21社论丨推动REITs扩容提质，助力存量资产盘活

Core Viewpoint - The expansion of the infrastructure REITs issuance scope aims to activate a large amount of existing assets in China, improve resource allocation, and enhance economic efficiency [1][2]. Group 1: Infrastructure REITs Expansion - The National Development and Reform Commission has released a new list for infrastructure REITs, including commercial office facilities and urban renewal projects as independent asset categories [1]. - The China Securities Regulatory Commission has proposed a pilot for commercial real estate REITs, which, along with the expanded infrastructure REITs, will help create a complete public REITs market in China [1]. - As of November 2025, there are 77 infrastructure REITs products with a total fundraising scale of approximately 220 billion yuan, indicating a relatively small scale compared to the vast existing assets in China [1]. Group 2: Impact on Consumption and Urban Renewal - The inclusion of sports venues, commercial complexes, and four-star hotels in the REITs framework is expected to stimulate supply-side improvements and innovation, thereby enhancing consumption scale and structure [2]. - The central urban work conference in 2025 emphasizes urban renewal, and incorporating old neighborhoods and factories into the REITs framework can help address funding challenges in urban renewal projects [2]. Group 3: Commercial Real Estate and Liquidity - Commercial real estate has a large scale and long recovery period, with many companies overly reliant on debt financing, leading to liquidity issues [3]. - REITs can provide a channel for asset exit and capital recovery for real estate companies, helping to activate existing assets and reduce debt ratios [3]. - The attractiveness of REITs is increasing due to low savings and bond yields, with a high mandatory dividend payout ratio making them appealing to investors [3]. Group 4: Operational Improvement and Market Growth - There is a need to focus on improving project operational capabilities, optimizing governance structures, and transitioning from "heavy development" to "precise operation" to enhance supply quality and attract more social capital [4].