Zhang Ling, a reporter from China's leading newspaper, will apply for a public offering of infrastructure REITs after SF Real Estate Trust. According to the recent announcement of SF Holdings, in order to actively respond to the call of the state, support the sustainable and healthy development of the logistics industrial park, build an asset-light capital operation platform for the logistics industrial park, revitalize the stock assets, and improve the efficiency of capital circulation, it is planned to use part of the logistics industrial park projects held by the subsidiary as the basic assets to carry out the application and issuance of infrastructure public REITs. It is proposed to apply for infrastructure public offering REITs projectsAccording to the announcement, SF Holding held the 10th meeting of the 6th session of the board of directors on December 28, and deliberated and approved the "Proposal on Carrying out the Application and Issuance of Infrastructure Public REITs", and the board of directors agreed that the company should carry out the application and issuance of infrastructure public REITs. 
It is understood that the infrastructure public offering REITs to be issued by SF Holdings this time are positioned to deeply cultivate the local market in Chinese mainland, and the investment focus area is mainly in the Yangtze River Delta, Beijing-Tianjin-Hebei and the middle and lower reaches of the Yangtze River in Chinese mainland, as well as the warehousing and logistics assets held by SF Holding located on the airside of domestic airports and the warehousing and logistics assets outside the SF Holding system located in the above-mentioned investment focus areas. SF Holdings said that as of June 30 this year, its wholly-owned subsidiary, Shenzhen Fengtai E-commerce Industrial Park Asset Management, held more than 5 million square meters of completed and under construction logistics industrial park projects in the above-mentioned investment focus area, which can support the long-term development needs of infrastructure REITs. According to the announcement, SF Holding plans to select three infrastructure projects as core assets, located in the shipping center of the middle and lower reaches of the Yangtze River, with a total construction area of more than 480,000 square meters. Specifically, the first is the SF South China Transit Center project held by the Shenzhen Project Company, which is located in the airport area of Xixiang Street, Bao'an District, Shenzhen, with a land use right area of about 730,000 square meters, with a construction area of about 740,000 square meters;The second is the Wuhan project of SF Fengtai Industrial Park held by Wuhan Project Company, which is located at No. 535, Dongwu Avenue, Zoumaling Street, Dongxihu District, Wuhan City, with a land use right area of about 1630,000 square meters, with a construction area of about 1930,000 square meters;The third is the SF Fengtai Industrial Park Hefei Project held by Hefei Project Company, which is located at No. 666, Zhenxing Road, Shushan District, Hefei City, with a land use right area of about 1240,000 square meters, with a construction area of about 2180,000 square meters. The announcement also shows that the logistics infrastructure public offering REITs will apply for listing and trading on the Shenzhen Stock Exchange. After obtaining the registration documents, it will be offered to the public by Nanfang** for a period of 44 years, and the scale of the funds raised will be determined according to the final issuance results. SF Holding will also participate in the strategic placement of infrastructure public REITs in accordance with the requirements of laws, regulations and regulatory rules, and in light of market conditions. Continuously explore the assetizationAs a giant in the logistics industry, SF Express has been continuously exploring the transformation of logistics assets in recent years. As early as 2018, the "Huatai Jiayue-SF Industrial Park Phase I Asset-backed Special Plan" was successfully established, becoming the first single type of sustainable logistics real estate storage shelf REITs in China. Since then, SF has expanded from quasi-REITs to REITs, and in May 2021, SF REIT was listed in Hong Kong, becoming the first logistics-based real estate investment trust in Hong Kong**. According to the interim results report released by SF REIT, the revenue in the first half of this year was 2HK$2.4 billion, a year-on-year increase of 132%；Net property income was 1HK$800 million, a year-on-year increase of 118%。The occupancy rate was 982%, with a portfolio valuation of 73HK$800 million, all unchanged from the end of the previous year. Regarding the latest declared infrastructure REITs project, SF Holding said that through the issuance of infrastructure public offering REITs and the establishment of an asset-light capital operation platform for the logistics industrial park, it is conducive to further broadening financing channels, and at the same time effectively revitalizing the infrastructure assets of the company's logistics industrial park, and using the raised funds to reinvest in infrastructure projects such as logistics industrial parks, so as to achieve a virtuous cycle of investment. With the subsequent expansion, SF Holding will continue to inject assets into the logistics industrial park to the infrastructure public REITs platform to improve the efficiency of capital circulation and enhance the company's sustainable operation ability. In addition, SF REIT also responded that the REIT Manager believes that the proposed infrastructure REIT will not affect the overall investment objectives, policies and strategies of SF REIT. The REIT Manager continues to communicate closely with SF Group on various potential acquisition opportunities, and SF Group will continue to support SF REIT's future expansion and growth. Warehousing and logistics public REITs continue to expandIt is worth noting that since December, three warehousing and logistics public REITs have been accepted by the exchange. On December 8, the Shanghai Stock Exchange accepted the listing application of AVIC Yishang warehousing and logistics infrastructure REIT, and the underlying asset of the product is Jiangsu Fortune.
Phase I, II and III Logistics Park. On the same day, Huaxia Shenzhen International Warehousing and Logistics REIT and Huatai Zijinbaowan Logistics Warehousing REIT were also accepted by the Shenzhen Stock Exchange. Among them, the underlying assets of Huaxia Shen International Warehousing and Logistics REIT are two warehousing and logistics park assets located in Hangzhou and GuizhouThe asset projects of Huatai Zijin Baowan Logistics and Warehousing REIT include Nanjing Baowan Logistics Park, Jiaxing Baowan Logistics Park, Tianjin Baowan Logistics Park and Langfang Baowan Logistics Park, all of which are high-standard warehouses. Up to now, among the publicly offered REITs that have been listed, there are 3 warehousing and logistics REITs, namely Harvest JD Warehousing Infrastructure REIT, Hongtu Innovation Yantian Port Warehousing and Logistics REIT, and Zhongjin Prologis Warehousing and Logistics REIT. Among them, Hongtu Innovation Yantian Port Warehousing and Logistics REIT and Zhongjin Prologis Warehousing and Logistics REIT both completed their expansion and listing during the year. According to wind data, as of December 29, the total dividends of these three products have exceeded 5400 million yuan, and the total dividend since listing has exceeded 8700 million yuan. Industry insiders believe that at present, China's warehousing and logistics industry has a high degree of market concentration, and the overall pattern of "one super and many strong" is presented. Among them, high-standard warehouses and bonded warehouses are in short supply as a whole, and the yield is supported. On the other hand, the continuous expansion of warehousing and logistics REITs will also help revitalize the capital chain, improve the efficiency of capital use, and promote the high-quality development of the warehousing and logistics industry. Editor: Joey.
Review: Chen Siyang.