从Pre-REITs到持有型不动产ABS：我国REITs产品的发展

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Views of the Report - REITs are investment funds that pool capital through issuing shares or beneficiary certificates, with funds managed by specialized institutions and returns distributed to investors. Originating in the US in the 1960s, they have since expanded globally, providing ordinary investors access to the real - estate market [4]. - China's REITs market, initiated in 2014 with the first quasi - REITs product, has developed a multi - level market including Pre - REITs, quasi - REITs, infrastructure public REITs, and hold - type real - estate ABS, offering diverse investment options and meeting the needs of both financiers and investors [2]. - These REITs products share commonalities in tax planning, capital weakening structures, and financial statement optimization, but also have significant differences in product positioning, categories, rating roles, investor types, and underlying asset types [49][57]. - Looking ahead, China's multi - level REITs market will continue to develop, with infrastructure public REITs expanding through the expansion mechanism, quasi - REITs maintaining their characteristics, and hold - type real - estate ABS filling market gaps [65]. Group 3: Summary by Directory 1. Introduction - REITs are investment funds that pool capital from investors, managed by specialized entities, and distribute returns proportionally. They originated in the US in the 1960s and have grown globally after the 1986 tax reform [4]. 2. China's Multi - level REITs Market (1) Pre - REITs Products - Pre - REITs target infrastructure/real - estate assets that are not yet eligible for public or quasi - REITs but have potential for future development. They use private investment vehicles and aim to exit through public REITs or quasi - REITs [5]. - The development of Pre - REITs is driven by the strict entry requirements of public and quasi - REITs. For example, public REITs have requirements on asset ownership, cash - flow stability, and operator creditworthiness [6]. - The Huaxi Zhangjiang Guangdayuan project is a successful case where Pre - REITs achieved exit through public REITs. During the incubation period, the project adjusted tenant structure and increased revenue to meet public REITs requirements [8][9]. (2) Quasi - REITs Products - As of September 2025, 309 quasi - REITs worth 608.977 billion yuan were issued in China. They are important in the ABS market, with a common dual - SPV structure and can be classified into equity - biased and debt - biased types [14]. - The dual - SPV structure involves an asset - backed special plan and a private fund/trust. For projects with existing debt, the private fund acquires project company equity and repays the debt; for projects without debt, an additional SPV is introduced [15][19]. - Equity - biased and debt - biased quasi - REITs differ in product term, repayment method, LTV, location, and credit enhancement measures [21][24]. (3) Hold - type Real - estate ABS - Hold - type real - estate ABS fills the gap between quasi - REITs and infrastructure public REITs, targeting projects that do not meet public REITs criteria but can operate independently of the issuer's credit. As of September 2025, 14 such products worth 2.1381 billion yuan were listed [25][26]. - It emphasizes asset credit and equity attributes, with a simple transaction structure, long - term nature, and an open - exit mechanism. It also allows higher leverage and does not require mandatory credit rating [28][29]. (4) Infrastructure Public REITs - Since the launch of the first 9 infrastructure public REITs in 2021, as of September 2025, 75 public REITs have been listed in various infrastructure sectors [34]. - They adopt a "public fund + asset - backed security" dual - SPV structure, which inherits and develops from quasi - REITs. The public fund can invest 80% of its assets in infrastructure asset - backed securities and can borrow for project operations [35][36]. - The equity + debt structure can be constructed in multiple ways, including project company capital reduction, accounting policy adjustment, and deferred payment of equity transfer fees [37]. 3. Commonalities of Various REITs Products (1) Tax Planning - REITs product construction may incur additional tax costs, mainly during the real - estate restructuring phase. The state has issued policies to address major taxes such as land value - added tax, VAT, and corporate income tax [49][50]. (2) Capital Weakening Structure - REITs products use an equity + debt structure to achieve capital weakening and take advantage of tax shields. However, there are regulatory limits on the debt - to - equity ratio [54]. (3) Financial Statement Optimization - All REITs products have the potential to optimize financial statements. Quasi - REITs can use off - balance - sheet and on - balance - sheet arrangements, while hold - type real - estate ABS and infrastructure public REITs can reduce leverage through asset sales [56]. 4. Differences among Various REITs Products (1) Product Positioning - Pre - REITs are non - standard products, acting as a "reservoir" for public REITs. Quasi - REITs are standardized fixed - income products, and hold - type real - estate ABS can avoid the high entry barriers of public REITs [58]. (2) Product Categories - Quasi - REITs are divided into equity - biased and debt - biased types. Hold - type real - estate ABS can be evaluated based on cash - flow stability, and infrastructure public REITs are divided into property - right and franchise - right types [59]. (3) Rating Roles - Pre - REITs and infrastructure public REITs do not require rating agencies. Quasi - REITs need credit ratings, while hold - type real - estate ABS can have investment ratings at investors' request [60]. (4) Investor Types - Pre - REITs are suitable for institutional investors with industrial backgrounds. Quasi - REITs are for investors seeking fixed income. Hold - type real - estate ABS attracts long - term institutional investors, and infrastructure public REITs have a diverse investor base [61]. (5) Underlying Asset Types - Pre - REITs' underlying assets are similar to those of infrastructure public REITs but are less mature. Quasi - REITs have a wide range of underlying assets, while hold - type real - estate ABS and infrastructure public REITs have more specific requirements [62]. 5. Summary and Outlook - China has established a closed - loop REITs business model, covering fixed - income and equity products, which meets the needs of market participants and is a financial innovation within the existing legal framework [64]. - In the future, infrastructure public REITs will grow through expansion, quasi - REITs will maintain their position, and hold - type real - estate ABS will fill market gaps [65].