基础设施REITs常态化推荐发行再提速

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notice to accelerate the regular issuance of infrastructure Real Estate Investment Trusts (REITs), aiming to expand the market and promote the issuance of both mature and new asset types [1][2]. Group 1: Current Market Status - As of the end of August, there are 73 infrastructure REITs listed in China, with a total issuance scale of 198.6 billion and a total market value of 218.8 billion [2]. - The infrastructure REITs cover various asset types, including transportation, energy, heating, ecological protection, logistics, industrial parks, data centers, rental housing, water conservancy, and consumer infrastructure, making China the largest public REITs market in Asia [2]. Group 2: Promotion of Mature Asset Types - The NDRC encourages the regular application for mature asset types such as toll roads, clean energy, logistics, and affordable rental housing, while also increasing efforts for potential asset types like heating, water conservancy, and data centers [2][4]. - The continuous expansion of the infrastructure REITs market is expected to enhance asset utilization, improve resource allocation efficiency, and promote effective investment and financing cycles [2]. Group 3: New Asset Types and Private Investment - The notice emphasizes the need to explore new asset types for REITs, including railways, ports, ultra-high voltage transmission, communication towers, market-oriented rental housing, cultural tourism, and elderly care facilities [4][5]. - There is a strong demand from enterprises for the issuance of new asset types, particularly in sectors like railways and ports, which traditionally rely on bank loans and bonds for financing [4][5]. Group 4: Regional Developments - Beijing has issued 13 REITs projects, raising over 31.1 billion, with a diverse range of industries represented [3]. - Shanghai has also shown vitality in its infrastructure REITs market, with 9 projects listed and total fundraising of 17 billion [3]. Group 5: Support for Private Enterprises - The NDRC aims to support the issuance of infrastructure REITs by private enterprises, which can provide efficient and low-cost financing, significantly contributing to the development of the private economy [5][6]. - The notice highlights the importance of ensuring high-quality project vetting and prioritizing projects with a high proportion of net recovery funds [5][6].