China's new REITs document benefits box malls and bottom-floor residential tenants
內地公募REITs文件：盒子商場、住宅底部商戶最受惠
從2020年中國內地基礎設施領域公募REITs機制發佈以來，到目前為止，大概共有27隻現已上市，總計募資規模達800億元人民幣，項目類別涵蓋公路建設，保障性住房及產業園區等。 3月24日，國家發改委同日也發布了內地公募REITs文件，此文件進一步將REITs發行擴展到消費基礎設施領域。內地政府希望通過投融資的健康生態系統循環，從而推動內地商業房地產的資產管理行業之高效益發展，服務於促進內消的終極目標。
對於商業房地產業界來說，政策也趨向引導行內以往過度重視開發，忽略資產營運的格局，轉向精品化營運。如此政策，有助體現商業房地產的重新估值，甚至包括估值溢價，因為REITs對商業房地產的定價，更偏向於其製造現金流的能力。
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香港財經時報：
Mainland China's public REITs document: Box malls and Bottom-floor residential tenants benefit the most
Since the launch of the public REITs mechanism in China's infrastructure sector in 2020, there have been a total of 27 listed funds with a total fundraising scale of RMB 80 billion. The project categories cover highway construction, affordable housing, and industrial parks, among others. On March 24th, the National Development and Reform Commission also released a public REITs document for the consumption infrastructure sector, further expanding the REITs issuance. The Chinese government hopes to promote the efficient development of the asset management industry of commercial real estate through a healthy ecosystem of investment and financing, serving the ultimate goal of promoting domestic consumption.
For the commercial real estate industry, the policy also tends to guide the industry to shift from a development-focused approach to a more refined operational approach. Such policies can help reflect the revaluation of commercial real estate, even including valuation premiums, as REITs' pricing of commercial real estate is more biased toward their ability to generate cash flow.
Read the full article: HKET: https://bit.ly/46gWmIm