The highly anticipated consumption REIT, Hua Xia and China Overseas Commercial REIT, has revealed its sale results. According to the announcement, Hua Xia and China Overseas Commercial REIT (Fund Code: 180607) saw subscription confirmation ratios of 0.2763% for public investors and 0.3120% for offline investors, which corresponds to effective subscription multiples of 361.9 times and 320.5 times, respectively. The total subscription amount reached nearly 160 billion yuan (before proportional allocation), sparking a renewed wave of interest in consumption REIT offerings.
The CSRC has approved a total of 300 million units for fundraising by Hua Xia and China Overseas Commercial REIT, priced at 5.281 yuan per unit. During the offline inquiry and public offering stages, the fund experienced enthusiastic subscriptions from investors.
Specifically, the total intended subscription amount in the offline inquiry reached 374.72 times the initial offline offering size (63 million units), marking a historical high. Prominent institutional investors, including brokerages, insurance companies, trusts, and private equity funds, gathered among offline investors, underscoring the recognition of the fund's investment value. The announcement states that the final effective subscription volume from offline investors was 20.1895 billion units. Based on the fundraising price, the scale of offline issuance before allocation was approximately 106.621 billion yuan. The public offering portion ended early on the opening day, with public investors effectively subscribing to 9.7714 billion units—361.9 times the initial public offering size (2.7 million units). According to the offering price, the scale of public offering before allocation was about 51.6 billion yuan. Additionally, the initial strategic placement was set at 21 million units with a subscription scale of 1.109 billion yuan.
In summary, the total subscription amount for Hua Xia and China Overseas Commercial REIT before proportional allocation reached 159.33 billion yuan (including strategic placement, offline issuance, and public offering), which is 100.5 times its proposed fundraising scale of 1.5843 billion yuan.
The strong demand for Hua Xia and China Overseas Commercial REIT reflects investors' deep recognition of its investment value. This REIT is a collaborative initiative between China Overseas, Hua Xia Fund, and CITIC Securities. The fund's initial asset, Yingyue Lake Universal City, represents a unique case among consumption REITs, as it revitalizes assets through acquisition. It is also one of the well-operated and efficiently managed assets with good growth potential in China Overseas' "Universal City" series. Based on fundraising estimates, the expected net cash flow distribution rates for Hua Xia and China Overseas Commercial REIT from April 1 to December 31, 2025, and for the year 2026 are projected to be 4.00% (annualized) and 4.21%, respectively. China Overseas Group possesses comprehensive asset management capabilities covering the entire investment cycle, leading precision operations, product innovation strengths, and rich expandable assets—all providing a solid foundation for the long-term stable operation of Hua Xia and China Overseas Commercial REIT. The professional management team, mature operational system, and the experience that CITIC Securities and Hua Xia Fund bring in the consumption REITs sector together create a robust "moat" for the future solid operation of Hua Xia and China Overseas Commercial REIT.
For China Overseas, Yingyue Lake Universal City is more than just a standard offering in its "Universal City" product line; it symbolizes a forward-thinking approach to revitalizing urban vitality and upgrading the consumer experience. The successful issuance of Hua Xia and China Overseas Commercial REIT signifies a critical advancement in building a comprehensive asset management capability for China Overseas, achieving a full-cycle capital loop of "acquisition-renovation-enhancement-exit." Currently, the long-term investment value and asset allocation potential of consumption REITs continue to gain recognition among investors, further elevating the allocation value of high-quality investment targets like Hua Xia and China Overseas Commercial REIT.