Following the CICC Fund and the Red Earth Innovation Fund, the offline inquiry results of Huaxia Beijing Affordable Housing REIT are also freshly released.
On August 13, China AMC released an announcement that China AMC Beijing Affordable Housing REIT (abbreviation: Beijing Insurance REIT) was favored by offline funds during the inquiry stage, and the proposed offline subscription share participating in the inquiry was 113 times the offline sales share. . At the same time, like CICC Xiamen Anju REIT and Hongtu Shenzhen Anju REIT, the official release time of Jingbao REIT is scheduled for August 16th to 17th (next Tuesday to Wednesday).
According to the reporter’s calculations, in the offline inquiry stage, Huaxia, CICC, and Red Earth Innovation Fund plan to subscribe for more than 13 billion fund shares. With reference to the product offering price, the three fund managers’ proposed offline subscription scale has exceeded 120 billion yuan. At the same time, the subscription multiples of the three public offerings have exceeded 100 times, reflecting the recognition of institutional funds for the long-term investment value of rental housing REITs with guaranteed properties.
113 times!Jingbao REIT’s offline inquiries are popular, and the number of valid subscriptions is 15.72 billion
On August 13, Jingbao REIT issued an announcement showing that in the offline inquiry stage, China AMC received a total of 211 allotment targets managed by 71 offline investors through the Shanghai Stock Exchange’s REITs inquiry and subscription system. The total number of proposed subscriptions is 15.872 billion, which is 113.37 times the number of initial offline offerings (140 million).
After excluding invalid quotations, all 211 placement objects managed by 71 offline investors met the conditions of offline investors, but the declared prices of 2 placement objects managed by 2 offline investors were lower than the subscription price of the fund. The number of investors with valid quotations for this offline offering is 69, the number of placement objects under management is 209, and the total number of valid subscriptions is 15.72 billion.
According to the announcement, Beijing Insurance REIT will be officially put on sale from August 16th to 17th. The initial number of fund shares sold by public investors is 60 million. According to the sale price, it is planned to raise 150.6 million yuan. Public investors can subscribe for fund shares on or off the market.
It is worth noting that when investors subscribe over-the-counter, that is, through the fund manager’s direct sales agencies (including direct sales counters and electronic trading platforms) and agency sales agencies, the minimum subscription amount is 1,000 yuan each time. Investors subscribe on the market, that is, when subscribed through a member unit of the Shanghai Stock Exchange that is qualified for fund sales, the minimum single subscription amount is 1,000 yuan, and if it exceeds 1,000 yuan, it should be an integer multiple of 1 yuan.
According to the calculation of the distributable amount disclosed in the prospectus of Jingbao REIT, the predicted cash distribution rate of Jingbao REIT during the period from September 1, 2022 to December 31, 2022 is 3.95% (annualized), and the predicted cash distribution rate in 2023 is 3.95%. 3.95%.
China Asset Management stated that Beijing Insurance REIT is very popular with funds in the inquiry stage, and it is inseparable from the recognition of its investment value by funds.
It is reported that the underlying assets of Jingbao REIT are two public rental housing projects in Wenlongjiayuan, Haidian District, Beijing, and Xiyueshang County, Chaoyang District. After recent years of cultivation and perfect management, the two projects have entered a stable period of operation and are representative public rental housing projects in Beijing.
Beijing Security Housing Center Co., Ltd., the original owner of Beijing Security REIT, is the largest housing security policy implementation and landing platform in Beijing. It has been operating for more than 11 years and has accumulated rich experience in infrastructure operation and management; the project ABS manager, CITIC Securities, is the first in China. An A+H-share listed securities company that maintains a market-leading position in various businesses; the fund manager, China Asset Management, established a dedicated REITs team as early as 2015 to carry out REITs research and reserves. So far, it has successfully issued 2 public offering REITs and is managing public offerings. The scale of REITs exceeds 10 billion yuan and the management experience is rich.
The subscription multiples of the three products are all over 100 times, and the total offline effective subscription scale exceeds 120 billion
With the release of Beijing Insurance REIT’s inquiry results, Huaxia, CICC, Hongtu Innovation Fund and other three publicly offered rental housing REITs with guaranteed properties have all released their inquiry results.
Judging from the offline inquiries, the effective subscription shares of the three fund managers Huaxia, CICC, and Hongtu Innovation Fund are 15.72 billion, 13.95 billion, and 13.303 billion, respectively. With reference to the offering prices of the three institutions, the proposed offline subscription scale They are 39.5 billion yuan, 36.3 billion yuan, and 46.3 billion yuan respectively, and the total subscription scale has reached 121.989 billion yuan, exceeding the 120 billion mark.
Under the pursuit of institutional funds, the offline subscription multiples of the three products have exceeded 100 times. The so-called subscription multiple is the ratio of the proposed offline subscription share participating in the inquiry to the actual offline sale share. For example, if 100 copies were actually sold, but the funds involved in the subscription reached 10,000 copies, the subscription multiple is 100 times, reflecting “more monks and less porridge” hot-selling situation.
Judging from the subscription multiples of the three institutions, the product subscription multiples of Huaxia, CICC, and Hongtu Innovation Fund are 113 times, 106 times, and 133 times, respectively, all of which are over 100 times, reflecting the popularity of institutional funds. As well as institutional investor support for guaranteed rental housing REITs and recognition of the project.
Taking Huaxia Beijing affordable housing REIT as an example, the investor quotation information announced by the fund shows that the institutions participating in the quotation include not only self-operated funds of securities companies, asset management products of securities companies, but also special accounts for public offering, insurance asset management, and trust plans. , private equity funds, futures asset management plans, etc., various asset management institutions actively participated.
A public REITs fund manager in Beijing said that considering the popularity of various types of public REITs in the early stage and the attractiveness of innovative types of rental housing REITs with guaranteed properties, the public REITs products of the three fund managers are currently in the inquiry. It has been sought following by institutions since the early stage, and it is expected that the release next week will maintain a hot-selling situation.
“With the product form of publicly offered REITs, publicly offered funds will provide more experience in the securitization of my country’s subsidized housing and public rental housing industries, and better directly serve the real economy.”
Source of this article:China Fund News, Author: Li Shuchao Zhou Zhuorui, original title: “Too hot! Over 120 billion huge capital subscription”
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