On September 23, the Guangfa Xincheng Wuyue Closed-End Commercial Real Estate Securities Investment Fund (fund code: 508610; hereinafter referred to as "Guangfa Xincheng Wuyue Commercial REIT") completed its offline inquiry. According to the fund's offering announcement, the product will officially begin sales on October 22. As the first commercial REIT product under the "Wuyue" brand and the second REIT product under Guangfa Fund, the fund has attracted significant market attention since receiving approval.
According to the fund's offering announcement, the subscription price per fund unit determined by this offline inquiry is 3.106 yuan per unit. Based on the offering size of 500 million units, if the offering is successful, the expected fundraising scale is approximately 1.553 billion yuan. A total of 42 placement objects managed by 22 offline investors participated in the quotation for this offline inquiry, with a total proposed subscription volume of 847.92 million units, which is 8.08 times the initial offline offering size. After excluding invalid quotations and low-price non-qualifying cases, the number of valid quoting investors for this offline offering was 12, managing 21 placement objects, with a total valid subscription volume of 551.76 million units, which is 5.25 times the initial offline offering size.
It is worth noting that this is another product the market has welcomed since the expansion of the commercial real estate REITs pilot program. According to Choice statistics, after Guangfa Xincheng Wuyue Commercial REIT completed its inquiry on September 23, a total of 22 public REIT products have completed inquiries this year, of which 11 are commercial real estate REITs. Against the backdrop of a continuously declining interest rate center and the continuation of the "asset scarcity" logic, the projected net cash flow distribution rates of Guangfa Xincheng Wuyue Commercial REIT for April-December 2026 (annualized) and for the full year 2027 are 5.61% and 5.73%, respectively, providing institutional funds with a high-dividend allocation option.
Looking through to the underlying assets, the fund holds two mature shopping centers: Changzhou Tianning Wuyue Plaza and Nantong Qidong Wuyue Plaza. The two projects have been in operation for over 6 years and over 7 years, respectively. From 2023 to 2025, their occupancy rates remained above 97%, and their remaining terms both exceed 30 years. The stability of rental cash flow is the key to whether stable distributions can be provided in the later period.
On the operational level, the fund is managed by Seazen Holdings Group, a leading national commercial operator, which serves as the overall operational management institution. Public information shows that as of the end of June 2026, Seazen Holdings had 181 opened shopping malls, ranking first among listed companies nationwide in terms of the number of opened malls. In 2025, its commercial operation revenue reached 14.09 billion yuan, with operating cash flow positive for 8 consecutive years. Its deep practical experience provides support for subsequent asset management.
Industry insiders said that commercial real estate REITs, which have distribution expectations and anti-inflation attributes, are gradually becoming an important allocation direction for many prudent funds. The success of this offline inquiry for Guangfa Xincheng Wuyue Commercial REIT reflects that the market's understanding of this category is rapidly deepening. The public offering of the product will launch on October 22. Public investors can participate in the subscription through channels such as the Tian Tian Fund APP, Eastern Wealth APP, and Guangfa Fund's direct sales platform. The specific arrangements shall be subject to the fund announcement.
Note: Fund-related data comes from the fund offering announcement. Projected net cash flow distribution rate = current period distributable amount of the public fund / assumed fund fundraising scale. The assumed fund fundraising scale is the funds the fund intends to raise, namely 1.553 billion yuan. The 2026 projected annualized cash distribution rate is the ratio of the projected distribution amount for the period from April 1, 2026 to December 31, 2026, extrapolated to the full year, to the fund's estimated fundraising scale. Risk disclosure: This fund invests in the securities market. Before investing in this fund, investors need to fully understand the product characteristics of this fund and bear various risks arising from fund investment. This fund needs to bear the unique risks brought by differences in the investment environment, investment targets, and market systems of real estate projects. This fund is issued and managed by Guangfa Fund Management Co., Ltd., and the distribution agency does not assume responsibility for product investment, redemption, and risk management. Before investing, please carefully read the fund contract, prospectus, and other legal documents of this fund to fully understand the details and risk characteristics of this fund. Real estate funds have different risk-return characteristics from public funds that invest in stocks or bonds. Their expected risks and expected returns are higher than bond funds and money market funds, and lower than equity funds. The specific risk rating results shall be based on the rating results provided by the fund manager and sales institution. Investors should choose products that match their risk tolerance and investment objectives. Funds involve risks, and investment requires caution. MACD golden cross signals have formed, and these stocks are rising well!