“this project is planned to raise $6,922. 7 million, with 1 billion to be sold, with an initial price of $6,9227 per copy, at a price based on the web of follow-up. DownInvestmentsThe request for quotations was determined and distribution is planned for the first quarter of 2024.”
As one of the country's first four consumer infrastructure collections, reit has been officially approved for registration by the cvm and is in force for registration at the cvm。
It is worth noting that wah ha ha ha yoon commercial reit was the largest distribution of the first four consumer infrastructure reits, with the bottom asset being vientiane qingdao. According to the reit recruitment instructions for the commercial assets of wah ha ha ha ha yoon, over $8 billion was valued at vientiane city, accounting for nearly 60 per cent of the first four consumer infrastructure, reits asset valuation (approximately $14. 2 billion)。
According to hua yunli, the public solicitation of reits assets assessment method is the revenue method, with net operating gains realized over the near-discount period plus total assessed value. Good business performance, high net operating returns and a higher value for future growth-oriented properties. On the one hand, the size of vientiane city in qingdao is large, with excellent performance, and the projected net operating income of $441 million in 2024 is the highest for the first projects; on the other hand, vientiane city in qingdao provides operational services from hua yundama, a leading domestic shopping centre operator that can sustain the growth of vientiane city performance。
The biggest non-heavy under the flag of china. City
According to aoyoshima, the largest non-heaviness city under the banner of aoyoshi, which is at the forefront of many projects, is the first time that a cpi application for reits has been made to the market。
At the end of 2009, when the land was first taken to qingdao, the plot, located in the centre of the city of qingdao, was filmed with over $6. 7 billion and part of the commercial plot was divided into two parts. The first phase of vientiane city was inaugurated in 2015 and the second in 2021。
Qingdao vientiane city
Since the first four consumer infrastructure reits were processed throughout the country, it has been widely recognized in industry that the reasonableness of the valuation of bottom asset items is a central factor in the issuance of reits and an important concern for the exchange. There are also differences of opinion among industry on the pe valuation for this consumption category reits。
According to each journalist, the director general of research at the institute of concertation studies, song hongwei, the value of the rits issued includes both the operational value and the asset value, which are also affected by the remaining operating years。
According to reit recruitment instructions (enclosed drafts) for the commercial assets of wah ha ha ha-yun, the first and second land use period for vientiane city in qingdao was 22 june 2011 - 21 june 2051, and the land use entitlement for land landings in the property area was 22 june 2011 - 21 june 2061. On this basis, it is calculated that the remaining useful life of one or two periods of land in vientiane city in qingdao is 28 years, and the remaining life of the landing space in the property is 38 years. The duration of our commercial land is generally 40 years, and the remaining years of land are at a more benign level in the same property。
In the case of qingdao vientiane city, which is located in the core business circle of qingdao city, the future land supply is relatively saturated and more competitive barriers are in place; the chinese commercial reit operating administration, which is both industry-led enterprises, has carried out two to three local major upgrades to qingdao vientiane city since its opening。
How sustainable is the ability to realize project benefits
So, is it possible to sustain the valuation of over $8 billion as the qingdao vientiane city, which is the bottom asset of wah ha ha-yun's commercial asset reit? How will their future revenues and gains continue
In response, each journalist indicated that the projected future rent growth rate in vientiane city was significantly lower than the historical rent growth rate, and that revenues and costs were carefully projected to provide sufficient growth space for future revenues to guarantee future distribution rates。
Second, the city of vientiane is located in the core of the city of qingdao, bordering the municipality, the city of qingdao, and is marked by five and four squares, with major financial institutions and corporate headquarters, with vientiane city of qingdao co-located with two subways, which will in the future be covered by three metros after the opening of the route, and the main tourist attractions, office areas and residential areas of qingdao city are connected to a continuous flow of visitors throughout the city。
Adequate size and core of the area has created the position of vientiane city city city, which is already stuck in competition and facing competition and the cost of required inputs has diminished as competition has risen。
Finally, vientiane city has accumulated over one million members, representing 10 per cent of the resident population. The large size of membership and the operational system of the wigand living profession have also attracted a large number of international brands, with new brands opening their first shop in vientiane qingdao, which have continuously improved their business competitiveness by leading the business stream of wyandao city, fully guaranteeing the future robust operation and sustained business performance of the project。
According to song, the depreciation calculation cycle for the fit-out at the general mall is three to five years, the actual refurbishment and renovation cycle will be slightly longer and electrical maintenance operations will be in the maintenance phase for more than 10 years, and for more than 15 years, the high-frequency maintenance phase, which has not yet been completed。
According to the department of land development of china, eight years of operation have been in operation since the opening of the first phase of vientiane city in qingdao in 2015, and the equipment associated with infrastructure projects may need to be replaced and repaired to maintain the quality of the facilities and market competitiveness in the future as the number of years of use increases. In response, the commercial reit made reasonable provision for both valuation and cash flow allocations。
Including the recent ongoing implementation of a four-to-five-storey renovation project, which runs before and after the release of reit, all costs were borne by the mainland。
As of the end of june 2023, the share of leased space at the vientiane main shop in qingdao was 30. 88 per cent and the weighted average remaining lease period was 4. 54 years; the share of leased space at specialized shops was 69. 12 per cent and the weighted average remaining lease period was 1. 66 years. In the first half of 2023, the share of income from the main shop was 10. 34 per cent and that of the specialized store was 89. 66 per cent。
From the data disclosed, the remaining period for specialized stores, with a higher share of rental space and rental income, was less than 1. 66 years. In the future, is there a risk of declining rental rates or lowering rents in vientiane city? What will be the response measures
In response, it was stated that business management was different from business practices, such as rental housing, writing buildings, logistics warehousing, and that it was more demanding for the operator to have an active management capacity, such as recruitment, operation, marketing, etc., which would sustain the competitiveness and viability of business projects only if it was constantly new and new. The short lease period of a specialized shop in vientiane city is the result of the initiative of the operating team to facilitate the rapid adjustment of the operation team to the changing trend of consumption and branding in a timely manner, which is one of the central drivers of the trend of consumption in qingdao。
“the project area is extremely well situated, and exclusiveness also guarantees stability in future rental rates in vientiane city, qingdao.” the relevant director of the land said that the chinese lifeline operations team would regularly track the tenant's performance and contract expiration, focus on market heat, introduce newer, more consumer-oriented brands and avoid a decline in rental rates due to space available at the end of the lease。
Projected distribution rate of approximately 5 per cent for the next two years
The original interest in the commercial reit in hua ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha, the fund manager is the wah ha ha ha fund, the financial adviser is the chinese sino-sul securities, and the trustee of the fund is the commercial bank. Following the release of the fund, the net recovered funds will be used for investment in consumer infrastructure under construction or new construction in china。
Source: reit recruitment instructions for the commercial assets of wah ha ha ha ha yun
For each journalist, wah ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha the project is planned to raise 6,922. 7 million yuan, with 1 billion copies to be sold, with an initial price of $6,9227 per copy, at prices determined on the basis of the investor's offer under the follow-up network, to be completed by the first quarter of 2024。
According to the 26 october 2023 china land depot announcement, the commercial assets of china will pledge the share of the released funds as strategic investors totalling about 30 per cent, while the holders of the public funds share hold 70 per cent of the fund share. Since the launch, china's net recovery funds have been earmarked for the construction of 16 projects, including the opening of vientiane in beijing, the guangzhou governor's project, the north-west wang wanhui in beijing, the hanzhou huafung business project, yiu tianjin, the north vientiane city in hangzhou city, the beijing dynasty sun station, the chibian lake vientiane assembly, and the hangzhou yawane sky and heaven。
Source: china land office bulletin
For the first four consumer infrastructure, reits are expected to raise approximately $12. 7 billion, and the share of rit, a commercial asset of wah ha ha ha ha rin, is about 55 per cent。
Song stated that rits pricing and returns for the chinese business were prudent and sound, and that the impact of changes in the economic, industrial and consumer environment should be taken into account, which would facilitate the achievement of the expected objectives of fund-raising reporting. The return of about 5 per cent is expected to be recognized by capital markets in the current general context of declining interest rates, which are attractive compared to other investment returns。
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