Hong kong kaiyuan real estate

On 2021February 10, HKEx documents showed that SF Real Estate Investment Trust (REITs) had submitted an IPO application to HKEx. This is also the first domestic logistics real estate public offering REITs.

SF Real Estate Trust Prospectus Link:

https://www 1 . hkex news . hk/app/sehk/202 1/ 103 188/documents/sehk 2 102 1000 156 _ c . pdf

SF REITs became the third public offering REITs listed in Hong Kong by the mainland after Yuexiu and China Merchants REITs.

On June 5th+February, 2005, Yuexiu REIT was listed on the Hong Kong Stock Exchange, becoming the first listed REIT in the world to invest in China people and Chinese mainland real estate.

On 20 19 and 12, China merchants commercial real estate investment trust was officially listed on the main board of the Hong Kong Stock Exchange, which was the first IPO of REITs20 14 in Hong Kong after REITs.

According to the document, the investment portfolio of SF REIT Fund initially includes the following three properties located in Hong Kong, Foshan and Wuhu, all of which are modern logistics properties and strategically located in the major logistics hubs of Hong Kong and China.

As of June 65438+February 3, 20201,the total rentable area of the three properties is about 307,990.8, with an estimated value of HK$ 6,093.6 million. The average occupancy rate of this property is 94.9%.

As of September 30, 2020, there were 32 tenants in the property * * *. As of September 30, 2020, the top five tenants (three of whom are related persons of SF REIT Fund) accounted for about 83.3% of the total rental income, and SF related tenants accounted for about 865,438+0.8% of the total rental income in the same period. About 8 1.9% of the tenants (in terms of leasable area) come from the logistics industry, and the rest include those from the pharmaceutical, scientific and technological industries.

Knowledge: Hong Kong Real Estate Investment Trust Fund

Development status:

Compared with the REITs market in Hong Kong, mainland housing enterprises are more willing to go to Hong Kong IPO. It mainly comes from the stipulation in the Code of Real Estate Investment Trust Fund that "REITs listed in Hong Kong should use 90% of after-tax net profit for dividends, and the total loan amount should not exceed 45% of the total assets of the fund". For the rapid development of the mainland real estate market, the limit of financing amount has become an obvious limitation.

However, the current situation of the real estate investment trust fund market in Hong Kong may change.

First, the domestic real estate market is changing from the era of incremental development to the era of stock management;

Second, the strengthening of national financial monitoring, the tightening of financing channels for housing enterprises and the rising financing costs are all under pressure.

Two changes in the domestic real estate market have made Hong Kong REITs a feasible way for housing enterprises to revitalize their existing assets.

Market situation:

In 2005, the Hong Kong Securities Regulatory Commission issued the Code of Real Estate Investment Trusts, which laid a legal foundation for the development of REITs in Hong Kong and was revised on June 27, 2020.

The real estate investment trust fund in Hong Kong is a collective investment plan that mainly invests in real estate projects. The specific transaction structure mainly includes three links: one is to inject real estate into SPV company, the other is to set up trust fund, and the third is to issue trust fund shares to raise funds to invest in SPV company, so as to obtain real estate ownership and rental income generated by real estate. (Trust funds mainly provide the holders with the rental income return of real estate. )

Market issuance: In 2005, the first real estate investment trust fund-Hong Kong's leading real estate investment trust fund (formerly The Link REIT) was successfully listed on the Hong Kong Stock Exchange.

It has been 65,438+05 years since the real estate investment trust fund was introduced into Hong Kong. At present, there are 1 1 REITs listed on the Hong Kong Stock Exchange, with total assets of about HK$ 5 100 billion and market value of about HK$ 2 100 billion. There are six REITs with domestic assets, namely Chunquan Industrial Trust, Huixian Industrial Trust, Leading Real Estate Investment Trust, Yuexiu Real Estate Investment Trust, Kaiyuan Industrial Investment Trust and China Merchants Residential Trust.