推动REITs扩容提质，助力存量资产盘活

Core Insights - The National Development and Reform Commission has expanded the scope of infrastructure REITs to include commercial office facilities and urban renewal projects, which will enhance the public REITs market in China [1] - The China Securities Regulatory Commission has proposed a pilot program for commercial real estate REITs, aiming to revitalize a large amount of existing assets and improve resource allocation [1][2] - As of November 2025, China has issued 77 infrastructure REITs with a total fundraising scale of approximately 220 billion yuan, indicating a small scale compared to the vast existing assets [1] Group 1: Infrastructure REITs Expansion - The inclusion of sports venues, commercial complexes, and four-star hotels in the infrastructure REITs category is expected to stimulate supply-side improvements and innovation, thereby boosting consumption [2] - The integration of urban renewal projects into the REITs framework will address funding challenges in urban renewal, promoting a cycle of investment, construction, operation, exit, and reinvestment [2] Group 2: Commercial Real Estate REITs - Commercial real estate investment faces challenges due to long recovery periods and heavy reliance on debt financing, with over one trillion yuan of assets tied up in real estate companies and local state-owned enterprises [3] - REITs can provide a channel for asset exit and cash flow recovery for real estate companies, helping to revitalize existing assets and optimize capital structures [3] Group 3: Market Dynamics and Challenges - The REITs market is highly market-driven, with regions like the Yangtze River Delta and Guangdong-Hong Kong-Macau Greater Bay Area attracting more investment due to strong asset operation capabilities and stable cash flows [3] - The current low savings and bond yields enhance the attractiveness of REITs, which offer high mandatory dividend payouts, although there are structural factors limiting large-scale issuance [3] Group 4: Operational Improvements - There is a need to focus on improving project operational capabilities, optimizing governance structures, and transitioning from asset holding to asset operation and capital management to enhance supply quality and attract more social capital [4]