On September 21, CITIC Securities Research released an adjustment report for its REITs Liangma portfolio, stating that the cash allocation within the portfolio has been further reduced to 10%, down from the previous 15% in the prior period. Additionally, the number of commercial retail real estate investment trusts (REITs) in the portfolio has been trimmed from five to four, signaling a more focused approach on stronger-performing brands.
According to the report, since the portfolio's inception on August 18, 2026, it has accumulated an absolute return of 1.78%, with a relative return of 1.40 percentage points compared to the CSI REITs closing benchmark over the same period. Among the holdings, the ESIN Logistics REIT and the Runze Technology Data Center REIT have posted cumulative gains of 9.71% and 3.00%, respectively.
CITIC Securities Research suggests that with a higher proportion of quality assets among proposed REITs yet to complete fundraising, along with notable improvements in assets within the same sector, market participants are demonstrating greater rationality. As a result, the likelihood of new REITs falling below their issue price after completing fundraising has diminished.
On the primary market front, as of early September 2026, the average issuance premium rate for publicly offered REITs (including those in the application pipeline) stands at approximately 4.80%, a decrease of about 5.67 percentage points from the 10.47% recorded in the second quarter. The offline subscription success rate has risen to roughly 37.31%, up approximately 35.90 percentage points from the 1.42% seen in the second quarter. Meanwhile, the online subscription success rate has climbed to around 28.63%, marking an increase of about 27.11 percentage points from the 1.51% reported in the second quarter.
This content is compiled based on publicly available information and does not constitute investment advice. Verify all data before use.
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