冲刺21亿机构间REITs，京东产发上市未果后的资本突围

睿思2025-12-28

近期，上交所债券项目信息平台的一则进展公告，勾勒出京东在不动产证券化领域的新动作。据悉，“京东高和现代化基础设施持有型不动产资产支持计划”正式进入审核流程，目前处于“已反馈”状态，拟发行金额达21亿元，品种为持有型不动产ABS（即机构间REITs）。这也是2023年2月京东发行首单民营企业仓储物流公募REITs之后，又一次对不动产证券化的探索，同时这种探索正从公募REITs向私募赛道正式延伸。在...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251228155953a6d87308&s=b><strong>睿思</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>近期，上交所债券项目信息平台的一则进展公告，勾勒出京东在不动产证券化领域的新动作。据悉，“京东高和现代化基础设施持有型不动产资产支持计划”正式进入审核流程，目前处于“已反馈”状态，拟发行金额达21亿元，品种为持有型不动产ABS（即机构间REITs）。这也是2023年2月京东发行首单民营企业仓储物流公募REITs之后，又一次对不动产证券化的探索，同时这种探索正从公募REITs向私募赛道正式延伸。在...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251228155953a6d87308&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0370786039.SGD","symbol_name":"Fidelity Greater China 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listing","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89618":0.6,"09618":1.91,"JD":1.91},"content_text":"近期，上交所债券项目信息平台的一则进展公告，勾勒出京东在不动产证券化领域的新动作。据悉，“京东高和现代化基础设施持有型不动产资产支持计划”正式进入审核流程，目前处于“已反馈”状态，拟发行金额达21亿元，品种为持有型不动产ABS（即机构间REITs）。这也是2023年2月京东发行首单民营企业仓储物流公募REITs之后，又一次对不动产证券化的探索，同时这种探索正从公募REITs向私募赛道正式延伸。在政策引导与企业存量资产盘活需求的双重驱动下，机构间REITs已成为资本市场服务实体经济的重要创新工具。京东入局，机构间REITs赛道升温上交所信息显示，“京东高和现代化基础设施持有型不动产资产支持计划”的原始权益人为上海京鸿宇企业发展有限公司，间接全资股东为香港宇培物流资产发展有限公司，实际控制人为刘强东。2021年，京东集团旗下京东智能产业发展集团（简称“京东产发”）完成对中国物流资产控股有限公司（前身为上海宇培（集团）有限公司）的收购，持股37.02%。值得关注的是，该项目通过引入高和资本，创新性地在资产支持计划与底层项目公司之间嵌入私募基金结构，形成了“私募基金+ABS”的双层架构，为资产盘活提供了更灵活的操作路径。作为场内标准化权益产品，机构间REITs以“资产信用”为核心，收益直接绑定底层不动产的现金流，核心优势在于审批流程更高效、估值机制更灵活、资金用途更自由，尤其适合培育尚未达到公募REITs运营年限、现金流稳定性要求的不动产资产。市场数据直观印证了这一赛道的活跃度。截至2025年12月初，上交所已有50单机构间REITs项目申报，申报规模近1200亿元，并已成功发行20单项目，发行规模超过450亿元。上交所表示，下一步将围绕机构间REITs市场组织和生态建设，进一步有效推动项目落地。业内人士分析，机构间REITs的升温，本质上是资本市场响应企业“盘活存量资产、优化资本结构”需求的必然结果。而京东此次入局，无疑将进一步提升机构间REITs赛道的市场关注度。资产布局提速+上市折戟，证券化成关键抓手京东此次机构间REITs的申报，背后是核心资产运营平台京东产发的深度布局与资金周转需求。作为京东集团旗下专注于基础设施投资、开发与运营的平台，京东产发自2018年独立运营以来，通过收购、自建等多元方式持续扩张，目前在全球拥有现代化基础设施资产数量超过280个，园区管理建筑面积超过2700万平方米，资产管理规模总额超过1200亿元。大规模扩张也伴随着持续的资金压力。2020-2022年，京东产发投资活动所用现金净额高达345亿元，而其经营活动所得现金净额仅约30亿元，截至2022年末公司账上现金仅11亿元。更为关键的是，其原本寄予厚望的上市融资路径未能顺利推进。2023年3月，京东产发正式向香港联交所递交上市申请，但受港股估值低迷、重资产模式受资本市场质疑等多重因素影响，2024年5月该上市计划正式暂缓，港交所相关申请文件因长期无进展失效。业内普遍认为，彼时全球IPO市场遇冷，港股集资额降至20年来最低，叠加京东产发业务依赖重资产投资、回报周期长的特性，使其难以获得满意估值，最终选择暂停上市进程。在此情况下，私募基金与资产证券化成为京东产发缓解资金压力的核心抓手。自2019年以来，该公司已成立7支私募基金。其中，2024年12月公司宣布完成50亿元物流基础设施基金的募集，这也是国内物流不动产领域募集规模最大的一支基金。而在资产证券化方面，2023年京东产发成功发行首单民营企业仓储物流公募REITs——京东仓储REIT，首发入池的资产包括廊坊、武汉和重庆3处物流园区，合计建筑面积约35.1万平方米。2025年7月，该支REITs启动扩募并拟购入西安、合肥两个成熟运营的智能物流园区，预计新增建面约25.28万平方米。而此次申报机构间REITs，则是对这一逻辑的延伸与补充：对于尚未成熟的资产，通过机构间REITs提前盘活回笼资金，反哺新资产的收购与培育；待资产成熟后，可进一步衔接公募REITs上市，形成“收购-培育-证券化-再投资”的良性循环。京东的探索并非个例。近期包括中国中铁、青岛西海岸公用事业、中交第四航务工程局等企业均密集发行机构间REITs，涉及消费、能源基建、工业厂房等方向，机构间REITs已成为资本市场服务实体经济的重要创新载体。其中，中交第四航务工程局牵头投建持有的广连高速公路项目成功打包成机构间REITs，规模达150亿元，创同类项目历史纪录。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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