百倍认购，疯抢！收益率可达30%的REITs打新靠谱吗

Core Viewpoint - REITs have gained significant attention from investors, with high demand leading to substantial price increases on their listing days, driven by a low-interest-rate environment and a search for stable income-generating assets [1][2]. Summary by Sections What are REITs? - REITs represent the listing of assets, allowing investors to own or manage income-generating projects, such as rental properties, and mandating that 90% of distributable income be returned to investors [1]. Recent Performance of REITs - In 2023, 15 new REITs were listed, with 9 experiencing a 30% increase on their first day, and 14 achieving a rise of 20% or more [2]. - The average subscription multiple for new REITs has been exceptionally high, with 67% of new issuances since June seeing over 200 times the demand [2]. How to Participate in REITs - Investors can participate in REITs by opening trading permissions through their brokerage apps, with a minimum investment requirement of 1,000 yuan [5][8]. Understanding Subscription and Allocation - The allocation process for REITs differs between exchanges, with the Shenzhen Stock Exchange using a "last day proportion confirmation" method, while the Shanghai Stock Exchange employs "full proportion allocation" [6][7]. Popularity and Institutional Interest - The interest in REITs is reflected in the low percentage of listings that fall below their issue price, currently at only 5.3% [7]. - Various institutional investors, including insurance and asset management firms, have shown strong interest in REITs [7]. Types of REITs - REITs can be categorized into two main types: ownership-based REITs, which focus on asset value and dividends, and concession-based REITs, which rely on cash distributions from operational income [8]. Advantages and Disadvantages of REITs - Advantages include low entry barriers and stable dividends, with many REITs distributing dividends multiple times a year [9]. - Disadvantages involve potential low allocation rates during high demand periods, liquidity issues, and risks associated with market fluctuations [9].