Logistics Real Estate Faces Supply-Demand Bottleneck Amid Diverging Domestic and International Demand (AI Translation)
Listen to the full version
- In early 2024, Real Estate Investment Trusts (REITs) based on logistics property assets faced market sell-offs despite their previous appeal for their counter-cyclical nature. The sector saw significant declines, including a dramatic drop in the value of China's first private logistics REIT, JD Logistics Warehouse Infrastructure REIT.
- The downturn was triggered by a rental price reduction announcement from JD Logistics Warehouse REIT, reflecting broader market pressures such as decreased demand and an oversupply in logistics properties. This led to a reassessment of investment logic within the industry amidst concerns over liquidity, performance volatility, and macroeconomic downturns.
- Despite challenges, there is optimism for the logistics property market's long-term prospects due to sustained demand from e-commerce and express delivery services. Future trends include increased customization, automation, and green initiatives in warehouse operations, with a focus on high-standard warehouses to meet evolving supply chain efficiency and sustainability requirements.
文｜财新周刊 李蓉茜 包云红
By Caixin Weekly's Li Rongqi, Bao Yunhong
以物流地产项目为底层资产的不动产投资信托基金（REITs），2024年开年突遭市场抛压，而这一板块因其抗周期特性此前深受长线资金青睐，现在行业投资逻辑是否发生了改变？
Real Estate Investment Trusts (REITs) with logistics property projects as their underlying assets faced a sudden market sell-off at the beginning of 2024. This sector, previously favored by long-term funds for its counter-cyclical characteristics, now raises the question: Has the investment logic within the industry changed?
2024年1月8日，中国物流地产首个民企REIT——嘉实京东仓储基础设施REIT（下称“京东仓储REIT”）突发断崖式下跌，连跌三日；还带跌整个物流仓储板块REITs，30只REITs中的23只下跌。1月，京东仓储REIT的最大跌幅超过三成，随后在底部缩量盘整；物流仓储龙头普洛斯中国控股有限公司（下称“普洛斯中国”）发行的REIT，其间也有一轮猛烈下跌，跌幅最大接近四分之一，后半个月有所修复。截至春节假期前，整个REITs板块指数跌幅在6—7个百分点。
On January 8, 2024, China's first private enterprise REIT in the logistics real estate sector, the Harvest JD Logistics Infrastructure REIT (hereinafter referred to as "JD Logistics REIT"), experienced a precipitous drop, falling for three consecutive days. This downturn also dragged down the entire logistics and warehousing sector's REITs, with 23 out of 30 REITs recording declines. In January, JD Logistics REIT saw its largest drop exceed thirty percent, subsequently entering a phase of low-volume consolidation at its bottom. Prologis China Holdings Limited (hereinafter referred to as "Prologis China"), a leading company in logistics and warehousing, also issued a REIT that underwent a significant decline during this period, with the largest drop nearing twenty-five percent before partially recovering in the latter half of the month. By the time of the Spring Festival holiday, the overall index for the REITs sector had fallen by 6 to 7 percentage points.
春节假期过后，因发行人接连出手增持基金份额自救，叠加前期市场超跌，REITs板块连续三天整体反弹。其中，京东仓储REIT在节后连续三个交易日累计涨幅达到10.42%，因过快上涨，该基金在2月22日开市第一个小时暂停交易。
Following the Chinese New Year holiday, the REITs sector saw a continuous three-day rebound due to issuers successively stepping in to buy back fund shares as a self-rescue measure, coupled with an earlier market oversell. Among them, JD Logistics REIT achieved a cumulative increase of 10.42% over three consecutive trading days after the holiday. Due to its rapid rise, trading of the fund was temporarily suspended during the first hour of the market on February 22.
Sign in with Google
Sign in with Facebook
Sign in with 财新