Feb 8, 2023|
JD Property and Harvest’s REIT lists on the Shanghai Stock Exchange
Harvest & JD Storage Logistics REIT (Fund Code: 508098), a real estate investment trust (REIT) operated and managed by JD Property, a subsidiary under JD.com, officially listed on the Shanghai Stock Exchange on Feb. 8. The REIT raised RMB 1.757 billion yuan with off-line allotment reaching 126.04 in over-subscription multiples. It is China’s first public warehousing and logistics REIT issued by a private company.
The assets of the REIT include three logistics parks located in Langfang, Wuhan, and Chongqing, covering a total floor area of 350,995 square meters. All three are scarce high-standard warehouses that represent the highest level of warehouses in China in terms of scale and automation, offering reliable profitability and a strong capability to fend off risks. The occupancy rates of these three parks are all 100 percent, with average leasing terms reaching five years, higher than the industry average of three years.
JD Property provides integrated services for industrial infrastructure development and asset management, and owns all of JD.com’s self-built logistics facilities. As of now, JD Property’s modern warehousing network has been deployed in 29 provincial-level administrative regions across China, with a total area of over 20 million square meters under management. The company also runs 24 projects in Southeast Asia and other regions overseas.
Wei Hu, Senior Vice President of JD.com and CEO of JD Property; Zhonglei Wang, a JD Property employee of the Langfang logistics park project; Chun Yang, a JD Property employee of the Chongqing logistics park project; Xuejun Zhao, Chairman of Harvest Fund; Lingfei Lu, CMO of Harvest Fund, and Yijun Wang, Head of Infrastructure Investment Management Department of Harvest Fund, rang the listing gong together at the ceremony.
Sandy Xu, CFO of JD.com said: “JD.com’s development is rooted in the real economy, as it grows in and serves the real economy. The value of the company’s supply chain infrastructure is recognized by various sectors of society including investors.” She added, “As the first private warehousing and logistics REIT, Harvest JD Warehousing Infrastructure REIT will greatly stimulate and enhance the vitality and confidence of the private sector to invest in supply chain infrastructure, and help to promote the digitalization, networking and intelligentization of the warehousing and logistics industry. JD.com will also unswervingly promote the construction of supply chain infrastructure.”