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 - Jiangsu Province is actively promoting the issuance of public REITs in infrastructure, establishing a multi-track approach of "reserve + cultivation + issuance" [1] - By September 2025, a total of 75 products are expected to be listed in the market, with a fundraising scale exceeding 200 billion yuan [1] - The Shanghai Stock Exchange has 51 projects, raising a total of 140 billion yuan, accounting for approximately 70% of the total number and scale [1] Group 1 - Jiangsu Province has successfully launched 8 REITs, raising 24 billion yuan, with 12 underlying assets located within the province [1][2] - The first batch of data center REITs, such as the Southern Universal Data REIT, has been launched, indicating a diversification of asset types [2] - Local government support has been crucial, with policies included in the province's "14th Five-Year Plan" to accelerate infrastructure investment [2][3] Group 2 - The Jiangsu Securities Regulatory Bureau has developed a plan to help state-owned enterprises utilize public REITs to revitalize existing assets [3] - The provincial government is enhancing policy implementation and simplifying application procedures to support REITs development [3] - The Shanghai Stock Exchange is collaborating with various departments to provide training and support for REITs project advancement [3]

Core Insights - The infrastructure REITs market in China has seen significant growth, with 75 products listed and a total issuance scale exceeding 200 billion yuan as of September [1] - Jiangsu Province is leading in the issuance of infrastructure public REITs, with 12 public REITs and 19 underlying assets located within the province, raising a total of 240 million yuan [2][4] Group 1: Market Overview - As of September, the Shanghai Stock Exchange has 51 related projects, accounting for approximately 70% of the total market, with financing totaling 140 billion yuan [1] - The REITs cover various sectors including data centers, rental housing, logistics, industrial parks, consumption, energy, transportation, and municipal environmental protection [1] Group 2: Jiangsu Province's Initiatives - Jiangsu has established a "reserve + cultivation + issuance" model for public REITs to enhance financial support for high-quality economic development [2] - The province has successfully launched 8 REITs, with 6 management institutions based in Jiangsu, maintaining a leading position in project quantity, asset quantity, and fundraising scale nationwide [2] Group 3: Notable Projects - Dongwu Suyuan REIT, one of the first nine infrastructure REITs, focuses on incubating high-tech enterprises in Suzhou Industrial Park, attracting over 100 renowned companies [3] - The recently listed Nanfang Wanguo Data REIT aims to support the digital infrastructure sector, with a 100% renewable energy usage target for its underlying asset by 2024 [3] Group 4: Government Support - Jiangsu Province has integrated REITs into its "14th Five-Year Plan" and has implemented various supportive policies to promote healthy development and innovation in the REITs sector [4][5] - The Jiangsu Securities Regulatory Bureau is actively collaborating with local governments and industry departments to support state-owned enterprises in utilizing public REITs for asset revitalization [5][6] Group 5: Regulatory Collaboration - The Shanghai Stock Exchange is committed to enhancing the REITs listing mechanism and has developed a series of exemplary projects to facilitate market collaboration [7] - Future efforts will focus on improving communication with local governments and stakeholders to address key issues in REITs project advancement [7]