见微知著，把握REITs产品脉络

Group 1 - The report focuses on the entire process of public REITs from issuance to listing, breaking down product design logic and operational mechanisms to help investors understand this innovative tool [2][7] - Public REITs are akin to an "IPO" for assets, allowing investors to share in the stable income generated by real estate with a low capital threshold, supported by a mandatory distribution of no less than 90% of earnings [2][7] - As of the first half of 2025, there are over 1,000 listed REITs globally, with a total market capitalization of approximately $2 trillion, predominantly led by the United States [2][11][17] Group 2 - China's public REITs market, which began with the first batch of 9 REITs listed on June 21, 2021, has rapidly evolved through three stages: institutional exploration, pilot implementation, and normalization [2][20][30] - The operational mechanism of public REITs in China typically employs a three-tier structure: public fund → ABS → project company, allowing for indirect ownership of project company equity [2][35][39] - The cumulative issuance scale of public REITs in China has surpassed 200 billion yuan, with the largest asset type being transportation, while the number of park-type REITs is the highest [2][30][31] Group 3 - The report outlines the evolution of public REITs globally, starting from the U.S. in 1960, with significant expansions in Europe, Australia, and Asia over the decades [9][10][11] - By mid-2025, the U.S. accounts for over 64% of the global REIT market capitalization, with 165 REITs issued, followed by Spain, China, and Japan [17][19] - China's public REITs have seen a significant increase in asset types and institutional depth, with the market expanding to include various infrastructure projects [30][31] Group 4 - The report details the application process for public REITs, which includes project selection, due diligence, and compliance with regulatory requirements, often taking over a year to prepare [2][45] - The regulatory framework for public REITs in China has evolved through key policy announcements, establishing a foundation for market operation and asset integration [24][29][30] - The report emphasizes the importance of the mixed structure of equity and debt in public REITs, which helps optimize tax burdens and enhance investor returns [2][39][40]