Core Viewpoint - The Guangdong Provincial Government has released a notification aimed at deepening the reform of the investment and financing system, focusing on clarifying government investment responsibilities, stimulating social capital investment, and expanding diversified financing channels for projects [1][2]. Group 1: Support for Private Capital in Major Projects - The notification emphasizes the need to enhance the cultivation and application of infrastructure Real Estate Investment Trusts (REITs), supporting more eligible private capital projects to issue infrastructure REITs [2][4]. - Currently, there are 66 publicly listed REITs on the Shanghai and Shenzhen stock exchanges, primarily focused on infrastructure projects such as parks, transportation, and affordable rental housing, with many assets located in cities like Guangzhou and Shenzhen [2][3]. Group 2: Future Focus Areas - Future efforts will concentrate on sectors such as railways, highways, ports, airports, water conservancy, nuclear power, thermal power, charging stations, energy storage, advanced manufacturing, and modern facility agriculture, aiming to attract private capital for project construction [3]. Group 3: REITs Expansion and Financing - REITs are recognized as innovative financing tools, with the potential for future expansion to serve as a refinancing channel for invested assets. Some public REITs have already completed expansions, indicating a growing interest in this area [4]. - From the initial public offering of REITs to the present, four public REITs have undergone expansion, including CICC ProLogis REIT and Bosera Shekou Industrial Park REIT [4]. Group 4: Challenges and Considerations - The issuance of REITs requires credit ratings, and attracting institutional investors necessitates high credit and returns, making it challenging for private capital projects to meet these criteria [5]. - The unique expansion mechanism of REITs may impact the equity structure of original rights holders, raising questions about whether private capital can accept such changes [5].