On the morning of January 12, 2026, the fundraising and listing ceremony of Huaxia Fund China Resources Youchao Rental Housing Closed Infrastructure Securities Investment Fund (referred to as "China Resources Youchao REIT") was held in the trading hall of the Shanghai Stock Exchange. Chen Guozhong, member of the Party Group and Deputy Director of Shanghai Development and Reform Commission, Zhang Dawei, Vice Chairman of the Board of Directors and Chief Product Officer of China Resources Land Co., Ltd., Zou Yingguang, General Manager of CITIC Securities Co., Ltd. and Chairman of Huaxia Fund Management Co., Ltd., Zhang Bing, member of the Party Group and Deputy Director of Shanghai Housing Management Bureau, Zhao Wei, Executive Director and Chief Financial Officer of China Resources Land Co., Ltd., and Li Yimei, General Manager of Huaxia Fund Management Co., Ltd., jointly sounded the golden gong for the listing of China Resources Nest REIT.

Li Yang, member of the Party Group and Deputy District Chief of Minhang District People's Government in Shanghai, Zhang Xiaoyi, Executive Deputy Director of the Bond Business Center of the Shanghai Stock Exchange, Duan Mu Lishu, Deputy General Manager of the Finance Department of China Resources Group, Li Ge, Deputy General Manager of the Legal Compliance Department of China Resources Group, and other government units at all levels in Shanghai and Minhang District, as well as relevant leaders and cooperative units, investors, and media representatives of China Resources Group, China Resources Land, CITIC Securities, Huaxia Fund, etc., jointly witnessed the expansion and listing of China Resources Nest REIT.

First non targeted public REITs, high subscription demonstrates market confidence

Huaxia Fund China Resources Nest REIT is an infrastructure public REITs initiated by China Resources Nest as the original equity holder, CITIC Securities as the special plan manager, and Huaxia Fund as the fund manager. It is the first rental housing REITs operated by a market-oriented institution in China. In the three years since its listing, Huaxia Fund China Resources Nest REIT has achieved good market performance, winning high recognition in the capital market with high-quality underlying assets, professional management operations, and stable income performance. As of November 2025, the fund has cumulatively distributed dividends of over 154 million yuan to its holders. This expansion is the first expansion of Huaxia Fund China Resources Nest REIT, and the issuance of the expanded shares will be successfully completed in December 2025.

This fundraising innovatively adopts the mode of allocation to original holders (non targeted fundraising), fully protecting the rights and interests of original holders in institutional design. The allocation price is 2.53 yuan/share, and the number of shares that can be allocated is 450 million. The sale received positive response from the original holders, with a subscription ratio of 99.51%, and the final raised funds amounted to approximately 1.1329 billion yuan (excluding interest during the fundraising period).

After deducting relevant reserved expenses, the funds raised in this expansion will be fully used to acquire the high-quality asset of China Resources Youchao - Shanghai Maqiao project. This project is a demonstration project for affordable rental housing in Shanghai, adjacent to core industrial clusters such as the Da Ling Hao Wan Science and Technology Innovation Strategy Source Functional Zone and Minhang Economic and Technological Development Zone. The surrounding industries are densely populated, and the rental demand is strong. As of the end of June 2025, the rental rate reached 96%, indicating strong operational resilience. After the acquisition is completed, Huaxia Fund's China Resources Nest REIT's underlying assets have achieved full coverage of Shanghai's three core industry clusters, further optimizing its asset structure and significantly increasing its long-term investment value.

Professional collaboration empowers asset value, powerful joint efforts explore new paths for industry development

As a fund manager, Huaxia Fund manages 19 public REITs, leading the market in the management scale of public REITs. It has accumulated profound investment research strength, mature management experience, and a full process risk control system in the field of public REITs. Since its establishment, Huaxia Fund has formed a dedicated professional team to strictly carry out core work such as underlying asset operation and information disclosure in accordance with regulations, effectively protecting the legitimate rights and interests of holders. As the original equity holder and operational management institution, China Resources Youchao has built a multidimensional operational system, and through special marketing, diversified leasing, community operation, and safety supervision measures, has stabilized high asset rental rates and service quality, achieving steady increase in asset value.

Li Yimei, the General Manager of Huaxia Fund Management Co., Ltd., stated in her speech that the fund dividends and performance realization of Huaxia Fund's China Resources Nest REIT after its listing fully verified its excellent cash flow creation and value growth capabilities under the market-oriented operation model. Behind the "first order" is a powerful practice of deepening the reform of the capital market, an important innovation in the public REITs industry, and a vivid witness to the sharing of development dividends among investors.

Zhang Dawei, Vice Chairman of the Board of Directors and Chief Product Officer of China Resources Land Limited, emphasized in his speech at the listing ceremony that Youchao has taken the lead in building a full cycle commercial closed loop of "investment, financing, construction, management, and withdrawal" based on the REITs platform, and explored a development path of "financial innovation driven industrial upgrading". Currently, China Resources Land is promoting the transformation and innovation of its large asset management business model, building a dual platform of China Resources Nest and China Resources Commercial REITs, optimizing the asset and capital circulation mechanism, and achieving a dual increase in asset management scale.

In the future, China Resources Youchao and Huaxia Fund will deepen their collaborative cooperation, deepen the exploration of high-quality asset reserves, strengthen the regular expansion layout, actively respond to the national policy guidance on the normalized development of REITs through "creating high-quality products, providing models, and promoting", and contribute more professional strength to the high-quality development of the rental housing industry.