Core Viewpoint - The public REITs market in China has experienced significant growth over the past four years, evolving from a nascent stage to a robust ecosystem, with a total market size exceeding 200 billion yuan and a cumulative dividend amount surpassing 22 billion yuan, indicating a shift towards high-quality development [1][2][3]. Market Growth and Development - As of June 28, the total market value of public REITs reached 206.07 billion yuan, despite a slight decline from its historical peak of 206.73 billion yuan on June 23 [3]. - The cumulative dividend amount for public REITs has exceeded 22 billion yuan, showcasing the market's commitment to rewarding investors [3]. - The public REITs market has expanded its asset categories from traditional sectors like warehousing and logistics to include ten categories such as affordable housing, data centers, and consumer infrastructure, reflecting a comprehensive coverage of key economic sectors [1]. Institutional Innovation and Market Demand - The rise of the public REITs market is a result of a synergy between institutional design and market demand, with a clear evolution of policies since the pilot launch in 2020 [3][4]. - The introduction of new regulatory guidelines in early 2024 has clarified the equity attributes of REITs, encouraging long-term capital, such as insurance funds, to enter the market [4]. Investor Diversity and Market Stability - The investor base for REITs has diversified, enhancing market stability and liquidity, with both long-term and trading-oriented investors benefiting from dividends and secondary market transactions [4]. - The presence of long-term capital has been crucial for the development of the REITs market, providing strong support for its growth [4]. Future Opportunities and Market Expansion - The Chinese REITs market is still in a high-growth phase, with potential for further expansion through product diversity and fundraising strategies, drawing lessons from international markets [7]. - There is an opportunity to broaden the underlying asset categories for REITs in China, potentially including sectors like cultural tourism, which could attract more quality assets [7]. - The market is expected to become a "new blue ocean" for global capital seeking investment options in China, given the vast array of infrastructure and real estate assets available [8].