专辑 | 私募REITs的投资机遇、挑战与建议——基于不同类型投资人的视角

Core Viewpoint - The article discusses the rapid development and increasing popularity of private REITs in China's multi-tiered REITs market, highlighting their unique product structure and risk-return characteristics, as well as the opportunities and challenges they present to various types of investors [1][2][3]. Summary by Sections Current Development of China's Multi-tiered REITs Market - Since the introduction of REITs in the 1960s in the U.S., the global market has expanded to over 40 countries, with the U.S. holding more than half of the global market capitalization. China's REITs market has also grown rapidly, forming a multi-tiered structure that includes public REITs, private REITs, and Pre-REITs, although private REITs and Pre-REITs are still developing more slowly due to challenges like limited exit channels and asset liquidity [2][3]. Growth of Public REITs - China's public REITs market, officially launched in April 2020, has quickly become the largest in Asia and the second largest globally. As of July 2025, there are 68 listed public REITs with a total issuance scale of 177 billion yuan and a market capitalization of 204.5 billion yuan. The underlying assets have diversified significantly beyond initial categories [4]. Market Potential of Pre-REITs - Pre-REITs serve as a bridge for acquiring and nurturing infrastructure or real estate projects before they transition to public REITs. They are expected to play a crucial role in creating a comprehensive multi-tiered REITs market, especially as policies and market understanding improve [5]. Rapid Growth of Private REITs - Private REITs in China are entering a rapid growth phase, with their concept emerging in September 2023. They are designed to be flexible and cater to high-net-worth investors, with a market value approximately half that of public REITs. The first private REIT was successfully issued in December 2023, marking its entry into the capital market [6][7]. Characteristics of Private REITs - Private REITs combine features of both public and private structures, allowing for a broader range of underlying assets and a shorter approval process. They are designed to be standardized products that rely on asset credit, offering higher yields compared to public REITs due to their flexible terms and conditions [9][12][14]. Investor Risk Preferences and Challenges - Various institutional investors, including insurance companies and banks, are increasingly recognizing private REITs. However, they face challenges such as long investment horizons, fluctuating returns, and difficulties in exit strategies and valuation [20][24]. Recommendations for Development - To enhance the private REITs market, recommendations include improving market liquidity through a market maker system, optimizing the expansion mechanism, incentivizing operational management, establishing robust exit mechanisms, and enhancing information disclosure to build investor confidence [28][29][30][31][32].