Investment Rating - The report does not explicitly state an investment rating for the Asian REITs market in 2024 Core Insights - The 2024 Asian REITs market has seen significant developments, particularly in the mainland China infrastructure public REITs sector, which has entered a phase of normalized issuance, surpassing Hong Kong in market capitalization for the first time [3][5] - The total market capitalization of active REITs in Asia is $235.8 billion, reflecting a year-on-year decline of 6.5% as of December 31, 2024 [4][12] - Emerging markets such as mainland China, Thailand, and India are showing robust growth, while traditional markets like Japan, Singapore, and Hong Kong are experiencing a contraction in market value [12][22] Summary by Sections Overview of the Asian REITs Market - As of December 31, 2024, there are 263 active REITs in Asia, with a total market capitalization of $235.8 billion, down 6.5% from the previous year [4][8] - The mainland China REITs market has grown significantly, now ranking among the top three markets in Asia, alongside Japan and Singapore [8][22] Mainland China Infrastructure Public REITs Market - The mainland China infrastructure public REITs market has achieved historic highs in issuance speed and scale, with 64 products listed and a total market capitalization of 186 billion yuan [5] - The report emphasizes the diversification of underlying assets, including consumer infrastructure and logistics, as a key trend in the market [5] Overseas Hotel REITs Case Analysis - The report highlights successful cases from mature markets, particularly in hotel REITs, and discusses their relevance to the development of China's public REITs market [3] ESG Practices in the REITs Market - ESG considerations are identified as crucial for the long-term health of the REITs market, with a need for further development in ESG certification and rating practices in China [5]