上证观察家 | 推动不动产投资信托基金市场高质量发展

Core Insights - The article emphasizes the importance of developing the REITs market in China to enhance effective investment and revitalize existing assets, supported by recent government policies and regulatory frameworks [7][8][22]. Group 1: Current Status and Function of the REITs Market - The REITs market in China has matured over five years, establishing a basic regulatory framework and demonstrating initial scale and stability, with a total market value exceeding 220 billion yuan and investments reaching 1,134.1 billion yuan [8][9]. - As of November 2025, 77 REITs products have been launched, with a total market capitalization surpassing 220 billion yuan, and a total dividend payout of 26.7 billion yuan [8][9]. - The market is characterized by a dual mechanism of "initial issuance + expansion," enhancing its internal stability and attractiveness [8]. Group 2: Issues Affecting High-Quality Development of the REITs Market - There is insufficient intrinsic development motivation, with some industry players not fully understanding or utilizing the functions of REITs, leading to suboptimal management and operational efficiency [14][15]. - The supply-demand imbalance is becoming evident, with a significant increase in public subscription multiples, indicating a growing demand for REITs that is not being met by supply [17]. - Regulatory frameworks need improvement, particularly in aligning with the unique characteristics of REITs, as existing laws do not adequately address the specific needs of the market [20][21]. Group 3: Recommendations for Enhancing the REITs Market - It is recommended to enhance the inclusivity and adaptability of the REITs market, allowing for a broader range of asset types and improving the efficiency of capital allocation [23]. - Optimizing governance structures and incentive mechanisms is crucial to enhance the internal motivation of participants, ensuring that all stakeholders are aligned in their interests [24]. - Strengthening legal responsibilities and regulatory oversight is necessary to clarify the roles of original equity holders and ensure compliance with disclosure requirements [25].