2026年1月下旬，国内公募REITs市场出现标志性转折。短短一周多时间内，多家头部企业相继主动撤 回已筹备数年的公募REITs发行或扩募申请。 1月23日，上海证券交易所和深圳证券交易所同步更新了项目状态，宣布5单公募REITs申报终止或撤回 审核。 公募REITs，即不动产投资信托基金，是一种通过发行基金份额募集资金、投资于能产生稳定现金流的 不动产，并将大部分收益分配给投资者的金融工具。 它曾是中国基础设施领域重要的融资创新。在政策持续支持下，市场规模快速突破千亿，成为盘活存量 资产、拓宽融资渠道的"当红炸子鸡"品种，甚至在作为类固收资产配置价值突出的时期，一度出现百倍 认购、被众多投资机构疯抢的火热局面。 在业内人士看来，其一度备受追捧的核心在于资产的标准化——只有那些权属清晰、现金流持续稳定的 优质资产方能"入池"，目标是凭借可预测的现金流，为投资者提供稳定的分红回报。然而，当前的风向 似乎正在发生变化。 这些终止申报的项目包括：建信建融家园租赁住房REIT、创金合信电子城产业园REIT、华夏万纬仓储 物流REIT、建信金风新能源REIT，以及富国首创水务REIT的扩募申请。 它们的申报时点跨度从2 ...

21世纪经济报道记者 余纪昕 2026年1月下旬，国内公募REITs市场出现标志性转折。短短一周多时间内，多家头部企业相继主动撤回已筹备数年的公募REITs 发行或扩募申请。 1月23日，上海证券交易所和深圳证券交易所同步更新了项目状态，宣布5单公募REITs申报终止或撤回审核。 这批项目多集中于2024年初市场高涨时申报，却在近两年的等待后集体"离场"。 这波罕见的"撤回潮"迅速引发市场高度关注：从曾经的"申报热"到如今的"撤回潮"，公募REITs市场是否已经走过了行情的高光 时刻？集中撤回的背后究竟有哪些深层原因？未来的投资机会又该如何把握？ REITs市场降温：从"当红品种"到"理性回调" 公募REITs，即不动产投资信托基金，是一种通过发行基金份额募集资金、投资于能产生稳定现金流的不动产，并将大部分收益 分配给投资者的金融工具。 它曾是中国基础设施领域重要的融资创新。在政策持续支持下，市场规模快速突破千亿，成为盘活存量资产、拓宽融资渠道 的"当红炸子鸡"品种，甚至在作为类固收资产配置价值突出的时期，一度出现百倍认购、被众多投资机构疯抢的火热局面。 在业内人士看来，其一度备受追捧的核心在于资产的标准化— ...

Core Viewpoint - The recent collective termination of public REITs applications is significantly influenced by the decline in underlying asset valuations, marking a critical shift in the regulatory landscape and market dynamics [1][10][12]. Group 1: Termination of REITs Applications - On January 23, 2026, both the Shanghai and Shenzhen Stock Exchanges announced the termination or withdrawal of five public infrastructure REITs applications, marking the first instance of such a collective termination since the pilot program began [2]. - The terminated projects include various types of underlying assets such as rental housing, industrial parks, logistics, new energy, and water treatment, all structured as "public funds + infrastructure asset-backed securities" [5][6]. - The termination is attributed to the new regulatory guidelines effective December 31, 2025, which stipulate that applications not responding to feedback within a specified timeframe will be automatically terminated [10]. Group 2: Underlying Asset Challenges - The underlying assets of the terminated REITs face structural challenges that hinder compliance with regulatory requirements, such as the need for stable cash flows and operational stability [11][12]. - For instance, the rental housing REIT faced issues related to compliance verification and operational stability, leading to a lack of response to inquiries for over a year [5][11]. - The logistics REIT encountered declining rental prices and high tenant concentration, complicating its ability to demonstrate operational stability [12]. Group 3: Market Dynamics and Regulatory Changes - The public REITs market has grown significantly, with over 78 products launched and a cumulative financing scale exceeding 210 billion yuan, positioning it as the largest in Asia and the second largest globally [15]. - However, the market is now transitioning from a focus on quantity of issuance to an emphasis on the quality of underlying assets and the stability of cash flows [3][15]. - The decline in asset valuations, particularly in the real estate sector, has led to increased reluctance among original equity holders to proceed with applications, as they may not find the valuations acceptable [13][16]. Group 4: Future Outlook - The termination of these applications is viewed as a necessary phase for the high-quality development of public REITs, with expectations that the market will optimize and enhance resilience amid ongoing challenges [17]. - The introduction of commercial real estate REITs, which do not require approval from the National Development and Reform Commission, is anticipated to accelerate the approval process and improve market conditions [16][17].

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges announced the termination or withdrawal of five public infrastructure REITs applications, marking the first occurrence of such terminations since the pilot program began in 2021 [1][2]. Group 1: Termination of REITs Applications - Five REITs projects have been terminated, including those focused on rental housing, industrial parks, logistics, and renewable energy, with the aim of achieving stable cash flow for dividends [1][3]. - The terminated projects include: - Jianxin Jianrong Rental Housing REIT - Chuangjin Hexin Electronic City Industrial Park REIT - Huaxia Wanwei Logistics REIT - Jianxin Jinfeng Renewable Energy REIT - Fuguo Shouchuang Water REIT [1][5]. - The termination is attributed to the projects not responding to regulatory feedback within the required timeframe, as per the new guidelines effective from December 31, 2025 [6][11]. Group 2: Market Context and Regulatory Changes - The public REITs market has surpassed 200 billion yuan in scale, transitioning to a phase of normalized development, with a shift in regulatory focus from quantity to the quality of underlying assets and cash flow stability [2][10]. - The new regulatory guidelines introduced a "termination" mechanism for applications that do not meet response deadlines, aiming to enhance market efficiency and quality [6][11]. Group 3: Challenges Faced by Terminated Projects - The terminated projects faced various structural challenges, such as compliance issues, rental stability, and cash flow predictability, which hindered their ability to meet regulatory requirements [7][8]. - Specific issues included: - Jianxin Jianrong Rental Housing REIT struggled with compliance for non-residential housing conversions and high short-term rental ratios [7]. - Chuangjin Hexin Electronic City Industrial Park REIT had concerns regarding tenant stability and lease renewal risks [7]. - Huaxia Wanwei Logistics REIT faced declining rental prices and high tenant concentration [7]. - Jianxin Jinfeng Renewable Energy REIT was impacted by subsidy reductions affecting cash flow [7][8]. Group 4: Future Outlook for REITs Market - The termination of these projects is seen as a necessary phase for the high-quality development of public REITs, with expectations for structural optimization and resilience in the market as commercial real estate REITs trials deepen [12]. - However, the market still faces challenges related to the stability of underlying assets and macroeconomic cycles [12].

Core Viewpoint - The recent regulatory changes have led to the first case of a public REIT failing to issue after entering the exchange review stage, highlighting the impact of new guidelines aimed at preventing projects from remaining unresolved for extended periods [1][2]. Group 1: Regulatory Changes - The new guidelines from the Shanghai and Shenzhen Stock Exchanges, effective by the end of 2025, explicitly define circumstances under which public REIT applications can be terminated, aiming to enhance transparency and efficiency in the review process [2][3]. - The guidelines list seven specific scenarios for application termination, including failure to respond to exchange feedback within the stipulated timeframe [2]. Group 2: Company-Specific Cases - Jin Feng Technology announced the termination of its public REIT application, which began in September 2021 and had not progressed due to a lack of response to feedback from the exchange [1]. - Similarly, Electronic City plans to withdraw its infrastructure public REIT project application, which was submitted in May 2025, due to a lack of progress following initial feedback [2]. Group 3: Market Implications - The implementation of the new regulations is expected to shift the focus of public REITs from merely issuing to emphasizing operational compliance and management capabilities, favoring projects with stable cash flows [3]. - As of the end of 2025, there are 79 public REITs listed in the market, with a total issuance scale exceeding 210 billion yuan, indicating a growing market despite recent challenges [3].