to 500 million yuan [2] - Funds raised from these bonds will primarily be directed towards R&D, purchasing intellectual property, project construction, mergers and acquisitions, and operational expenses in the technology innovation sector [2] Group 3 - Urban investment enterprises play a crucial role in local economic development and urbanization, facing urgent transformation tasks as the economy enters a new development stage [4] - The government work report for 2025 emphasizes accelerating the separation of local financing platform functions and promoting market-oriented transformation and debt risk resolution [4] - Various districts in Qingdao have issued industrial bonds through newly established industrial companies, achieving new financing of 2.3 billion yuan since the end of last year [4] Group 4 - The first batch of public REITs projects has celebrated its fourth anniversary, with a total market value of listed REITs exceeding 200 billion yuan [5] - The approach of revitalizing existing assets through public REITs and asset-backed securities (ABS) is becoming a new focus for various regions [5] - In May, Qingdao successfully launched 9 ABS projects, raising 13.2 billion yuan, surpassing the total for the previous year [6]