[{"data":1,"prerenderedAt":115},["ShallowReactive",2],{"news-reits-36-d5fdae":3},{"_path":4,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":8,"description":9,"date":10,"category":11,"tags":12,"author":17,"source":18,"body":19,"_type":109,"_id":110,"_source":111,"_file":112,"_stem":113,"_extension":114},"/news/reits-36-d5fdae","news",false,"","国内首单保障性租赁住房公募REITs过审，长租公寓迈向资管时代","首单保障性租赁住房公募REITs项目通过审核，释放出融资渠道拓宽、资产盘活和行业规范化提速的积极信号。对长租公寓企业而言，重资产运营、精细化管理和长期资产管理能力正成为下一阶段竞争关键。","2026-04-22","运营干货",[13,14,15,16],"保障性租赁住房","REITs","长租公寓","资产管理","悦居通","https://36kr.com/p/1825250286274313",{"type":20,"children":21,"toc":102},"root",[22,30,36,42,47,52,57,62,67,72,77,82,87,92,97],{"type":23,"tag":24,"props":25,"children":27},"element","h1",{"id":26},"国内首单保障性租赁住房公募reits过审长租公寓迈向资管时代",[28],{"type":29,"value":8},"text",{"type":23,"tag":31,"props":32,"children":33},"p",{},[34],{"type":29,"value":35},"近日，保障性租赁住房领域传来重要进展：国内首单保障性租赁住房公募 REITs 项目通过审核。这一动作被业内视为住房租赁金融支持体系进一步完善的标志，也意味着长租公寓行业正在从“规模扩张”逐步走向“资产运营”和“长期管理”并重的新阶段。",{"type":23,"tag":37,"props":38,"children":40},"h2",{"id":39},"首单过审释放了什么信号",[41],{"type":29,"value":39},{"type":23,"tag":31,"props":43,"children":44},{},[45],{"type":29,"value":46},"过去几年，长租公寓行业经历过高速扩张，也承受过资金链紧张、运营粗放和市场出清的压力。随着行业洗牌加速，政策层面对保障性租赁住房的支持持续加强，融资环境和退出机制正在逐步改善。",{"type":23,"tag":31,"props":48,"children":49},{},[50],{"type":29,"value":51},"此次公募 REITs 项目过审，核心意义在于：一方面为保障性租赁住房提供了更清晰的资本化路径，另一方面也让市场看到了“投、融、建、管、退”更完整的闭环。对于具备稳定运营能力的企业来说，这意味着未来不仅可以依靠租金收益，还能通过长期持有和资产管理提升整体回报。",{"type":23,"tag":37,"props":53,"children":55},{"id":54},"长租公寓为何加速走向资管化",[56],{"type":29,"value":54},{"type":23,"tag":31,"props":58,"children":59},{},[60],{"type":29,"value":61},"长租公寓不再只是简单的房源出租生意。随着行业成熟，企业竞争力正从单一拓房能力，转向项目获取、产品打造、租务运营、资金安排和资产管理的综合能力。",{"type":23,"tag":31,"props":63,"children":64},{},[65],{"type":29,"value":66},"从行业趋势看，保障性租赁住房供给增加、金融支持政策持续落地、REITs 试点推进，都在推动长租公寓向更重视资产质量和运营效率的方向发展。尤其是在重点城市，具备长期运营能力的项目将更容易获得资本和政策的双重关注。",{"type":23,"tag":37,"props":68,"children":70},{"id":69},"对公寓运营企业有哪些现实启发",[71],{"type":29,"value":69},{"type":23,"tag":31,"props":73,"children":74},{},[75],{"type":29,"value":76},"第一，精细化运营能力会更加重要。无论是出租率、续租率，还是账单回款、维修响应和客户服务，都会直接影响项目的稳定现金流。",{"type":23,"tag":31,"props":78,"children":79},{},[80],{"type":29,"value":81},"第二，数字化管理基础将成为放大运营效率的关键工具。随着项目体量扩大，依靠人工和分散表格已很难支撑多项目、多房源和多角色协同，系统化管理能力会直接影响资产表现。",{"type":23,"tag":31,"props":83,"children":84},{},[85],{"type":29,"value":86},"第三，企业需要更重视长期主义。REITs 打开的不仅是融资通道，更是对运营透明度、合规性和可持续经营能力的更高要求。谁能把日常经营做扎实，谁才更有机会在资管时代获得优势。",{"type":23,"tag":37,"props":88,"children":90},{"id":89},"行业接下来会怎么走",[91],{"type":29,"value":89},{"type":23,"tag":31,"props":93,"children":94},{},[95],{"type":29,"value":96},"可以预见，保障性租赁住房仍将是住房租赁市场的重要发展方向。随着政策支持、金融工具和专业化运营能力持续完善，长租公寓行业有望从过去的粗放竞争，逐步进入更加注重质量、效率和资产价值的阶段。",{"type":23,"tag":31,"props":98,"children":99},{},[100],{"type":29,"value":101},"对从业者而言，这一趋势既是机会也是门槛。只有把项目运营、租务服务和资产管理真正打通，才能在新一轮行业升级中抓住增量空间。",{"title":7,"searchDepth":103,"depth":103,"links":104},2,[105,106,107,108],{"id":39,"depth":103,"text":39},{"id":54,"depth":103,"text":54},{"id":69,"depth":103,"text":69},{"id":89,"depth":103,"text":89},"markdown","content:news:reits-36-d5fdae.md","content","news/reits-36-d5fdae.md","news/reits-36-d5fdae","md",1776823480203]