GRA Market Weekly (2026-06-18)

Policy Watch

PBOC Governor Pan Gongsheng: action plan for offshore finance in Shanghai to be released

On the morning of 17 June, at the 2026 Lujiazui Forum, People's Bank of China Governor Pan Gongsheng announced that the central bank would work with the Shanghai municipal government and relevant authorities to issue the Action Plan for Developing Offshore Finance in the Shanghai International Financial Centre. The PBOC subsequently confirmed that, to implement the central leadership's decisions on deepening Shanghai's development as an international financial centre and to support the city in piloting offshore finance, the PBOC, the National Development and Reform Commission, the National Financial Regulatory Administration, the China Securities Regulatory Commission, the State Administration of Foreign Exchange and the Shanghai Municipal People's Government jointly released the Action Plan. It targets, by end-2027, an initial institutional framework covering business rules, risk control and resolution, and the business environment for offshore finance; by end-2030, a relatively mature offshore finance institutional and legal system; and, looking to 2035, positioning Shanghai as a strategic hub where offshore and onshore finance develop in high-level coordination.

Market Watch

Hangzhou: Jindi takes a Xiaoshan residential plot at a premium above 33%

On 16 June, Hangzhou offered two residential-use plots, in Xiaoshan and Lin'an districts, with combined site area of 92,933 sqm, planned GFA of 128,498.10 sqm and total starting price of RMB 1.438 bn. The Lin'an plot sold at reserve while the Xiaoshan plot cleared at a premium above 33%, for combined proceeds of RMB 1.818 bn.

First batch of REITs index funds approved, opening a new era of index-based investment in listed REITs

On 17 June, the CSRC website showed approval of the first four mutual fund products tracking the CSI REITs Total Return Index, marking the formal entry of China's listed REITs market into index-based investing - a major innovation in the REITs product system. Tracking the CSI REITs Total Return Index, the funds should push REITs investment further towards indexation, standardisation and scale, channel long-term stable incremental capital into the market, diversify the investor base, materially improve liquidity, and inject strong momentum into the high-quality development of the listed REITs market.

Project Watch

Hefei: China Resources Land wins Hefei Suning Plaza at judicial auction for RMB 657 m

On 13 June, the long-stalled Hefei Suning Plaza was successfully auctioned on the JD.com platform for RMB 657 m, with the buyer being Shanghai Hongzhe Real Estate Development Co., Ltd., a wholly owned subsidiary of China Resources Land. The disposal was handled by the bankruptcy administrator of Hefei Suning Yuecheng Real Estate Co., Ltd. The project was appraised at RMB 1.021 bn and had been through three auctions. In this third auction, the reserve price was RMB 653.4 m and the final price RMB 657 m - a 0.55% premium to reserve and a discount of c. 35.6% to appraisal.

Corporate Watch

Warburg Pincus: tender offer for Japan's largest long-term rental apartment operator

Warburg Pincus formally announced an all-cash tender offer to take private and delist J.S.B. Co., Ltd. (JSB), Japan's largest long-term rental apartment operator. The privatisation offer totals c. USD 1.25 bn, at JPY 9,000 per share plus option consideration of JPY 1.735 m - a premium of c. 29% to the pre-announcement close.

Founded in 1976 and headquartered in Kyoto, JSB is listed on the Tokyo Stock Exchange Prime Market (3480). As Japan's largest student housing operator, it owns the long-term rental brand UniLife, currently managing 2,700 properties in partnership with more than 1,200 universities and operating c. 100,000 student apartments on a long-term basis. With occupancy near 100%, demand is need-driven and cash flows are stable.