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21st Century Business Herald reporter Zhang Min reports from Beijing

Recently, China Asset Management announced that China Asset Management's First Outlet REIT will be officially launched from August 6 to August 9, 2024, with an offering price of RMB 2.468 per share and a total planned fundraising amount of RMB 1.9744 billion. Among them, 60 million shares will be offered to the public, and public investors can subscribe at the offering price through on-site securities operating institutions or fund managers and their entrusted off-site fund sales agencies. The minimum subscription amount is RMB 1,000 (including subscription fees).

Hua Xia Capital Outlets REIT is the first outlet consumption REIT in the country, jointly launched by Capital Urban Development Group, Hua Xia Fund and CITIC Securities. The underlying assets of this product are two outlet projects under Capital Urban Development Group - Jinan Capital Outlets Project and Wuhan Capital Outlets Project.

Public information shows that the operating performance of these two projects ranks among the top three in the Shouchuang Outlet system, and they have been in operation for 5 and 6 years respectively.

It is reported that during the private placement inquiry stage, China Fortune Outlets REIT received inquiry quotation information from 51 allotment targets managed by 33 private placement investors, with a total intended subscription quantity of 882.1 million shares, which is 6.3 times the initial private placement shares.

Based on the fund's planned fundraising scale and the distributable amount disclosed in the fund's prospectus, the distribution rates of China Fortune Land Development's Outlet REIT will be 5.46% and 5.84% in 2024 and 2025, respectively.

Analysts point out that the market performance of REITs products depends largely on asset quality and management capabilities. As the first outlet REIT in China, the subscription situation and subsequent price changes of Huaxia Capital Outlet REIT are worth continued observation.

In October last year, the asset types of public REITs pilot projects were expanded to the consumer infrastructure sector. This has positive significance for opening up the closed loop of "investment, financing, management and withdrawal" and further revitalizing the stock of commercial real estate.

Since the policy window was opened, a total of 6 consumer infrastructure REITs products have been approved. Among them, the earlier approved China Jinmao Shopping Center REIT, China Resources Commercial Assets REIT, Harvest Wumart Consumer REIT, and China Securities Intime Consumer REIT have been listed in the first half of this year.