金吾财讯 | 中信证券表示，在证监会的起草说明中重提到，商业不动产主要指商业综合体，商业零售，商业办公楼和酒店。在同期发布的《关于推动不动产投资信托基金(REITs)市场高质量发展有关工作的通知》提到，要推进市场扩容扩围，持续加大优质REITs供给，落实党中央、国务院关于“盘活存量，做优增量，提高直接融资比重”决策部署。该机构认为，商业不动产REITs的市场化准入渐行渐近，将对于整个不动产产业运营模式，房地产企业的资产负债表产生助力。该机构认为，商业不动产REITs的底层资产整体质素较优，运营良好的商业综合体和商业零售则可能是最受欢迎，体量最大的优质底层资产。多层次REITs市场的扩容，将改变商业综合体和商业零售资产的运营模型和估值体系。该机构指，独立产生持续现金回流的不动产空间，其价值终究会被发现。历史上购物中心的cap rate居高不下，确实和金融产品不丰富，运营价值未及充分体现有关。该机构认为，商业不动产REITs的即将推出彻底改变了不动产持有、运营、服务领域的生态，也为持有商业不动产的企业资产全面重估奠定了基础。
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