REITs行业联盟秘书长王刚：上市规模超2100亿元，市场步入“扩容与提质”新阶段

Core Viewpoint - The rapid development of China's REITs market since the first public REITs were launched in June 2021, with a total issuance scale of 213.5 billion yuan by the end of 2025, indicates a significant shift towards commercial real estate becoming a key component of the REITs framework [1][2]. Group 1: Market Development - As of the end of 2025, 78 public REITs have been issued, covering ten categories of assets, with a total issuance scale of 213.5 billion yuan [1]. - The inclusion of commercial real estate in the public REITs pilot program is expected to enhance the asset management and operational capabilities within the industry, transitioning from "holding assets" to "activating existing assets" [1][3]. Group 2: Potential Market Size - The potential market for commercial real estate REITs is substantial, with estimates suggesting that the stock of office buildings, retail, and hotels exceeds 40 trillion yuan; even a 5%-10% securitization could create a market space worth trillions [4]. Group 3: Institutional Investment - Institutional investors, including insurance funds and wealth management products, are increasingly allocating to REITs due to their stable rental income and cash flow, which align with the long-term liability profiles of these funds [6]. Group 4: Governance Mechanisms - Recommendations for improving governance mechanisms in public REITs include transitioning from external to internal management, establishing a decision-making structure similar to private equity funds, and allowing the formation of joint venture REIT management companies [7]. Group 5: Multi-tiered Market Structure - The development of a multi-tiered REITs market is crucial, encouraging the integration of various asset types and management capabilities to facilitate the entry of high-quality assets into the public REITs market [8].