Core Viewpoint - The recent approval of public REITs, particularly in the data center sector, marks a significant expansion in China's REITs market, indicating a growing recognition and support for diverse asset types and innovative financing solutions [1][2][7]. Group 1: Recent Developments in Public REITs - Several public REITs, including the first data center REITs, have been approved, filling a market gap in the data center sector [1][2]. - As of June 20, the total number of public REITs in the market has exceeded 85, with underlying assets expanding to ten categories [4][5]. - The average increase in the price of listed public REITs has surpassed 20% this year, with some experiencing gains over 50% [5][6]. Group 2: Specific REITs and Their Characteristics - The first public data center REITs approved include the Southern Universal Data Center REIT and Southern Runze Technology Data Center REIT, with total fundraising amounts of 800 million and 1 billion shares, respectively [2][3]. - The first public REIT from Chuangjin Hexin, the Shou Nong Industrial Park REIT, has a stable occupancy rate of approximately 94.8% as of December 31, 2024 [3]. Group 3: Market Trends and Future Outlook - The public REITs market is expected to continue its growth trajectory, driven by policy support, market efficiency, and increasing investor awareness [1][7]. - Analysts predict that new asset types, such as data centers and smart city facilities, will emerge, aligning with the demands of the digital economy [7][8]. - The market still faces challenges, including the need for improved asset diversity and market scale, as well as the necessity for regulatory enhancements to streamline the issuance and operation of REITs [8].

Core Viewpoint - The REITs market in China has rapidly developed over the past four years, becoming the largest in Asia with a total issuance scale exceeding 180 billion and a market capitalization surpassing 200 billion [2] Group 1: Market Development - In four years, the total issuance scale of China's REITs market has exceeded 180 billion, with a total market value surpassing 200 billion, and 66 REIT products listed, outpacing markets like Singapore and Japan [2] - The REITs market has experienced a complete cycle from initial enthusiasm and blind speculation to a period of deep adjustment and subsequent rationality, focusing on the operational value of underlying assets [2][4] - Regulatory bodies have continuously explored institutional development, focusing on establishing a market-driven pricing mechanism that supports the entire chain of issuance pricing, secondary market trading, and management during the holding period [2] Group 2: Pricing Mechanism - The recent launch of the Bank of China and China Foreign Shipping's logistics REIT utilized an open market pricing range, attracting 575 offline bidders with a subscription multiple of 251.12 times, marking the second-highest in China's public REITs history [3] - The final pricing of this REIT reflected a premium of 16.16% over the assessed value, the highest issuance premium rate since the launch of public REITs [3] - Recognized "good projects" in the secondary market have shown price increases of over 20% from their issuance price, with some exceeding 90%, indicating strong market recognition and trading activity [3] Group 3: Regulatory Improvements - The regulatory framework for the REITs market has been continuously optimized, with a multi-layered rule system established to promote standardized and refined regulatory practices [4] - The principle of "mature one type, launch one type" has guided the development of various regulatory measures, enhancing the overall market structure [4] - As the REITs market matures, it is entering a new phase of expansion and quality improvement, with a broader range of underlying assets and proactive measures being introduced [4]