戴德梁行：房地产市场还有潜力 REITs扩围开启不动产金融化新阶段
3 6 Ke·2026-01-12 09:58

Core Insights - The Chinese real estate market has significant potential for growth, with its contribution to GDP at 6.3%, lower than the global average of over 10% for developed economies [1] - The expansion of public REITs to include office buildings and hotels marks a new phase in the financialization of real estate in China, providing standardized exit channels for existing assets and diverse investment options for institutional investors [1][2] Market Structure - In 2025, the real estate value added in the U.S. reached $3.5 trillion, with rental income accounting for approximately 77%, while China's real estate value added was $1.2 trillion, with over 50% from development and operation [2] - The market is shifting from a reliance on development sales to a full-cycle capability competition, indicating substantial room for development in the real estate sector [2] Policy Developments - The China Securities Regulatory Commission announced the inclusion of commercial real estate in the public REITs pilot program, aiming to enhance the efficiency of the approval process and expand the REITs market [2] - A series of policy measures have been implemented to provide standardized exit channels for existing assets and broaden investment choices for institutional investors [2] Market Performance - By the end of 2025, the domestic public REITs market had issued 79 products with a total issuance scale exceeding 210 billion yuan, making it the largest in Asia and the second largest globally [3] - Commercial REITs have shown strong performance, with notable oversubscription rates, indicating market confidence in commercial real estate [3] Future Trends - The year 2026 is expected to focus on steady economic development, with an emphasis on expanding domestic demand and boosting consumption as key drivers of growth [4] - The Beijing office market is anticipated to face challenges, with a need for owners to enhance core competitiveness and innovate in commercial formats to adapt to market changes [4]