2 1 Shi Ji Jing Ji Bao Dao·2025-05-12 10:05Core Insights - The public REITs market in China has been steadily developing, with over 50 REITs listed and a total issuance scale exceeding 100 billion yuan, driven by accelerated issuance and the gradual unlocking of previously restricted shares [1][4][6] - Institutional investors, particularly insurance funds, have shown significant interest in public REITs, with notable participation in recent listings [1][3][8] Group 1: Market Development - The issuance of public REITs has been normalized since the pilot program initiated in 2020, with the first batch of 9 public infrastructure REITs listed in June 2021 marking a significant milestone [4][6] - As of February 28, the market has approved 52 REIT projects, covering various asset types such as toll roads, industrial parks, and clean energy, with a total market size exceeding 110 billion yuan [6][9] Group 2: Insurance Capital Participation - Insurance capital has become a major player in the REITs market, with significant allocations in recent funds, such as the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund, where insurance companies contributed over 80% [8][9] - The stable cash flow and policy support for infrastructure REITs align well with the investment characteristics of insurance funds, making them an attractive option for long-term stable returns [3][7][9] Group 3: Policy Support - Recent regulatory changes have encouraged insurance funds to participate in REITs by lowering risk factors and increasing the equity asset allocation limits, thereby optimizing asset allocation structures [9][10] - The National Financial Regulatory Administration has announced plans to expand the scope of long-term investment trials for insurance funds, aiming to inject more capital into the market [10]