Core Viewpoint - The public REITs market in China is evolving with a "first issuance + expansion" dual-driven development model, indicating a growing trend in the expansion of public REITs and the introduction of new investment categories [1][4][6] Group 1: Market Expansion and Developments - As of December 3, 2023, a total of 78 public REITs have been established in China, with 9 of them approved for expansion [1][4] - The recent expansion of the Huaxia Fund's rental housing REIT signifies the ongoing growth of public REITs, with an expected fundraising amount of approximately 1.1385 billion yuan [3][4] - The expansion methods for public REITs include offerings to unspecified objects and targeted offerings, enhancing market participation [3][4] Group 2: Investment Opportunities and Asset Types - The total scale of public REITs reached 182.399 billion yuan by the end of Q3 2025, covering various asset types such as logistics, environmental protection, and rental housing [6] - The introduction of commercial real estate REITs is anticipated to broaden the investment categories, with the China Securities Regulatory Commission drafting guidelines for this initiative [6][7] Group 3: Benefits of Expansion - Expansion of public REITs is expected to enhance fund scale, diversify risks, and improve cash distribution stability, ultimately providing more robust long-term returns for investors [5][8] - The increase in share supply post-expansion is likely to boost trading activity, while quality projects can achieve cross-regional and cross-industry expansion, improving operational efficiency [5][8]