【Member Updates】Shaanxi State-owned Investment Assists in Successful Issuance of Yan'an's First CMBS, Actively Promoting the Revitalization of State-owned Assets Across the Province

(Source: Shaanxi Listed Companies Association)

On March 10, 2026, the Energy Building Asset-Backed Special Program in Yan’an New Area was successfully issued on the exchange, marking the official launch of Yan’an City’s first commercial real estate mortgage-backed securities (CMBS). Shaanxi International Trust Co., Ltd. (hereinafter referred to as “Shaanxi Trust”) closely follows the provincial plan for revitalizing state-owned assets, strictly implements the responsibility for revitalizing Yan’an’s state-owned assets, and deeply participates in the entire process as the project trustee. Leveraging professional trust services, it promotes the securitization of state-owned existing assets, exploring a new financial path for revitalizing Yan’an’s state-owned assets. This also represents another significant achievement of Shaanxi Trust in empowering regional real economy through financial innovation.

The total issuance amount of Yan’an’s first CMBS is 146 million yuan, including 145 million yuan in the senior tranche with an 18-year term, an issuance rate of 2.79%, and expected maturity on March 10, 2044. The subordinate tranche is 1 million yuan. The underlying asset is the Energy Building at No. 9 Renmin Road, a core landmark in Yan’an New Area. The asset is valued at 264.26 million yuan, with a loan-to-value (LTV) ratio of 54.87%. The asset quality is stable, and the valuation foundation is solid, making it a benchmark for Shaanxi Trust to meet the reform requirements of revitalizing state-owned assets and to activate high-quality local state-owned existing assets.

In the project operation, Shaanxi Trust acts as the core trustee, collaborating closely with Bohai Huijin Securities Asset Management Co., Ltd. (planned manager), Western Securities (sales organization), and Yan’an New Area Investment Development (Group) Co., Ltd. (original equity holder, gap-filling obligor, and liquidity support institution). It fully leverages the institutional advantages of trust in asset management, risk control, and professional services. Through meticulous management of income pledges, strict asset mortgage control, and comprehensive credit enhancement measures, the project ensures smooth progress and successful issuance at every stage, achieving the securitization and activation of commercial properties owned by the state. This fully demonstrates Shaanxi Trust’s professional operation level and extensive practical experience in asset service trusts.

The successful launch of Yan’an’s first CMBS is a key measure for Shaanxi Trust to implement the provincial deployment for revitalizing state-owned assets and to fulfill the provincial-level responsibility for revitalizing Yan’an’s state-owned assets. Through professional financial operations, Shaanxi Trust successfully converts a state-owned commercial property valued at 264 million yuan into liquidity, not only broadening low-cost, long-term financing channels for Yan’an’s state-owned enterprises but also effectively optimizing their asset-liability structure. It has made substantial breakthroughs in revitalizing Yan’an’s state-owned assets, injecting financial vitality into local state-owned enterprises’ high-quality development, and providing a replicable and promotable trust solution for the reform of state-owned assets across the province.

Based on the requirements of the reform for revitalizing state-owned assets, Shaanxi Trust remains deeply rooted in the local market, continuously innovating financial products to activate various existing assets, and empowering regional real economy development. In the future, Shaanxi Trust will continue to follow the provincial deployment for revitalizing state-owned assets, fully leverage the advantages of the trust system and professional services, focus on the needs of local state-owned asset revitalization, explore innovative applications of CMBS, asset service trusts, and other diversified financial products and service models, and promote the implementation of more asset activation projects. Meanwhile, Shaanxi Trust will deepen cooperation with local governments and state-owned enterprises, accurately connect with regional financing needs, and use professional trust financial services to help local state assets operate in a standardized, market-oriented, and value-enhancing manner. This will continuously inject trust financial momentum into the deepening reform of state-owned assets and high-quality regional economic development across the province.

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