中金基金陈涛：看好REITs在推动消费升级和城市更新中扮演更重要的角色

Group 1 - The core viewpoint of the article highlights the challenges faced by the REITs (Real Estate Investment Trusts) market in China, particularly in the context of promoting consumer finance and urban renewal [1][2] Group 2 - The overall scale of REITs in China is still developing, with 77 public REITs listed as of November 2025, totaling approximately 200 billion yuan, but only 12 of these are related to consumer infrastructure, amounting to about 30 billion yuan, indicating a significant gap compared to more mature markets [1] - There is a need for improved integration between fund managers and industry players, as current governance is primarily led by fund managers, who excel in securities asset management but require enhanced operational management capabilities for underlying assets [1] - The top-level institutional framework for REITs in China requires optimization, particularly in tax-related legislation, which, if established, could positively impact the market [2] - Despite the challenges, there is optimism regarding the role of REITs in driving consumption upgrades and urban renewal, supported by ongoing policy optimization and market practice development [2]