Beijing Yintai Center REITs have landed, with a scale of 7.5 billion yuan, aiming to take the lead

  The Beijing Intime Center Asset Backed Special Plan (hereinafter referred to as "Beijing Intime Center REITs"), managed and sold by Hengtai Securities, and supervised by Minsheng Bank, has finally landed recently. The project scale has reached 7.5 billion yuan, becoming the first mortgage type REITs project in China and the largest single REITs project in China. At the same time, it ranks second in the single scale of Enterprise Asset Securitization (hereinafter referred to as "Enterprise ABS").

Beijing Intime Center is located in the core area of Guomao CBD, including hotels, office buildings, commercial properties and other formats. It has a superior geographical location, high building quality, high rental income, and large value-added space. According to the data, the underlying asset of Beijing Intime Center ABS is a single fund trust beneficiary right, and the target asset is a property of approximately 172900 square meters consisting of the "Beijing Intime Center" office building, commercial podium, Beijing Park Hyatt Hotel, and parking spaces. According to the appraisal results of Cushman&Wakefield, the appraisal value of the target assets is 10.519 billion yuan, equivalent to about 60800 yuan/m2, while the total scale of the product is 7.5 billion yuan, equivalent to about 43400 yuan/m2.

  Due to its location in the core area of Beijing CBD and stable cash flow of underlying assets, as well as well-designed credit enhancement measures, Beijing Intime Center has been highly recognized by market investors. The subscription multiple for this product is 3.08 times, with a total scale of 4 billion yuan for A-class securities, 4.60 times the subscription multiple, and a coupon rate of 4.0%, setting a new low for the coupon rate of similar products with the same rating in the market.

  Industry insiders believe that as a major way to help real estate companies revitalize their stock and reduce financing costs, similar REITs projects have long been encouraged and supported by regulatory authorities, but they also face many practical problems that need to be solved. The landing of the first mortgage type REITs and reaching the largest individual scale will once again drive market enthusiasm.

  Hengtai Securities stated that the project has received strong support from the Shanghai Stock Exchange. The Shanghai Stock Exchange has always attached great importance to the development and innovation of asset securitization business, and under the guidance of the China Securities Regulatory Commission, has taken pragmatic and enterprising actions to implement the State Council's major policies on "utilizing asset securitization to revitalize stock and reduce social financing costs", and encourages and promotes financial product innovation based on legality and compliance. Currently, the ABS business of enterprises has entered the 2.0 era. It is not only an effective supplement to indirect financing and traditional direct financing channels for enterprises, but also an effective way to connect emerging industrial chains and establish new business models through the injection of financial resources.

  According to Wind data, after the issuance and establishment of the Beijing Yintai Center REITs project, the total scale of domestic REITs products reached 36.187 billion yuan. From the ranking of the scale of the plan managers, Hengtai Securities ranks first with 15.8 billion yuan. In terms of the scale of individual projects, Hengtai Securities, as the manager, has completed the Beijing Yintai Center REITs and Hengtai Haorui Caiyun South Hotel Asset Support Special Plan (hereinafter referred to as "Caiyun South Hotel REITs"), which occupy the top two positions. Among them, the total scale of Intime Center REITs reached 7.5 billion yuan, breaking the record for the largest single enterprise ABS held by Caiyun South Hotel REITs (5.8 billion yuan).