According to Zhitong Finance APP, as of May 23, the returns of Huaxia Joy City Commercial REIT and Huaxia Baiyun Consumption REIT have approached 50% this year, significantly leading other types of REITs. In terms of performance, data for the first quarter of 2025 shows that the eight listed consumption REITs had a total revenue of 565 million yuan, although there are significant differences in profitability. For instance, Huaxia China Resources Commercial REIT reported a net profit of about 9 million yuan, while Huaxia Joy City Commercial REIT incurred a loss of 473,000 yuan during the same period.
Companies represented by Wanda Commercial Management, Aegean Group, and Yuexiu Commercial Management disclosed the performance of retail projects during the May Day holiday. According to relevant data, there was a significant increase in both foot traffic and sales, with many companies experiencing a sales increase that outpaced foot traffic growth, leading to a rise in average transaction value.
<img src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/29b162d9924ae38d79ede9b4905b55b6.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="The content generated by AI may be incorrect." original-src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/29b162d9924ae38d79ede9b4905b55b6.jpg"/>
Data Source: Company disclosures, compiled by Zhitong Index
Taking Joy City as an example, Beijing Chaoyang Joy City achieved sales exceeding 85 million yuan, with foot traffic increasing by 10% year-on-year; Wuhan Joy City saw foot traffic exceeding 560,000, a year-on-year increase of 15.8%, and sales grew by 18% year-on-year; Sanya Joy City had foot traffic exceeding 420,000, with an average daily foot traffic of over 84,000, and total sales during the holiday exceeded 30 million yuan.
It is worth mentioning that in addition to the consumption heat during the holiday itself, project marketing activities also played a positive role in increasing foot traffic and consumption. For example, Shanghai Jing'an Joy City launched its first &#34;Super Easy to Shop IP &amp; COFFEE Market,&#34; combining coffee experiences with IP elements, attracting 131,000 visitors on the first day of the holiday and driving sales up by 17.5% year-on-year.
Coinciding with the holiday, the enthusiasm for new projects entering the market has also significantly increased, with most new projects choosing to launch around the May Day holiday to better capture the consumption heat of the holiday.
<img src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/a95c588597fbddba9298cb691c468acc.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/a95c588597fbddba9298cb691c468acc.jpg"/>
Data Source: Public information, compiled by Zhitong Index
In terms of operators, Vanke Yinyi, K11 Group, Yitian Tourism Commercial Group, Hesheng Commercial, Zhuhai Wanda Commercial Management Group, Longfor Commercial, and Aegean Group have all launched new projects. The entry of new projects from these leading companies is expected to inject new vitality into the local commercial market and provide consumers with a more diverse shopping and leisure experience.
<h2>Another Outlet REIT application, overall increase in consumption infrastructure REITs leads</h2>
In the consumption infrastructure REITs market, new news has emerged. On May 6, the Shanghai Stock Exchange website disclosed that the status of the CICC Vipshop Outlet REIT project has been updated to &#34;Filed,&#34; with the original rights holder being Shanshan Commercial Group Co., Ltd., which is expected to become the second listed outlet REIT after the inaugural outlet REIT
The underlying asset of the aforementioned REIT is the outlet of Shanshan Group located in Haishu District, Ningbo City, with a total construction area of 104,300 square meters and a commercial building area of 83,300 square meters. The current occupancy rate is 99.91%, and the total project valuation is 2.972 billion yuan, representing a 547% appreciation compared to the original book value. The unit price per total construction area is 28,505 yuan/sqm, which is the highest unit price among currently listed and declared consumption REITs.
<img src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/51cbb44e6d789de06df4adc25178c17f.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Schedule AI-generated content may be incorrect." original-src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/51cbb44e6d789de06df4adc25178c17f.jpg"/>
Data source: Prospectus, organized by Guandian Index
From an operational perspective, since 2022, the operating income of Shanjing Outlet has shown an upward trend, with a compound annual growth rate of 8.70% in operating income from 2022 to 2024. Meanwhile, the occupancy rate has maintained a high level of over 96%, demonstrating good market performance.
<img src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/f16bb582e8e86567d2b4107aa0047b54.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/f16bb582e8e86567d2b4107aa0047b54.jpg"/><img src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/05e44b6b432d3efc22b14943abeaefe3.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/05e44b6b432d3efc22b14943abeaefe3.jpg"/>

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The viewpoint index shows that the performance of consumer infrastructure REITs is differentiated, with Huaxia Joy City Commercial REIT and Huabao Bailian Consumer REIT yielding close to 50%. In the first quarter of 2025, 8 consumer REITs generated a total revenue of 565 million yuan, but the profitability varies significantly. The increase in holiday consumption enthusiasm and the active entry of new projects, with operators like Vanke Yinli and K11 launching new projects, are expected to inject vitality into the market

Zhitong

Vanke

CHINA VANKE

GRANDJOY

Vipshops

LONGFOR GROUP

CR MEDICAL

CHINA RES GAS

Viewpoint Index: The performance of consumer infrastructure REITs is differentiated, with significant differences in profitability