China's First Publicly Offered REIT for a Headquarters-Based Sci-Tech Industrial Park Listed on SSE

Xinhua Finance, Wang Jing

On July 25, the TruValue Sunlon Industrial Park Closed-end Infrastructure REIT (hereinafter referred to as "TruValue Sunlon REIT"), managed by First Capital and its controlled subsidiary TruValue Asset Management, was officially listed on Shanghai Stock Exchange (SSE).

As the first REIT project in China focusing on the "headquarters economy" within a sci-tech innovation industrial park, the fund has an issuance size of RMB 3.685 billion and a duration of 16 years. Its launch marks a deep integration of urban renewal and capital innovation, setting a new benchmark for revitalizing existing assets in the capital city.

According to public information, the underlying asset of the TruValue Sunlon REIT is the Sunlon Yuan Center project, located in the core area of Zhongguancun-Shangdi in Haidian District, Beijing. The site was formerly the historic Sanyuan Dairy Plant. Following a comprehensive upgrade and transformation, it has been redeveloped into a LEED Platinum-certified sci-tech innovation industrial park. With a total gross floor area of 203,600 square meters and an average occupancy rate of over 94% over the past three years, the project has become a flagship example of urban renewal and industrial transformation in Beijing.

During the issuance phase, the TruValue Sunlon REIT attracted strong interest from investors. Data shows that the total subscription amount from strategic investors, offline institutional investors, and public investors reached RMB 231.6 billion. The offline allotment ratio was only 0.78%, while the public offering ratio was as low as 0.26%, setting a new record for subscription volume among REITs issued by Beijing municipal enterprises. This enthusiastic response reflects a dual recognition of both the value of the underlying asset and the fund manager's capabilities.

Excerpt from Xinhua Finance, July 25, 2025