一文全析“公募REITs”：公募REITs的概念及核心结构

Group 1: Core Concepts and Structure of Public REITs - Public Real Estate Investment Trusts (REITs) are investment funds that issue income certificates to investors, raising funds to invest in real estate and distributing investment returns to investors [1][12] - China's public REITs adopt a "public fund + ABS" dual-layer SPV structure based on existing legal frameworks, differing from common company or contractual types seen in overseas markets [1][12][15] Group 2: Development History of Public REITs - The development of China's public REITs market can be divided into three stages: early exploration and quasi-REITs era (2005-2019), pilot launch and market birth (2020-2021), and exploration towards normalized issuance (2022 onwards) [2][22][24] - The first batch of 9 infrastructure public REITs products was successfully listed on June 21, 2021, marking the official birth of the public REITs market in China [2][23] Group 3: Primary Issuance of Public REITs - As of September 30, 2025, there are 75 listed public REITs products in China, with a total fundraising scale of 196.6 billion yuan [3][27] - The primary issuance subscription process follows three main stages: strategic allocation, offline inquiry, and public subscription [3][35] Group 4: Secondary Market of Public REITs - As of September 30, 2025, the total market value of the 75 listed public REITs products is 221 billion yuan [4][49] - The top three asset types by market value are consumer infrastructure, park infrastructure, and warehousing logistics, accounting for 18%, 17%, and 12% respectively [4][50] Group 5: Valuation System of Public REITs - The cash flow discounting method is currently the core and most mainstream valuation method for public REITs in China [5][22] - Differences in valuation between property-type REITs and operating-rights REITs must consider variations in underlying asset nature and cash flow characteristics [5][22] Group 6: Analysis of Different Asset Types of REITs - Different asset types of REITs require focus on various dimensions for value assessment, including industrial park REITs, highway REITs, commercial REITs, warehousing logistics REITs, affordable rental housing REITs, and ecological environmental REITs [6][22]