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with the disclosure of the semi-annual reports of public funds, fund jun found that in recent years, investment products such as public reits have entered the field of vision of private securities, and have been actively tested and bought by private equity institutions.

for example, hesheng asset, a private equity fund with hundreds of billions of yuan in bond funds, increased its holdings in several highway reits in the first half of this year. beijing rongguang private equity, founded by private equity tycoon lu anping, increased its holdings in one reit. in addition, the private equity funds guoxin new pattern and lingding investment, which have hundreds of billions of yuan, and the quantitative private equity fund jinthio asset have also invested in several public reits.

in fact, as of september 2, 18 public reits have increased by more than 10% this year, and some have even increased by more than 30%. at the same time, public reits have distributed nearly 5 billion yuan in dividends this year. investors are optimistic about their high dividends, improved fundamentals, and policy support, and are actively increasing their investments.

public reits receive private placement purchases

fund jun sorted out the semi-annual reports of listed funds and found that many well-known securities private equity institutions such as hesheng asset, beijing rongguang private equity, guoxin new pattern private equity, and jinthion asset increased their holdings in multiple public reits in the first half of this year.

for example, hesheng asset increased its holdings in guojin china railway construction expressway reit and cicc anhui transportation control reit in the first half of this year, holding 12.1434 million and 19.1084 million shares, respectively, at the end of june; it also newly invested in hua xia yuexiu expressway closed infrastructure reit and e fund shenzhen expressway reit, holding 4.5266 million and 8.8725 million shares, respectively.

lu anping, who once worked for the social security fund, china ping an group, and pengyang fund, founded beijing rongguang private equity after "running into private equity". the scale of his management now ranges from 2 billion to 5 billion yuan. fund jun found that the company's rongguang rentai private equity fund increased its holdings in guotai junan dongjiu new economy reit in the first half of the year, holding 17.0584 million shares.

there is also the well-known tens of billions of quantitative private equity fund jinthion asset, which newly invested in hua xia hangzhou heda hi-tech industrial park reit in the first half of the year and holds 8.2745 million shares.

guoxin central enterprises new development pattern private equity securities investment fund, under guoxin new pattern private equity, still holds a total of 23 million shares of china communications construction expressway reit; it slightly reduced its holdings of china asset management china resources youchao reit, and its holdings fell to 14.26 million shares.

lingding honor no. 1 private equity securities investment fund, managed by lingding investment management, a private equity fund worth tens of billions of yuan in ningbo meishan free trade zone, significantly reduced its holdings of cicc shangao group highway reit, with its holdings falling to 6.5702 million shares at the end of june.

shanghai zenlong asset management's zenlong chenxin no. 1 private equity securities investment fund has newly invested in a total of 19.54 million shares of harvest china power construction clean energy reit.

at the beginning of this year, a private equity firm chairman told fund jun why they bought public reits. he said that after the adjustments at the end of last year and the beginning of this year, the implied return rate of some public reits increased. this year and next year, such assets may be repriced on a large scale. "we are optimistic about the development space of the reits market. the actual return rate of some reits is not bad, and the price is low."

28 public reits achieved positive returns this year

this year, public reits distributed dividends of nearly 5 billion yuan

judging from the secondary market conditions, as of september 2, 28 reits have achieved positive growth this year; among them, two listed funds, cicc xiamen anju reit and hua xia beijing affordable housing reit, have increased by more than 30% this year, bosera shekou industrial park reit, fuguo capital water reit, hongtu innovation shenzhen anju reit, and cicc shandong hi-speed ​​reit have increased by more than 20% this year, and there are 12 funds including guojin china railway construction reit, hua xia fund china resources youchao reit, and avic shougang green energy reit, which have increased by more than 10% since the beginning of the year; but there are also 3 funds that have fallen since the beginning of the year.

the csi reits total return index saw a sharp rise from late july to early august, achieving nine consecutive gains and rising to a high of 977.95 points, but it has also seen a significant correction recently.

as to why public reits can now attract many investors to actively buy, ping an securities said that on the one hand, the weak equity market and the continued decline in interest rates have made public reits, which are high-dividend assets with stable prices in recent times, more cost-effective; on the other hand, policy support is clear, the market is steadily expanding, and the public reits real-time index has been launched, making the investment environment increasingly friendly.

a public fund manager also said that, first, interest rates are falling, and reits, as an asset class with mandatory high dividend ratios, have received widespread attention from the market; second, the second quarter report showed that the operating conditions of the underlying assets of listed reits were generally stable; third, reits-related systems and policies are constantly being improved, which will help the long-term stable development of the reits market.

recently, pei jiamin, an analyst at cicc research department, said that the reits market has gone through a complete marketization cycle since 2022, and the resilience of the market mechanism has been continuously strengthened, especially since this year, the overall market has heated up. from the perspective of the distribution rate that investors are concerned about, the market value-weighted distribution rate of equity reits is 4.62%, the dividend rate of the csi dividend index is 5.13% during the same period, and the market value-weighted irr of operating right reits is 6.52%, and the spread with the yield to maturity of the 10-year chinese government bond is about 430bp, and the valuation range is generally reasonable.

wind data shows that as of september 3, based on the equity registration date, the entire market's public reits have distributed dividends 62 times this year, with a total dividend amount of 4.959 billion yuan.