MAOYE COMMERCIAL(SH:600828) Zhong Guo Jin Rong Xin Xi Wang·2026-01-27 14:21Core Viewpoint - The launch of commercial real estate REITs by Maoye Commercial Co., Ltd. marks a significant development in China's real estate market, transitioning from expansion to optimization and high-quality growth [2][4]. Group 1: Market Response and Policy Implications - The rapid response to the REITs policy, issued by the China Securities Regulatory Commission, indicates a keen awareness among enterprises of the policy benefits aimed at revitalizing existing commercial real estate and broadening financing channels [4][6]. - The introduction of commercial real estate REITs is seen as a crucial step towards normalizing the REITs market in China, facilitating a positive cycle in the real estate sector [4][6]. Group 2: Industry Transformation - The real estate sector is shifting from a high-leverage, fast-turnover model to one focused on investment and operations, with REITs playing a vital role in revitalizing existing assets and easing capital pressure [5][6]. - The new REITs policy is viewed as a progressive upgrade rather than a disruption, with adjustments in entry thresholds and compliance processes to accommodate more quality assets [6][8]. Group 3: Market Potential and Future Outlook - Predictions suggest that the market size for public REITs could exceed 500 billion yuan within 1 to 2 years, and potentially reach between 1 trillion to 2 trillion yuan in 3 to 5 years, driven by increased participation from private real estate companies [7][8]. - The first batch of commercial real estate REITs is expected to focus on prime office spaces in major cities, with anticipated project sizes ranging from 3 billion to 5 billion yuan [9]. Group 4: Investment Opportunities - Institutional investors are likely to favor office buildings as prime assets for commercial real estate REITs, particularly in major cities where these properties typically exhibit stable rental income and low vacancy rates [9].