我国公募REITs迎“开门红”，“存量盘活”与“高质量发展”并重

Group 1 - The public REITs market in China experienced a positive start in 2026, with optimism driven by policy benefits and improved market ecology, leading to high-quality development opportunities [1] - In 2025, the REITs market raised a record $12 billion, providing financing avenues for cash-strapped developers, with 40 applications planned to raise approximately 105 billion yuan, compared to only 7 applications totaling 13 billion yuan in 2024 [1] - Developers are attracted to the faster approval process and asset diversification of REITs, which include not only shopping centers but also office buildings and hotels, potentially reshaping business models and valuations in the real estate sector [3] Group 2 - The average yield of Chinese REITs is estimated at 5%, higher than the 3%-4% yield of listed companies, compensating investors for lower liquidity and longer lock-in periods [3] - Insurance companies and Chinese brokerage asset management departments have become major investors in private REITs, drawn by stable income and competitive yields in a low-interest-rate environment [3] - Market participants note that while REITs may not directly restore developers' financial health, they face challenges in acquiring high-quality assets [3]