基础设施REITs扩围 资产图谱不断丰富完善

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued the "Industry Scope List for Infrastructure Real Estate Investment Trusts (REITs) Projects (2025 Edition)," significantly expanding the asset categories included in infrastructure REITs, reflecting the internal demand for economic transformation and the public's desire for a better life [1][2]. Group 1: Expansion of Asset Categories - The new list includes high-quality asset categories such as sports venues, commercial travel and cultural sports complexes, four-star and above hotels, commercial office facilities, and urban renewal facilities, marking a major breakthrough in the scope of infrastructure REITs [1][2]. - Since the launch of infrastructure REITs in 2020, the market has continuously expanded, now covering 12 major industries and 52 asset types, with 18 asset types from 10 industries already achieving their first issuance [2][3]. Group 2: Consumer Infrastructure and Sports Consumption - The expansion of the scope to include consumer infrastructure signifies a shift in understanding, moving from merely providing shopping spaces to offering high-quality living and service experiences [2][3]. - The inclusion of sports venues supports the national strategy for public fitness and expands new spaces for sports consumption, aligning with government efforts to enhance financial support for the sports industry [3][4]. Group 3: Commercial Office Facilities - The list allows independent commercial office facilities to issue REITs for the first time, which aligns with international REIT market practices and is a cautious decision based on China's national conditions [4][5]. - This move is expected to significantly expand asset scale and attract a broader range of investors, while also providing stable operating spaces and quality business environments for the real economy [4][5]. Group 4: Urban Renewal Facilities - Urban renewal facilities have been included as an independent category, providing strong financial support for national urban renewal strategies [5]. - The introduction of infrastructure REITs is seen as a solution to challenges such as large investment scales and long recovery periods in urban renewal projects, promoting a sustainable operational model and enhancing the long-term vitality of updated areas [5].