公募REITs，大消息！

Core Insights - The issuance of document 782 by the National Development and Reform Commission aims to enhance the infrastructure REITs market by expanding its scale, enriching product types, and promoting high-quality development [1][2][3]. Summary by Sections Policy Overview - Document 782 focuses on three main aspects: determined expansion, steady flexibility, and unchanged quality requirements, accelerating the normalization of mature asset type project applications [1][3]. - The document encourages the issuance of mixed asset types under property rights and franchise rights, supporting private investment projects and simplifying the fundraising process [1][5]. Market Development - Since the first batch of REITs was launched in 2021, the Chinese REITs market has grown rapidly, with 74 REITs listed and a total market value exceeding 220 billion yuan as of September 18, 2025 [3]. - Despite the rapid growth, challenges such as small issuance sizes and slow asset acquisition for listed funds have been identified, prompting the introduction of document 782 to attract more quality assets [3][5]. Strategic Goals - The document outlines five strategic goals: prioritizing high-quality projects, accelerating applications for mature asset types, actively promoting new asset types, supporting private investments, and increasing reserves [5][9]. - The dual-track strategy aims to expedite the application of mature asset types while exploring new asset types such as railways, ports, and cultural tourism [7][8]. Market Expansion - The document is expected to effectively expand the market, enrich the types of underlying assets, and enhance the quality of REITs, thereby promoting a virtuous investment cycle [5][9]. - The introduction of differentiated support strategies for projects aligned with national strategies is anticipated to accelerate market expansion [5][9]. Application Process Optimization - Document 782 simplifies the application process for REITs, encouraging listed REITs to acquire new projects through fundraising, which is seen as more significant than initial public offerings [11][12]. - The document also provides policy support for asset mixing, allowing for the acquisition of projects from different but related industries, enhancing the overall quality and attractiveness of assets [11][12]. Information System Implementation - The establishment of an information system for infrastructure REITs project applications is mentioned, aiming to standardize and manage the application process, thereby improving transparency and reducing communication costs [12].