VNET issued a holding‑type real estate green asset‑backed security valued at approximately RMB860 million, with an equity consideration of about RMB800 million, implying a valuation of roughly 13× EV/EBITDA for the transferred asset.
The security transfers 100 % of the equity interest in a retail IDC project located in a tier‑one city. China Pacific Insurance subscribed 93 % of the REIT, while VNET holds the remaining 7 %.
The project received a G‑1 rating, indicating strong environmental performance; the proceeds will be used to support green initiatives and capacity expansion under VNET’s Hyperscale 2.0 framework.
The transaction allows VNET to recycle capital, reduce leverage, and free up liquidity for future expansion. In Q2 2025 VNET reported revenue of RMB2.43 billion and adjusted EBITDA of RMB732 million; the company’s full‑year 2024 net income was RMB183.2 million, a significant improvement over the RMB2.64 billion loss in 2023.
This is the first holding‑type green asset‑backed security in China’s IDC sector, setting a precedent for green finance in digital infrastructure and aligning with the country’s broader push to integrate green finance with AI‑era infrastructure development.
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