A new public REIT product is coming to market. According to the fund offering announcement, the E Fund Wuyue Commercial Real Estate Closed-End Fund (fund code: 508610; hereinafter referred to as "E Fund Wuyue Commercial REIT") will be officially offered from October 22 to October 27.
It is reported that this product is the first commercial REIT under the "Wuyue" brand and the second REIT product under E Fund. The total intended subscription volume is 8.08 times the initial offline offering shares.
According to information disclosed by the Shanghai Stock Exchange, the E Fund Wuyue Commercial REIT is managed by E Fund, with the original beneficiary being Wuyue Shunrui (Shanghai) Commercial Operation Management Co., Ltd. (a commercial real estate asset independent holding platform established by Seazen Holdings Group). The sponsor and operation management coordinating institution is Seazen Holdings Group Co., Ltd., and the operation management implementing institutions are Changzhou Tianning Wuyue Commercial Management Co., Ltd. and Qidong Seazen Wuyue Commercial Management Co., Ltd.
As a new member of the commercial real estate REITs sector, the cash distribution rate and underlying assets of the E Fund Wuyue Commercial REIT have attracted considerable attention. In terms of dividends, the fund offering announcement shows that the product intends to raise approximately 1.553 billion yuan, with a predicted annualized net cash distribution rate of 5.61% for April to December 2026, and a predicted net cash flow distribution rate of 5.73% for 2027.
In terms of underlying assets, the two shopping malls the project intends to hold are Changzhou Tianning Wuyue Plaza and Nantong Qidong Wuyue Plaza, both located in core areas of potential cities in East China. The fund prospectus shows that the two malls have a combined gross floor area of approximately 290,000 square meters, both have been in operation for more than 6 years, and their average occupancy rates over the past three years (2023-2025) have remained stable at above 97% for a long period. The weighted average remaining lease terms are 3.82 and 3.47 years respectively, demonstrating strong operational stability and performance resilience.
Operation and management capability is one of the core competitive advantages of the E Fund Wuyue Commercial REIT. The project's operation management coordinating institution is Seazen Holdings Group Co., Ltd., a leading national commercial operator. Public information shows that as of the end of June 2026, Seazen Holdings Group had 181 opened shopping malls, ranking first among all listed companies nationwide in terms of the number of opened malls. In the first half of 2026, commercial operation revenue reached 7.11 billion yuan, membership exceeded 60 million, and operating cash flow has been positive for 8 consecutive years.
At the specific execution level, the two operation management implementing institutions of the REIT — Changzhou Tianning Wuyue Commercial Management Co., Ltd. and Qidong Seazen Wuyue Commercial Management Co., Ltd. — are both professional operation management institutions under Seazen Holdings Group Co., Ltd., with years of commercial real estate management experience, responsible for the daily operations of the two shopping malls. High-quality underlying assets and a mature operation system complement each other, providing strong support for the REIT's sustained and stable operation.
At the product management level, the E Fund Wuyue Commercial REIT is intended to be jointly managed by Ye Pingbo, Huang Ying, and Zhou Ya from the E Fund REITs team, all of whom have more than 5 years of experience in real estate project operation or investment management. The team's core members have diverse backgrounds, with several key members possessing over 10 years of real estate investment experience and having led the issuance and management of multiple public REITs. They have built a full-chain comprehensive service capability supported by four pillars: professional team, resource reserves, operational capability, and investment layout, providing solid professional support for the investment operation of the E Fund Wuyue Commercial REIT.
Industry analysts point out that in the macroeconomic environment of a continuously declining interest rate center, the allocation appeal of commercial real estate REITs is becoming increasingly prominent. In a research report, Open Source Securities stated that under the downward pressure on the bond market interest rate center, the logic of insufficient high-quality assets is expected to continue. As high-dividend, low-to-medium-risk assets, REITs are expected to continuously improve their allocation cost-effectiveness under strengthened policy support and expectations of social security and pension funds entering the market. At the same time, commercial real estate underlying assets themselves possess certain anti-inflation properties. The rental levels and asset values of high-quality commercial properties tend to rise in tandem with economic growth, providing investors with an investment tool to hedge against inflation.
Against this backdrop, the E Fund Wuyue Commercial REIT (fund code: 508610), backed by high-quality underlying assets, a leading commercial operator, and a professional management team, is worth investors' attention. Investors can subscribe through channels such as the East Money APP, Tian Tian Fund APP, and E Fund's direct sales platform by searching the fund code with one click, or log into the East Money APP and enter the REITs section to participate in the subscription. The minimum subscription amount is 1,000 yuan.
Note 1: Fund-related data comes from the fund offering announcement, fund contract, and fund prospectus. Seazen Holdings Group-related data comes from Seazen Holdings' 2026 semi-annual report. Predicted net cash flow distribution rate = current period's public fund distributable amount / assumed fund raising scale. The assumed fund raising scale is the intended raised funds of this fund, namely 1.553 billion yuan. The predicted annualized cash distribution rate for 2026 is the ratio of the predicted distribution amount for the period from April 1, 2026 to December 31, 2026 annualized to the full year against the fund's estimated raising scale.
Note 2: For public investors, the subscription fee rates for this fund are as follows: for off-market subscription, 0.40% for amounts below 5 million yuan, and 1,000 yuan per transaction for amounts of 5 million yuan and above; for on-market subscription, Shanghai Stock Exchange member units should set investors' on-market subscription fee rates by referring to the off-market subscription fee rates. For offline investors and strategic investors, this fund does not charge subscription fees. This fund is a closed-end fund with no subscription or redemption mechanism, and does not charge subscription or redemption fees. On-market transaction fees are subject to what securities companies actually charge.
Risk disclosure: This fund invests in the securities market. Before investing in this fund, investors need to fully understand the product characteristics of this fund and bear various risks arising from fund investment. This fund needs to bear the unique risks brought by differences in investment environment, investment targets, and market systems when investing in real estate projects. This fund is issued and managed by E Fund Management Co., Ltd., and the distribution agencies do not bear responsibility for product investment, redemption, and risk management. Before investing, please carefully read the fund contract, prospectus, and other legal documents to fully understand the details and risk characteristics of this fund. Real estate funds have different risk-return characteristics from public funds that invest in stocks or bonds. Their expected risk and expected return are higher than bond funds and money market funds, but lower than equity funds. The specific risk rating results are subject to the ratings provided by the fund manager and sales institutions. Investors should choose products that match their risk tolerance and investment objectives. Funds involve risks, and investment requires caution.