Core Insights - The Chinese real estate market in 2024 is transitioning towards stock optimization and high-quality development, driven by policy guidance and market adjustments [1] - Jiangsu Province is establishing itself as a leader in the public REITs market, with significant achievements in various sectors such as smart cities, transportation, rental housing, and data centers [1] Group 1: Public REITs Development in Jiangsu - As of September 2025, Jiangsu has successfully launched 8 public REITs, raising a total of 24 billion yuan, with 12 REITs having 19 underlying assets located within the province [1] - The Dongwu Suyuan REIT, launched in June 2021, has attracted over 9 billion yuan in incremental funding for infrastructure development in various industries, promoting regional industrial structure upgrades [1] - The Huatai Jiangsu Expressway REIT, launched in November 2022, set multiple records and raised funds for the expansion of the Hu-Wu Expressway, totaling 36.05 billion yuan in investment [2] Group 2: Innovative Models and New Projects - The Suzhou Hengtai Rental Housing REIT, launched in May 2025, serves as a model for integrating talent housing projects with capital markets, achieving a rental rate of 93.33% [2] - The Nanfang Wanguo Data REIT, one of the first data center REITs, raised 2.4 billion yuan to support the construction and upgrade of data centers, showcasing a commitment to green finance and digital infrastructure [3] Group 3: Government Support and Policy Framework - Jiangsu Province has prioritized the development of infrastructure REITs in its 14th Five-Year Plan, implementing various supportive policies to encourage innovation and healthy growth in the sector [4] - Local governments in Jiangsu have introduced measures to support REITs, including specific action plans in cities like Nanjing and Suzhou [4] - The Jiangsu Securities Regulatory Bureau is actively promoting the use of public REITs by state-owned enterprises to enhance financing and investment efficiency [5] Group 4: Future Outlook and Collaboration - The Shanghai Stock Exchange is enhancing communication with local governments to address key issues in REIT project advancement and is collaborating with various departments to train and support project development [6] - There is a focus on identifying and reserving high-quality projects across various asset categories, including rental housing, industrial parks, and renewable energy [6]

Core Insights - The Chinese real estate market is transitioning towards stock optimization and high-quality development, driven by policy guidance and market adjustments since 2024 [1] - The infrastructure REITs market has seen significant growth, with 75 products listed and a total issuance scale exceeding 200 billion yuan by September 2025 [1] - Jiangsu Province is leading in infrastructure REITs issuance, with 12 public REITs and a fundraising total of 240 million yuan, showcasing a multi-track approach to support high-quality economic development [2] Infrastructure REITs Market Overview - As of September 2025, the Shanghai Stock Exchange has listed 51 projects, raising a total of 140 billion yuan, accounting for approximately 70% of the market [1] - The REITs cover various sectors including data centers, rental housing, logistics, and municipal services, indicating a diverse market landscape [1] - Jiangsu Province has established itself as a modern benchmark in smart cities and comprehensive transportation, with 11 out of 12 public REITs listed on the Shanghai Stock Exchange [1] Notable Projects - Dongwu Suyuan REIT, listed in June 2021, focuses on incubating high-tech enterprises in Suzhou Industrial Park, attracting over 90 billion yuan in incremental funding for infrastructure development [3] - Huatai Jiangsu Expressway REIT, launched in November 2022, raised 30.5 billion yuan for the expansion of the Hu-Wu Expressway, marking a significant achievement in highway REITs [4] - Suzhou Hengtai Rental Housing REIT, launched in May 2025, serves as a model for integrating talent housing with capital markets, achieving a rental rate of 93.33% [4] Recent Developments - The newly listed Nanfang Wanguo Data REIT is a milestone in supporting the private economy and technological development, with a 100% renewable energy usage target for its underlying asset [5] - Local government support has been crucial, with Jiangsu Province incorporating REITs into its "14th Five-Year Plan" and implementing various supportive policies [6][7] - The Jiangsu Securities Regulatory Bureau is actively promoting the use of public REITs to revitalize state-owned assets and enhance financing capabilities [7][9] Regulatory and Policy Support - The Shanghai Stock Exchange is committed to building a robust REITs market, providing feedback on transparent and growth-oriented projects [9] - Jiangsu's Development and Reform Commission is focused on improving project quality and expediting the application process for REITs [8] - Collaborative efforts among regulatory bodies aim to enhance communication and support for REITs projects, ensuring a steady pipeline of quality assets [9]

Core Insights - The domestic public REITs market in China has reached 75 listed projects with a total issuance scale of 196.619 billion yuan, nearing the 200 billion yuan mark with the upcoming issuance of two new REITs [1][2][3] Group 1: Market Expansion and New Issuances - A total of 19 public REITs have been newly issued this year, along with 2 expansions, indicating a steady growth in the market [2][5] - The recent approval of the "Notice on Further Improving the Normalized Application and Recommendation Work of Public REITs in the Infrastructure Sector" is expected to enhance the quality and expansion of public REITs in China [2][5] Group 2: International Participation - The listing of the first foreign consumer REIT, Huaxia CapitaLand Commercial REIT, marks a significant step towards the internationalization and diversification of China's public REITs market [3][4] - The project has attracted significant market attention, with a proposed fundraising scale of 2.2872 billion yuan and an oversubscription rate of 535.2 times for public investors [3][4] Group 3: Asset Types and Investment Opportunities - The newly issued REITs this year include seven asset types, with heating facilities and data centers being newly introduced [5] - The underlying assets of the Huaxia CapitaLand Commercial REIT are two mature shopping centers in Guangzhou and Changsha, with an occupancy rate exceeding 96% and an average revenue growth rate of over 4% [3][4] Group 4: Future Outlook - The approval of Huaxia Anbo Warehousing REIT, backed by Prologis, further signifies the internationalization of China's public REITs market and the introduction of global REIT management experience [6] - The market is expected to see a diversification of project issuers, as the new policies aim to support more private and foreign investment projects [5]

Core Insights - The successful listing of Huaxia CapitaLand Commercial REIT on the Shanghai Stock Exchange marks a significant milestone as China's first foreign-funded consumer REIT, enhancing market confidence and providing stable income assets for investors [1][2][3] Group 1: Investment Appeal - The total subscription amount for Huaxia CapitaLand Commercial REIT reached 309.17 billion yuan, which is 135.2 times its proposed fundraising scale, indicating strong investor recognition of its investment value [2] - The projected annualized cash distribution rates for 2025 and 2026 are 4.40% and 4.53%, respectively, showcasing the fund's potential for stable returns [2] - The underlying assets, including CapitaLand Yunshang and CapitaLand Yuhua Pavilion, are strategically located in first-tier and strong second-tier cities, providing a balanced mix of growth and stability [2][3] Group 2: Market Impact - The listing signifies a major breakthrough in the internationalization and diversification of China's public REITs market, introducing international standards in commercial operations and REIT management [2][4] - The fund aims to create a replicable and scalable model for high-quality commercial asset securitization, offering a new paradigm for global capital participation in the Chinese consumer market [3][4] Group 3: Institutional Support - CapitaLand, as the largest REIT manager in the Asia-Pacific region, along with its strategic investors, will hold a 20% stake in Huaxia CapitaLand Commercial REIT, ensuring robust operational support [4][5] - The involvement of CapitaLand China Trust, a Singapore-listed REIT, in this investment marks a significant event in the internationalization of China's public REITs market [4][5] Group 4: Experience and Expertise - CapitaLand has over 23 years of experience in REIT management and has played a pivotal role in shaping Singapore's REIT market, which will be leveraged to enhance the development of China's public REITs [5][6] - The management strategies employed by CapitaLand China Trust, including asset upgrades and diversified investments, have led to stable income and asset appreciation, which will inform the operational strategies of Huaxia CapitaLand Commercial REIT [6]

Core Insights - The successful listing of Huaxia CapitaLand Commercial REIT on the Shanghai Stock Exchange marks a significant milestone as China's first foreign-funded consumer REIT, enhancing market confidence and providing stable income assets for investors [1][2] Fundraising and Market Response - The total subscription amount for Huaxia CapitaLand Commercial REIT reached 309.17 billion yuan, which is 135.2 times its proposed fundraising scale of 22.872 billion yuan, indicating strong investor recognition of its investment value [1] - The projected cash distribution rates for 2025 and 2026 are 4.40% and 4.53%, respectively, showcasing the fund's potential for stable returns [1] Asset Management and Operational Expertise - CapitaLand Investment, the project initiator and operator, is the largest REIT manager in the Asia-Pacific region, with extensive experience in managing consumer REITs, which will support the fund's stable operation and performance growth [2][3] - The asset portfolio combines first-tier and strong second-tier city assets, employing a "stable + growth" asset allocation strategy to provide investors with resilient income options [2][3] Internationalization and Market Development - The listing signifies a breakthrough in the internationalization and diversification of China's public REITs market, introducing international standards in commercial operations and REIT management [2][3] - The participation of CapitaLand China Trust, listed in Singapore, in this investment marks a historic event for foreign-funded REITs directly engaging in China's public REITs market, paving the way for deeper foreign capital involvement [3] Experience and Best Practices - CapitaLand Investment has 23 years of REIT management experience and has contributed to the establishment of Singapore's REIT market rules, which will be leveraged to enhance the development of China's public REITs [3][4] - The company aims to integrate its experience in timely and transparent information disclosure from the Singapore REIT market with the characteristics of China's public REITs market to build a more mature market operation system [4]

Core Viewpoint - The article discusses the rapid development and increasing popularity of private REITs in China's multi-tiered REITs market, highlighting their unique product structure and risk-return characteristics, as well as the opportunities and challenges they present to various types of investors [1][2][3]. Summary by Sections Current Development of China's Multi-tiered REITs Market - Since the introduction of REITs in the 1960s in the U.S., the global market has expanded to over 40 countries, with the U.S. holding more than half of the global market capitalization. China's REITs market has also grown rapidly, forming a multi-tiered structure that includes public REITs, private REITs, and Pre-REITs, although private REITs and Pre-REITs are still developing more slowly due to challenges like limited exit channels and asset liquidity [2][3]. Growth of Public REITs - China's public REITs market, officially launched in April 2020, has quickly become the largest in Asia and the second largest globally. As of July 2025, there are 68 listed public REITs with a total issuance scale of 177 billion yuan and a market capitalization of 204.5 billion yuan. The underlying assets have diversified significantly beyond initial categories [4]. Market Potential of Pre-REITs - Pre-REITs serve as a bridge for acquiring and nurturing infrastructure or real estate projects before they transition to public REITs. They are expected to play a crucial role in creating a comprehensive multi-tiered REITs market, especially as policies and market understanding improve [5]. Rapid Growth of Private REITs - Private REITs in China are entering a rapid growth phase, with their concept emerging in September 2023. They are designed to be flexible and cater to high-net-worth investors, with a market value approximately half that of public REITs. The first private REIT was successfully issued in December 2023, marking its entry into the capital market [6][7]. Characteristics of Private REITs - Private REITs combine features of both public and private structures, allowing for a broader range of underlying assets and a shorter approval process. They are designed to be standardized products that rely on asset credit, offering higher yields compared to public REITs due to their flexible terms and conditions [9][12][14]. Investor Risk Preferences and Challenges - Various institutional investors, including insurance companies and banks, are increasingly recognizing private REITs. However, they face challenges such as long investment horizons, fluctuating returns, and difficulties in exit strategies and valuation [20][24]. Recommendations for Development - To enhance the private REITs market, recommendations include improving market liquidity through a market maker system, optimizing the expansion mechanism, incentivizing operational management, establishing robust exit mechanisms, and enhancing information disclosure to build investor confidence [28][29][30][31][32].

Core Viewpoint - The infrastructure REITs market in China is expected to experience long-term stable development due to continuous supportive policies and strong performance in the secondary market [1][2]. Group 1: Supportive Policies - As of September 26, there are 87 infrastructure REITs in various stages of listing, with the majority being park, transportation, and consumer infrastructure types [2]. - Recent policies from the National Development and Reform Commission and other departments aim to expand project types and optimize mechanisms, enhancing the breadth and depth of the infrastructure REITs market [2]. - The policies encourage the regular listing of mature assets that can generate stable cash flows, facilitating a positive investment cycle by allowing funds to be reinvested into new projects [2][3]. Group 2: Market Performance - The infrastructure REITs market has shown a volatile adjustment trend recently, with the CSI REITs Total Return Index down 0.65% as of September 26, but it has increased by 9.97% year-to-date [4]. - Among the 74 listed REITs, 65 have achieved positive returns, with 39 showing gains exceeding 10% [4]. - Specific REITs, such as the Jiashi Wumei Consumer REIT, have seen significant year-to-date increases, with a rise of 45.19% [4]. Group 3: Market Characteristics - The infrastructure REITs market is characterized by high liquidity, relatively stable returns, and strong safety features, making it attractive for investors seeking stable investments and diversified asset allocation [4][5]. - The introduction of diverse asset types is expected to meet varying investor preferences and attract a broader range of capital into the market [3].

Core Insights - The infrastructure REITs market is expected to experience long-term stable development due to continuous supportive policies and strong performance in the secondary market [1][2] Group 1: Supportive Policies - As of September 26, there are 87 infrastructure REITs in various stages of listing or approval, with the majority being park, transportation, and consumer infrastructure types [2] - Recent policies from the National Development and Reform Commission and other departments aim to expand project types and optimize mechanisms, enhancing the breadth and depth of the infrastructure REITs market [2] - The policies encourage the regular listing of mature assets that can generate stable cash flows, facilitating a positive investment cycle by allowing early investment funds to be recouped and reinvested into new projects [2] Group 2: Market Performance - The infrastructure REITs market has shown a fluctuating adjustment trend recently, with the CSI REITs Total Return Index down 0.65% as of September 26, but it has increased by 9.97% year-to-date [4] - Among the 74 listed REITs, 65 have achieved positive returns, with 39 showing gains exceeding 10% [4] - Notable performers include the Jia Shi Wu Mei Consumer REIT with a year-to-date increase of 45.19%, and the Hua Xia Da Yue Cheng Commercial REIT and Boshi Jin Kai Ke Gong Industrial Park REIT with increases of 41.14% and 38.80%, respectively [4] Group 3: Market Characteristics - Infrastructure REITs are characterized by high liquidity, relatively stable returns, and strong safety, making them attractive for investors seeking stable investments and diversified asset allocation [5] - The market is expected to trend upwards, providing substantial returns for patient long-term investors, drawing from international investment experiences [5]

Group 1 - The National Development and Reform Commission has issued a notice to further promote the regular application and recommendation of real estate investment trusts (REITs) in the infrastructure sector, marking an important milestone in the normalization of the public REITs market [1] - The public REITs market is experiencing continuous expansion, with a steady increase in issuance scale and positive market performance [1] - The Shanghai Stock Exchange supports REITs projects that are honest, trustworthy, and focused on improving operational quality and investor returns, aiming to cultivate benchmark projects that investors trust [1] Group 2 - Multiple REITs projects in the Shanghai market have shown strong performance in the first half of the year, with cash flow completion rates meeting expectations and stable underlying asset operations [2] - The Huatai-PB Nine Continent Pharmaceutical REIT reported a consolidated revenue of 36.02 million yuan and a net profit of 12.86 million yuan for the first half of the year, with a cash distribution rate of 1.31% [2] - The Jiashi Wumart Consumption REIT achieved approximately 52.86 million yuan in revenue and announced a distribution of 34.52 million yuan, representing 96.14% of the available distribution amount [2] Group 3 - The CICC ProLogis REIT held a mid-year performance briefing to communicate with investors about its operational results and asset management strategies [3] - The meeting aimed to provide investors with a comprehensive understanding of the REIT's interim performance and financial situation [3] Group 4 - Several REITs in the Shanghai market are actively promoting capital expansion to provide internal momentum for the development of REIT platforms [4] - The Guotai Junan Dongjiu New Economy REIT has received approval for its expansion project, which includes new assets with a 100% occupancy rate [4] - The Huatai-PB Nine Continent Pharmaceutical REIT is working on revitalizing existing assets and integrating similar assets, with plans for a pre-REITs initiative [4] Group 5 - The Shanghai REITs have established effective incentive and constraint mechanisms, linking project operational performance directly to team and individual performance [5] - The management team can enjoy excess returns through a floating management fee structure when performance exceeds expectations [5] Group 6 - A market ecosystem is gradually forming where "good projects receive good treatment," enhancing the overall quality and attractiveness of REITs [6] Group 7 - The Shanghai Stock Exchange is actively conducting classified supervision to support high-quality REIT projects while limiting weaker ones, providing comprehensive support measures for original equity holders and related parties [7] - High-quality REIT original equity holders can utilize various financing methods, including corporate bonds and asset-backed securities, to enrich their financing options [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - REITs market liquidity continues to decline, with trading remaining sluggish. The weekly market trend was flat, with only a slight recovery in the index. The secondary - market liquidity of REITs has been decreasing since mid - to - late August, and the current (weekly) average daily turnover rate has dropped to 0.42%, indicating low trading sentiment among funds [2]. - As of September 19, 2025, 16 REITs have been successfully issued this year, with a issuance scale of 33.65 billion yuan, a year - on - year decrease of 9.2%. One new public offering REIT, Huaxia Kaide Commercial REIT, was established this week [2]. - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1071.34 points, up 0.12%, outperforming the Shanghai - Shenzhen 300 by 0.57 percentage points and the CSI Dividend by 1.23 percentage points. The CSI REITs Total Return Index has risen 10.69% since the beginning of the year, underperforming the Shanghai - Shenzhen 300 by 3.72 percentage points but outperforming the CSI Dividend by 12.71 percentage points [2]. 3. Summary According to the Table of Contents 3.1 Primary Market - One new public offering REIT has made progress, which is Huaxia Kaide Commercial REIT. As of September 19, 2025, there are 10 REITs in the application process for initial offerings, 4 of which have been questioned and responded, 1 has passed the review, and 1 is registered and effective but not yet listed. For the expansion and issuance, 8 REITs have been declared, 6 have been questioned and responded, and 6 have passed the review [2][14]. 3.2 Secondary Market 3.2.1 Market Review - The CSI REITs Total Return Index rose 0.12%. By project attribute, property - type REITs rose 0.08%, while franchise - type REITs fell 0.50%. By asset type, the data center, warehousing and logistics, park, and energy sectors performed well [2]. 3.2.2 Liquidity - The average daily turnover rate of property - type/franchise - type REITs this week was 0.42%/0.42%, down 6.64/4.93 BP from last week. The trading volume this week was 364 million/117 million shares, a week - on - week decrease of 12.77%/10.49%. The data center sector had the highest activity [2]. 3.2.3 Valuation - From the perspective of ChinaBond valuation yields, property - type/franchise - type REITs are 3.71%/3.70% respectively. The warehousing and logistics, transportation, and park sectors rank among the top three [2]. 3.3 This Week's News and Important Announcements - On September 17, Qianjiang Water Resources announced that its subsidiary, Zhejiang Shanxi Water Conservancy and Hydropower Development Co., Ltd., plans to issue infrastructure public offering REITs with operating assets such as Shanxi Reservoir and power stations as underlying assets. - On September 19, nine departments including the Ministry of Commerce jointly issued the "Notice on Strengthening and Promoting the Expansion and Upgrading of the Construction of 15 - Minute Convenient Living Circles in Cities", proposing to give priority to supporting the issuance of REITs for consumer infrastructure projects such as community commercial complexes, neighborhood centers, department stores, and vegetable markets that ensure people's livelihoods [32]. - There are also a series of announcements including dividends,解禁 announcements, and operating data announcements for multiple REITs [32][33][34].