商业不动产REITs落地重构价值，存量资产证券化迎加速期

Core Viewpoint - The recent pilot regulations for commercial real estate REITs in China are becoming a hot topic as the real estate market shifts from incremental expansion to stock optimization, indicating a transition towards high-quality development [1][2]. Group 1: Market Dynamics - The Chinese real estate market is undergoing structural adjustments, moving from rapid growth to a focus on high-quality development, with "activation" and "breakthrough" being key paths for industry development [1]. - The activation of existing assets is a complex process involving multiple stakeholders and objectives, requiring reform courage and innovative wisdom to establish a new framework guided by the government, led by enterprises, and operated by the market [1][2]. Group 2: Principles for Asset Activation - Four main principles for activating existing assets are outlined: 1. Market-oriented and rule of law principles to ensure fair asset circulation and prohibit new hidden debts [2]. 2. Professionalization as a core support, relying on specialized institutions for precise asset identification and efficient operation [2]. 3. Integration of industry and finance as a key path, utilizing tools like REITs and asset securitization to convert existing assets into financial capital [2]. 4. Incremental growth driving stock value, introducing new technologies and business models to enhance asset value [2]. Group 3: REITs Market Overview - The China Securities Regulatory Commission (CSRC) officially launched the commercial real estate REITs pilot program on December 31, 2025, marking a new phase for the REITs market in China, which will now develop alongside infrastructure REITs [2][3]. - Compared to infrastructure REITs, commercial real estate REITs have differences in asset scope, regulatory review, and fund usage, with a focus on commercial complexes, retail, office buildings, and hotels [3]. Group 4: Future Market Size - The REITs market in China is expected to grow significantly, with estimates suggesting it could reach a scale of 2 trillion yuan in the long term, depending on market development [4]. - As of January 25, 2026, there are 79 listed REITs in China with a total market value of 228 billion yuan, indicating a rapid increase in market size over the past two years [3][4]. Group 5: Development Recommendations - Suggestions for the development of the REITs market include optimizing existing product structures, improving management frameworks, and enhancing the efficiency of fundraising processes [4][5]. - There is a call for the establishment of a delisting system for REITs to ensure a dynamic market with both entry and exit mechanisms [5].