Regular issuance
In terms of primary market issuance, in July 2024, a total of 3 REITs were listed, including ChinaAMC Shenzhen International REIT, Huaxia TBEA New Energy REIT and CITIC Construction Mingyang Intelligent New Energy REIT, of which the latter two energy REITs increased by more than 10% on average on the day of listing; Huaan Bailian Consumer REIT ended its fundraising ahead of schedule, with a public placement ratio of 92.3%, and the market was generally hot; This month, 3 public REITs responded to regulatory feedback, including industrial parks and consumer infrastructure, with an average decrease of 7.87% from their valuations at the time of filing. Three REITs received regulatory feedback, which strengthened the focus on the integrity of the underlying assets of the project, and the regulators focused on the historical situation and forecast value of water supply prices and water supply volume for new water infrastructure REITs.
In terms of policy, the National Development and Reform Commission issued the Notice of the National Development and Reform Commission on Comprehensively Promoting the Normalized Issuance of Real Estate Investment Trusts (REITs) Projects in the Infrastructure Sector (Fagai Investment [2024] No. 1014) on July 26, announcing that public REITs have officially entered the stage of normalized issuance from pilot issuance, and the industry scope has been broadened to include pension projects, clean coal-fired power generation projects, energy storage, 4A-level scenic spots, public rental housing and other project types. Some compliance requirements have been adjusted, and the application process has been simplified to speed up the approval efficiency of public REITs. In addition, Shanghai encourages the issuance of REITs by Xincheng Industrial Park.
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