First Batch Data Center REITs Nationwide and the First on SSE Officially Listed

Released by the Shanghai Stock Exchange

On August 8, the Southern GDS Data Center Closed-end Infrastructure Securities Investment Fund (hereinafter referred to as the “Southern GDS Data Center REIT”) was listed on the Shanghai Stock Exchange (SSE), marking the first batch data center REITs nationwide and the first of its kind to be listed on the SSE. Under the overall guidance of the China Securities Regulatory Commission (CSRC), this is a vivid example of the SSE’s efforts in advancing the “five key financial initiatives” and serving the high-quality development of the real economy. It carries positive significance for promoting a high-level cycle of technology, capital, and the real economy.

The underlying asset of the Southern GDS Data Center REIT is the Guojin Data Cloud Computing Data Center Project under its original equity holder, located in Kunshan, Jiangsu Province. Over the past three years, it has maintained a 100% contract signing rate and a billing rate exceeding 92%, with the annualized cash distribution yield projected to reach 5.07% in 2025. The project actively engages in green power trading, achieving a 100% share of renewable energy use, and its power usage effectiveness (PUE) is at a relatively advanced level in the region. The offering raised RMB 2.4 billion, and the net proceeds will be primarily used for the construction of data centers owned by the original equity holder and its affiliates, thereby enhancing computing power supply and empowering technological innovation and digital transformation across industries.

The successful listing of the Southern GDS Data Center REIT serves as a positive demonstration for the REITs market in supporting innovation in technology finance, green finance, and digital finance, revitalizing high-quality existing assets in the data center sector, and expanding effective investment. It provides the data center industry with a replicable and scalable full-cycle “fundraising–investment–management–exit” solution, marking an important milestone in the progress of China’s REITs market in serving the development of new quality productive forces.

The SSE has always adhered to its mission of serving the real economy and national strategies, steadily advancing the quality improvement, expansion, and ecosystem development of the REITs market. The pace of regular issuance has continued to accelerate. As of August 8, the SSE had a total of 49 REITs making their initial public offerings. Since 2024, it has introduced the first batch or the first-ever REITs in fields such as consumer facilities, hydropower, cross-sea bridges, heating, and data centers, creating a notable scale effect and demonstration effect. The role of the asset listing platform has been further enhanced. Since 2024, a total of 8 REITs have announced additional offerings, with 3 obtaining approval for such expansions. Listed REITs have shown improving performance trends and stable returns, with over 60 dividend distributions made by REITs on the Shanghai market in 2024, amounting to nearly RMB 6 billion in total, representing a year-on-year increase of 32%. Going forward, under the unified arrangements of the CSRC, the SSE will further accelerate the regular issuance of REITs, actively guide REITs listed on the Shanghai market to improve their compliance and operational standards, continuously enhance the market ecosystem, and strive to build a high-quality REITs market that better serves national strategies and the overall economic and social development.