CNS | SSE Facilitated New Launches of Hold-type Real Estate ABS Projects

CNS Shanghai, November 18, 2025 (Reporter: Gao Zhimiao)—Shanghai Stock Exchange (SSE) announced on November 18 that the "Taiping Asset - Century Internet Data Center Hold-Type Real Estate Green Asset-Backed Special Plan" has been established on the SSE, with an issuance scale of 860 million yuan. This marks another breakthrough in the Internet Data Center (IDC) infrastructure sector of the multi-tiered REITs (Real Estate Investment Trusts) market.

According to the SSE, this project represents the first green hold-type real estate ABS in China's data center industry and the second nationwide data center hold-type real estate ABS product. It serves as a exemplary case of enhancing the quality and effectiveness of the financial sector in serving the real economy, which is part of the "Five Key Financial Areas" initiative. This project also provides a replicable and scalable approach for developing a modern infrastructure system.

IDC businesses generally have stable and predictable cash flows, primarily deriving income from fees charged for hosting and value-added services over the term of user contracts, which aligns with the key characteristics of the underlying assets for ABS. Data center assets combine both stability and growth potential, making them ideal investment targets for public REITs. Hold-type real estate ABS, positioned as an intermediate product between Pre-REITs and public REITs, features more flexible structures that cater to the needs of both issuers and investors. It can be applied to a broader range of underlying assets and issuers, and accommodates diverse operational and management models, making it a viable financing option for IDC companies with significant funding needs.

Currently, the SSE has developed a diversified product system that includes public REITs, hold-type real estate ABS, quasi-REITs, specialized bonds for technological innovation, and exchangeable corporate bonds. This system provides suitable financing channels and financial support for data center assets at different stages, aligning with their development needs and risk profiles.

An SSE official stated that, under the guidance of China Securities Regulatory Commission (CSRC), the SSE will continue to promote the hold-type real estate ABS market. The SSE will focus on the organization and ecosystem development of this market, further facilitate the launch of projects, improve related mechanisms and supporting rules, and fully drive the high-quality development of the hold-type real estate ABS market.