Edison Lee

Timothy Zhao

Xinyi Wang

Daley Li

Tom Tang

Andy Yu

Dai Li Li

Huiqun Li

Louis Tsang

Sarah Wang

Shuyun Che

Yang Liu

Yue Tang

Yu Lee

- VNET Group has successfully issued a **holding-type real estate green asset-backed security** under its newly-launched private REIT, marking the **first** such issuance in China's IDC industry.  **[1508475_20251104CN14764:0]** 
- The Private REIT Project, which will be listed on the Shanghai Stock Exchange, has an overall offering size of approximately **RMB860 million**, with equity consideration of approximately **RMB800 million**, implying a valuation of approximately **13x EV/EBITDA**.  **[1508475_20251104CN14764:0]** 
- This initiative is designed to **revitalize VNET's existing IDC assets**, recycle capital to fund capacity expansion and other corporate purposes, **reduce the Company's leverage ratio**, and optimize its capital structure.  **[1508475_20251104CN14764:0]** 
- VNET will subscribe **7%** of the REIT, while **93%** will be subscribed by leading domestic institutional investors, including China Pacific Insurance (Group) Co., Ltd..  **[1508475_20251104CN14764:0]**  The project also received a **G-1 rating**, the highest possible, for its green effectiveness.  **[1508475_20251104CN14764:0]**

VNET Group Issues First Holding-Type Real Estate Green Asset-Backed Security

VNET Group (VNET)