REITs突现“撤回潮”：万科、建行等巨头密集终止申报

中国房地产报01-28

“在房地产新旧模式转换的阵痛期，这场市场的“压力测试”，终将筛选出真正具备穿越周期能力的优质资产与专业运营商。中房报记者许倩丨北京报道中国公募REITs（不动产投资信托基金）市场正迎来一波前所未有的“撤回潮”。一周多时间，万科、建设银行、首创环保、电子城等多家头部企业，相继宣布主动撤回筹备已久的公募REITs发行申请。这批项目大多于2024年初市场情绪高涨时集中申报，却在经历近2年等待后集体终止...

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许倩丨北京报道中国公募REITs（不动产投资信托基金）市场正迎来一波前所未有的“撤回潮”。一周多时间，万科、建设银行、首创环保、电子城等多家头部企业，相继宣布主动撤回筹备已久的公募REITs发行申请。这批项目大多于2024年初市场情绪高涨时集中申报，却在经历近2年等待后集体终止，其背后是市场环境与监管逻辑已发生深刻变化。其中最具代表性的事件，是万科旗下万纬仓储物流REITs的终止。1月23日，万科发布公告称，已主动撤回“华夏万纬仓储物流封闭式基础设施证券投资基金”在深圳证券交易所的上市申请，该基金的申报流程随之正式终止；一同撤回的还有配套的“中信证券-万纬物流1期资产支持专项计划”。万科在公告中解释，此次撤回是“经综合考虑外部客观环境、市场环境等多种因素，并经相关各方充分沟通和审慎论证分析”后做出的决定，并强调此举不会对公司日常生产经营造成重大不利影响，公司将待条件成熟时择机重新启动申报。对此，中国企业资本联盟副理事长柏文喜表示，此轮REITs的撤回，应促使万科等企业重新审视其资产的真实运营质量，而非仅仅将其视为融资筹码。他认为，未来能够成功发行REITs的，必然是那些具备专业运营能力、资产现金流真实稳定的企业，这将推动整个行业从“开发思维”向“资管思维”转型。━━━━从“申报热”到“撤回潮”从两年前的“申报热”到如今的“撤回潮”，中国公募REITs市场正经历一场深刻的理性调整。撤回的序幕由电子城拉开。1月19日晚，北京电子城高科技集团股份有限公司公告宣布，为切实维护投资人利益，进一步提高项目经营稳定性，拟申请撤回基础设施公募REITs项目申报，后续择机继续推进申报工作。该项目底层资产位于北京酒仙桥地区，包括电子城科技大厦、电子城研发中心A1楼、电子城国际电子总部4号楼。同日，电子城还发布了2025年度业绩预亏公告，预计归母净利润为-19亿元至-14.5亿元。尽管公司表示生产经营正常，但多重信息叠加放大了投资者的谨慎心理。1月20日开盘后，电子城股价应声大幅下跌。紧随其后，万科宣告其华夏万纬仓储物流REITs申报流程正式终止。该REIT底层资产涵盖佛山、绍兴、湖州三地物流仓储项目，总估值约11.49亿元。这类资产曾因其稳定的租金收益被市场视为优质发行标的，却在经历近两年审核后，最终以“综合考虑外部客观环境、市场环境”为由撤回。1月24日，建设银行与首创环保两大巨头几乎同时发声。北京首创生态环保集团股份有限公司（由首创集团控股）公告称，因其REITs扩募不动产项目涉及“规划调整”，基金管理人已决议提交终止审核申请。中国建设银行亦发布公告，其附属公司建信住房服务有限责任公司作为原始权益人，已申请撤回“建信建融家园租赁住房”REITs的注册及上市材料。该项目底层资产包括北京、上海、苏州三地的保障性租赁住房项目，曾被业内视为有望打破“单一城市、单一运营方”格局的标杆性保租房REITs。对于终止的具体原因，建设银行在公告中未作过多解释，仅表示“为进一步整合项目资源，优化运营管理”。值得关注的是，此次撤回正值建信住房业绩转折的关键阶段。财报数据显示，2025年上半年建信住房净亏损2.21亿元，2024年全年净亏损2.47亿元。这批集体终止的项目均并非新近申报，而是在2024年初市场情绪高点时步入审核流程。回顾2024年3月，公募REITs市场正迎来一波申报热潮，当时二级市场行情火热，已上市产品全线飘红，多只产品因短期涨幅过大而触发停牌。正是在这股热潮推动下，万科、建行、首创等企业纷纷提交申请，希望通过REITs这一创新工具盘活存量资产、拓宽融资渠道。然而近两年过去，等来的不是上市的钟声，而是集中的撤退，这一强烈反差向市场释放出不容忽视的强烈信号。━━━━市场正经历一场“压力测试”“这一轮集中撤回，实际上是对当前市场环境的集体回应。”一位REITs基金负责人表示，与2024年初的普涨行情形成鲜明对比的是，当前REITs二级市场表现疲软，资产收益率承压，投资者认购意愿下降，导致新发产品面临严峻的定价难题。数据印证了市场冷意。根据Wind数据，截至2025年12月31日，已公布四季报的77只公募REITs，在第四季度合计实现营业收入59.13亿元，但净利润仅5.26亿元，环比下滑42.83%。在二级市场方面，2025年12月公募REITs价格在缩量中持续下行，超过七成个券录得下跌。柏文喜表示，2026年开年的这波撤回潮，核心是发行人与投资者之间\"价格博弈\"的彻底破裂：发行人难以接受低价发行，而投资者则对高估值资产望而却步，双方僵持不下，主动撤回成为理性选择。以仓储物流资产为例，万纬物流在Pre-REITs阶段曾凭借较高估值吸引众多投资者。但随着2024年以来物流地产市场租金承压、空置率攀升，底层资产未来的现金流预测面临向下修正。REITs发行要求未来现金流具备可预测性和稳定性，但在当前市场环境下，相关资产的租金增长率、出租率假设都需要调整，直接导致发行估值与万科预期出现分歧。若强行发行，将面临发行失败或破发风险；若接受大幅折价，则意味着万科需要一次性确认巨额资产减值，这对本就承压的财务报表将是沉重打击。监管审核标准的实质性提升是另一大关键因素。特别是在房地产及相关产业链企业申报的REITs项目中，监管层对底层资产的现金流稳定性、原始权益人的持续经营能力、关联交易的公允性等提出更高要求。政策层面亦释放明确信号。2025年12月31日，证监会发布《关于推动不动产投资信托基金（REITs）市场高质量发展有关工作的通知》，强调要推动商业不动产REITs平稳健康发展，加强监管与风险防范。同日，沪深交易所同步发布《公开募集不动产投资信托基金业务指引第4号——审核程序（试行）》，首次明确了审核程序可能“暂停”或“彻底终止”的具体情形，包括“申请文件中记载的财务资料和资产评估报告等专业机构报告已过有效期且未补充提交”“未在规定期限内回复交易所反馈意见”等。此次申请撤回的几个项目，其审核流程均已被“搁置”较长时间，新规下的审核环境已然不同。此次“撤回潮”更深层地折射出国内融资环境的变化。在流动性相对紧张的环境下，复杂金融工具的发行面临更大挑战。以万科为例，该公司面临行业调整期的流动性压力，尽管万纬物流作为独立运营实体，其资产质量与万科母公司风险存在隔离，但市场投资者的风险偏好已发生根本性转变。柏文喜分析称，在“房企信用风险向持有型物业蔓延”的担忧下，即便底层资产本身优质，投资者也会要求更高的风险溢价。这种“主体信用拖累资产定价”的现象，在此轮房地产下行周期中表现得尤为明显。万纬物流REITs的撤回，某种程度上是市场“用脚投票”的结果——投资者不愿在房企信用风险尚未出清前，为相关资产支付公允价格以上的溢价。2026年开年的这波撤回潮，或许正标志着中国不动产公募REITs从“概念炒作”走向“价值投资”的分水岭。在房地产新旧模式转换的阵痛期，这场市场的“压力测试”，终将筛选出真正具备穿越周期能力的优质资产与专业运营商。值班编委：樊永锋责任编辑：马琳 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