On July 15th, the inaugural central state-owned enterprise (SOE) commercial property public REIT to receive approval – the ChinaAMC Poly Commercial REIT – will officially commence its public offering. As a landmark product following the implementation of the commercial property REIT pilot, this project is backed by two core properties located in Guangzhou's Zhujiang New Town and Foshan's Qiandeng Lake, aiming to raise approximately 1.797 billion yuan. Against the backdrop of a gradually maturing market pricing mechanism, its projected cash distribution yield of around 6% offers investors an option with a certain safety margin for allocating to quality commercial assets.

Offering Price Stabilizes, Leaving Room for Secondary Market Performance

According to the offering announcement, the subscription price for the ChinaAMC Poly Commercial REIT is 3.593 yuan per unit, with a total offering size of 500 million units. The corresponding projected cash distribution yields for 2026 and 2027 are 5.99% and 6.01%, respectively.

Compared to the high premium offerings of some REIT products in the primary market previously, this pricing reflects a rational recalibration in the market. Some institutional analyses point out that due to recent market sentiment and capital diversion, the enthusiasm for offline subscriptions has cooled somewhat, which precisely allows for more reasonable valuations for newly issued products. For allocation-oriented capital seeking long-term stable cash flows, in a low-interest-rate environment, a relatively high initial distribution yield is not only somewhat attractive but also leaves a buffer for potential secondary market performance post-listing.

Underlying Assets: Dual Drivers of "Office + Mall" in the Greater Bay Area

The underlying asset portfolio of the ChinaAMC Poly Commercial REIT exhibits distinct characteristics of "core location + complementary formats," with both assets situated at key nodes within the Guangdong-Hong Kong-Macao Greater Bay Area.

The Guangzhou Poly Center is located in the core area of Tianhe District's Zhujiang New Town CBD, adjacent to the Liede Station on Metro Line 5, with a total gross floor area of approximately 79,000 square meters, covering premium Grade A office space and supporting retail. The project achieved a lease renewal rate of 75% in 2025, indicating stable tenant composition. Office assets inherently feature long lease cycles and low income volatility, providing the fund with solid cash flow stability.

The Foshan Poly Waterfront is located in the Qiandeng Lake area of Nanhai District, with a total gross floor area of about 153,000 square meters, serving as a landmark shopping mall in the region. As of the end of 2025, the project's occupancy rate was 92.74%. In July 2025, the project completed a brand upgrade and was renamed "Poly Waterfront Times Hub," continuously optimizing its commercial ecosystem by introducing regional flagship stores and experiential formats. Compared to office buildings, shopping mall income is more closely tied to regional consumer vitality, offering greater growth elasticity.

It is widely believed within the industry that this cross-format allocation effectively diversifies cyclical risks associated with a single property type, with offices providing stable income and shopping malls capturing the benefits of consumption growth, forming a good complement in terms of cash flow characteristics.

Operational Capability: Aligned Interests Under a Central SOE Backdrop

Commercial property REITs rely more heavily on refined operational management. The long-term value realization of the assets is highly dependent on the operational team's capabilities in tenant attraction and adjustment, tenant relationship management, and space iteration.

The original rights holder of this project, Poly Development and Holdings Group, boasts total assets exceeding one trillion yuan, with over 200 operational projects and more than one million square meters of expansion reserve properties. In terms of operational structure, the project adopts a "coordinated management + professional operation" model, with Poly Commercial Property and Hehui Commercial Management responsible for the day-to-day management of the office and shopping mall assets, respectively. Data shows that Poly Commercial Property has cumulative contracted management area exceeding 20 million square meters, while Hehui Commercial Management operates 37 shopping malls with an area of approximately 2.1 million square meters.

More crucially, the high participation ratio of the original rights holder in the strategic placement achieves deep alignment of interests with public investors. This structural arrangement, at an institutional level, ensures the operational management party's motivation for the continuous value appreciation of the assets.

Market Expansion: Incremental Capital and New Product Categories Resonate

The year 2026 is seen as the inaugural year for the development of commercial property REITs. Since the pilot program was launched by the securities regulator in December 2025, this category has rapidly expanded. As of the first quarter of 2026, the number of listed public REITs nationwide reached 79, with 17 commercial property REITs having applied for listing, aiming to raise over 60 billion yuan. Against the backdrop of China's commercial real estate stock assets exceeding 40 trillion yuan, REITs have vast potential as a tool for revitalizing these assets.

Concurrently, market infrastructure is also being refined. This week, the first batch of four CSI REITs Total Return Index funds have all completed their fundraising, collectively bringing approximately 1.2 billion yuan in incremental capital to the market. Some products even experienced "single-day sell-outs" leading to pro-rata allocations, indicating market capital's recognition of the REITs category. The launch of index-based investment tools will bring passive allocation-driven incremental capital to the REITs market, helping to improve liquidity and optimize investor structure. For newly issued products like the ChinaAMC Poly Commercial REIT, this mechanism also forms a potential source of liquidity support.

Market Perspective: Robust Fundamentals, Long-Term Allocation Value Stands Out

In the first half of this year, the secondary market for public REITs experienced some volatility, primarily driven by short-term sentiment and trading factors, while the underlying asset operations remained generally stable. In the first quarter, commercial retail REITs saw a 7.9% year-on-year increase in revenue, with no systemic negative shift in fundamentals. As of the end of June, the CSI REITs Total Return Index had rebounded 3.51% from its earlier low, showing signs of stabilization.

From a valuation perspective, the yield spread of equity REITs relative to the risk-free rate is currently at a historically high percentile. For investors targeting long-term stable cash flows, the core Greater Bay Area commercial assets represented by the ChinaAMC Poly Commercial REIT offer a certain level of value at the current juncture.

As the normalization of public REIT issuance progresses, the market is transitioning from short-term speculation to long-term value allocation. As the pioneering central SOE commercial property REIT, the launch of the ChinaAMC Poly Commercial REIT not only enriches market product categories but also provides investors with a standardized tool to participate in the operational income distribution of quality commercial assets. Within the ongoing expansion of the commercial property REIT sector, projects with core locational advantages and robust operational capabilities warrant long-term attention.