Core Overview of the Four Listed Products

1. China Universal Shanghai Real Estate Commercial REIT (508600)

• Underlying Assets: Located in the Huangpu District of Shanghai, encompassing two Grade-A office buildings—Dingbao Mansion and Dingbo Mansion—along with supporting ground-floor retail spaces.

• Pricing & Scale: Issued at 4.092 RMB per unit, with 1 billion units issued, totaling a scale of approximately 4.1 billion RMB.

• Duration: The duration is 41 years, making it the longest-lasting vehicle among the four products.

• Financials: Institutions forecast the distributable amount for the year 2026 to be 183 million RMB, corresponding to a distribution yield of 4.47%.

• Ownership: The original asset owner, Shanghai World Expo Development Group, retains a 34% stake.

2. CSC Shou農 Commercial REIT (508601)

• Underlying Assets: Longde Plaza, a mature, well-established shopping center in Changping, Beijing, which has been operational since 2008.

• Pricing & Scale: Issued at 3.013 RMB per unit, with a total scale of approximately 3 billion RMB.

• Financials: The forecasted distributable amount for 2026 is 170 million RMB, yielding a distribution rate of 5.64%, which ranks first among the four products.

• Duration: Due to land-use right limitations, the product's duration is only 20 years.

• Ownership: The original asset owners, Beijing Grain Group and Xijiao Farm, collectively hold a 34% stake.

3. Cathay Haitong Sasseur Commercial REIT (508602)

• Underlying Assets: Xi'an Sasseur Outlets, opened in 2017, which serves as a leading regional outlet project.

• Pricing & Scale: Issued at 5.531 RMB per unit, with a total scale of approximately 5.5 billion RMB.

• Financials: The estimated distributable amount for 2026 is 275 million RMB, with a distribution yield of 4.97%.

• Duration & Demand: The duration is 30 years. This product garnered the highest market enthusiasm, with an offline subscription oversubscription rate exceeding 100 times.

• Ownership: The original asset owner, Sasseur (Xi'an) Shopping Plaza, retains a 41% stake.

4. CICC Vipshop Commercial REIT (508603)

• Underlying Assets: The largest asset by volume among the four products, its underlying portfolio covers two Shanshan Outlets located in Zhengzhou and Harbin.

• Pricing & Scale: Issued at 3.848 RMB per unit, with 2 billion units issued, totaling a scale of approximately 7.7 billion RMB.

• Financials: The forecasted distributable amount for 2026 is 339 million RMB, with a distribution yield of 4.40%.

• Duration & Demand: The duration is 31 years, with an offline subscription oversubscription rate of 68 times.

• Ownership: The original asset owner, Shanshan Commercial Group, retains a 49% stake, representing the highest retention ratio among the original owners of the four products.

The Profound Significance of Commercial Real Estate REITs for the Industry

The smooth listing of these commercial real estate public REITs represents a core outcome of the pilot policies rolled out by the China Securities Regulatory Commission (CSRC) at the end of 2025.

From the Capital Market Perspective: This asset class bridges a vital gap in the public REITs asset category. It offers investors across the market a new option for stable, large-scale asset allocation, effectively diversifying investment channels.

From the Real Estate Industry Perspective: These products can effectively revitalize China's trillion-RMB pool of existing commercial property assets, unlocking securitization pathways for legacy commercial real estate. This shifts the industry's development logic away from traditional "heavy-asset development" toward refined "asset operations and management." Ultimately, it will drive a high-quality transformation of the commercial real estate sector, carrying immense strategic value for the long-term, healthy development of real estate.